Company registration number 01140855 (England and Wales)
ARMADA INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
ARMADA INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr K M Smith
Mr M J Fishleigh
Mrs H A Smith
Mr D J Drewett
Mr O R F Nash
Secretary
Mrs H A Smith
Company number
01140855
Registered office
Armada House
Odhams Wharf
Topsham
Exeter
Devon
United Kingdom
EX3 0PB
Auditor
Azets Audit Services
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
ARMADA INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
ARMADA INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present the strategic report for the year ended 31 March 2023.
Fair review of the business
The company has continued to provide business asset funding to a range of commercial enterprises mainly in the SME market.
The company continues to maintain a consistently profitable financial performance, with net profit for the year of £3.8m, This was above expectations following a strong year of new business. The current financial year has begun well with the company continuing to perform above expectations whilst maintaining its strong management of risk.
Forecasts are regularly produced and then reviewed by the directors.
The full results are set out in the financial statements, the main highlights of which are:
|
|
New business funding 32.64 28.06 4.58 |
|
|
|
Operating profit 5.09 4.19 0.9 |
|
|
|
Principal 44.34 34.14 10.20 |
Interest due at future dates 11.29 8.82 2.47 55.63 42.96 12.67 |
|
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SHAREHOLDER FUNDS/NET ASSETS 22.35 19.96 2.39 |
Environmental, social and governance (ESG)
The company recognises the growing importance and need for reporting on these issues. Quantitative and qualitative metrics will be created and measured during the forthcoming financial year and will be reported on in the next Annual Report.
On its journey to continually improve its performance in these areas the company is already allowing and encouraging flexible working for its staff where possible, and we continue to actively focus on employee well-being. For the last 5 years electricity has been sourced from 100% renewable sources, company vehicles have been and are being switched to electric, and now solar panels have been installed on its premises to generate renewable energy.
ARMADA INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Principal risks and uncertainties
The directors have assessed the risks and uncertainties which could have an impact on the company's long-term performance. The company has a risk management structure in place which is designed to highlight business risks at an early stage so that they may be managed within the business cycle. The principal risks facing the business are reviewed regularly by the board and a risk register has been compiled to identify these risks. The register also identifies the key controls in place to mitigate the risks faced. The broad categories of risk identified are as follows: Funding We continue to have sufficient funding from the Block Discounting Market and other lenders to meet all our anticipated new lending requirements. Financial risk management Companies in the lending sector are exposed to a number of financial risks that include the underlying security of the contracts we underwrite and the ability of the clients to repay. We have in place a comprehensive underwriting procedure backed up by strong management, underwriting, and collections teams who have a complete understanding of the market sector and risks. We limit our exposures to any single organisation or group. Our client base is broadly spread both geographically and by type of business. The combination of these factors limits the risk of one single impairment having a significant impact upon results. As with many businesses in our sector, our Company is exposed to an increase in the cost of funds. We are well aware of the ongoing worldwide issues impacting inflation and therefore interest rates and have reflected this within our forecasts. We continue to monitor the situation closely. Regulatory Risks Armada Investments Limited subscribes to the Financial Conduct Authority (FCA) which gives permission for the company to provide regulated products and services to customers such as consumer credit for sole traders. There is a risk that the company could fail to comply with the FCA regulations, however the company reviews the FCA requirements regularly to ensure compliance. There is also a risk that the company could fail to comply with employment law, health and safety regulations and other regulations which could also affect the company's ability to trade. The company reviews its systems regularly to ensure any increased risks are managed. Commercial and Reputation Risks The company is reliant on its reputation to attract new customers and as such the company has systems in place to ensure it maintains its reputation. General Risks There is a risk of losses of assets from fire, flood, or theft, however the company has adequate insurance in place to cover any potential losses. IT Risk There is a risk that computer systems may fail and cause business disruption to trading and the effectiveness of records. This risk is mitigated by third party assistance and regular computer back-ups. |
Furture Outlook
The company is forecasting another very strong year in new business funding, matching this with a continued profitable performance.
We are keen to maintain our niche position in the market space, maximising the good understanding of the types of business we seek to support and of those brokers who introduce proposals to us. We continue to endeavour to give maximum support to the introducers and their clients.
Whilst economies, including the asset funding market for SME’s, have been challenged by recent events we believe we are well placed to maintain and enhance the companies’ position within the market in the years ahead.
