Company registration number SC373409 (Scotland)
TAYCARE HEALTH (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
TAYCARE HEALTH (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
JS Gordon
J Band
(Appointed 9 August 2023)
Secretary
Resolis Limited
Company number
SC373409
Registered office
Exchange Tower
11th Floor
19 Canning Street
Edinburgh
Scotland
EH3 8EG
Auditor
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh
EH3 7PE
TAYCARE HEALTH (HOLDINGS) LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
TAYCARE HEALTH (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

Principal activities

The Company acts as holding company to Taycare Health Limited.

The principal activities of Taycare Health Limited are the financing, design and construction of and the provision of certain services in connection with the Tayside Mental Health Developments Project through an agreement with Tayside Health Board (Legal Organisation). The agreement was entered into under the Government’s Private Finance Initiative Scheme.

Business review

During the year the Company held 99% of the share capital of Taycare Health Limited.

 

Results and dividends

The results for the year are set out in the Statement of Comprehensive Income on page 7. The directors are satisfied with the overall performance of the Company and do not foresee any significant change in the Company’s activities in the coming financial year.

 

Directors

The directors who held office during the year and after the year end are set out below.

J S Gordon    

R W F Burge        (resigned 25 May 2023)

J Band            (appointed 9 August 2023)

 

Company Secretary

P Johnstone         (resigned 1 April 2022)

Resolis Ltd         (appointed 4 April 2022)

 

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

 

On behalf of the board
JS Gordon
Director
7 November 2023
TAYCARE HEALTH (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

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:

 

 

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.

TAYCARE HEALTH (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF TAYCARE HEALTH (HOLDINGS) LIMITED
- 3 -
Opinion

We have audited the financial statements of Taycare Health (Holdings) Limited (‘the company’) for the year ended 31 March 2023, which comprise the Statement of Other Comprehensive Income, Statement of Financial Position, 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:

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 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.

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.

TAYCARE HEALTH (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF TAYCARE HEALTH (HOLDINGS) LIMITED
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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 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 set out on page 2 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

TAYCARE HEALTH (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF TAYCARE HEALTH (HOLDINGS) LIMITED
- 5 -

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

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

TAYCARE HEALTH (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF TAYCARE HEALTH (HOLDINGS) LIMITED
- 6 -

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.

Allison Dalton
Senior Statutory Auditor
For and on behalf of Johnston Carmichael LLP
10 November 2023
Chartered Accountants
Statutory Auditor
7-11 Melville Street
Edinburgh
EH3 7PE
TAYCARE HEALTH (HOLDINGS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£'000
£'000
Investment income
5
939
939
Finance costs
6
(939)
(939)
Profit before taxation
-
0
-
0
Tax on profit
7
-
0
-
0
Profit for the financial year
-
0
-
0

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

 

The notes on pages 10 to 15 form part of the financial statements.

 

TAYCARE HEALTH (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Non-current assets
Investments
8
-
0
-
0
Current assets
Trade and other receivables falling due after more than one year
10
9,388
9,388
Net current assets
9,388
9,388
Non-current liabilities
11
(9,388)
(9,388)
Net assets
-
-
Equity
-
-

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

 

The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
JS Gordon
Director
Company Registration No. SC373409
TAYCARE HEALTH (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
Total
£'000
Balance at 1 April 2021
-
0
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
0
Balance at 31 March 2022
-
0
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
0
Balance at 31 March 2023
-
0
TAYCARE HEALTH (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
1
Accounting policies

Statement of compliance

 

The individual financial statements of Taycare Health (Holdings) Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’’ (‘‘FRS 102’’) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A have been applied other than where additional disclosure is required to show a true and fair view.

 

General information

 

Taycare Health (Holdings) Limited (the “Company”) is a private company limited by shares and is incorporated and domiciled in Scotland. The address of its registered office is Exchange Tower, 11th Floor, 19 Canning Street, Edinburgh, Scotland, EH3 8EG.

 

The Company acts as holding company for Taycare Health Limited.

 

The principal activities of Taycare Health Limited are the design, build, finance, operation and maintenance of the mental health facilities at Murray Royal Hospital and Stracathro. The agreement was entered into under the Governments Private Finance Initiative Scheme.

 

The Company’s functional and presentation currency is the pound sterling. Monetary amounts in these financial statements are rounded to the nearest pound.

1.1
Basis of preparation

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 £'000.

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

1.2
Going concern

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.true

1.3

Consolidation policy

The entity has taken advantage of the option not to prepare consolidated financial statement contained in section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

TAYCARE HEALTH (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
1.4
Impairment of non-current assets

A review for indicators of impairment is carried out at the end of each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Any prior impairments are also reviewed for possible reversal at the end of each reporting date.

 

For the purposes of impairment testing, when it is not possible to estimate the recoverable amounts of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generated cash inflows that are largely independent of the cash inflows from other assets or group of assets.

1.5
Financial instruments
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Taxation
Income tax

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in Other Comprehensive Income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted.

 

TAYCARE HEALTH (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -
Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

 

1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of six months or less and bank overdrafts.  Bank overdrafts are shown within the borrowings in current liabilities.
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

Significant judgements

 

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

 

Key sources of estimation uncertainty

 

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty are as follows:

 

i)     Impairment of assets

 

The carrying value of those assets recorded in the Company's Statement of Financial Position, at amortised cost, could be materially reduced where circumstances exist which might indicate that an asset has been impaired and an impairment review is performed. Impairment reviews consider the fair value and or value in use of the potentially impaired asset or assets and compares that with the carrying value of the asset or assets in the Statement of Financial Position. Any reduction in value arising from such a review would be recorded in the statement of comprehensive income. Impairment reviews involve the significant use of assumptions. Consideration has to be given as to the price that could be obtained for the asset or assets, or in relation to a consideration of value in use, estimates of the future cash flows that could be generated by the potentially impaired asset or assets, together with a consideration of an appropriate discount rate to apply to those cash flows.

 

ii) Market Rate of Interest

 

The directors have reviewed the interest rates applied to the unsecured subordinated loan stock and consider these to be at a market rate.

 

3
Auditors' remuneration

The Company’s audit fee is borne by its subsidiary company, Taycare Health Limited. Auditor’s remuneration is payable to Johnston Carmichael LLP.

TAYCARE HEALTH (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
4
Employees

The Company had no employees during the year (2022: £nil).

5
Investment income
2023
2022
£'000
£'000
Subordinated debt interest - due from subsidiary undertaking
939
939
6
Finance costs
2023
2022
£'000
£'000
Subordinated debt interest
939
939
7
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£'000
£'000
UK Corporation tax
-
0
-
0
Tax on result on ordinary activities
-
0
-
0
8
Fixed asset investments
2023
2022
£'000
£'000
Investments in subsidiaries
9
-
0
-
0
TAYCARE HEALTH (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
9
Investments in subsidiary undertakings

The investment in the subsidiary undertaking is held in the Statement of Financial Position at cost. The investment is held in Taycare Health Limited, a special purpose company which has entered into a 30 year contract with Tayside Health Board to finance, design, construct and maintain the mental health facilities at Murray Royal Hospital and Stracathro.

 

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

Name of undertaking
Aggregate capital & reserves (deficit)
Total Comprehensive Income
% Held
£
£
Direct
Taycare Health Limited Ordinary B Shares
(6,339,000)
11,550,000
99.00

The directors acknowledge the investment is in net liabilities, the cause of this is due to the derivative financial instruments being brought onto the Statement of Financial Position. The directors have reviewed the investment’s forecasts and projections and have a reasonable expectation that no impairment indicators exist and the investment will continue in operational existence for the foreseeable future.

 

10
Trade and other receivables
2023
2022
Amounts falling due after more than one year:
£'000
£'000
Amounts owed by group undertakings
9,388
9,388
11
Non-current liabilities
2023
2022
£'000
£'000
Subordinated debt due in more than 5 years
9,388
9,388

Subordinated debt provided by Cobalt CPI Limited (50%) and Cobalt Project Investments (Taycare) Limited (50%) bears interest at 10% and is repayable in 2042.

12
Share capital
2023
2022
2023
2022
Ordinary shares of £1 each
100
100
-
-

The shareholding at 31 March 2023 is owned 50% by Cobalt CPI Limited and 50% by Cobalt Project Investments (Taycare) Limited.

13
Contingent liabilities

The Company has granted a guarantee supported by a bond and floating charge over its assets and undertakings, as security to the Co-operative Bank plc for the senior debt provided to Taycare Health Limited, its 99% owned subsidiary.

TAYCARE HEALTH (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
14
Related party disclosures

During the year the interest of £939,000 (2022: £939,000) was receivable from Taycare Health Limited, a 99% owned subsidiary. £9,388,000 was due from Taycare Health Limited at the year end (2022: £9,388,000).

 

During the year interest of £939,000 (2022: £939,000) was payable to the joint shareholders Cobalt CPI Limited and Cobalt Projects Investments (Taycare) Limited.

 

There was no interest due at the year end to Cobalt CPI Limited and Cobalt Projects Investments (Taycare) Limited.

15
Ultimate controlling party

At the year end Taycare Health (Holdings) Limited is owned 50% by Cobalt CPI Limited and 50% by Cobalt Project Investments (Taycare) Limited, which is part of Dalmore Capital Ltd. There is no deemed ultimate controlling party.

 

The financial statements for Dalmore Capital Limited can be obtained from it's registered office, 1 Park Row, Leeds, England, LS1 5AB.

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