Company registration number 00589293 (England and Wales)
KENNETH SPENCER LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
KENNETH SPENCER LIMITED
COMPANY INFORMATION
Directors
Mr C J Spencer
The Hon Mrs C A Spencer
Mr T J Spencer
Secretary
Mr C J Spencer
Company number
00589293
Registered office
St Martin's Farm
Zeals
WARMINSTER
Wiltshire
BA12 6NZ
Accountants
Old Mill Accountancy Limited
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
KENNETH SPENCER LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 14
KENNETH SPENCER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C J Spencer
The Hon Mrs C A Spencer
Mr T J Spencer
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr C J Spencer
Director
1 September 2023
KENNETH SPENCER LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KENNETH SPENCER LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kenneth Spencer Limited for the year ended 31 March 2023 set out on pages 3 to 14 from the company’s accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Kenneth Spencer Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Kenneth Spencer Limited and state those matters that we have agreed to state to the Board of Directors of Kenneth Spencer Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kenneth Spencer Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Kenneth Spencer Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kenneth Spencer Limited. You consider that Kenneth Spencer Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kenneth Spencer Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Old Mill Accountancy Limited
5 September 2023
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
KENNETH SPENCER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2023
2022
£
£
Turnover
2,393,550
1,918,420
Cost of sales
(881,968)
(723,350)
Gross profit
1,511,582
1,195,070
Administrative expenses
(727,936)
(750,832)
Other operating income
252,972
255,216
Operating profit
1,036,618
699,454
Interest receivable and similar income
48,893
15,863
Interest payable and similar expenses
(24,108)
(25,029)
Amounts written off investments
(104,954)
(70,924)
Profit before taxation
956,449
619,364
Tax on profit
(154,638)
(218,239)
Profit for the financial year
801,811
401,125
The profit and loss account has been prepared on the basis that all operations are continuing operations.
KENNETH SPENCER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,457,313
3,365,384
Biological assets
5
87,177
90,019
Investment property
6
2,317,925
2,142,862
Investments
2,000,509
2,078,595
7,862,924
7,676,860
Current assets
Stocks
182,408
160,193
Debtors
7
408,210
165,010
Cash at bank and in hand
1,898,249
1,574,258
2,488,867
1,899,461
Creditors: amounts falling due within one year
8
(1,175,402)
(1,173,583)
Net current assets
1,313,465
725,878
Total assets less current liabilities
9,176,389
8,402,738
Creditors: amounts falling due after more than one year
9
(13,051)
(22,854)
Provisions for liabilities
(518,337)
(499,194)
Net assets
8,645,001
7,880,690
Capital and reserves
Called up share capital
70,000
70,000
Revaluation reserve
10
2,035,117
2,035,117
Capital redemption reserve
20,000
20,000
Profit and loss reserves
6,519,884
5,755,573
Total equity
8,645,001
7,880,690
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
KENNETH SPENCER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 1 September 2023 and are signed on its behalf by:
Mr C J Spencer
Director
Company registration number 00589293 (England and Wales)
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
1
Accounting policies
Company information
Kenneth Spencer Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Martin's Farm, Zeals, WARMINSTER, Wiltshire, BA12 6NZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised at the point of sale.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
BPS entitlements
20% straight line basis
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
Tangible fixed assets are stated at cost or valuation less depreciation.
No depreciation is provided on the freehold land or investment properties.
Included in plant and machinery are photovoltaic solar panels which are being depreciated over a useful life of 25 years (straight line basis at 4%). All other plant and machinery items are being depreciated at the 15% reducing balance basis as per the company's depreciation policy.
Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings freehold
2% straight line basis
Land and buildings leasehold
10% reducing balance basis
Plant and machinery
15% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.
In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at lower of cost and estimated selling price less costs to complete and sell.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Dairy
20% straight line basis
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 9 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
13
3
Intangible fixed assets
BPS entitlements
£
Cost
At 1 April 2022
53,319
Disposals
17,327
At 31 March 2023
70,646
Amortisation and impairment
At 1 April 2022
53,319
Disposals
17,327
At 31 March 2023
70,646
Carrying amount
At 31 March 2023
At 31 March 2022
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
4
Tangible fixed assets
Land and buildings freehold
Land and buildings leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
2,636,476
17,812
1,799,040
429,545
4,882,873
Additions
30,916
299,450
330,366
Disposals
(186,975)
(56,000)
(242,975)
At 31 March 2023
2,636,476
17,812
1,642,981
672,995
4,970,264
Depreciation and impairment
At 1 April 2022
152,161
17,460
1,085,276
262,592
1,517,489
Depreciation charged in the year
6,259
35
97,112
42,172
145,578
Eliminated in respect of disposals
(110,285)
(39,831)
(150,116)
At 31 March 2023
158,420
17,495
1,072,103
264,933
1,512,951
Carrying amount
At 31 March 2023
2,478,056
317
570,878
408,062
3,457,313
At 31 March 2022
2,484,315
352
713,764
166,953
3,365,384
5
Biological assets
Dairy
£
Cost
At 1 April 2022
111,948
Additions - procreation or planting
17,820
Disposals
(27,380)
At 31 March 2023
102,388
Depreciation and impairment
At 1 April 2022
21,928
Depreciation charged for the year
3,737
Disposals
(10,454)
At 31 March 2023
15,211
Carrying amount
At 31 March 2023
87,177
At 31 March 2022
90,019
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
6
Investment property
2023
£
Fair value
At 1 April 2022
2,142,862
Additions
175,063
At 31 March 2023
2,317,925
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2020 by the directors, who are connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. During the year ended 31 March 2023 the directors reviewed the investment properties and determined that there has not been any change to the market values of these properties.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
328,132
80,658
Other debtors
80,078
84,352
408,210
165,010
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
109,467
69,894
Taxation and social security
165,514
165,808
Other creditors
900,421
937,881
1,175,402
1,173,583
The hire purchase liabilities of £7,500 (2022 - £38,308) are secured on the assets to which they relate.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
13,051
22,854
The hire purchase liabilities of nil (2022 - £7,500) are secured on the assets to which they relate.
KENNETH SPENCER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
10
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
2,035,117
2,035,117
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director Loan acount
2.00
42,119
4,200
592
(42,119)
4,792
42,119
4,200
592
(42,119)
4,792
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