Company registration number 04819284 (England and Wales)
OAKMERE HOMES (NORTH WEST) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
OAKMERE HOMES (NORTH WEST) LIMITED
COMPANY INFORMATION
Directors
Mr G Middlebrook
Mr M Wilkinson
Mr A Bourne
Company number
04819284
Registered office
Helm Bank
Helm Lane
Natland
Kendal
LA9 7PS
Auditor
MHA Moore and Smalley
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
OAKMERE HOMES (NORTH WEST) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
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 - 29
OAKMERE HOMES (NORTH WEST) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

Fair review of the business

Oakmere Homes group have had another successful year providing quality homes in North Lancashire and South Cumbria. Turnover in 2022/​23 has increased by £9,946,160 from the total of £38,410,824..

 

Net assets have increased by some £9,083,790 from £17,588,520 in 2021/​22 as the group continues to trade profitably and identify further efficiencies on its site developments.

 

The group are also pleased to record that all of our houses are sold before practical completion with excellent buyer satisfaction. The company has maintained a strong cash position whilst increasing land in its ownership.

 

The company successfully secured further planning on land in 2022/​23, allowing us to maintain sales volume in 2023/​24.

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties affecting the company:

 

Market risk

 

We believe that our cash reserves are good enough to sustain any slow down in the housing market over the next few years. Planning delays and supplier resources can be a key constraint on increasing delivery.

 

Base Rate and Cost of Living

The recent increases in the Bank of England base rate and Cost of Living relating to energy, fuel and inflation are being closely monitored however as the company is building quality homes in desirable locations where there is a housing need we are pleased to report that there has been no significant adverse effect on trading.

Key performance indicators

The group monitors its performance using a number of measures. These include.

 

Measure                    2023            2022

Turnover                        £48.4m            £38.4m    

Gross profit                    £13.3m            £10.2m

 

On behalf of the board

Mr G Middlebrook
Director
10 November 2023
OAKMERE HOMES (NORTH WEST) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of property development.

Directors

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

Mr G Middlebrook
Mr M Wilkinson
Mr A Bourne
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 further dividend.

Future developments

Factors impacting the future development of the group are included within the strategic report.

Auditor

MHA Moore and Smalley are deemed to be re-appointed 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 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.

On behalf of the board
Mr G Middlebrook
Director
10 November 2023
OAKMERE HOMES (NORTH WEST) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 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 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.

OAKMERE HOMES (NORTH WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKMERE HOMES (NORTH WEST) LIMITED
- 4 -
Opinion

We have audited the financial statements of Oakmere Homes (NorthWest) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of income and retained earnings, the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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.

OAKMERE HOMES (NORTH WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OAKMERE HOMES (NORTH WEST) LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:

OAKMERE HOMES (NORTH WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OAKMERE HOMES (NORTH WEST) LIMITED
- 6 -

We identified the following areas as those most likely to have a material impact on the financial statements: Health & Safety Act and Companies Act.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Jenny McCabe (Senior Statutory Auditor)
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
13 November 2023
OAKMERE HOMES (NORTH WEST) LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
48,356,984
38,410,824
Cost of sales
(35,096,708)
(28,169,404)
Gross profit
13,260,276
10,241,420
Administrative expenses
(1,557,547)
(1,719,522)
Operating profit
4
11,702,729
8,521,898
Interest receivable and similar income
7
54,695
504
Interest payable and similar expenses
9
(556,062)
(441,258)
Amounts written off investments
10
26,797
(50,000)
Profit before taxation
11,228,159
8,031,144
Tax on profit
11
(2,144,369)
(1,546,873)
Profit for the financial year
9,083,790
6,484,271
Retained earnings brought forward
17,388,520
10,940,499
Dividends
-
0
(36,250)
Retained earnings carried forward
26,472,310
17,388,520
Profit for the financial year is attributable to:
- Owners of the parent company
9,083,790
6,501,129
- Non-controlling interests
-
(16,858)
9,083,790
6,484,271

The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.

