Company registration number 00657482 (England and Wales)
POWRMATIC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
POWRMATIC LIMITED
COMPANY INFORMATION
Directors
Mr A D Killeen
(Appointed 26 May 2023)
Mr S R Parris
Company number
00657482
Registered office
15 Northgate
Aldridge
Walsall
West Midlands
WS9 8QD
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
NP20 2DW
POWRMATIC LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 27
POWRMATIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The Board of Directors is pleased to present this strategic report and the audited financial statements for the fiscal year ending 30 June 2023.
Business Review
Powrmatic became part of the Carver Group in May 2023 and remains a prominent manufacturer and distributor specialising in industrial and commercial warm air heating, radiant heating, ventilation, and air conditioning products, with a well-established brand in the United Kingdom and a presence in overseas markets.
Powrmatic exhibited a solid performance during the fiscal year, achieving a turnover of £19,866,312. Despite market challenges, this result is consistent with the previous year's turnover of £20,245,149. The operating profit, excluding exceptional items. remained reasonably consistent at £2,213,502, compared to the prior year's figure of £2,474,177.
Principle risks and uncertainties
Despite the economic challenges and uncertainties, our business has displayed resilience and agility, primarily due to our robust operations and strong presence within the UK market.
Although we consider this risk minimal, we acknowledge some exposure to foreign exchange volatility, particularly concerning the Euro. We employ regular credit checks on our customers and maintain credit risk insurance for specific contracts to mitigate credit risk further.
Key performance indicators
Key performance indicators are used to measure and evaluate the Powrmatic’s performance against targets and monitor various activities during the year. The primary key performance indicators employed in Powrmatic include:
achieving revenue and profit targets;
meeting agreed milestones on existing project opportunities;
developing the core customer base; and
identifying and securing new customers and new markets.
The above Key Performance Indicators are monitored by the board to ensure that they are progressing as planned and in a timely manner.
Other key performance indicators
Non-financial indicators that hold significant importance to our Senior Management Team. These include material, direct, and indirect labour costs, delivery performance, targeted growth, product quality, continuous improvement, and customer satisfaction. Furthermore, we are committed to our health, safety, and environmental responsibilities.
This report has received approval from the Board and is signed on its behalf.
Mr S R Parris
Director
15 November 2023
POWRMATIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company continued to be that of the manufacture and distribution of industrial and commercial warm air heating, radiant heating, ventilating and air conditioning products.
Results and dividends
The results for the year are set out on page 7.
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:
Mr J P Moore
(Appointed 26 May 2023 and resigned 6 August 2023)
Mr A D Killeen
(Appointed 26 May 2023)
Mr S R Parris
Mrs M Skony Stamm
(Resigned 26 May 2023)
Mr P A Brompton
(Resigned 26 May 2023)
Auditor
UHY Hacker Young were appointed as auditor to the company during the year. UHY Hacker Young have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr S R Parris
Director
15 November 2023
POWRMATIC LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
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.
POWRMATIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF POWRMATIC LIMITED
- 4 -
Opinion
We have audited the financial statements of Powrmatic Limited (the 'company') for the year ended 30 June 2023 which comprise the profit and loss account, 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 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
POWRMATIC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POWRMATIC LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
POWRMATIC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POWRMATIC LIMITED
- 6 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 John Griffiths
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
15 November 2023
Chartered Accountants
Statutory Auditor
Newport
Gwent
POWRMATIC LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2023
2023
2023
2022
2022
2022
Excluding exceptional items
Exceptional items
Total
Excluding exceptional items
Exceptional items
Total
Notes
£
£
£
£
£
£
Turnover
3
19,866,312
-
19,866,312
20,245,149
-
20,245,149
Cost of sales
(12,980,530)
(823,681)
(13,804,211)
(13,681,478)
-
(13,681,478)
Gross profit
6,885,782
(823,681)
6,062,101
6,563,671
-
6,563,671
Administrative expenses
(4,672,280)
-
(4,672,280)
(4,089,494)
(128,124)
(4,217,618)
Operating profit
5
2,213,502
(823,681)
1,389,821
2,474,177
(128,124)
2,346,053
Interest receivable and similar income
8
18,222
-
18,222
595
-
595
Interest payable and similar expenses
9
(28,101)
-
(28,101)
(43,191)
-
(43,191)
Profit before taxation
2,203,623
(823,681)
1,379,942
2,431,581
(128,124)
2,303,457
Tax on profit
10
(372,649)
-
(372,649)
(376,336)
-
(376,336)
Profit for the financial year
1,830,974
(823,681)
1,007,293
2,055,245
(128,124)
1,927,121
The profit and loss account has been prepared on the basis that all operations are continuing operations.
POWRMATIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
£
£
Profit for the year
1,007,293
1,927,121
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(22,924)
(25,008)
Tax relating to other comprehensive income
(5,731)
Other comprehensive income for the year
(28,655)
(25,008)
Total comprehensive income for the year
978,638
1,902,113
POWRMATIC LIMITED
BALANCE SHEET
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,240,025
2,320,539
Current assets
Stocks
13
4,104,616
5,433,475
Debtors
14
4,146,314
2,844,341
Cash at bank and in hand
2,354,267
2,156,809
10,605,197
10,434,625
Creditors: amounts falling due within one year
15
(3,521,823)
(3,742,619)
Net current assets
7,083,374
6,692,006
Total assets less current liabilities
9,323,399
9,012,545
Creditors: amounts falling due after more than one year
16
(1,076,552)
Provisions for liabilities
Provisions
18
420,058
Deferred tax liability
19
121,853
133,143
(541,911)
(133,143)
Net assets excluding pension liability
8,781,488
7,802,850
Defined benefit pension liability
20
Net assets
8,781,488
7,802,850
Capital and reserves
Called up share capital
21
1,753
1,753
Profit and loss reserves
8,779,735
7,801,097
Total equity
8,781,488
7,802,850
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
Mr S R Parris
Director
Company Registration No. 00657482
POWRMATIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
1,753
7,398,984
7,400,737
Year ended 30 June 2022:
Profit for the year
-
1,927,121
1,927,121
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(25,008)
(25,008)
Total comprehensive income for the year
-
1,902,113
1,902,113
Dividends
11
-
(1,500,000)
(1,500,000)
Balance at 30 June 2022
1,753
7,801,097
7,802,850
Year ended 30 June 2023:
Profit for the year
-
1,007,293
1,007,293
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(22,924)
(22,924)
Tax relating to other comprehensive income
-
(5,731)
(5,731)
Total comprehensive income for the year
-
978,638
978,638
Balance at 30 June 2023
1,753
8,779,735
8,781,488
Called up share capital represents the nominal value of the shares issued.
The profit and loss account represents cumulative profits or losses, net of dividends paid.
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
1
Accounting policies
Company information
Powrmatic Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Northgate, Aldridge, Walsall, West Midlands, WS9 8QD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 the ultimate parent company Carver Group Limited. These consolidated financial statements are available from its registered office, 15 Northgate, Aldridge, Walsall, West Midlands, WS9 8QD.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
1.5
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 land and buildings
5% straight line
Plant and equipment
10% straight line
Fixtures and fittings
15% straight line
Motor vehicles
25% 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 period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The company operates a defined benefit pension scheme which is closed to new entrants and, as from 31 December 2003, closed to the accrual of future benefits. The assets of the scheme are held separately from those of the company being invested with fund managers.
The difference between the fair value of the assets held in the company's defined benefit pension scheme and the scheme's liabilities, measured on a actuarial basis using the projected unit method, are recognised in the company's Statement of Financial Position as a pension scheme liability or asset as appropriate. A pension scheme asset is only recognised to the extent that the asset is recoverable through reductions in future contributions or through refunds from the plan. The pension scheme balance is recognised net of any related deferred tax balance.
Changes in the defined benefit pension scheme asset or liability arising from factors other than cash contribution by the company are charged to the Statement of Comprehensive Income in accordance with FRS 102 Section 28.
1.15
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 leases asset are consumed.
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.
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Defined benefit pension obligations
The company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligations depend on a number of factors, including: life expectancy; salary increases; asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.
Stock valuation
Inventory is measured at the lower of cost and estimated selling price to complete and sell. Management uses judgement to estimate the cost of inventory. Management regularly reviews this methodology to ensure that it is appropriate in the light of current conditions.
At the end of the year management review stock on a line by line basis to identify slow moving stock items.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
18,295,049
18,390,694
Rest of Europe
1,520,959
1,683,194
Rest of the world
50,304
171,261
19,866,312
20,245,149
2023
2022
£
£
Other revenue
Interest income
18,222
595
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 18 -
4
Exceptional item
2023
2022
£
£
Expenditure
Non-safety issue
-
128,124
Warranty provision movement
361,058
-
Stock provision movement
462,623
-
823,681
128,124
Exceptional items in the current year relate to movement in warranty and stock provisions in order to align with the policies of the new ultimate parent company, Carver Group Limited.
Exceptional items in the prior year were in regard to a non-safety issue relating to a component used in the tubular heating products, the component design has been modified and re-tested and a remedial programme completed.
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
6,213
5,115
Research and development costs
436,433
443,554
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
22,700
Depreciation of owned tangible fixed assets
286,760
295,119
Profit on disposal of tangible fixed assets
(950)
(25,869)
Operating lease charges
45,132
38,277
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
87
96
Engineering
10
10
Sales and distribution
33
51
Administration
9
9
Total
139
166
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,844,310
4,810,817
Social security costs
478,115
371,169
Pension costs
170,782
181,917
5,493,207
5,363,903
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
288,920
248,372
Company pension contributions to defined contribution schemes
8,260
5,257
297,180
253,629
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
236,624
190,872
Company pension contributions to defined contribution schemes
8,260
5,257
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
18,222
595
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
28,024
43,191
Other interest
77
28,101
43,191
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
411,727
411,256
Adjustments in respect of prior periods
(35,871)
(76,774)
Double tax relief
(10,647)
Total UK current tax
365,209
334,482
Foreign current tax on profits for the current period
10,647
Adjustments in foreign tax in respect of prior periods
13,814
5,567
Total current tax
389,670
340,049
Deferred tax
Origination and reversal of timing differences
(17,261)
36,645
Adjustment in respect of prior periods
240
(358)
Total deferred tax
(17,021)
36,287
Total tax charge
372,649
376,336
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
1,379,942
2,303,457
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
282,832
437,657
Tax effect of expenses that are not deductible in determining taxable profit
104,536
628
Tax effect of income not taxable in determining taxable profit
(7,130)
Effect of change in corporation tax rate
(2,540)
8,800
Double tax relief
(10,647)
Effect of overseas tax rates
10,647
Under/(over) provided in prior years
(35,871)
(71,207)
Deferred tax adjustments in respect of prior years
240
(358)
Fixed asset differences
16,768
5,568
Amounts charged to other comprehensive income
(4,752)
Adjustment in repsect of prior year foreign tax
13,814
Taxation charge for the year
372,649
376,336
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Taxation
(Continued)
- 21 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
5,731
-
11
Dividends
2023
2022
£
£
Interim paid
1,500,000
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
2,994,716
2,995,831
731,014
181,777
6,903,338
Additions
38,700
12,773
124,258
31,215
206,946
Disposals
(79,383)
(16,798)
(96,181)
At 30 June 2023
3,033,416
3,008,604
775,889
196,194
7,014,103
Depreciation and impairment
At 1 July 2022
1,559,093
2,392,243
531,179
100,284
4,582,799
Depreciation charged in the year
90,466
102,519
57,303
36,472
286,760
Eliminated in respect of disposals
(79,383)
(16,098)
(95,481)
At 30 June 2023
1,649,559
2,494,762
509,099
120,658
4,774,078
Carrying amount
At 30 June 2023
1,383,857
513,842
266,790
75,536
2,240,025
At 30 June 2022
1,435,623
603,588
199,835
81,493
2,320,539
Included in freehold property is freehold land at a cost of £143,394 (2022: £143,394) which is not depreciated.
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
13
Stocks
2023
2022
£
£
Raw materials and consumables
2,016,092
2,032,773
Work in progress
651,857
1,137,093
Finished goods and goods for resale
1,436,667
2,263,609
4,104,616
5,433,475
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,657,786
2,565,620
Amounts owed by group undertakings
1,200,000
Prepayments and accrued income
288,528
278,721
4,146,314
2,844,341
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
88,861
Trade creditors
2,202,302
2,449,072
Amounts owed to group undertakings
281,012
Corporation tax
166,584
174,220
Other taxation and social security
611,790
298,231
Accruals and deferred income
541,147
451,223
3,521,823
3,742,619
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
1,076,552
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
17
Loans and overdrafts
2023
2022
£
£
Bank loans
1,165,413
Payable within one year
88,861
Payable after one year
1,076,552
The long-term loans are secured by fixed charges over the freehold property of the company.
The loan was repaid in full during the current year.
18
Provisions for liabilities
2023
2022
£
£
Warranty provision
420,058
-
Movements on provisions:
Warranty provision
£
Additional provisions in the year
420,058
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
135,439
140,366
Retirement benefit obligations
5,731
-
Short term timing differences
(19,317)
(7,223)
121,853
133,143
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
19
Deferred taxation
(Continued)
- 24 -
2023
Movements in the year:
£
Liability at 1 July 2022
133,143
Credit to profit or loss
(17,021)
Charge to other comprehensive income
5,731
Liability at 30 June 2023
121,853
The deferred tax liability set out above is expected to reverse in future years and relates predominantly to accelerated capital allowances.
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
170,782
181,917
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.
Contributions totalling £27,530 (2022: £28,894) were payable to the fund at the reporting date and are included in creditors.
Defined benefit schemes
The company also operates a defined benefit pension scheme.
Benefits are based on final pensionable salary. The scheme is closed to new entrants, and as from 31 December 2003, closed to the accrual of future benefits.
The latest full actuarial valuation was carried out at 31 December 2018 and was updated for FRS 102 purposes to 30 June 2022 by a qualified independent actuary.
2023
2022
Key assumptions
%
%
Discount rate
5.1
3.6
Future pension increases - RPI linked
3.2
3.3
Future pension increases - CPI linked
2.6
2.6
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
20
Retirement benefit schemes
(Continued)
- 25 -
Mortality assumptions
2023
2022
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
21.4
21.6
- Females
23.9
23.6
Retiring in 20 years
- Males
22.6
22.9
- Females
25.3
25.2
2023
2022
Amounts recognised in the profit and loss account
£
£
Net interest on net defined benefit liability/(asset)
(53,000)
(18,000)
Restriction on net interest income credited to the income statement
53,000
18,000
Total costs
-
-
2023
2022
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
968,000
1,134,000
Less: calculated interest element
263,000
157,000
Return on scheme assets excluding interest income
1,231,000
1,291,000
Restriction on net interest income credited to the income statement
(53,000)
(18,000)
Actuarial changes related to obligations
(793,000)
(1,714,000)
Effect of changes in the amount of surplus that is not recoverable
(362,000)
466,000
Total costs
23,000
25,000
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2023
2022
£
£
Present value of defined benefit obligations
5,102,000
6,007,000
Fair value of plan assets
(6,191,000)
(7,458,000)
Surplus in scheme
(1,089,000)
(1,451,000)
Restriction on scheme assets
1,089,000
1,451,000
Total liability recognised
-
-
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
20
Retirement benefit schemes
(Continued)
- 26 -
2023
Movements in the present value of defined benefit obligations
£
Liabilities at 1 July 2022
6,007,000
Benefits paid
(322,000)
Actuarial gains and losses
(793,000)
Interest cost
210,000
At 30 June 2023
5,102,000
The defined benefit obligations arise from plans which are wholly or partly funded.
2023
Movements in the fair value of plan assets
£
Fair value of assets at 1 July 2022
7,458,000
Interest income
263,000
Return on plan assets (excluding amounts included in net interest)
(1,231,000)
Benefits paid
(322,000)
Contributions by the employer
23,000
At 30 June 2023
6,191,000
The actual return on plan assets was £1,021,000 (2022 - £1,152,000).
2023
2022
Fair value of plan assets at the reporting period end
£
£
Equity instruments
-
1,648,000
Government bonds
2,254,000
2,220,000
Corporate bonds
2,552,000
1,967,000
Cash
91,000
85,000
Multi-asset funds
1,294,000
1,538,000
6,191,000
7,458,000
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,753
1,753
1,753
1,753
POWRMATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
22
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
25,349
5,842
Between two and five years
16,101
1,428
41,450
7,270
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
-
38,380
24
Related party transactions
The company has taken advantage of the exemption available in Section 33.1A of FRS 102, Related Party Disclosures, not to disclose transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
25
Ultimate controlling party
The company is a wholly owned subsidiary of Carver Climate Systems Limited, a company incorporated in the United Kingdom. The ultimate parent company is Carver Group Limited a company incorporated in the United Kingdom.
The largest and smallest group in which the results of the company are consolidated is that headed by Carver Group Limited, incorporated in the United Kingdom. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of the company.
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