ARMADA INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Mr K M Smith
Director
26 September 2023
ARMADA INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
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 finance in the form of finance leases.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £664,867. The directors do not recommend payment of a further 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 K M Smith
Mr M J Fishleigh
Mrs H A Smith
Mr D J Drewett
Mr O R F Nash
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
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
Mrs H A Smith
Secretary
26 September 2023
ARMADA INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
ARMADA INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARMADA INVESTMENTS LIMITED
- 6 -
Opinion
We have audited the financial statements of Armada Investments Limited (the 'company') for the year ended 31 March 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ARMADA INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARMADA INVESTMENTS LIMITED
- 7 -
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
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.
ARMADA INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARMADA INVESTMENTS LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Craig Yearsley FCCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
2 October 2023
Chartered Accountants
Statutory Auditor
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
ARMADA INVESTMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
29,674,431
24,991,848
Cost of sales
(19,683,587)
(17,577,806)
Gross profit
9,990,844
7,414,042
Administrative expenses
(5,722,798)
(3,993,137)
Other operating income
825,803
770,126
Operating profit
4
5,093,849
4,191,031
Interest receivable and similar income
7
5,847
Interest payable and similar expenses
8
(1,278,721)
(865,713)
Profit before taxation
3,820,975
3,325,318
Tax on profit
9
(738,809)
(642,285)
Profit for the financial year
3,082,166
2,683,033
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ARMADA INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
£
£
Profit for the year
3,082,166
2,683,033
Other comprehensive income
-
-
Total comprehensive income for the year
3,082,166
2,683,033
ARMADA INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,510,007
1,463,992
Investment properties
12
1,326,488
1,326,488
Investments
13
3
2,836,495
2,790,483
Current assets
Debtors falling due after more than one year
15
23,144,239
23,809,124
Debtors falling due within one year
15
22,040,208
10,814,407
Cash at bank and in hand
2,163,068
1,416,726
47,347,515
36,040,257
Creditors: amounts falling due within one year
17
(18,528,894)
(8,905,305)
Net current assets
28,818,621
27,134,952
Total assets less current liabilities
31,655,116
29,925,435
Creditors: amounts falling due after more than one year
19
(9,234,513)
(9,957,359)
Provisions for liabilities
Deferred tax liability
21
44,346
9,118
(44,346)
(9,118)
Net assets
22,376,257
19,958,958
Capital and reserves
Called up share capital
23
27,318
27,318
Profit and loss reserves
22,348,939
19,931,640
Total equity
22,376,257
19,958,958
ARMADA INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2023 and are signed on its behalf by:
Mr K M Smith
Mr M J Fishleigh
Director
Director
Mr D J Drewett
Director
Company Registration No. 01140855
ARMADA INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
27,318
18,111,646
18,138,964
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
2,683,033
2,683,033
Dividends
10
-
(863,039)
(863,039)
Balance at 31 March 2022
27,318
19,931,640
19,958,958
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
3,082,166
3,082,166
Dividends
10
-
(664,867)
(664,867)
Balance at 31 March 2023
27,318
22,348,939
22,376,257
ARMADA INVESTMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
(5,714,833)
(3,676,719)
Interest paid
(1,278,721)
(865,713)
Income taxes paid
(783,847)
(548,653)
Net cash outflow from operating activities
(7,777,401)
(5,091,085)
Investing activities
Purchase of tangible fixed assets
(272,055)
(88,116)
Proceeds on disposal of tangible fixed assets
107,001
142,717
Proceeds on disposal of investments
3
Interest received
5,847
Net cash (used in)/generated from investing activities
(159,204)
54,601
Financing activities
Proceeds from borrowings
20,354,890
13,501,790
Repayment of borrowings
(11,007,076)
(9,810,402)
Dividends paid
(664,867)
(863,039)
Net cash generated from financing activities
8,682,947
2,828,349
Net increase/(decrease) in cash and cash equivalents
746,342
(2,208,135)
Cash and cash equivalents at beginning of year
1,416,726
3,624,861
Cash and cash equivalents at end of year
2,163,068
1,416,726
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
1
Accounting policies
Company information
Armada Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Armada House, Odhams Wharf, Topsham, Exeter, Devon, United Kingdom, EX3 0PB.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have taken into account the impact of the issues both within the UK, and worldwide, with rising inflation and interest rates. The directors continue to adopt the going concern basis of accounting when preparing the financial statements.
1.3
Turnover
The company recognises finance income on a pattern that reflects a constant periodic rate of return on its net investment outstanding.