OAKMERE HOMES (NORTH WEST) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
£
£
Profit for the year
9,083,790
6,484,271
Other comprehensive income
-
-
Total comprehensive income for the year
9,083,790
6,484,271
Total comprehensive income for the year is attributable to:
- Owners of the parent company
9,083,790
6,501,129
- Non-controlling interests
-
(16,858)
9,083,790
6,484,271
OAKMERE HOMES (NORTH WEST) LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
162,251
191,748
Investment property
15
5,278,801
5,722,724
5,441,052
5,914,472
Current assets
Stocks
16
31,622,333
30,474,293
Debtors
17
1,906,210
299,185
Investments
18
15,052
15,052
Cash at bank and in hand
12,211,507
8,461,786
45,755,102
39,250,316
Creditors: amounts falling due within one year
19
(12,833,031)
(14,200,791)
Net current assets
32,922,071
25,049,525
Total assets less current liabilities
38,363,123
30,963,997
Creditors: amounts falling due after more than one year
20
(11,648,676)
(13,331,551)
Provisions for liabilities
Deferred tax liability
22
42,137
43,926
(42,137)
(43,926)
Net assets
26,672,310
17,588,520
Capital and reserves
Called up share capital
25
150,000
150,000
Capital redemption reserve
50,000
50,000
Profit and loss reserves
26,472,279
17,388,489
Equity attributable to owners of the parent company
26,672,279
17,588,489
Non-controlling interests
31
31
26,672,310
17,588,520
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
10 November 2023
Mr G  Middlebrook
Director
Company registration number 04819284 (England and Wales)
OAKMERE HOMES (NORTH WEST) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
155,347
183,625
Investments
13
7
7
155,354
183,632
Current assets
Stocks
16
13,997,594
11,987,660
Debtors
17
6,657,014
6,723,048
Investments
18
15,052
15,052
Cash at bank and in hand
2,003,638
1,430,714
22,673,298
20,156,474
Creditors: amounts falling due within one year
19
(7,785,495)
(8,231,225)
Net current assets
14,887,803
11,925,249
Total assets less current liabilities
15,043,157
12,108,881
Creditors: amounts falling due after more than one year
20
(7,530,000)
(6,977,000)
Provisions for liabilities
22
(33,419)
(40,982)
Net assets
7,479,738
5,090,899
Capital and reserves
Called up share capital
25
150,000
150,000
Capital redemption reserve
50,000
50,000
Profit and loss reserves
7,279,738
4,890,899
Total equity
7,479,738
5,090,899

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 £2,388,839 (2022 - £1,733,109 profit).

The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
10 November 2023
Mr G  Middlebrook
Director
Company Registration No. 04819284
OAKMERE HOMES (NORTH WEST) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2021
150,000
50,000
10,887,360
11,087,360
53,139
11,140,499
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
6,537,379
6,501,129
(16,858)
6,484,271
Dividends
-
-
(36,250)
-
(36,250)
(36,250)
Balance at 31 March 2022
150,000
50,000
17,388,489
17,588,489
31
17,588,520
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
9,047,540
9,083,790
-
9,083,790
Dividends
-
-
36,250
-
-
-
Balance at 31 March 2023
150,000
50,000
26,472,279
26,672,279
31
26,672,310
OAKMERE HOMES (NORTH WEST) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
150,000
50,000
3,157,789
3,357,789
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
1,733,110
1,733,110
Balance at 31 March 2022
150,000
50,000
4,890,899
5,090,899
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
2,388,839
2,388,839
Balance at 31 March 2023
150,000
50,000
7,279,738
7,479,738
OAKMERE HOMES (NORTH WEST) 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
30
8,902,338
3,390,060
Interest paid
(556,062)
(441,258)
Income taxes paid
(2,490,523)
(1,005,061)
Net cash inflow from operating activities
5,855,753
1,943,741
Investing activities
Purchase of tangible fixed assets
(13,148)
(42,170)
Proceeds from disposal of tangible fixed assets
-
20,505
Purchase of investment property
(99,280)
-
Proceeds from disposal of investment property
554,185
361,556
Interest received
54,695
504
Net cash generated from investing activities
496,452
340,395
Financing activities
Proceeds from borrowings
-
1,938,186
Repayment of borrowings
(2,620,790)
(1,618,891)
Proceeds from new bank loans
5,357,676
8,529,883
Repayment of bank loans
(5,339,370)
(8,760,984)
Dividends paid to equity shareholders
-
0
(36,250)
Net cash (used in)/generated from financing activities
(2,602,484)
51,944
Net increase in cash and cash equivalents
3,749,721
2,336,080
Cash and cash equivalents at beginning of year
8,461,786
6,125,706
Cash and cash equivalents at end of year
12,211,507
8,461,786
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

