Company Registration No. 02999350 (England and Wales)
SENKO ADVANCED COMPONENTS (EURO) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
SENKO ADVANCED COMPONENTS (EURO) LIMITED
COMPANY INFORMATION
Director
Mr R Okura
Company number
02999350
Registered office
Unit 2 Rankine Road
Daneshill
Basingstoke
Hampshire
United Kingdom
RG24 8PP
Auditor
Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY
SENKO ADVANCED COMPONENTS (EURO) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Company balance sheet
9
Group balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
SENKO ADVANCED COMPONENTS (EURO) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The director presents the strategic report for the year ended 31 March 2023.

Review of the business

The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and of its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced by the business.

As a fibre optic and automotive parts importer and seller, the Group continued to deal in the products through its Optical Communication Division based in the UK and its Automotive and Industrial Division based in the Netherlands and Germany.

The turnover of the Group was as follows: Optical Communication Division £12,821K (2022 £14.169K); Automotive and Industrial Division £20,862K (2022 £19.819K) with the total turnover having decreased from £33,988K to £33,684K.

Total gross profit increased from £6.980K to £7,248K. Cash reserves in the increased from £9.041K to £9,257K at the year end.

Principal risks and uncertainties

The director has considered the risks and uncertainties pertaining to the group within Europe and Globally, and the 2 business areas where we perform in and identified the following market slow down and potential risks as follows:

Optical Communication Division:    

Automotive and Industrial Division:

All areas have also ensured government guidelines are adhered to, where required, with pay rises or have been given with the economic climate in mind, both leading to an increase in labour costs to mitigate the risk of high staff turnover and manpower shortage.

The management has worked to mitigate the risks by conducting a stock audit to ensure goods get to customers, diversifying markets to distribute risk and communicating strongly with customers and vendors to acknowledge issues to work together.

Key performance indicators

The director considers that the key financial performance indicators are those that communicate the financial performance and strength of the Group as a whole, these being turnover, gross profit and cash reserves. These have been referred to above.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

On behalf of the board

Mr R Okura
Director
17 October 2023
SENKO ADVANCED COMPONENTS (EURO) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The director presents their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of importing and selling of electrical, electronic and photonic components to the fibre optic and automotive industries.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Mr R Okura
Auditor

Shaw Gibbs (Audit) Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the Group Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and 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 auditor of the company 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 auditor of the company is aware of that information.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
On behalf of the board
Mr R Okura
Director
17 October 2023
SENKO ADVANCED COMPONENTS (EURO) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SENKO ADVANCED COMPONENTS (EURO) LIMITED
- 5 -
Opinion

We have audited the financial statements of Senko Advanced Components (Euro) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:

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 group and parent 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 director's 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 group's and parent 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 director 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 director is 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:

SENKO ADVANCED COMPONENTS (EURO) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SENKO ADVANCED COMPONENTS (EURO) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

  1. At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how the management seek to comply with those laws regulations. This helps us to plan appropriate risk assessments.

  2. During the audit we focussed on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other documentation.

  3. We assessed the risk of material misstatement in the financial statements including as a result of fraud and undertook procedures including:

    1. Reviewing the controls set in place by management

    2. Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist

    3. Challenging management assumptions with regard to accounting estimates, particularly on the stock provision

    4. Identifying and testing journal entries, particularly those which appear to be unusual by size or nature

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or

misrepresentation.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SENKO ADVANCED COMPONENTS (EURO) LIMITED
- 7 -

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.

Stephen Howard Neal (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited
17 October 2023
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY
SENKO ADVANCED COMPONENTS (EURO) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
33,683,530
33,988,227
Cost of sales
(26,480,760)
(27,008,641)
Gross profit
7,202,770
6,979,586
Administrative expenses
(6,500,495)
(5,767,142)
Other operating income
25,678
34,361
Operating profit
4
727,953
1,246,805
Interest receivable and similar income
7
52,509
621
Interest payable and similar expenses
8
(219)
(373)
Profit before taxation
780,243
1,247,053
Tax on profit
9
(101,934)
(295,609)
Profit for the financial year
20
678,309
951,444
Other comprehensive income
Currency translation differences
117,983
(8,293)
Total comprehensive income for the year
796,292
943,151
Total comprehensive income for the year is all attributable to the owners of the parent company.

