Company registration number 03698592 (England and Wales)
Browns Commercial Holdings Limited
Annual report and Financial Statements
For the year ended 30 April 2023
Browns Commercial Holdings Limited
Company information
Directors
Mr D A J Brown
Mr D A Brown
Secretary
Mr D Grocott
Company number
03698592
Registered office
Distribution House
Chemical Lane East
Stoke on Trent
Staffordshire
ST6 4FB
Auditor
DJH Mitten Clarke Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Browns Commercial Holdings Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
Browns Commercial Holdings Limited
Strategic report
For the year ended 30 April 2023
- 1 -

The directors present the strategic report for the year ended 30 April 2023.

Review of the business

The Group continued to increase activity during the year with turnover increasing by 12.79% to £20,285,650. Gross margin improved also to 21.53%.

 

The development of the new premises was completed in quarter one of 2023 and the group commenced operations from the new site on 01/03/2023. The site will provide the necessary facilities for the group to embark on its planned growth objectives.

 

Profits before tax for the year decreased slightly from £1.44M to £1.03M. The directors however remain positive about future performance of the group, albeit with some concerns surrounding the UK economy at the present time.

 

There was substantial investment in vehicles and plant and equipment as manufacturers started to catch up on back orders and the group invested in plant for the new premises. This investment will add to its operational efficiency going forward.

 

Staffing levels have increased during the year. However, concerns remain over the availability of HGV drivers and rates of pay.

Principal risks and uncertainties

There are several principal risks and uncertainties which face the group:

 

- Brexit

There is still ongoing uncertainty as to the long-term effects of Brexit, with the major effects to the group being on the availability of new vehicles from EU suppliers. There are concerns within some business sectors on the effect on supply chains caused by Brexit and this may impact the group in terms of it disrupting supply chains for customers.

 

- Staffing

The group continues to look at ways to improve driver retention, with increased focus being on pay rates, welfare, benefits (including increased holiday entitlements) and training being constantly reviewed. Availability of suitable experienced office staff is also noted as a potential issue.

 

- Government policy

There are a number of areas of uncertainty surrounding the policy on both business and personal taxation rates and the effects of inflation and interest rates on the economy as a whole. Inflationary pressures as a result of supply chains and rising fuel and energy costs due to the Russian invasion of Ukraine are of particular concern to all businesses. Government support in these areas will be needed to allow businesses to remain competitive in a challenging world economy.

 

- Interest rates

Interest rates continue to rise putting further pressure on businesses and restricting investment. The group is continuing to monitor the situation and will decide on an appropriate course for any future investment

Browns Commercial Holdings Limited
Strategic report (continued)
For the year ended 30 April 2023
- 2 -
Key performance indicators

The group monitors a number of performance indicators of which the most significant are:

 

- Gross Margin -this provides a measure of the overall profitability of the group.

 

FY 2022-23

FY 2021-22

FY 2020-21

21.53%

20.72%

21.52%

 

Gross margin has increased during the year due to improved working efficiencies:

 

Gross margin is calculated as (Sales-Direct costs)/Sales x 100.

 

- Direct Labour costs as a % of turnover - provides a measure of the overall use of labour resource

 

FY 2022-23

FY 2021-22

FY 2020-21

19.47%

20.46%

20.56%

 

This indicator is used to monitor the level of direct labour utilised to achieve the turnover. It identifies where inefficiency may be present in the operation of the fleet and warehousing operations in achieving the turnover. If the percentage is high, it indicates that too many man hours have been utilised which may also lead to an indication of vehicles not being utilised effectively.

 

Direct labour is one of the major costs of the business and as such needs to be strictly monitored in order to give early warning of potential inefficiencies.

 

This is calculated as (Direct wages + Agency/contract costs)/Sales x 100.

Financial Instrument Risk

Activity levels for the group's services remain good and the new development will allow the group to expand its' levels of service within both the distribution and warehousing markets. The directors continue to develop the business based on its core strengths and actively seek new profitable growth opportunities in an increasingly competitive market. They currently expect a modest increase in the level of turnover during the current financial year.