Oakmere Homes (NorthWest) Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Helm Bank, Helm Lane, Natland, Kendal, LA9 7PS.

 

The group consists of Oakmere Homes (NorthWest) Ltd 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 consolidated financial statements incorporate those of Oakmere Homes (North West) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

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.

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. In making this assessment, the directors have given due consideration to the impact of the coronavirus pandemic on the business. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable from land & property and management fees, net of VAT, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements. Land & property sales are recognised on legal completion. Sales extras are recognised on the date of invoice after the work is completed. Rental income is recognised over the period which the rental agreement relates to.

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.

OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -

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:

Plant and equipment
10% - 20% straight line
Fixtures and fittings
20% 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 recognised in the profit and loss account.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
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 (Equity Method).

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.

1.7
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.

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.

OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and appropriate proportion of overhead expenditure.

 

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.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
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.

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 that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions.

 

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

 

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
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. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

1.14
Leases

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

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Work in progress

Work in progress is calculated based on costs incurred to date less costs of sales completions. An assessment of overall projects is performed regularly by the company's professionally qualified Quantity Surveyor.

OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Land & property sales
46,308,374
38,038,683
Management fees received
-
3,000
Rental income
237,323
266,804
Other income
1,811,287
102,337
48,356,984
38,410,824
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
48,356,984
38,410,824
2023
2022
£
£
Other revenue
Interest income
54,695
504
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
42,645
45,219
(Profit)/loss on disposal of tangible fixed assets
-
337
Loss/(profit) on disposal of investment property
15,815
(1,556)
Operating lease charges
59,088
56,904
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
8,250
8,865
Audit of the financial statements of the company's subsidiaries
15,046
15,183
23,296
24,048
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
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
Administrative
33
32
33
32

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
305,547
692,372
305,547
692,372
Social security costs
191,507
175,660
191,507
175,660
Pension costs
160,367
74,100
120,367
74,100
657,421
942,132
617,421
942,132
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
54,695
504
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
54,695
504
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
215,647
210,084
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
121,452
119,003
Company pension contributions to defined contribution schemes
6,913
6,766
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
347,236
297,897
Other finance costs:
Other interest
208,826
143,361
Total finance costs
556,062
441,258
10
Amounts written off investments
2023
2022
£
£
Changes in the fair value of investment properties
26,797
(50,000)
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,124,469
1,543,149
Adjustments in respect of prior periods
21,689
(1,794)
Total current tax
2,146,158
1,541,355
Deferred tax
Origination and reversal of timing differences
(1,789)
5,518
Total tax charge
2,144,369
1,546,873
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Taxation
(Continued)
- 21 -

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
11,228,159
8,031,144
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
2,133,350
1,525,917
Tax effect of expenses that are not deductible in determining taxable profit
16,851
7,343
Tax effect of income not taxable in determining taxable profit
(30,446)
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
(15)
Adjustments in respect of prior years
21,689
(1,794)
Permanent capital allowances in excess of depreciation
(822)
-
0
Effect of change in rate of deferred tax provision
(1,971)
10,543
Effect of disposal of investment property
(702)
4,879
Deferred tax not provided for
6,420
-
0
Taxation charge
2,144,369
1,546,873
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
367,927
13,228
19,661
400,816
Additions
13,148
-
0
-
0
13,148
At 31 March 2023
381,075
13,228
19,661
413,964
Depreciation and impairment
At 1 April 2022
191,388
5,105
12,575
209,068
Depreciation charged in the year
37,077
1,219
4,349
42,645
At 31 March 2023
228,465
6,324
16,924
251,713
Carrying amount
At 31 March 2023
152,610
6,904
2,737
162,251
At 31 March 2022
176,539
8,123
7,086
191,748
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Tangible fixed assets
(Continued)
- 22 -
Company
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
367,927
19,661
387,588
Additions
13,148
-
0
13,148
At 31 March 2023
381,075
19,661
400,736
Depreciation and impairment
At 1 April 2022
191,388
12,575
203,963
Depreciation charged in the year
37,077
4,349
41,426
At 31 March 2023
228,465
16,924
245,389
Carrying amount
At 31 March 2023
152,610
2,737
155,347
At 31 March 2022
176,539
7,086
183,625
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
7
7
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
7
Carrying amount
At 31 March 2023
7
At 31 March 2022
7