The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
912,218
1,046,621
Investments
11
21,907
21,907
934,125
1,068,528
Current assets
Stocks
12
4,476,587
3,679,206
Debtors
13
5,947,512
5,884,149
Cash at bank and in hand
9,115,476
8,808,625
19,539,575
18,371,980
Creditors: amounts falling due within one year
14
(4,492,722)
(4,027,331)
Net current assets
15,046,853
14,344,649
Total assets less current liabilities
15,980,978
15,413,177
Provisions for liabilities
Deferred tax liability
15
2,009
31,519
(2,009)
(31,519)
Net assets
15,978,969
15,381,658
Capital and reserves
Called up share capital
17
384,180
384,180
Share premium account
18
528,302
528,302
Other reserves
19
622,259
483,174
Profit and loss reserves
20
14,444,228
13,986,002
Total equity
15,978,969
15,381,658

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £458,226 (2022 - £715,291 profit).

The financial statements were approved and signed by the director and authorised for issue on 17 October 2023
17 October 2023
Mr R Okura
Director
Company registration number 02999350 (England and Wales)
SENKO ADVANCED COMPONENTS (EURO) LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
917,845
1,047,294
Current assets
Stocks
12
5,120,297
4,105,055
Debtors
13
5,324,547
5,024,690
Cash at bank and in hand
9,257,032
9,041,036
19,701,876
18,170,781
Creditors: amounts falling due within one year
14
(5,101,530)
(4,466,666)
Net current assets
14,600,346
13,704,115
Total assets less current liabilities
15,518,191
14,751,409
Provisions for liabilities
Deferred tax liability
15
2,009
31,519
(2,009)
(31,519)
Net assets
15,516,182
14,719,890
Capital and reserves
Called up share capital
17
384,180
384,180
Share premium account
18
528,302
528,302
Other reserves
19
587,926
469,943
Profit and loss reserves
20
14,015,774
13,337,465
Total equity
15,516,182
14,719,890
The financial statements were approved and signed by the director and authorised for issue on 17 October 2023
17 October 2023
Mr R Okura
Director
Company registration number 02999350 (England and Wales)
SENKO ADVANCED COMPONENTS (EURO) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2021
384,180
528,302
607,045
12,386,021
13,905,548
Year ended 31 March 2022:
Profit for the year
-
-
-
951,444
951,444
Other comprehensive income:
Currency translation differences
-
-
-
(8,293)
(8,293)
Total comprehensive income for the year
-
-
-
943,151
943,151
Transfers
-
-
(8,293)
8,293
-
Write down reserve
-
-
(128,809)
-
(128,809)
Balance at 31 March 2022
384,180
528,302
469,943
13,337,465
14,719,890
Year ended 31 March 2023:
Profit for the year
-
-
-
678,309
678,309
Other comprehensive income:
Currency translation differences
-
-
-
117,983
117,983
Total comprehensive income for the year
-
-
-
796,292
796,292
Transfers
-
-
117,983
(117,983)
-
Balance at 31 March 2023
384,180
528,302
587,926
14,015,774
15,516,182
SENKO ADVANCED COMPONENTS (EURO) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2021
384,180
528,302
618,803
13,270,711
14,801,996
Year ended 31 March 2022:
Profit for the year
-
-
-
715,291
715,291
Other comprehensive income:
Currency translation differences
-
-
-
(6,820)
(6,820)
Total comprehensive income for the year
-
-
-
708,471
708,471
Transfers
-
-
(6,820)
6,820
-
Write down reserve
-
-
(128,809)
-
(128,809)
Balance at 31 March 2022
384,180
528,302
483,174
13,986,002
15,381,658
Year ended 31 March 2023:
Profit for the year
-
-
-
458,226
458,226
Other comprehensive income:
Currency translation differences
-
-
-
139,085
139,085
Total comprehensive income for the year
-
-
-
597,311
597,311
Transfers
-
-
139,085
(139,085)
-
Balance at 31 March 2023
384,180
528,302
622,259
14,444,228
15,978,969
SENKO ADVANCED COMPONENTS (EURO) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
342,840
2,469,072
Interest paid
(219)
(373)
Income taxes paid
(83,730)
(231,350)
Net cash inflow from operating activities
258,891
2,237,349
Investing activities
Purchase of tangible fixed assets
(96,497)
(76,476)
Proceeds from disposal of tangible fixed assets
1,093
-
Interest received
52,509
621
Net cash used in investing activities
(42,895)
(75,855)
Financing activities
Repayment of borrowings
-
(128,809)
Net cash used in financing activities
-
(128,809)
Net increase in cash and cash equivalents
215,996
2,032,685
Cash and cash equivalents at beginning of year
9,041,036
7,012,830
Effect of foreign exchange rates
-
0
(4,479)
Cash and cash equivalents at end of year
9,257,032
9,041,036
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

Senko Advanced Components (Euro) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2 Rankine Road, Daneshill, Basingstoke, Hampshire, United Kingdom, RG24 8PP.

 

The group consists of Senko Advanced Components (Euro) Limited and all of its subsidiaries.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent (being this company) 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 for parent company information presented within the consolidated financial statements:

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Senko Advanced Components (Euro) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

The financial statements have been prepared on a going concern basis. The Director has reviewed and considered relevant information, including the annual budget and future cash flows in making the assessment. Based on these assessments, the Director has concluded that they can continue to adopt the going concern basis in preparing the annual reports and accounts.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.4
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
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:

Long term leasehold property
25 years
Plant and machinery
3 years
Office equipment
3 years
Motor vehicles
4 years

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.9
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. Work in progress and finished goods include labour and attributable overheads.

Cost is calculated using the first in first out method.

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.

1.10
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.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 group 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 group after deducting all of its liabilities.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’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 if, and only if, there is 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.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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 leased asset are consumed.

1.17
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.

1.18
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 group’s accounting policies, the director is 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.

Stock provision

The stock provision is calculated using the internal stock write down policy, which is based on the historic movement of each product line.

 

The key area of estimation is the percentage over which the product should be provided for.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fibre Optics Division
12,821,358
14,168,990
Automotive Division
20,862,172
19,819,237
33,683,530
33,988,227
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
3,373,545
4,562,856
Europe
11,050,568
11,865,426
Rest of the world
19,259,417
17,559,945
33,683,530
33,988,227
2023
2022
£
£
Other revenue
Interest income
52,509
621
Grants received
-
15,938
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(320,543)
(263,782)
Research and development costs
13,420
83,755
Government grants
-
(15,938)
Depreciation of owned tangible fixed assets
224,854
217,303
Operating lease charges
210,389
164,504
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 group and company
21,450
19,500
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and administration
33
29
32
29
Sales
16
15
16
14
Warehouse
13
12
12
10
Total
62
56
60
53

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,398,145
3,185,924
2,944,285
2,764,656
Social security costs
662,838
469,477
662,838
469,477
Pension costs
25,034
23,561
25,034
23,561
4,086,017
3,678,962
3,632,157
3,257,694
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
52,509
621
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
219
373
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
131,441
214,090
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Taxation
2023
2022
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(29,507)
81,519
Total tax charge
101,934
295,609

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
780,243
1,247,053
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
148,246
236,940
Tax effect of expenses that are not deductible in determining taxable profit
6,206
(1,432)
Tax effect of income not taxable in determining taxable profit
(41,816)
(42,450)
Deferred tax adjustments in respect of prior years
(29,507)
63,717
Depreciation in excess of capital allowances
36,041
38,834
Taxation charge
119,170
295,609
Taxation charge in the financial statements
101,934
295,609
Reconciliation - the current year tax charge does not reconcile to the above analysis.  Please review figures in the database.
17,236
-
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
10
Tangible fixed assets
Group
Long term leasehold property
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
1,016,921
148,376
1,116,891
80,070
2,362,258
Additions
-
0
3,500
90,545
-
0
94,045
Disposals
-
0
-
0
(33,291)
-
0
(33,291)
Exchange adjustments
-
0
-
0
12,301
-
0
12,301
At 31 March 2023
1,016,921
151,876
1,186,446
80,070
2,435,313
Depreciation and impairment
At 1 April 2022
229,685
148,375
887,581
49,323
1,314,964
Depreciation charged in the year
40,677
778
167,761
15,638
224,854
Eliminated in respect of disposals
-
0
-
0
(32,198)
-
0
(32,198)
Exchange adjustments
-
0
-
0
9,848
-
0
9,848
At 31 March 2023
270,362
149,153
1,032,992
64,961
1,517,468
Carrying amount
At 31 March 2023
746,559
2,723
153,454
15,109
917,845
At 31 March 2022
787,236
1
229,310
30,747
1,047,294
Company
Long term leasehold property
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
1,016,921
148,376
1,091,117
80,070
2,336,484
Additions
-
0
3,500
84,151
-
0
87,651
Disposals
-
0
-
0
(33,291)
-
0
(33,291)
Exchange adjustments
-
0
-
0
11,314
-
0
11,314
At 31 March 2023
1,016,921
151,876
1,153,291
80,070
2,402,158
Depreciation and impairment
At 1 April 2022
229,685
148,375
862,480
49,323
1,289,863
Depreciation charged in the year
40,677
778
166,320
15,638
223,413
Eliminated in respect of disposals
-
0
-
0
(32,198)
-
0
(32,198)
Exchange adjustments
-
0
-
0
8,862
-
0
8,862
At 31 March 2023
270,362
149,153
1,005,464
64,961
1,489,940
Carrying amount
At 31 March 2023
746,559
2,723
147,827
15,109
912,218
At 31 March 2022
787,236
1
228,637
30,747
1,046,621
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
24
-
0
-
0
21,907
21,907
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
21,907
Carrying amount
At 31 March 2023
21,907
At 31 March 2022
21,907
12
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
5,120,297
4,105,055
4,476,587
3,679,206
13
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,741,333
3,286,641
3,361,295
2,776,184
Amounts owed by group undertakings
1,339,458
1,391,487
1,569,042
1,881,139
Other debtors
99,321
297,292
67,601
278,632
Prepayments and accrued income
144,435
49,270
142,563
47,645
5,324,547
5,024,690
5,140,501
4,983,600
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
807,011
900,549
Total debtors
5,324,547
5,024,690
5,947,512
5,884,149
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
2,119,763
1,802,844
1,545,966
1,381,191
Amounts owed to group undertakings
2,360,174
2,403,695
2,338,267
2,403,695
Corporation tax payable
83,205
35,491
83,205
35,491
Other taxation and social security
148,003
472
148,003
-
Other creditors
58,954
113,636
58,954
113,636
Accruals and deferred income
331,431
110,528
318,327
93,318
5,101,530
4,466,666
4,492,722
4,027,331
15
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
2,009
31,519
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
2,009
31,519
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
31,519
31,519
Credit to profit or loss
(29,510)
(29,510)
Liability at 31 March 2023
2,009
2,009
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,034
23,561
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
16
Retirement benefit schemes
(Continued)
- 26 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