Lease Income
Finance lease income recognised in the year includes both the capital repayment and interest calculated under the terms of the finance lease agreement with the customer with the capital element reflected as cost of sales. Amounts are recognised on a monthly basis using the actuarial method to recognise the capital element of the cost over the life of the agreement.
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.
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:
Freehold land and buildings
2% on cost
Fixtures and office equipment
25% on cost
Computers
50% on cost
Motor vehicles
20% on cost
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.
Freehold land valued at £327,900 is not depreciated.
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.5
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.
1.6
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.8
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.
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.9
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.
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.
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
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.
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.
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
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 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.
1.13
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
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.
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
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.
Revaluation of investment property
Investment property is carried at fair value, with changes in fair value being recognised in the profit and loss account. The directors of the company have valued the investment property based on their knowledge of the property's cost value and their interpretation of a reasonable fair value. No standard valuation method has been adopted to calculate fair value. The key assumptions used to determine the fair value of investment property are further explained in note 10.
Taxation
The company establishes and calculates provisions based on reliable estimates having regard to HMRC requirements and guidelines. The amount of any such provisions are based on various factors taking into account interpretations of HMRC regulations.
Accountant's estimation is required in order to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
3
Turnover and other revenue
The turnover and profit before taxation are attributable to the one principal activity of the company.
2023
2022
£
£
Turnover analysed by class of business
Lease rentals
29,674,431
24,991,848
2023
2022
£
£
Other revenue
Interest income
5,847
-
Grants received
435
Rental income arising from investment properties
97,100
97,100
Service charge, documentation fee. agency fee received
400,815
402,834
Final profit - leased assets
196,431
156,868
Sundry income
131,457
112,890
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(435)
Fees payable to the company's auditor for the audit of the company's financial statements
16,048
11,443
Depreciation of owned tangible fixed assets
128,585
132,658
Profit on disposal of tangible fixed assets
(9,546)
(18,499)
Operating lease charges
5,728
4,943
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
21
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,472,019
1,476,845
Social security costs
197,172
187,050
Pension costs
67,310
62,006
1,736,501
1,725,901
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
831,722
955,018
Company pension contributions to defined contribution schemes
30,349
28,560
862,071
983,578
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
272,240
256,249
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
5,847
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
5,847
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,278,721
865,713
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
703,581
663,467
Deferred tax
Origination and reversal of timing differences
35,228
(21,182)
Total tax charge
738,809
642,285
The actual charge 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
3,820,975
3,325,318
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
725,985
631,810
Tax effect of expenses that are not deductible in determining taxable profit
7,655
(5,238)
Adjustments in respect of prior years
(3,494)
(6,409)
Effect of change in corporation tax rate
10,643
Permanent capital allowances in excess of depreciation
22,122
Enhanced capital allowance
(1,980)
Taxation charge for the year
738,809
642,285
10
Dividends
2023
2022
Total
Total
£
£
'A' Ordinary shares of 10p each
372,828
483,954
'B' Ordinary shares of 50p each
292,039
379,085
Total dividends
664,867
863,039
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
11
Tangible fixed assets
Freehold land and buildings
Fixtures and office equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
1,597,220
364,276
118,470
367,986
2,447,952
Additions
53,628
31,707
186,720
272,055
Disposals
(9,217)
(159,610)
(168,827)
At 31 March 2023
1,597,220
417,904
140,960
395,096
2,551,180
Depreciation and impairment
At 1 April 2022
387,144
357,490
108,395
130,931
983,960
Depreciation charged in the year
25,387
4,882
20,515
77,801
128,585
Eliminated in respect of disposals
(9,217)
(62,155)
(71,372)
At 31 March 2023
412,531
362,372
119,693
146,577
1,041,173
Carrying amount
At 31 March 2023
1,184,689
55,532
21,267
248,519
1,510,007
At 31 March 2022
1,210,076
6,786
10,075
237,055
1,463,992
12
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
1,326,488
Investment property was valued on an open market basis on 31 March 2023 by the company's directors.
A valuation of investment property has not been carried out by an independent valuer holding a recognised and relevant professional qualification and having the relevant experience in the location and class of the investment property being valued. The investment property has been valued by the directors based on their assumptions of the fair value of investment property at the balance sheet date. To make their assumptions the directors have estimated the fair value of the investment property, based on the property's estimated rent yield at the balance sheet date - 7.0% (2022 - 7.0%). The directors do not consider the fair value of the investment property to be materially misstated.
