Company registration number 07153492 (England and Wales)
EXCOOL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
EXCOOL LIMITED
COMPANY INFORMATION
Directors
Mr T A B Biddle
Mr D R Williams
Mrs Y Williams
Mr M Collins
Mr J E Pettitt
Mr D C Jamieson
Mr C Banton
(Appointed 1 March 2023)
Mr J A Roberts
(Appointed 1 March 2023)
Company number
07153492
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
EXCOOL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 27
EXCOOL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Review of the business

The company's financial results for the year and its financial position at the year end can be found in the annexed financial statements.

 

In summary, the company achieved a profit before taxation of £5,175,791 compared to £645,777 in the previous year, from turnover of £22,717,719 in 2023 and £13,626,327 in 2022.

 

Cash funds held at 31 March 2023 have decreased by £4,367,508 to £6,741,321.

 

The company balance sheet is showing net assets of £6,290,880 at the 31 March 2023 (2022: £2,078,719).

 

The directors are satisfied with the trading results and the position of the company at the year end.

Principal risks and uncertainties

The directors consider that the principal risks and uncertainties of the business are those relating to competition within the industry sector and the current economic environment. All of these risks are monitored regularly by directors to ensure that the risks are minimised, particularly in terms of industry specific news.

Key performance indicators

The directors consider the key performance indicators to be gross profit margins, cash balances and net assets position on the balance sheet. Gross profit margin for 2023 is 39% (2022: 41%).

 

The company endeavours to pay its suppliers within the agreed upon credit terms and as a consequence the company monitors their actual creditor days. Creditors days calculated on an average basis at 31 March 2023 were 74 days (2022: 117 days). The average calculation basis will always be distorted by the impact of the timing of trading activity.

Future developments

The directors aim to maintain the same management policies which have resulted in the company's performance to date.

 

Excool were delighted to be presented with The Queen’s Award in August 2022, for International Trade by the Princess Royal who also opened the new Excool Zero Factory in Bromsgrove.

 

This award is a great honour for Excool and reflects the hard work and dedication from the entire team since 2010.

 

For Excool, international exports have been a key business objective in the past five years with a landmark opening of offices in South Carolina, USA, with further expansion into South East Asia, namely Singapore in 2023.

 

The business has demonstrated continual forward thinking to ensure the most efficient data centre cooling is manufactured. This has been achieved through dedicated Research and Development, one of the cornerstones of Excool's culture.

 

On behalf of the board

Mr D R Williams
Director
5 October 2023
EXCOOL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of providing data centre cooling systems.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £51,072. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T A B Biddle
Mr D R Williams
Mrs Y Williams
Mr M Collins
Mr D Quinn
(Resigned 31 May 2022)
Mr J E Pettitt
Mr D C Jamieson
Mr J D Stevens
(Resigned 7 December 2022)
Mr C Banton
(Appointed 1 March 2023)
Mr J A Roberts
(Appointed 1 March 2023)
Directors' insurance

The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

Financial risk management objectives and policies
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Research and development

The company has carried out research and development activities during the year and will submit a claim for research and development tax credits.

Future developments

Information about future developments can be found within the Strategic Report.

EXCOOL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Auditor

The auditor, Ormerod Rutter Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr D R Williams
Director
5 October 2023
EXCOOL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXCOOL LIMITED
- 4 -
Opinion

We have audited the financial statements of Excool Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

EXCOOL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXCOOL LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or operations of the company and group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

• understanding the design of the company’s remuneration policies.