 

The directors continue to look for ways to improve efficiency and profitability within the operations of the business and with continued investment in modern vehicles, technology and training are confident that the group will continue to trade profitably and that the financial stability of the group will be maintained.

 

Financial instrument risk

The group is exposed to the risk that financial instruments held by the company impinge on its ability to operate effectively and profitably. The risks which are relevant to the group's operations are:

 

Credit risk - the business has a broad range of customers, mainly private companies. The risk that the group will suffer from significant levels of bad debts is managed by the diversified customer portfolio and the enhanced credit control procedures implemented by the group.

 

Cash flow risk - the group is able to meet short and medium-term obligations by having immediate access to cash reserves. In addition, as stated above, cash collection procedures ensures funds are available to meet operational needs.

 

Liquidity risk - the group is funded out of retained profits of the business and hire purchase finance. This is further supported by the business generating healthy cash reserves from operating activities.

 

 

 

 

Browns Commercial Holdings Limited
Strategic report (continued)
For the year ended 30 April 2023
- 3 -

On behalf of the board

Mr D A Brown
Director
2 November 2023
Browns Commercial Holdings Limited
Directors' report
For the year ended 30 April 2023
- 4 -

The directors present their annual report and financial statements for the year ended 30 April 2023.

Principal activities

The principal activity of the company and group continued to be that of haulage, storage and distribution.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £295,000 (2022 - £260,000). 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:

Mr D A J Brown
Mr D A Brown
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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

 

 

 

 

 

 

Browns Commercial Holdings Limited
Directors' report (continued)
For the year ended 30 April 2023
- 5 -
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 D A Brown
Director
2 November 2023
Browns Commercial Holdings Limited
Independent auditor's report
To the members of Browns Commercial Holdings Limited
- 6 -
Opinion

We have audited the financial statements of Browns Commercial Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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.

Browns Commercial Holdings Limited
Independent auditor's report (continued)
To the members of Browns Commercial Holdings Limited
- 7 -

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

Browns Commercial Holdings Limited
Independent auditor's report (continued)
To the members of Browns Commercial Holdings Limited
- 8 -

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

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

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

Nicola Johnson (Senior Statutory Auditor)
For and on behalf of DJH Mitten Clarke Audit Limited
8 November 2023
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Browns Commercial Holdings Limited
Group income statement
For the year ended 30 April 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
20,285,650
17,984,668
Cost of sales
(15,918,326)
(14,258,429)
Gross profit
4,367,324
3,726,239
Administrative expenses
(3,048,357)
(2,331,221)
Other operating income
480
155,377
Operating profit
4
1,319,447
1,550,395
Interest receivable and similar income
8
390
5,532
Interest payable and similar expenses
9
(285,104)
(118,895)
Profit before taxation
1,034,733
1,437,032
Tax on profit
10
(93,283)
(391,174)
Profit for the financial year
25
941,450
1,045,858
Profit for the financial year is all attributable to the owners of the parent company.
Browns Commercial Holdings Limited
Group statement of comprehensive income
For the year ended 30 April 2023
- 10 -
2023
2022
£
£
Profit for the year
941,450
1,045,858
Other comprehensive income
-
-
Total comprehensive income for the year
941,450
1,045,858
Total comprehensive income for the year is all attributable to the owners of the parent company.
Browns Commercial Holdings Limited
Group statement of financial position
As at 30 April 2023
30 April 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
13,314,845
7,704,987
Investments
14
23,000
23,000
13,337,845
7,727,987
Current assets
Stocks
16
26,671
60,947
Debtors
17
2,750,968
3,300,742
Cash at bank and in hand
1,036,153
735,544
3,813,792
4,097,233
Creditors: amounts falling due within one year
18
(3,990,177)
(4,713,738)
Net current liabilities
(176,385)
(616,505)
Total assets less current liabilities
13,161,460
7,111,482
Creditors: amounts falling due after more than one year
19
(6,523,998)
(1,259,300)
Provisions for liabilities
Deferred tax liability
22
725,290
586,460
(725,290)
(586,460)
Net assets
5,912,172
5,265,722
Capital and reserves
Called up share capital
24
3,001,000
3,001,000
Profit and loss reserves
25
2,911,172
2,264,722
Total equity
5,912,172
5,265,722
The financial statements were approved by the board of directors and authorised for issue on 2 November 2023 and are signed on its behalf by:
02 November 2023
Mr D A Brown
Director
Company registration number 03698592 (England and Wales)
Browns Commercial Holdings Limited
Company statement of financial position
As at 30 April 2023
30 April 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
3,001,000
3,001,000
Current assets
Debtors
17
2,138,696
1,738,696
Cash at bank and in hand
80
176
2,138,776
1,738,872
Creditors: amounts falling due within one year
18
(59,525)
(59,425)
Net current assets
2,079,251
1,679,447
Net assets
5,080,251
4,680,447
Capital and reserves
Called up share capital
24
3,001,000
3,001,000
Profit and loss reserves
25
2,079,251
1,679,447
Total equity
5,080,251
4,680,447