 

 

 

 

 

 

OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Oakmere Estates (North) Limited
England
Ordinary
100.00
-
Oakmere Estates (South) Limited
England
Ordinary
100.00
-
Oakmere Homes (Kendal) Limited
England
Ordinary
100.00
-
Oakmere Homes (Lancaster) Limited
England
Ordinary
100.00
-
Oakmere Homes (Longtown) Limited
England
Ordinary
100.00
-
Oakmere Homes (Furness) Limited
England
Ordinary
0
69.00
Oakmere Homes (Natland) Limited
England
Ordinary
100.00
-
Oakmere Homes (Cumbria) Limited
England
Ordinary
100.00
-

Oakmere Homes (Natland) Limited has been excluded from the group accounts of Oakmere Homes (NorthWest) Limited as its balance sheet is immaterial and the company has not started trading during the year ended 31 March 2023.

 

The capital and reserves for the company is £1.

15
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 April 2019
5,722,724
-
Additions
99,280
-
Disposals
(570,000)
-
Net gains or losses through fair value adjustments
26,797
-
At 31 March 2023
5,278,801
-

The directors consider this valuation to be a fair indication of the value of the investment properties at 31 March 2023.

 

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
30,342,333
30,199,293
13,997,594
11,987,660
Finished goods and goods for resale
1,280,000
275,000
-
0
-
0
31,622,333
30,474,293
13,997,594
11,987,660
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,669,444
48,963
1,656,894
3,207
Amounts owed by group undertakings
-
-
4,868,615
6,549,209
Other debtors
227,053
238,056
123,590
160,449
Prepayments and accrued income
9,713
12,166
7,915
10,183
1,906,210
299,185
6,657,014
6,723,048
18
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
15,052
15,052
15,052
15,052
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
21
3,856,874
2,155,693
-
0
899,500
Other borrowings
21
412,508
3,033,298
-
0
-
0
Trade creditors
3,828,099
3,747,588
3,821,144
3,743,430
Amounts owed to group undertakings
-
0
-
0
1,082,576
734
Corporation tax payable
918,715
1,263,080
103,271
416,738
Other taxation and social security
184,716
145,672
184,716
145,672
Deferred income
23
13,511
8,294
-
0
-
0
Other creditors
2,574,394
3,810,017
2,556,863
3,008,151
Accruals and deferred income
1,044,214
37,149
36,925
17,000
12,833,031
14,200,791
7,785,495
8,231,225

The bank loans of £3,856,874 (2022: £2,155,693) are secured by first legal charge over certain properties of the company and by a debenture over whole assets of the undertaking.

 

Included within other borrowings are other loans of £412,508 (2022: £Nil) which are secured by a debenture over all the property, assets and undertaking of the company.

 

Also included within other borrowings are other loans of £Nil (2022: £1,295,112) which are secured by a charge over the land the borrowings relate to.

OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
6,511,676
8,194,551
2,393,000
1,840,000
Other borrowings
21
5,137,000
5,137,000
5,137,000
5,137,000
11,648,676
13,331,551
7,530,000
6,977,000

Bank loans of £6,511,676 (2022: £8,194,551) are secured by first legal charge over certain properties of the company and by a debenture over whole assets of the undertaking.