EXCOOL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXCOOL LIMITED
- 6 -

To address the risk of fraud through management bias and override of controls, we:

 

• performed analytical procedures to identify any unusual transactions or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims; and

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Garry Rutter FCA
Senior Statutory Auditor
For and on behalf of Ormerod Rutter Limited
5 October 2023
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
EXCOOL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
22,717,719
13,626,327
Cost of sales
(13,854,898)
(7,945,294)
Gross profit
8,862,821
5,681,033
Administrative expenses
(5,516,592)
(5,039,876)
Other operating income
1,709,372
149,491
Operating profit
4
5,055,601
790,648
Interest payable and similar expenses
8
(73,957)
(17,659)
Fair value gains and losses on foreign exchange contracts
194,147
(127,212)
Profit before taxation
5,175,791
645,777
Tax on profit
9
(912,558)
204,674
Profit for the financial year
4,263,233
850,451

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EXCOOL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
809,447
956,620
Tangible assets
12
1,057,267
1,100,810
1,866,714
2,057,430
Current assets
Stocks
13
3,633,865
3,260,573
Debtors
15
18,433,865
4,879,195
Cash at bank and in hand
6,741,321
11,108,829
28,809,051
19,248,597
Creditors: amounts falling due within one year
16
(23,721,769)
(18,611,785)
Net current assets
5,087,282
636,812
Total assets less current liabilities
6,953,996
2,694,242
Creditors: amounts falling due after more than one year
17
(500,224)
(615,523)
Provisions for liabilities
Deferred tax liability
24
162,892
-
0
(162,892)
-
Net assets
6,290,880
2,078,719
Capital and reserves
Called up share capital
23
200
200
Profit and loss reserves
25
6,290,680
2,078,519
Total equity
6,290,880
2,078,719
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr D R Williams
Director
Company Registration No. 07153492
EXCOOL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
200
4,446,068
4,446,268
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
850,451
850,451
Dividends
10
-
(3,218,000)
(3,218,000)
Balance at 31 March 2022
200
2,078,519
2,078,719
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
4,263,233
4,263,233
Dividends
10
-
(51,072)
(51,072)
Balance at 31 March 2023
200
6,290,680
6,290,880
EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
1
Accounting policies
Company information

Excool Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY. The company trades from its business premises located at Cooper House, Corbett Business Park, Shaw Lane, Stoke Prior, Bromsgrove, Worcestershire, B60 4EA.

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.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Excool Holdings Limited. These consolidated financial statements are available from its registered office, The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

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.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

 

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of actual costs for work performed to date compared to the estimated total costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

 

1.4
Intangible fixed assets - goodwill

Goodwill arose from the hive up of the net assets acquired from the purchase of unincorporated businesses, being the excess of the cost of acquisition over the fair value of net assets acquired. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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:

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
15% reducing balance
Motor vehicles
25% reducing balance

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

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.

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
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.

In the case of manufactured products which are held as work in progress, costs include all direct material and labour expenditure involved in production.

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 and cash equivalents

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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

1.11
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.

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.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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.

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.15
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.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Percentage complete

Revenue is recognised based on the proportion of costs incurred for work performed to the year end as a percentage of the estimated total costs to complete.

Bad debt provision

Provisions for bad debts are regularly reviewed by management and make judgements based on experience regarding the level of provision required to account for potentially irrecoverable debts.

Depreciation

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful lives and residual values are reassessed annually. They are amended when necessary, to reflect current estimates.

Amortisation

The annual amortisation expense for intangible fixed assets is subject to variations based on updates in the estimated useful economic lives and residual values of the assets. These useful lives and residual values are reviewed on an annual basis and adjusted as needed to align with the latest estimates.

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover
Contract revenues
22,717,719
13,626,327
Other significant revenue
Grants received
-
6,018
Turnover analysed by geographical market
2023
2022
£
£
United Kingdom
10,780,468
6,293,460
Europe
3,650,975
5,660,321
Rest of the world
8,286,276
1,672,546
22,717,719
13,626,327
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(78,696)
(38,208)
Government grants
-
(6,018)
Depreciation of owned tangible fixed assets
63,133
114,641
Depreciation of tangible fixed assets held under finance leases
194,804
73,119
Profit on disposal of tangible fixed assets
(61,828)
(78,246)
Amortisation of intangible assets
147,173
147,172
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,575
22,250
For other services
Taxation compliance services
1,600
1,490
All other non-audit services
12,792
10,117
14,392
11,607
EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Factory
123
116
Administration
57
36
Directors
5
6
Total
185
158