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 £694,804 (2022 - £1,061,889 profit).

The financial statements were approved by the board of directors and authorised for issue on 2 November 2023 and are signed on its behalf by:
02 November 2023
Mr D A Brown
Director
Company registration number 03698592 (England and Wales)
Browns Commercial Holdings Limited
Group statement of changes in equity
For the year ended 30 April 2023
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2021
3,001,000
1,166,070
312,794
4,479,864
Year ended 30 April 2022:
Profit and total comprehensive income
-
-
1,045,858
1,045,858
Dividends
11
-
-
(260,000)
(260,000)
Transfers
-
(1,166,070)
1,166,070
-
Balance at 30 April 2022
3,001,000
-
0
2,264,722
5,265,722
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
941,450
941,450
Dividends
11
-
-
(295,000)
(295,000)
Balance at 30 April 2023
3,001,000
-
0
2,911,172
5,912,172
Browns Commercial Holdings Limited
Company statement of changes in equity
For the year ended 30 April 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
3,001,000
877,558
3,878,558
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
1,061,889
1,061,889
Dividends
11
-
(260,000)
(260,000)
Balance at 30 April 2022
3,001,000
1,679,447
4,680,447
Year ended 30 April 2023:
Profit and total comprehensive income
-
694,804
694,804
Dividends
11
-
(295,000)
(295,000)
Balance at 30 April 2023
3,001,000
2,079,251
5,080,251
Browns Commercial Holdings Limited
Group statement of cash flows
For the year ended 30 April 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
2,791,906
1,740,779
Income taxes paid
(109,167)
(105,551)
Net cash inflow from operating activities
2,682,739
1,635,228
Investing activities
Purchase of tangible fixed assets
(4,434,665)
(4,616,400)
Proceeds from disposal of tangible fixed assets
177,848
4,094,200
Interest received
390
72
Dividends received
-
0
5,460
Net cash used in investing activities
(4,256,427)
(516,668)
Financing activities
Proceeds from new bank loans
4,500,000
-
Repayment of bank loans
(1,201,526)
(397,608)
Payment of finance leases obligations
(844,073)
(653,082)
Interest paid
(285,104)
(118,895)
Dividends paid to equity shareholders
(295,000)
(260,000)
Net cash generated from/(used in) financing activities
1,874,297
(1,429,585)
Net increase/(decrease) in cash and cash equivalents
300,609
(311,025)
Cash and cash equivalents at beginning of year
735,544
1,046,569
Cash and cash equivalents at end of year
1,036,153
735,544
Browns Commercial Holdings Limited
Notes to the group financial statements
For the year ended 30 April 2023
- 16 -
1
Accounting policies
Company information

Browns Commercial Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Distribution House, Chemical Lane East, Stoke on Trent, Staffordshire, ST6 4FB.

 

The group consists of Browns Commercial 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, modified to include the revaluation of freehold properties. 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

The consolidated group financial statements consist of the financial statements of the parent company Browns Commercial 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 30 April 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 17 -
1.4
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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

1.6
Tangible fixed assets

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

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

Freehold property
2% on cost
Plant and equipment
20% reducing balance and straight line
Motor vehicles
20% straight line and 15% and 25% reducing balance
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 18 -

Tangible fixed assets under the cost model are stated at historical cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

The group has adopted a policy of revaluing freehold land and buildings and it is stated at its revalued amount less any subsequent depreciation and accumulated impairment losses. The difference between the depreciation based on the revalued amount charged in the profit and loss account and the asset's original cost is transferred from revaluation reserve to retained earnings.

 

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

 

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

 

Freehold land and buildings owned and occupied by group companies are classified as property, plant and equipment and accounted for as such.

1.7
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.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

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.

 

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

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 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 in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 19 -
1.9
Stocks

Stock relates to fuel and consumables held for the maintenance and running of the vehicle fleet.

 

Stocks are valued at the lower of cost adjusted, when applicable, for any loss of "service potential" and replacement cost.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
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 statement of financial position 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.

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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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 income statement 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 income statement, 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.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
- 21 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
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 statement of financial position 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.

1.17
Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

1.18

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 22 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

In the directors' opinion there are no critical judgements and estimates which impact the financial statements.

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.

Valuation of freehold land and buildings

Freehold land and buildings are measured using the revaluation model and as such this requires significant estimation from the directors. The valuation of freehold land and buildings has been based on the values of similar properties that have previously sold and are for sale, taking account of geographical location and expected market value per square foot of the site.

Depreciation rates and estimated economic useful life of tangible fixed assets

Management review the useful economic lives of depreciable assets at each reporting date so as to allocate the cost of assets, less the residual value, over their estimated useful lives. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.

3
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
390
72
Dividends received
-
5,460
Grants received
480
152,765

All turnover is derived from the group's principal activities.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 23 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(480)
(152,765)
Depreciation of owned tangible fixed assets
185,989
237,950
Depreciation of tangible fixed assets held under finance leases
592,520
457,889
Loss/(profit) on disposal of tangible fixed assets
13,815
(17,457)
Operating lease charges
243,626
403,706
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
4,390
3,052
Audit of the financial statements of the company's subsidiaries
20,500
14,000
24,890
17,052
For other services
All other non-audit services
9,275
9,433
6
Employees

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

Group
2023
2022
Number
Number
Office and management
40
33
Warehouse distribution
87
78
Directors
2
2
Total
129
113
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
2023
2022
£
£
Wages and salaries
4,404,579
3,837,225
Social security costs
468,509
373,941
Pension costs
143,458
126,930
5,016,546
4,338,096
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
22,047
19,935
Company pension contributions to defined contribution schemes
43,000
43,070
65,047
63,005

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
390
72
Other income from investments
Dividends received
-
0
5,460
Total income
390
5,532

Investment income includes the following:

Dividends received
-
0
5,460
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 25 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
216,177
43,297
Interest on finance leases and hire purchase contracts
68,927
75,598
Total finance costs
285,104
118,895
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
154,714
Tax relating to prior year adjustments recognised in profit or loss
(45,547)
-
0
Total current tax
(45,547)
154,714
Deferred tax
Origination and reversal of timing differences
138,830
236,460
Total tax charge
93,283
391,174

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

2023
2022
£
£
Profit before taxation
1,034,733
1,437,032
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
196,599
273,036
Tax effect of expenses that are not deductible in determining taxable profit
8,921
551
Tax effect of income not taxable in determining taxable profit
-
0
(1,037)
Adjustments in respect of prior years
(45,547)
-
0
Permanent capital allowances in excess of depreciation
-
0
29,062
Depreciation on assets not qualifying for tax allowances
5,418
-
0
Enhanced capital allowances
(133,577)
(45,971)
Rounding
-
0
1
Change in taxation rate
33,326
135,532
Losses carried forward
28,143
-
0
Taxation charge
93,283
391,174
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
10
Taxation
(Continued)
- 26 -

Factors affecting future tax charges:

The main corporation tax rate has been legislated to increase from 19% to 25% with effect from 1 April 2023, significantly increasing the tax payable on profits earned.