21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
10,368,550
10,350,244
2,393,000
2,739,500
Preference shares
4,937,000
4,937,000
4,937,000
4,937,000
Other loans
612,508
3,233,298
200,000
200,000
15,918,058
18,520,542
7,530,000
7,876,500
Payable within one year
4,269,382
5,188,991
-
0
899,500
Payable after one year
11,648,676
13,331,551
7,530,000
6,977,000

Bank loans of £10,003,851 (2022: £9,349,072) are secured by first legal charge over certain properties of the company and by a debenture over whole assets of the undertaking.

 

Bank loans of £777,207 (2022: £1,001,172) are secured by fixed and floating charges over the assets of the undertakings.

 

Other borrowings of £Nil (2022: £3,033,298) are secured by a charge over the land the borrowings relate to.

OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
33,419
40,982
Revaluations
8,718
2,944
42,137
43,926
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
33,419
40,982
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
43,926
40,982
Credit to profit or loss
(1,789)
(7,563)
Liability at 31 March 2023
42,137
33,419
23
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
13,511
8,294
-
-
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
160,367
74,100
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
24
Retirement benefit schemes
(Continued)
- 27 -

The group operates a number of defined contribution schemes. The pension cost charges represent contributions payable by the group to the funds.

 

25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
131,000
131,000
131,000
131,000
'B' Ordinary shares of £1 each
11,000
11,000
11,000
11,000
'D' Ordinary shares of £1 each
4,000
4,000
4,000
4,000
'E' Ordinary shares of £1 each
4,000
4,000
4,000
4,000
150,000
150,000
150,000
150,000

All classes of ordinary shares rank pari passu in all respects save that the directors may declare a dividend on one class of share and not another.

 

 

 

26
Financial commitments, guarantees and contingent liabilities

The following securities are held in favour of Handelsbanken:

 

- The company has provided a guarantee over the bank loans in Oakmere Group companies which is supported by a debenture and by legal charges over land and buildings owned by the company.

 

- At the year end the potential liability amounted to £7,198,343 (2022: £6,609,572).

 

These guarantees have been terminated post year end.

27
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
32,000
36,003
32,000
36,003
Between two and five years
24,000
56,000
24,000
56,000
56,000
92,003
56,000
92,003
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Group
Other related parties
600,000
-
Company
Other related parties
425,000
-
Interest paid
2023
2022
£
£
Group
Other related parties
59,471
42,000
Company
Other related parties
59,471
42,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
6,053,647
6,527,041
Other related parties
1,614,912
1,611,497
Company
Key management personnel
6,053,647
6,527,041
Other related parties
1,614,912
1,611,497

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
-
300
OAKMERE HOMES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
28
Related party transactions
(Continued)
- 29 -
Company
Other related parties
-
300
Other information

A guarantee of £350,000 has been provided by Key Management Personnel in relation to a loan held by Oakmere Homes (Longtown) Limited.

29
Controlling party

The company was under the control of Mr G Middlebrook by virtue of his majority shareholding throughout the current and previous year.

30
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
9,083,790
6,484,271
Adjustments for:
Taxation charged
2,144,369
1,546,873
Finance costs
556,062
441,258
Investment income
(54,695)
(504)
(Gain)/loss on disposal of tangible fixed assets
-
337
Loss/(gain) on disposal of investment property
15,815
(1,556)
Fair value (gain)/loss on investment properties
(26,797)
50,000
Depreciation and impairment of tangible fixed assets
42,645
45,219
Movements in working capital:
Increase in stocks
(1,148,040)
(6,037,873)
Increase in debtors
(1,607,025)
(97,624)
(Decrease)/increase in creditors
(109,003)
962,738
Increase/(decrease) in deferred income
5,217
(3,079)
Cash generated from operations
8,902,338
3,390,060
31
Analysis of changes in net debt - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
8,461,786
3,749,721
12,211,507
Borrowings excluding overdrafts
(18,520,542)
2,602,484
(15,918,058)
(10,058,756)
6,352,205
(3,706,551)
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300Mr G MiddlebrookMr M WilkinsonMr A 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