17
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
384,180
384,180
384,180
384,180
18
Share premium account
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
528,302
528,302
528,302
528,302
19
Other reserves
Group
£
At the beginning of the prior year
607,045
Currency translation differences
(8,293)
Write down reserve
(128,809)
At the end of the prior year
469,943
Currency translation differences
117,983
At the end of the current year
587,926
Company
£
At the beginning of the prior year
618,803
Currency translation differences
(6,820)
Write down reserve
(128,809)
At the end of the prior year
483,174
Currency translation differences
139,085
At the end of the current year
622,259
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
20
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
13,337,465
12,386,021
13,986,002
13,270,711
Profit for the year
678,309
951,444
458,226
715,291
Transfer to reserves
(117,983)
8,293
(139,085)
6,820
Currency translation differences
117,983
(8,293)
139,085
(6,820)
At the end of the year
14,015,774
13,337,465
14,444,228
13,986,002

The profit & loss account represents cumulative profits and losses net of dividends and other adjustments

21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
84,309
76,969
84,309
76,969
Between two and five years
96,254
123,391
96,254
123,391
In over five years
1,103,425
1,117,225
1,103,425
1,117,225
1,283,988
1,317,585
1,283,988
1,317,585
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
461,299
475,682
Other information

In accordance with Section 33.1A of FRS 102, related party transactions and outstanding balances have not been disclosed with Senko Sangyo Co Limited and its wholly owned subsidiary undertakings.

23
Controlling party

The ultimate parent undertaking and controlling party is Senko Sangyo Co. Limited, a company registered in Japan. The accounts of Senko Sangyo Co. Limited can be obtained from 2-5-23 Nakagawara Yokkaichi-Shi, Mie 510, Japan.

SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
24
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Senko Advanced Components (Euro) GmBH
Konrad-Adenauer Strasse 13, 50996 Cologne, Germany
Ordinary
100.00
25
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
36,767
39,096
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
678,309
951,445
Adjustments for:
Taxation charged
101,934
295,609
Finance costs
219
373
Investment income
(52,509)
(621)
Depreciation and impairment of tangible fixed assets
224,854
217,303
Foreign exchange loss/(gains) on cash equivalents
117,982
(3,804)
Movements in working capital:
(Increase)/decrease in stocks
(1,015,242)
134,833
(Increase)/decrease in debtors
(299,857)
1,969,940
Increase/(decrease) in creditors
587,150
(1,096,006)
Cash generated from operations
342,840
2,469,072
27
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
9,041,036
215,996
9,257,032
SENKO ADVANCED COMPONENTS (EURO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
28
Other reserves
2023
2022
Group
£
£
At the beginning of the year
469,943
607,045
Currency translation differences
117,983
(137,102)
At the end of the year
587,926
469,943
2023
2022
Company
£
£
At the beginning of the year
483,174
618,803
Currency translation differences
139,085
(135,629)
At the end of the year
622,259
483,174
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