The carrying value of land and buildings comprises:
2023
2022
£
£
Freehold
1,260,848
1,260,848
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
13
Fixed asset investments
2023
2022
£
£
Unlisted investments
3
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
3
Disposals
(3)
At 31 March 2023
-
Carrying amount
At 31 March 2023
-
At 31 March 2022
3
14
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
45,056,647
34,528,390
Equity instruments measured at cost less impairment
-
3
Measured at amortised cost
27,510,815
18,299,259
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
661,543
328,792
Finance leases receivable
21,197,533
10,327,175
Other debtors
53,332
63,299
Prepayments and accrued income
127,800
95,141
22,040,208
10,814,407
2023
2022
Amounts falling due after more than one year:
£
£
Finance leases receivable
23,144,239
23,809,124
Total debtors
45,184,447
34,623,531
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
16
Finance lease receivables
2023
2022
£
£
Gross amounts receivable under finance leases:
Within one year
28,999,763
19,303,022
In two to five years
26,635,364
23,649,923
55,635,127
42,952,945
Unearned finance income
(11,293,355)
(8,816,646)
Present value of minimum lease payments receivable
44,341,772
34,136,299
The present value is receivable as follows:
Within one year
21,197,533
10,327,175
In two to five years
23,144,239
23,809,124
44,341,772
34,136,299
Analysis of finance leases
Finance leases primarily relate to the hire of fixed and moveable equipment to customers.
The gross investment in the lease and present value of minimum lease payments receivable (net investment in lease) are listed above.
2023
2022
£
£
Current assets
21,197,533
10,327,175
Non-current assets
23,144,239
23,809,124
44,341,772
34,136,299
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
20
17,429,680
7,359,020
Trade creditors
753,712
899,145
Corporation tax
333,098
413,364
Other taxation and social security
(80,506)
150,041
Accruals and deferred income
92,910
83,735
18,528,894
8,905,305
18
Finance leases
During the year under review, the company invested £32,363,988 (2022 - £28,058,832) in finance leases.
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
20
9,234,513
9,957,359
20
Loans and overdrafts
2023
2022
£
£
Other loans
26,664,193
17,316,379
Payable within one year
17,429,680
7,359,020
Payable after one year
9,234,513
9,957,359
Other loans include secured debts in relation to block discounting loans which are included in creditors totalling £22,388,126 (2022 - £13,061,833).
Block discounting loans are secured by the deposit of leasing agreements to the extent of the outstanding loans.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
44,346
9,118
2023
Movements in the year:
£
Liability at 1 April 2022
9,118
Charge to profit or loss
35,228
Liability at 31 March 2023
44,346
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.
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,310
62,006
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.
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary of 10p each
55,563
55,563
21,762
21,762
'B' Ordinary of 50p each
43,523
43,523
5,556
5,556
99,086
99,086
27,318
27,318
24
Financial commitments, guarantees and contingent liabilities
The company has recently become aware of a potential value added tax liability following a change in HMRC’s policy on early termination fees. Our advice is the company is possibly liable to account to HMRC for the VAT element of all termination sums collected following termination of an agreement since 1 April 2022. This sum will be limited and, in the directors view, the sum will not materially affect the profit and loss or balance sheet in the current financial year.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
64,665
64,186
Between two and five years
88,304
109,530
In over five years
2,597
33,846
155,566
207,562
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
-
13,103
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
27
Directors' transactions
Dividends totalling £515,489 (2022 - £669,137) were paid in the year in respect of shares held by the company's directors.
At the balance sheet date, two directors held joint unsecured loans advanced to the company totalling £550,000 (2022 - £550,000) of which £150,000 (2022 - £200,000) are repayable within one year and £400,000 (2022 - £350,000) are repayable after more than one year. Interest is paid on these loans at rates of 8% and 10% per annum. Net interest paid during the year ended 31 March 2023 was £38,400 (2022 - £38,400).
28
Related party transactions
At the balance sheet date a close family member of one of the directors held unsecured loans advanced to the company amounting to £200,000 (2022 - £200,000) of which £150,000 (2022 - £100,000) is repayable within one year and £50,000 (2022 - £100,000) is repayable after more than one year. Net interest paid during the year ended 31 March 2023 was £13,600 (2022 - £13,600).
At the balance sheet date a company which has one director in common, held an unsecured loan advanced to the company amounting to £100,000 (2022 - £100,000) which is repayable within more than one year (2022 - repayable within more than one year). Gross interest paid during the year ended 31 March 2023 was £10,000 (2022 - £10,000).
At the balance sheet date a company which is controlled by one of the directors and a close family member held unsecured loans advanced to the company amounting to £315,000 (2022 - £315,000). These loans are repayable on demand. Gross interest paid during the year ended 31 March 2023 was £25,200 (2022 - £25,200).