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
5,115,056
4,726,633
Social security costs
492,350
445,565
Pension costs
115,831
131,863
5,723,237
5,304,061
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
390,685
421,227
Company pension contributions to defined contribution schemes
7,013
8,815
397,698
430,042

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
178,259
125,000
Company pension contributions to defined contribution schemes
3,769
3,750
EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
10,596
6,023
Dividends on redeemable preference shares not classified as equity
45,682
3,664
Other interest on financial liabilities
45,682
3,664
Interest on finance leases and hire purchase contracts
17,679
7,972
73,957
17,659
EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
893,343
(204,674)
Adjustments in respect of prior periods
(145,533)
-
0
Total current tax
747,810
(204,674)
Deferred tax
Origination and reversal of timing differences
164,748
-
0
Total tax charge/(credit)
912,558
(204,674)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
5,175,791
645,777
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
983,400
122,698
Tax effect of expenses that are not deductible in determining taxable profit
34,138
34,552
Tax effect of utilisation of tax losses not previously recognised
(86,663)
-
0
Permanent capital allowances in excess of depreciation
(35,472)
(71,148)
Research and development tax credit
-
0
(297,374)
Other non-reversing timing differences
(2,060)
2,865
Under/(over) provided in prior years
(145,533)
-
0
Chargeable gains
-
0
3,733
Deferred tax movement
164,748
-
0
Taxation charge/(credit) for the year
912,558
(204,674)
10
Dividends
2023
2022
£
£
Interim paid
51,072
3,218,000
EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,471,722
Amortisation and impairment
At 1 April 2022
515,102
Amortisation charged for the year
147,173
At 31 March 2023
662,275
Carrying amount
At 31 March 2023
809,447
At 31 March 2022
956,620
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
398,680
4,491
16,522
1,332,586
1,752,279
Additions
-
0
-
0
28,348
368,820
397,168
Disposals
-
0
-
0
-
0
(455,110)
(455,110)
At 31 March 2023
398,680
4,491
44,870
1,246,296
1,694,337
Depreciation and impairment
At 1 April 2022
133,489
2,688
9,248
506,044
651,469
Depreciation charged in the year
39,403
271
4,438
213,825
257,937
Eliminated in respect of disposals
-
0
-
0
-
0
(272,336)
(272,336)
At 31 March 2023
172,892
2,959
13,686
447,533
637,070
Carrying amount
At 31 March 2023
225,788
1,532
31,184
798,763
1,057,267
At 31 March 2022
265,191
1,803
7,274
826,542
1,100,810

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and equipment
78,441
94,712
Motor vehicles
580,700
609,307
659,141
704,019
EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Tangible fixed assets
(Continued)
- 22 -

Hire purchase contracts are secured against the assets to which the contracts relate.

13
Stocks
2023
2022
£
£
Raw materials and consumables
3,561,865
1,627,443
Work in progress
-
233,130
Finished goods and goods for resale
72,000
1,400,000
3,633,865
3,260,573
14
Construction contracts
2023
2022
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
10,539,639
1,332,812
Gross amounts owed to contract customers included in creditors
(5,154,631)
(616,191)
Contract revenues recognised
Contract costs incurred plus recognised profits less recognised losses to date
22,837,656
13,626,327
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,875,644
1,423,584
Gross amounts owed by contract customers
10,539,639
1,332,812
Corporation tax recoverable
-
0
151,841
Amounts owed by group undertakings
1,343,890
843,902
Other debtors
810,341
1,070,615
Prepayments and accrued income
864,351
54,585
18,433,865
4,877,339
Deferred tax asset (note 24)
-
0
1,856
18,433,865
4,879,195
EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
18
1,980,321
40,000
Obligations under finance leases
19
171,058
193,837
Trade creditors
2,823,018
2,367,409
Gross amounts owed to contract customers
5,154,631
616,191
Amounts owed to group undertakings
11,277,339
10,774,528
Corporation tax
595,969
-
0
Other taxation and social security
187,427
158,546
Other creditors
1,053,260
3,350,549
Accruals and deferred income
478,746
1,110,725
23,721,769
18,611,785
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
123,333
160,000
Obligations under finance leases
19
376,891
455,523
500,224
615,523
18
Loans and overdrafts
2023
2022
£
£
Bank loans
2,103,654
200,000
Payable within one year
1,980,321
40,000
Payable after one year
123,333
160,000

The above represents a Coronavirus Business Interruption Loan repayable in instalments over 5 years from May 2022. Interest is payable at the Base Rate plus 2.83%. The loan is guaranteed by other members of the Excool Holdings Limited group of companies.

 

Also represented above is Export Finance Loan repayable on the earlier of the last day of its Tenor Limit or cover end date. Interest is payable at the Base Rate plus 2.5%.

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
172,058
193,837
In two to five years
375,891
455,523
547,949
649,360

Finance lease payments represent rentals payable by the company for certain items of plant and machinery/motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Securities

The company's bank holds a debenture dated 16 February 2021 incorporating a fixed and floating charge.

 

A charge dated 26 April 2021 was registered at Companies House for an "Omnibus Guarantee and Set Off Agreement" between Excool Limited, Excool Holdings Limited and Integrated Eco Technologies Limited.

 

Finance leases are secured against the fixed assets which the obligation represents.

21
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
547,949
649,360
Bank loans
2,103,654
200,000
2,651,603
849,360
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
115,831
131,863

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end the liability owing in respect of defined contribution pension schemes amounted to £25,783 (2022: £46,772).

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
160
160
160
160
Ordinary B of £1 each
20
20
20
20
Ordinary C of £1 each
10
10
10
10
Ordinary D of £1 each
4
4
4
4
Ordinary E of £1 each
4
4
4
4
Ordinary F of £1 each
1
1
1
1
Ordinary G of £1 each
1
1
1
1
200
200
200
200

Ordinary A, B, C, D, E, F and G shares have the right to receive notice of and to attend and vote at general meetings of the company, to participate in the profits of the company available for distribution in such amounts and in such manner as the company may resolve in general meetings; and in the event of a winding-up, participate in the distribution of any assets of the company (including uncalled shares at the commencement of the winding-up) remaining after paying and discharging the debts and liabilities of the company and the costs of the winding-up.

 

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
162,892
-
-
1,856
2023
Movements in the year:
£
Asset at 1 April 2022
(1,856)
Charge to profit or loss
164,748
Liability at 31 March 2023
162,892

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
25
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
2,078,519
4,446,068
Profit for the year
4,263,233
850,451
Dividends declared and paid in the year
(51,072)
(3,218,000)
At the end of the year
6,290,680
2,078,519

This represents the accumulated realised earnings from the prior and current periods as reduced by losses and dividends from time to time.

26
Events after the reporting date

On 1 July 2023, Excool Limited issued a dividend of £5,000,000 to Excool Holdings Limited as an interim dividend in respect of the financial year ending 31 March 2024.

EXCOOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
27
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
4,316,638
2,665,561
1,865,997
1,791,731

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Other related parties
1,076,212
2,456,508

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
440,250
510,788
Other information

Transactions and balances with other related parties include companies in which directors and shareholders of Excool Limited have an interest.

28
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Dividends totalling £51,072 (2022 - £210,000) were paid in the year in respect of shares held by the company's directors.

Directors loan accounts are repayable in full within 9 months of the year end.

At the year end the directors owed a combined £1,663 (2022 - £51,072) on advances received from the company. This represents the maximum amount that their loan accounts were overdrawn by at the year end.

29
Ultimate controlling party

The company's ultimate parent company is Excool Holdings Limited.

 

The registered office of Excool Holdings Limited is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY. The consolidated statements for Excool Limited are available at this address.

2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200Mr T A B BiddleMr D R WilliamsMrs Y WilliamsMr M CollinsMr D QuinnMr J E PettittMr D C JamiesonMr J D StevensMr C BantonMr J A Roberts4,263,233071534922022-04-012023-03-3107153492bus:Director12022-04-012023-03-3107153492bus:Director22022-04-012023-03-3107153492bus:Director32022-04-012023-03-3107153492bus:Director42022-04-012023-03-3107153492bus:Director62022-04-012023-03-3107153492bus:Director72022-04-012023-03-3107153492bus:Director92022-04-012023-03-3107153492bus:Director102022-04-012023-03-3107153492bus:Director52022-04-012023-03-3107153492bus:Director82022-04-012023-03-3107153492bus:RegisteredOffice2022-04-012023-03-31071534922023-03-31071534922021-04-012022-03-3107153492core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3107153492core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3107153492core:Goodwill2023-03-3107153492core:Goodwill2022-03-31071534922022-03-3107153492core:PlantMachinery2023-03-3107153492core:FurnitureFittings2023-03-3107153492core:ComputerEquipment2023-03-3107153492core:MotorVehicles2023-03-3107153492core:PlantMachinery2022-03-3107153492core:FurnitureFittings2022-03-3107153492core:ComputerEquipment2022-03-3107153492core:MotorVehicles2022-03-3107153492core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107153492core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107153492core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107153492core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3107153492core:CurrentFinancialInstruments2023-03-3107153492core:CurrentFinancialInstruments2022-03-3107153492core:Non-currentFinancialInstruments2023-03-3107153492core:Non-currentFinancialInstruments2022-03-3107153492core:ShareCapital2023-03-3107153492core:ShareCapital2022-03-3107153492core:RetainedEarningsAccumulatedLosses2023-03-3107153492core:RetainedEarningsAccumulatedLosses2022-03-3107153492core:ShareCapital2021-03-3107153492core:RetainedEarningsAccumulatedLosses2021-03-3107153492core:ShareCapitalOrdinaryShares2023-03-3107153492core:ShareCapitalOrdinaryShares2022-03-3107153492core:RetainedEarningsAccumulatedLosses2022-03-3107153492core:Goodwill2022-04-012023-03-3107153492core:PlantMachinery2022-04-012023-03-3107153492core:FurnitureFittings2022-04-012023-03-3107153492core:ComputerEquipment2022-04-012023-03-3107153492core:MotorVehicles2022-04-012023-03-3107153492core:UKTax2022-04-012023-03-3107153492core:UKTax2021-04-012022-03-310715349212022-04-012023-03-310715349212021-04-012022-03-310715349222022-04-012023-03-310715349222021-04-012022-03-310715349232022-04-012023-03-310715349232021-04-012022-03-3107153492core:Goodwill2022-03-3107153492core:PlantMachinery2022-03-3107153492core:FurnitureFittings2022-03-3107153492core:ComputerEquipment2022-03-3107153492core:MotorVehicles2022-03-31071534922022-03-3107153492core:CurrentFinancialInstruments12023-03-3107153492core:CurrentFinancialInstruments12022-03-3107153492core:CurrentFinancialInstruments22023-03-3107153492core:CurrentFinancialInstruments22022-03-3107153492core:WithinOneYear2023-03-3107153492core:WithinOneYear2022-03-3107153492core:BetweenTwoFiveYears2023-03-3107153492core:BetweenTwoFiveYears2022-03-3107153492core:AllSubsidiariescore:SaleOrPurchaseGoods2022-04-012023-03-3107153492core:AllSubsidiariescore:SaleOrPurchasePropertyOrOtherAssets2021-04-012022-03-3107153492bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107153492bus:FRS1022022-04-012023-03-3107153492bus:Audited2022-04-012023-03-3107153492bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP