Company registration number 01129627 (England and Wales)
KENNELPAK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
KENNELPAK LIMITED
COMPANY INFORMATION
Directors
C L Bayliss
D J Constance
C C White
(Appointed 24 May 2022)
C E Clough
(Appointed 13 March 2023)
S Collard
(Appointed 1 February 2023)
N P Wright
(Appointed 1 March 2023)
Company number
01129627
Registered office
Palmer Drive
Stapleford
Nottingham
United Kingdom
NG9 7BW
Auditor
Azets Audit Services
2 Regan Way
Chetwynd Business Park
Chilwell
Nottingham
United Kingdom
NG9 6RZ
KENNELPAK LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27
KENNELPAK 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
As Kennelpak approaches its 50th anniversary, it is uniquely positioned within the UK pet care sector to be the trusted pet specialist for pets, their parents and its partners, offering a pet care ecosystem that monetises its portfolio of own and distributor brands, bringing together a range of products, services, expertise and strategic partnerships across its wholesale and retail divisions.
Kennelpak is a specialist wholesaler, brand owner & distributor providing a turnkey solution for manufacturers and customers alike. With an established nationwide customer base, including all pet wholesalers, the division has access to all specialist retail channels which, coupled with Kennelpak’s unique solution for secondary and residual product handling, makes the company the go to partner for manufacturers, brand owners and retailers.
The retail division, Pets and Friends, consists of 19 stores and 16 grooming salons including the recently opened concession within Brigg Garden Centre and an enhanced ecommerce and subscription platform enabling a truly omnichannel customer proposition. Its vision is to build on the expertise and passion of its colleagues to create a community of happy, healthy pets and responsible pet parents, becoming the number one choice for pet parents, providing all they need in one place, offering expert advice and support, giving them ultimate peace of mind.
Following the appointment of a new CEO in June 2021, the company has invested in:
its people
delivery of various initiatives that strive to fulfil the promises set out in it's ESG charter;
the Pets and Friends’ ecommerce platform and operation
a new salon format, Pets Parlour, the first opening in Bletchley in April 2022
a new store format and various services within its retail division that delivers the Pets and Friends’ vision
new product development and expansion of its distributor portfolio
Kennelpak is well placed to maximise the opportunity in pet ownership and the continuing trend in the humanisation of pets, offering significant headroom for growth.
Principal risks and uncertainties including financial risk management objectives and policies
The principal risks and uncertainties faced by the business and their mitigating activities are as follows:
Growing inflation and interest rates will put pressure on cost prices; we believe that our market position and financial position will allow us to manage these challenges
The Directors anticipate the business environment will remain competitive and price sensitive. Its recently launched Tiny Paws Puppy & Kitten Club in addition to it's loyalty programme, personalised pet nutrition consultations, Pet Chat and its online subscriptions platform deliver enhanced customer engagement and subsequent loyalty.
Exchange rate volatility is mitigated through the forward buying of currency
Credit risk is mitigated through the close management of debtors, the use of credit limits and the monitoring of credit bureau reports
Liquidity risk is mitigated by ongoing cash flow forecasting and review with the Board to ensure that appropriate facilities are available to be utilised as required.
KENNELPAK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Key perfomance indicators
The key performance indicator of the Company is considered by the Directors to be EBITDA. The EBITDA for the year ended 31 March 2023 is £481,864 (2022: £1,290,375). The decline in EBITDA is due to investment in the growth strategy. EBITDA is calculated by taking the operating profit, adding back the amortisation, depreciation and exceptional items. The full reconciliation is provided in Note 6.
The Directors’ assessment of performance is analysed below:
2023
2022
£
£
Turnover
33,878,769
33,853,471
EBITDA
481,864
1,290,375
KENNELPAK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Environmental, Social and Governance
There is an Environmental, Social and Governance charter that defines Kennelpak’s objectives in ensuring a better future for its colleagues, pet communities and the planet. It has been created with extensive input from colleagues across the business in collaborative forums and the delivery of the promises set out in its charter is governed by a colleague wide ESG Steering Group. The objectives are both short and long term and includes colleague wellbeing and personal development; using waste beneficially; management of its carbon footprint; and supporting pet health and wellbeing within multiple pet communities through various initiatives.
The Company has policies that raise awareness of modern slavery, ethical trading and human rights. The policies set out standards concerning safe and fair working conditions for colleagues, responsible management of social and environmental issues and standards in the international supply chain. The Company continues to work with its supply chain to ensure there is a zero-tolerance policy to slavery, we carry out audits on key partners to monitor this.
The Company has policies that promote equality and diversity in the workplace as well as prohibiting discrimination in any form. One of the Company’s core values is respect for others which displays an active commitment to diversity and inclusion across the organisation. We conduct a gender pay review and we are making progress to close the gap.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other colleagues.
Employee/Colleague Involvement
The Company carries out an annual engagement survey. The output of this is reviewed in detail with focus groups to address any areas of concern or opportunities for improvement.
There are robust channels of communication with colleagues across the Company through huddles; town halls; the fortnightly publication of The Repawter, the Company’s internal newspaper; a quarterly colleague panel; and monthly people surgeries, all of which seek to achieve a common awareness on the part of all colleagues of the financial and economic factors affecting the company's performance in addition to celebrating success and delivering the business strategy.
The company has a number of fundamental principles that it believes are the foundation of sound and fair business practice, one of which is a zero tolerance on bribery and corruption.
Health and Safety
The Company considers this an important consideration. There is a Health and Safety report that is reviewed at the monthly Board meeting. There are representatives from across the business that are tasked with delivering the Health and Safety action plan to ensure our ongoing compliance and competence including regular training.
KENNELPAK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Future Developments
The Directors anticipate the business environment will remain competitive within retail and online, however they believe the Company is in a good financial position to respond to any changes in market conditions.
The Company will continue to look for further opportunities for growth in all areas of the business through:
Growth of the Pets & Friends' subscription customer base and membership of its Tiny Paws Puppy and Kitten club
Additional stores and grooming salons in strategic locations
Investment in a new multichannel loyalty programme that will deliver a single view of the Pets and Friends customer
Enhancements to the Pets and Friends' service offering and upgrading of existing stores
The ongoing recruitment and training of all store and salon colleagues as trusted pet specialists
Investment in colleague capability across the company
Growth in the distributor brand portfolio
Investment in the company’s own brand portfolio
Investment in operational infrastructure to deliver efficiency improvements and ongoing cost savings
Going Concern
The Directors have reviewed the detailed financial projections, including both profit and loss forecasts as well as cash-flow forecasts and considered all reasonably foreseeable potential scenarios and uncertainties, they have satisfied themselves that the company will continue in operational existence for a period of at least 12 months from the signing of these financial statements and have therefore prepared the financial statement on a going concern basis and that no material uncertainty exists.
C L Bayliss
Director
6 July 2023
KENNELPAK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
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 the processing and distribution of pet foods and related accessories.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
C L Bayliss
N Longley
(Resigned 24 May 2022)
D J Constance
C C White
(Appointed 24 May 2022)
J A Langan
(Appointed 27 July 2022 and resigned 17 February 2023)
C E Clough
(Appointed 13 March 2023)
S Collard
(Appointed 1 February 2023)
N P Wright
(Appointed 1 March 2023)
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Strategic report
The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments, employee involvement and financial risk management objectives and policies.
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
KENNELPAK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
On behalf of the board
C L Bayliss
Director
6 July 2023
KENNELPAK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
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.
KENNELPAK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KENNELPAK LIMITED
- 8 -
Opinion
We have audited the financial statements of Kennelpak Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss 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.
KENNELPAK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KENNELPAK LIMITED
- 9 -
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.
KENNELPAK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KENNELPAK LIMITED
- 10 -
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.
Mr Mitesh Thakrar (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
6 July 2023
Chartered Accountants
Statutory Auditor
2 Regan Way
Chetwynd Business Park
Chilwell
Nottingham
United Kingdom
NG9 6RZ
KENNELPAK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
33,878,769
33,853,471
Cost of sales
(25,544,775)
(25,784,733)
Gross profit
8,333,994
8,068,738
Distribution costs
(3,814,355)
(3,239,448)
Administrative expenses
(4,819,791)
(4,226,813)
Exceptional items
4
(29,224)
(196,227)
Operating (loss)/profit
5
(329,376)
406,250
Interest payable and similar expenses
9
(79,762)
(58,208)
(Loss)/profit before taxation
(409,138)
348,042
Tax on (loss)/profit
10
(Loss)/profit for the financial year
(409,138)
348,042
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 14 to 27 form part of these financial statements.
KENNELPAK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
209,220
65,596
Tangible assets
12
4,496,251
4,517,835
4,705,471
4,583,431
Current assets
Stocks
13
3,755,212
3,426,770
Debtors
14
10,504,687
9,380,521
Cash at bank and in hand
284,937
205,157
14,544,836
13,012,448
Creditors: amounts falling due within one year
15
(10,028,402)
(7,767,224)
Net current assets
4,516,434
5,245,224
Total assets less current liabilities
9,221,905
9,828,655
Creditors: amounts falling due after more than one year
17
(922,094)
(1,119,706)
Provisions for liabilities
Provisions
19
551,681
551,681
Deferred tax liability
20
164,284
164,284
(715,965)
(715,965)
Net assets
7,583,846
7,992,984
Capital and reserves
Called up share capital
22
36,000
36,000
Revaluation reserve
23
668,368
668,368
Profit and loss reserves
24
6,879,478
7,288,616
Total equity
7,583,846
7,992,984
The notes on pages 14 to 27 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 6 July 2023 and are signed on its behalf by:
C L Bayliss
Director
Company Registration No. 01129627
KENNELPAK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
36,000
668,368
6,940,574
7,644,942
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
348,042
348,042
Balance at 31 March 2022
36,000
668,368
7,288,616
7,992,984
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(409,138)
(409,138)
Balance at 31 March 2023
36,000
668,368
6,879,478
7,583,846
The notes on pages 14 to 27 form part of these financial statements.
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information
Kennelpak Limited is a private company limited by shares incorporated in England and Wales. The registered office is Palmer Drive, Stapleford, Nottingham, United Kingdom, NG9 7BW.
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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Kennelpak Holdings Limited. These consolidated financial statements are available from its registered office, Palmer Drive, Stapleford, Nottingham, NG9 7BW.
1.2
Going concern
The Directors have reviewed detailed financial projections, including both profit and loss forecasts as well as cash-flow forecasts and considered all reasonably foreseeable potential scenarios and uncertainties, they have satisfied themselves that the company will continue in operational existence for a period of at least 12 months from the signing of these financial statements and have therefore prepared the financial statement on a going concern basis and that no material uncertainty exists.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer on dispatch of the goods.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Software costs
20% straight line
1.5
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 buildings
2% straight line
Short leasehold improvements
Over term of the lease
Plant and equipment
15% straight line
Fixtures, fittings & computer equipment
15% - 33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
1.7
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.
1.8
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
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 financial statements when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost less impairment.
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows . The impairment loss 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price and are subsequently measured at amortised cost.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
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. 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.
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.
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.
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Dilapidation provisions relating to leasehold properties are capitalised and depreciated over the life of the respective lease.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
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.
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
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.
Freehold property valuation
At each reporting date, management makes an assessment of the value of freehold land and buildings. These estimates take into account previous professional valuations and an estimate of any changes, which involves an element of estimation. The valuation as at 31 March 2023 is shown in note 12.
Recoverability of group balances
The Directors evaluate whether any provision is required in relation to the recoverability of intergroup balances. In making this assessment the Directors consider the ability of the company to make sufficient distributable profits such that dividends can be made to the company's immediate parent underaking to offset the debt due to the company. This assessment involves inherent uncertainty relating to future trading performance of the company. Any impairment relating to group balances is charged to profit and loss. At the 31 March 2023 the provision is £nil (2022: £nil).
Dilapidation provision
The Directors assess the cost of dilapidations each year end based upon the state of the leasehold properties at each year end. This assessment includes an estimate of the state of remedial works required and the associated costs that would be incurred at the expected date of exiting the respective premises. These estimates take into account the most recent professional review of dilapidations together with a review of any significant changes since. Details of the dilapidation provision are shown in note 19.
3
Turnover
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Wholesale sales of pet foods and related accessories
18,042,952
19,917,231
Retail sales of pet foods and related accessories including website
15,835,817
13,936,240
33,878,769
33,853,471
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
32,611,807
32,993,482
Overseas
1,266,962
859,989
33,878,769
33,853,471
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
4
Exceptional items
2023
2022
£
£
Expenditure
Strategy consultations
-
58,100
Recruitment fees
-
57,750
Legal costs
23,095
5,000
Employee related costs
6,128
75,377
29,224
196,227
5
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
30,950
16,465
Depreciation of owned tangible fixed assets
433,141
368,948
Depreciation of tangible fixed assets held under finance leases
23,857
-
(Profit)/loss on disposal of tangible fixed assets
-
3,156
Amortisation of intangible assets
21,473
38,393
Operating lease charges
582,667
442,081
The amortisation of intangible assets is included within administration expenses.
6
Earnings before interest, taxation, depreciation and amortisation
The company's EBITDA and reconciliation to (loss) / profit before tax is as follows:
2023
2022
£
£
(Loss)/profit before taxation
(409,138)
348,042
Depreciation
456,998
368,948
Loss on disposal of fixed assets
-
3,156
Amortisation
21,473
38,393
Interest
79,762
58,208
Exceptional costs
29,224
196,227
Other non operational costs
303,545
277,401
EBITDA
481,864
1,290,375
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Central support
56
45
Factory
18
23
Stores
205
183
Warehouse and distribution
16
15
Total
295
266
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
6,183,783
5,368,959
Social security costs
513,703
406,904
Pension costs
133,183
102,801
6,830,669
5,878,664
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
594,358
338,409
Company pension contributions to defined contribution schemes
9,407
3,940
603,765
342,349
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
262,734
154,496
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
72,827
53,861
Interest on finance leases and hire purchase contracts
6,935
4,347
79,762
58,208
10
Taxation
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(409,138)
348,042
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(77,736)
66,128
Tax effect of expenses that are not deductible in determining taxable profit
10,256
950
Change in unrecognised deferred tax assets
21,623
(40,882)
Group relief
(50,643)
Permanent capital allowances in excess of depreciation
(4,945)
(14,338)
Depreciation on assets not qualifying for tax allowances
56,563
44,205
Other permanent differences
(571)
340
Effect of changes in tax rates
(5,190)
(5,760)
Taxation charge for the year
-
-
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
11
Intangible fixed assets
Software costs
£
Cost
At 1 April 2022
187,732
Additions
165,097
Transfers
23,349
At 31 March 2023
376,178
Amortisation and impairment
At 1 April 2022
122,136
Amortisation charged for the year
21,473
Transfers
23,349
At 31 March 2023
166,958
Carrying amount
At 31 March 2023
209,220
At 31 March 2022
65,596
12
Tangible fixed assets
Freehold buildings
Short leasehold improvements
Plant and equipment
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2022
3,235,000
2,398,317
779,080
1,203,788
19,648
7,635,833
Additions
184,514
259,042
443,556
Transfers
(5,597)
(6,424)
(12,021)
At 31 March 2023
3,235,000
2,577,234
779,080
1,456,406
19,648
8,067,368
Depreciation and impairment
At 1 April 2022
1,682,296
735,243
680,811
19,648
3,117,998
Depreciation charged in the year
268,685
8,043
180,270
456,998
Transfers
23,881
(46)
(27,714)
(3,879)
At 31 March 2023
1,974,862
743,240
833,367
19,648
3,571,117
Carrying amount
At 31 March 2023
3,235,000
602,372
35,840
623,039
4,496,251
At 31 March 2022
3,235,000
716,021
43,837
522,977
4,517,835
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Tangible fixed assets
(Continued)
- 23 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
30,487
36,472
Fixtures, fittings & computer equipment
106,285
124,157
136,772
160,629
Freehold buildings were revalued during the year based on a directors valuation and no changes have arisen from the Directors' valuation of £3,235,000 during the previous year.
If revalued assets were stated on an historical costs basis rather than a fair value basis, the carrying amounts would have been:
2023
2022
£
£
Cost
2,435,048
2,435,048
Accumulated depreciation
(194,800)
(146,100)
Carrying value
2,240,248
2,288,948
13
Stocks
2023
2022
£
£
Raw materials and consumables
1,072,993
888,027
Finished goods and goods for resale
2,682,219
2,538,743
3,755,212
3,426,770
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,760,307
2,653,753
Amounts owed by group undertakings
7,402,610
6,567,974
Other debtors
20,993
1,219
Prepayments and accrued income
320,777
157,575
10,504,687
9,380,521
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
16
2,977,135
2,510,079
Obligations under finance leases
18
45,099
25,066
Trade creditors
3,429,502
2,225,237
Other taxation and social security
659,374
493,891
Other creditors
26,715
30,356
Accruals and deferred income
2,890,577
2,482,595
10,028,402
7,767,224
16
Loans and overdrafts
2023
2022
£
£
Bank loans
3,835,378
3,565,567
Payable within one year
2,977,135
2,510,079
Payable after one year
858,243
1,055,488
The company has entered into a Receivables finance facility, an Inventory facility and a Real property loan agreement. These are secured on book debts totalling £2,836,854, stock of £2,153,113 and the freehold properties of the company. Interest rates are charged at 2.5%, 3.5% and 4.5% above the Bank of England's base rate on these facilities respectively. The liabilities due at the year end are £1,679,769 (2022: £1,735,305), £1,096,521 (2022: £524,479) and £1,058,247 (2022: £1,255,492) respectively and are wholly repayable within five years. The company retains the risks and rewards of ownership of the related assets.
The finance company holds a fixed and floating charge under a Composite Debenture over the assets of the company.
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
16
858,243
1,055,488
Obligations under finance leases
18
63,851
64,218
922,094
1,119,706
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
45,099
25,066
In two to five years
63,851
64,218
108,950
89,284
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Provisions for liabilities
2023
2022 as restated
£
£
Dilapidation provision
551,681
551,681
Movements on provisions:
Dilapidation provision
£
At 1 April 2022 and 31 March 2023
551,681
The provisions balance relates to the company's obligations in respect of dilapidations costs for leasehold properties.
20
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
164,284
164,284
There were no deferred tax movements in the year.
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
133,183
102,801
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.
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
36,000
36,000
36,000
36,000
23
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
668,368
668,368
Deferred tax is calculated on revaluation surpluses relating to freehold property at the rate extant at 31 March 2023 which is 25%. It is expected that the rate at which it will reverse will be 25%.
24
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
7,288,616
6,940,574
(Loss)/profit for the year
(409,138)
348,042
At the end of the year
6,879,478
7,288,616
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
575,535
457,811
Between two and five years
1,637,357
1,410,067
In over five years
603,194
540,529
2,816,086
2,408,407
KENNELPAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
26
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Monitoring fees
2023
2022
£
£
Entities with control, joint control or significant influence over the company
120,000
120,000
27
Ultimate controlling party
The company's immediate parent undertaking is Kennelpak Group Ltd.
The ultimate controlling party is Endless Iv (Gp) Lp.
The smallest and largest group for which consolidated financial statements are prepared of which the company is a member is that headed by Kennelpak Holdings Limited. The consolidated accounts of Kennelpak Holdings Limited are available from its registered office at Palmer Drive, Off Bessell Lane, Stapleford, Nottingham, NG9 7BW
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