11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
295,000
260,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
2,022,526
Amortisation and impairment
At 1 May 2022 and 30 April 2023
2,022,526
Carrying amount
At 30 April 2023
-
0
At 30 April 2022
-
0
The company had no intangible fixed assets at 30 April 2023 or 30 April 2022.
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 27 -
13
Tangible fixed assets
Group
Freehold property
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
4,744,540
1,006,419
5,077,554
10,828,513
Additions
3,810,634
1,041,928
1,727,468
6,580,030
Disposals
-
0
(627,032)
(254,109)
(881,141)
At 30 April 2023
8,555,174
1,421,315
6,550,913
16,527,402
Depreciation and impairment
At 1 May 2022
2,492
711,540
2,409,494
3,123,526
Depreciation charged in the year
28,517
65,064
684,928
778,509
Eliminated in respect of disposals
-
0
(498,093)
(191,385)
(689,478)
At 30 April 2023
31,009
278,511
2,903,037
3,212,557
Carrying amount
At 30 April 2023
8,524,165
1,142,804
3,647,876
13,314,845
At 30 April 2022
4,742,048
294,879
2,668,060
7,704,987
The company had no tangible fixed assets at 30 April 2023 or 30 April 2022.

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

Group
2023
2022
£
£
Plant and equipment
711,664
101,363
Motor vehicles
3,172,379
2,279,131
3,884,043
2,380,494

Freehold property was purchased on 13 May 2021 and as at the year end, total costs on the land and buildings amounted to £8,524,165 (2022 - £4,742,048).

 

The directors are of the view that there is no material difference between the cost and the value of the freehold property held at 30th April 2023.

 

The value of land not depreciated totalled £1,977,106 (2022: £1,977,106).

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 28 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,001,000
3,001,000
Unlisted investments
23,000
23,000
-
0
-
0
23,000
23,000
3,001,000
3,001,000
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 May 2022 and 30 April 2023
23,000
Carrying amount
At 30 April 2023
23,000
At 30 April 2022
23,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022 and 30 April 2023
3,001,000
Carrying amount
At 30 April 2023
3,001,000
At 30 April 2022
3,001,000
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Browns Distribution Services Limited
Distribution House, Chemical Lane East, Stoke-On-Trent, ST6 4FB
Ordinary £1
100.00
Ravensdale Property Services Limited
Distribution House, Chemical Lane East, Stoke-On-Trent, ST6 4FB
Ordinary £1
100.00

All subsidiaries are included in the consolidated accounts.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 29 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
26,671
60,947
-
0
-
0
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,592,547
2,709,646
-
0
-
0
Amounts owed by group undertakings
-
-
2,138,696
1,738,696
Other debtors
47,308
365,530
-
0
-
0
Prepayments and accrued income
111,113
225,566
-
0
-
0
2,750,968
3,300,742
2,138,696
1,738,696
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
202,256
1,182,274
-
0
-
0
Obligations under finance leases
21
1,005,749
690,663
-
0
-
0
Trade creditors
1,922,921
1,954,176
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
59,525
35,525
Corporation tax payable
-
0
154,714
-
0
23,900
Other taxation and social security
307,035
402,432
-
-
Other creditors
18,483
8,773
-
0
-
0
Accruals and deferred income
533,733
320,706
-
0
-
0
3,990,177
4,713,738
59,525
59,425
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
4,278,492
-
0
-
0
-
0
Obligations under finance leases
21
2,245,506
1,259,300
-
0
-
0
6,523,998
1,259,300
-
-
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
19
Creditors: amounts falling due after more than one year
(Continued)
- 30 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,400,546
-
-
-
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
4,480,748
1,182,274
-
0
-
0
Payable within one year
202,256
1,182,274
-
0
-
0
Payable after one year
4,278,492
-
0
-
0
-
0

Bank overdrafts and loans are secured by the following:

 

A first legal change over the freehold land and buildings at Chemical Lane, Stoke-on-Trent, ST6 4PB.

 

An omnibus guarantee and set off agreement dated 29th March 2018 together with such other security as the bank may from time to time hold in respect of debts and liabilities of any guarantor to the bank.

 

An unlimited all monies guarantee dated 25th April 2022 together with such other security as the bank may from time to time hold in respect of debts and liabilities of any guarantor to the bank.

 

An unlimited debenture dated 1st August 2016.

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,005,749
690,663
-
0
-
0
In two to five years
2,245,506
1,259,300
-
0
-
0
3,251,255
1,949,963
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 - 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Hire purchase liabilities are secured on the assets to which they relate.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 31 -
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
1,106,460
586,460
Tax losses
(381,170)
-
725,290
586,460
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 May 2022
586,460
-
Charge to profit or loss
138,830
-
Liability at 30 April 2023
725,290
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
143,458
126,930

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. At the year-end contributions totalling £1,781 (2022 - £1,542) were payable to the fund are included in creditors.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
3,001,000
3,001,000
3,001,000
3,001,000

All ordinary shares shall carry full voting right, full rights to dividends, and , full capital rights in the event of a distribution or winding up of the company.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 32 -
25
Profit and loss reserves

Profit and loss reserves represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

26
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
98,151
245,790
-
-
Between two and five years
206,406
124,626
-
-
In over five years
115,028
-
-
-
419,585
370,416
-
-
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
1,770,463
6,420,493
-
-
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
74,472
81,141
Other information
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
28
Related party transactions
(Continued)
- 33 -

During the year, the company paid a total of £38,654 (2022: £59,117) to close family members of directors.

 

During the year, the company acquired services from a company with common directorship to the value of £38,085 (2022: £39,903). The balance due to the company at the year end was £7,182 (2022: £Nil).

 

During the year, dividends of £295,000 (2022: £260,000) were paid to directors.

29
Events after the reporting date

Since the year end, fixed assets totalling £1,847,205 have been acquired.

 

The company has entered into £1,662,485 of finance leases in order to purchase these assets.

30
Controlling party

The ultimate controlling party is D A Brown by virtue of his majority shareholding.

31
Directors' transactions

The balance of amounts owed to directors at the year end totals £8,941 (2022 - £4,565). During the year, advances to directors of £1,961 (2022 - £Nil) were made. These were fully repaid during the year.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2023
- 34 -
32
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
941,450
1,045,858
Adjustments for:
Taxation charged
93,283
391,174
Finance costs
285,104
118,895
Investment income
(390)
(5,532)
Loss/(gain) on disposal of tangible fixed assets
13,815
(17,457)
Depreciation and impairment of tangible fixed assets
778,509
602,549
Movements in working capital:
Decrease/(increase) in stocks
34,276
(50,249)
Decrease/(increase) in debtors
549,774
(689,809)
Increase in creditors
96,085
471,350
Decrease in deferred income
-
(126,000)
Cash generated from operations
2,791,906
1,740,779

Major non-cash transaction

 

In the current year the group entered into hire purchases and finance lease agreements to the value of £2,145,365 (2022: £685,508).

33
Analysis of changes in net debt - group
1 May 2022
Cash flows
New finance leases
30 April 2023
£
£
£
£
Cash at bank and in hand
735,544
300,609
-
1,036,153
Borrowings excluding overdrafts
(1,182,274)
(3,298,474)
-
(4,480,748)
Obligations under finance leases
(1,949,963)
844,073
(2,145,365)
(3,251,255)
(2,396,693)
(2,153,792)
(2,145,365)
(6,695,850)
2023-04-302022-05-01falseCCH SoftwareCCH Accounts Production 2023.300Mr D A J BrownMr D A BrownMr D 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