29
Ultimate controlling party
The ultimate controlling party is K M Smith, the majority shareholder, a director and chairman of the company.
30
Cash absorbed by operations
2023
2022
£
£
Profit for the year after tax
3,082,166
2,683,033
Adjustments for:
Taxation charged
738,809
642,285
Finance costs
1,278,721
865,713
Investment income
(5,847)
Gain on disposal of tangible fixed assets
(9,546)
(18,499)
Depreciation and impairment of tangible fixed assets
128,585
132,658
Movements in working capital:
Increase in debtors
(10,560,916)
(7,723,995)
Decrease in creditors
(366,805)
(257,914)
Cash absorbed by operations
(5,714,833)
(3,676,719)
ARMADA INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
31
Analysis of changes in net debt
2023
£
Opening net funds/(debt)
Cash at bank and in hand
1,416,726
Borrowings excluding overdrafts
(17,316,379)
(15,899,653)
Changes in net debt arising from:
Cash flows of the entity
(8,601,472)
Closing net funds/(debt) as analysed below
(24,501,125)
Closing net funds/(debt)
Cash at bank and in hand
2,163,068
Borrowings excluding overdrafts
(26,664,193)
(24,501,125)
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.100Mr K M SmithMr M J FishleighMr D J DrewettMr O R F NashMr O R F NashMrs H A Smith011408552022-04-012023-03-3101140855bus:Director12022-04-012023-03-3101140855bus:Director22022-04-012023-03-3101140855bus:CompanySecretaryDirector12022-04-012023-03-3101140855bus:Director32022-04-012023-03-3101140855bus:Director42022-04-012023-03-3101140855bus:CompanySecretary12022-04-012023-03-3101140855bus:Director52022-04-012023-03-3101140855bus:RegisteredOffice2022-04-012023-03-31011408552023-03-31011408552021-04-012022-03-3101140855core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3101140855core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31011408552022-03-3101140855core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3101140855core:FurnitureFittings2023-03-3101140855core:ComputerEquipment2023-03-3101140855core:MotorVehicles2023-03-3101140855core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3101140855core:FurnitureFittings2022-03-3101140855core:ComputerEquipment2022-03-3101140855core:MotorVehicles2022-03-3101140855core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3101140855core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3101140855core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101140855core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101140855core:CurrentFinancialInstruments2023-03-3101140855core:CurrentFinancialInstruments2022-03-3101140855core:ShareCapital2023-03-3101140855core:ShareCapital2022-03-3101140855core:RetainedEarningsAccumulatedLosses2023-03-3101140855core:RetainedEarningsAccumulatedLosses2022-03-3101140855core:ShareCapital2021-03-3101140855core:RetainedEarningsAccumulatedLosses2021-03-31011408552021-03-3101140855core:ShareCapitalOrdinaryShares2023-03-3101140855core:ShareCapitalOrdinaryShares2022-03-31011408552022-03-3101140855core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3101140855core:FurnitureFittings2022-04-012023-03-3101140855core:ComputerEquipment2022-04-012023-03-3101140855core:MotorVehicles2022-04-012023-03-3101140855core:UKTax2022-04-012023-03-3101140855core:UKTax2021-04-012022-03-310114085512022-04-012023-03-310114085512021-04-012022-03-3101140855bus:OrdinaryShareClass12022-04-012023-03-3101140855bus:OrdinaryShareClass12021-04-012022-03-3101140855bus:OrdinaryShareClass22022-04-012023-03-3101140855bus:OrdinaryShareClass22021-04-012022-03-3101140855core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3101140855core:FurnitureFittings2022-03-3101140855core:ComputerEquipment2022-03-3101140855core:MotorVehicles2022-03-3101140855core:FreeholdInvestmentProperty2023-03-3101140855core:FreeholdInvestmentProperty2022-03-3101140855core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-03-3101140855core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-03-3101140855core:Non-currentFinancialInstruments2023-03-3101140855core:Non-currentFinancialInstruments2022-03-3101140855core:WithinOneYear2023-03-3101140855core:WithinOneYear2022-03-3101140855core:BetweenTwoFiveYears2023-03-3101140855core:BetweenTwoFiveYears2022-03-3101140855core:MoreThanFiveYears2023-03-3101140855core:MoreThanFiveYears2022-03-3101140855bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101140855bus:FRS1022022-04-012023-03-3101140855bus:Audited2022-04-012023-03-3101140855bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP