Company registration number 01355738 (England and Wales)
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
G E Chamberlain
M E Chamberlain
M A Chamberlain
S J Chamberlain
Secretary
M A Chamberlain
Company number
01355738
Registered office
Weston Gate North
Crewe
Cheshire
CW1 6NB
Auditor
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
Bankers
Handelsbanken
1 Lakeside
Festival Way
Stoke-on-Trent
ST1 5RY
Solicitors
Aaron & Partners
Aaron & Partners LLP
Grosvenor Court
Foregate Street
Chester
CH1 1HG
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

Review of the business

The Group has continued to provide road transport services during the year. Turnover for 2023 has risen to £7,066,739 (2022: £6,877,101). Profit before tax for the financial year remains strong at £559,303 (2022: £614,159) and total equity has increased by £259,530 to £5,072,980 (2022: £4,813,450). Gross profit margin has decreased to 23.6% from 24.2% in 2022.

In what has been an extremely challenging year, the directors are pleased to report a reasonable profit and a strong balance sheet position.

The cost of living crisis, has and continues to affect every one of us. As a business, we have come under immense pressure from our customers to keep rates increases to a minimum, whilst experiencing substantial increases to all our business costs. In particular, fuel prices have remained high throughout the whole financial year and although we experienced a slight drop in March 2023, post year end prices are increasingly unstable and continue to rise. The impact of this is significant and whilst our customers have been supportive, we are having to absorb a substantial part of these inflated prices.

Whilst we consider the impact on our business, our workforce are equally experiencing their own cost increases, with interest rate volatility and basic living costs becoming excessive. We have given all our employees pay reviews through the year and have introduced a cost of living payment to try and ease the pressure a little for them and their families.

The Group strive to adhere to our planned replacement cycle of vehicles, with £740k of new vehicles and trailers purchased during the year. The directors were able to take advantage of the super deduction rate of capital allowances which has now unfortunately ended. The availability of new vehicles seems to have improved but new vehicle prices have increased beyond expectation and will certainly make future capital expenditure more challenging.

Principal risks and uncertainties

With so much political unrest in the World at present, we envisage that fuel prices will be erratic for some time. We are working hard to ensure that our customers get the best possible rates and service to maintain our diverse, long standing customer base whilst remaining competitive and attractive to potential new business.

Currently, there is a large media focus on the drive towards electric vehicles and reducing the carbon footprint of the industry. Whilst we are yet to invest in any electric vehicles, we are undertaking research into how and when this will become a feasible option for our business and will need to manage the impact that any change in legislation will bring.

Key performance indicators

In addition to monitoring turnover and profitability, the directors review financial ratios such as liquidity ratios, employee productivity and cash flow ratios on a monthly basis. Cost control is also considered key to the success of the Group and analytical review of all cost centres is undertaken regularly.

Debtor recoverability remains a key focus and substantial efforts are made to ensure bad debts are kept to a minimum.

Future developments

The Group will continue to work hard to retain our loyal customers, providing the best possible service at the most reasonable rates. Our workforce are our most important asset and we will do all we can to provide them with a robust package.

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

On behalf of the board

G E Chamberlain
Director
15 November 2023
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

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

Principal activities

The principal activity of the group continued to be that of transport hauliers.

Results and dividends

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

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

Directors

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

G E Chamberlain
M E Chamberlain
M A Chamberlain
S J Chamberlain
Auditor

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

Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

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

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
On behalf of the board
G E Chamberlain
Director
15 November 2023
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

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

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, to detect material misstatements in respect of irregularities, including fraud.

 

Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws and regulations governing its activities and of the related parties and service organisations connected with it. We also consider how the systems and controls the entity has put in place over its activities might mitigate risks identified.

Audit response to risks identified

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

 

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

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.

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
- 7 -

Use of our report

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

Paul Edwards FCCA CTA
Senior Statutory Auditor
For and on behalf of Afford Bond Holdings Limited
21 November 2023
Chartered Accountants
Statutory Auditor
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
7,066,739
6,877,101
Cost of sales
(5,399,576)
(5,213,928)
Gross profit
1,667,163
1,663,173
Administrative expenses
(1,085,850)
(1,003,456)
Operating profit
4
581,313
659,717
Interest receivable and similar income
7
10,777
-
0
Interest payable and similar expenses
8
(32,787)
(45,558)
Profit before taxation
559,303
614,159
Tax on profit
9
(199,773)
(79,206)
Profit for the financial year
359,530
534,953
Profit for the financial year is attributable to:
- Owners of the parent company
359,150
534,390
- Non-controlling interests
380
563
359,530
534,953
Total comprehensive income for the year is attributable to:
- Owners of the parent company
359,150
534,390
- Non-controlling interests
380
563
359,530
534,953
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,205,981
3,132,876
Current assets
Stocks
14
57,351
29,435
Debtors
15
981,099
1,174,480
Cash at bank and in hand
2,336,928
2,252,281
3,375,378
3,456,196
Creditors: amounts falling due within one year
16
(661,847)
(896,219)
Net current assets
2,713,531
2,559,977
Total assets less current liabilities
5,919,512
5,692,853
Creditors: amounts falling due after more than one year
17
(233,847)
(454,292)
Provisions for liabilities
Deferred tax liability
20
612,685
425,111
(612,685)
(425,111)
Net assets
5,072,980
4,813,450
Capital and reserves
Called up share capital
22
1,002
1,002
Share premium account
100,178
100,178
Revaluation reserve
346,257
346,257
Profit and loss reserves
4,621,315
4,362,165
Equity attributable to owners of the parent company
5,068,752
4,809,602
Non-controlling interests
4,228
3,848
5,072,980
4,813,450
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:
15 November 2023
G E Chamberlain
Director
Company registration number 01355738 (England and Wales)
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
670,255
694,255
Investments
11
1,000
1,000
671,255
695,255
Current assets
Debtors
15
1,617,850
1,626,251
Cash at bank and in hand
671,255
584,342
2,289,105
2,210,593
Creditors: amounts falling due within one year
16
(4,367)
(18,841)
Net current assets
2,284,738
2,191,752
Total assets less current liabilities
2,955,993
2,887,007
Capital and reserves
Called up share capital
22
1,000
1,000
Share premium account
100,178
100,178
Revaluation reserve
346,257
346,257
Profit and loss reserves
2,508,558
2,439,572
Total equity
2,955,993
2,887,007

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £68,987 (2022 - £53,125 profit).

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:
15 November 2023
G E Chamberlain
Director
Company Registration No. 01355738
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2021
1,002
100,178
346,257
4,027,775
4,475,212
3,285
4,478,497
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
-
534,390
534,390
563
534,953
Dividends
-
-
-
(200,000)
(200,000)
-
(200,000)
Balance at 31 March 2022
1,002
100,178
346,257
4,362,165
4,809,602
3,848
4,813,450
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
359,150
359,150
380
359,530
Dividends
-
-
-
(100,000)
(100,000)
-
(100,000)
Balance at 31 March 2023
1,002
100,178
346,257
4,621,315
5,068,752
4,228
5,072,980
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2021
1,000
100,178
346,257
2,386,447
2,833,882
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
53,125
53,125
Balance at 31 March 2022
1,000
100,178
346,257
2,439,572
2,887,007
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
68,986
68,986
Balance at 31 March 2023
1,000
100,178
346,257
2,508,558
2,955,993
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,113,830
1,289,898
Interest paid
(32,787)
(45,558)
Income taxes paid
(14,974)
(22,745)
Net cash inflow from operating activities
1,066,069
1,221,595
Investing activities
Purchase of tangible fixed assets
(742,944)
(816,101)
Proceeds from disposal of tangible fixed assets
97,550
86,500
Interest received
10,777
-
0
Net cash used in investing activities
(634,617)
(729,601)
Financing activities
Proceeds from borrowings
-
500,000
Repayment of borrowings
(146,568)
(136,335)
Payment of finance leases obligations
(100,237)
(105,297)
Dividends paid to equity shareholders
(100,000)
(200,000)
Net cash (used in)/generated from financing activities
(346,805)
58,368
Net increase in cash and cash equivalents
84,647
550,362
Cash and cash equivalents at beginning of year
2,252,281
1,701,919
Cash and cash equivalents at end of year
2,336,928
2,252,281
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

Chamberlain Transport (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Weston Gate North, Crewe, Cheshire, CW1 6NB.

 

The group consists of Chamberlain Transport (Holdings) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

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

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -

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

 

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

 

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 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.

 

Turnover consists of revenue from the sale of road transport services.

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% Straight line
Plant and machinery
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Fixed asset investments

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

 

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

1.6
Impairment of fixed assets

At each reporting period end date, the group 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.

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -

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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost is calculated using the first in first out method.

1.8
Cash at bank and in hand

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 group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

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.

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

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 though 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.

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Sale of road transport services
7,066,739
6,877,101
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
500,659
482,932
Depreciation of tangible fixed assets held under finance leases
48,644
60,805
Loss on disposal of tangible fixed assets
22,986
31,203
Cost of stocks recognised as an expense
2,517,730
2,369,564
Operating lease charges
23,625
16,257
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
1,500
1,500
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office and management
13
13
-
-
Drivers
41
43
-
-
Warehouse
8
8
-
-
Total
62
64
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,630,220
2,547,114
-
0
-
0
Pension costs
46,998
70,457
-
0
-
0
2,677,218
2,617,571
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
10,588
-
0
Other interest income
189
-
Total income
10,777
-
0
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
2,295
4,294
Other interest
30,492
41,264
Total finance costs
32,787
45,558
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
32,426
20,434
Adjustments in respect of prior periods
(20,227)
-
0
Total current tax
12,199
20,434
Deferred tax
Origination and reversal of timing differences
187,574
58,772
Total tax charge
199,773
79,206

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
559,303
614,159
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
106,268
116,690
Tax effect of expenses that are not deductible in determining taxable profit
4,477
-
0
Adjustments in respect of prior years
(20,227)
-
0
Effect of change in corporation tax rate
147,045
-
Permanent capital allowances in excess of depreciation
(42,350)
(42,044)
Depreciation on assets not qualifying for tax allowances
4,560
4,560
Taxation charge
199,773
79,206
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
1,200,000
240,005
3,426,551
4,866,556
Additions
-
0
3,556
739,388
742,944
Disposals
-
0
-
0
(676,322)
(676,322)
At 31 March 2023
1,200,000
243,561
3,489,617
4,933,178
Depreciation and impairment
At 1 April 2022
505,745
168,393
1,059,542
1,733,680
Depreciation charged in the year
24,000
14,458
510,845
549,303
Eliminated in respect of disposals
-
0
-
0
(555,786)
(555,786)
At 31 March 2023
529,745
182,851
1,014,601
1,727,197
Carrying amount
At 31 March 2023
670,255
60,710
2,475,016
3,205,981
At 31 March 2022
694,255
71,612
2,367,009
3,132,876
Company
Land and buildings Freehold
£
Cost
At 1 April 2022 and 31 March 2023
1,200,000
Depreciation and impairment
At 1 April 2022
505,745
Depreciation charged in the year
24,000
At 31 March 2023
529,745
Carrying amount
At 31 March 2023
670,255
At 31 March 2022
694,255

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
194,576
243,220
-
0
-
0
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
1,000
1,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
1,000
Carrying amount
At 31 March 2023
1,000
At 31 March 2022
1,000
12
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Chamberlain Transport Limited
Weston Gate North, Crewe, Cheshire, CW1 6NB
Transport hauliers
Ordinary B
100
0

The investments in subsidiaries are stated at cost.

13
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
912,147
1,054,253
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
800,093
1,217,533
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

 

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
-
1,157
-
-
Finished goods and goods for resale
57,351
28,278
-
0
-
0
57,351
29,435
-
-
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
912,145
1,054,251
-
0
-
0
Amounts owed by undertakings in which the company has a participating interest
-
-
1,617,657
1,626,057
Other debtors
2
2
-
0
-
0
Prepayments and accrued income
68,952
120,227
193
194
981,099
1,174,480
1,617,850
1,626,251
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
63,645
100,237
-
0
-
0
Other borrowings
18
156,800
146,568
-
0
-
0
Trade creditors
313,284
439,853
-
0
-
0
Corporation tax payable
17,660
20,435
3,617
18,091
Other taxation and social security
77,941
112,543
-
-
Other creditors
20,659
16,243
-
0
-
0
Accruals and deferred income
11,858
60,340
750
750
661,847
896,219
4,367
18,841
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
-
0
63,645
-
0
-
0
Other borrowings
18
233,847
390,647
-
0
-
0
233,847
454,292
-
-
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
390,647
537,215
-
0
-
0
Payable within one year
156,800
146,568
-
0
-
0
Payable after one year
233,847
390,647
-
0
-
0

Included within other loans are loans secured by a legal charge dated 25 March 2011 entered into by the Trustees of The CTL Pension Plan and the company relating to the property.

 

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
64,083
102,532
-
0
-
0
In two to five years
-
0
64,083
-
0
-
0
64,083
166,615
-
-
Less: future finance charges
(438)
(2,733)
-
0
-
0
63,645
163,882
-
0
-
0

Finance lease payments represent rentals payable by the company or group 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance leases are secured on the assets to which they relate.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Accelerated capital allowances
612,685
425,111
The company has no deferred tax assets or liabilities.
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
20
Deferred taxation
(Continued)
- 26 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
425,111
-
Charge to profit or loss
187,574
-
Liability at 31 March 2023
612,685
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
46,998
70,457

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

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
23
Capital commitments

At the year end, the group had a commitment to purchase new vehicles totalling £87,856 (2022: £282,840).

CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
192,786
192,400
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2023
2022
£
£
Group
Key management personnel
4,758
4,758
Other related parties
390,647
537,215

Amounts owed to other related parties relate to loan amounts from The CTL Pension Plan.

25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
359,530
534,953
Adjustments for:
Taxation charged
199,773
79,206
Finance costs
32,787
45,558
Investment income
(10,777)
-
0
Loss on disposal of tangible fixed assets
22,986
31,203
Depreciation and impairment of tangible fixed assets
549,303
543,737
Movements in working capital:
(Increase)/decrease in stocks
(27,916)
2,141
Decrease/(increase) in debtors
193,381
(134,551)
(Decrease)/increase in creditors
(205,237)
187,651
Cash generated from operations
1,113,830
1,289,898
CHAMBERLAIN TRANSPORT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
26
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
2,252,281
84,647
2,336,928
Borrowings excluding overdrafts
(537,215)
146,568
(390,647)
Obligations under finance leases
(163,882)
100,237
(63,645)
1,551,184
331,452
1,882,636
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200G E ChamberlainM E ChamberlainS J ChamberlainS J ChamberlainM A 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