Company registration number 09887093 (England and Wales)
BDB DESIGN BUILD HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
BDB DESIGN BUILD HOLDINGS LIMITED
COMPANY INFORMATION
Directors
N E Goodson
P Burdekin
S Brown
Secretary
A C Kelly
Company number
09887093
Registered office
Unit 10
Churchill Way
Chapeltown
Sheffield
South Yorkshire
S35 2PY
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
BDB DESIGN BUILD HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
BDB DESIGN BUILD HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

Review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and it's position at the year end. Our review is consistent with the size of our business and is written in the context of the risks and uncertainties we face. The company has seen a significant increase in its turnover compared to the prior year with a healthy profit. BDB continues to enjoy good relationships with existing customers whilst also obtaining new ones.

 

Principal risks and uncertainties

The company manages the risks inherent in its activities. External risks include political and economic conditions, actions of competitors, the effect of legislation or other regulatory action, credit risk, business continuity, environmental risks and litigation. Internal risks include control failure and inability to supply. The company seeks to mitigate exposure to all forms of risk, where practicable, and to transfer risk to insurers, where cost effective.

Key performance indicators

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit margin and profit before taxation. The directors consider that the company has had a fairly strong year of trading. Whilst sales have increased by 95% compared to the previous year, the gross profit margin has reduced slightly to 4.1% (2022: 5.0%) and the company has generated a post tax profit of £499,440. A healthy balance sheet has been retained with shareholders funds amounting to £4.3 million and the directors believe that this will provide a continuing platform for future revenue and a stable year of trading with a positive order book going forward.

On behalf of the board

N E Goodson
Director
30 November 2023
BDB DESIGN BUILD HOLDINGS 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 a holding company and the design and build of industrial and commercial properties and motor retail developments.

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.

Directors

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

N E Goodson
P Burdekin
S Brown
Auditor

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

Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

BDB DESIGN BUILD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
On behalf of the board
N E Goodson
Director
30 November 2023
BDB DESIGN BUILD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BDB DESIGN BUILD HOLDINGS LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BDB DESIGN BUILD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BDB DESIGN BUILD HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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:

BDB DESIGN BUILD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BDB DESIGN BUILD HOLDINGS LIMITED
- 6 -

We assessed the susceptibility of the company'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.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Paul Winwood (Senior Statutory Auditor)
For and on behalf of BHP LLP
30 November 2023
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
BDB DESIGN BUILD HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
54,350,797
27,901,893
Cost of sales
(52,128,067)
(26,512,351)
Gross profit
2,222,730
1,389,542
Administrative expenses
(1,711,768)
(1,402,987)
Other operating income
1,984
50,254
Operating profit
4
512,946
36,809
Interest receivable and similar income
8
161,222
11,729
Interest payable and similar expenses
9
(943)
(968)
Profit before taxation
673,225
47,570
Tax on profit
10
(173,785)
340,121
Profit for the financial year
499,440
387,691
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BDB DESIGN BUILD HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
492,217
656,291
Tangible assets
12
591,490
662,666
Investment property
13
797,500
-
0
Investments
14
2
2
1,881,209
1,318,959
Current assets
Debtors
16
6,217,674
5,633,407
Cash at bank and in hand
10,035,956
4,529,136
16,253,630
10,162,543
Creditors: amounts falling due within one year
17
(13,824,903)
(7,661,300)
Net current assets
2,428,727
2,501,243
Total assets less current liabilities
4,309,936
3,820,202
Creditors: amounts falling due after more than one year
18
(22,389)
(32,095)
Net assets
4,287,547
3,788,107
Capital and reserves
Called up share capital
22
6,400
6,400
Capital redemption reserve
2,400,000
2,400,000
Profit and loss reserves
1,881,147
1,381,707
Total equity
4,287,547
3,788,107

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
30 November 2023
N E Goodson
Director
Company registration number 09887093 (England and Wales)
BDB DESIGN BUILD HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
3,022,020
3,022,020
Current assets
-
-
Creditors: amounts falling due within one year
17
(15,620)
(15,620)
Net current liabilities
(15,620)
(15,620)
Net assets
3,006,400
3,006,400
Capital and reserves
Called up share capital
22
6,400
6,400
Capital redemption reserve
2,400,000
2,400,000
Profit and loss reserves
600,000
600,000
Total equity
3,006,400
3,006,400

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 £0 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
30 November 2023
N E Goodson
Director
Company registration number 09887093 (England and Wales)
BDB DESIGN BUILD HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
6,400
2,400,000
994,016
3,400,416
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
387,691
387,691
Balance at 31 March 2022
6,400
2,400,000
1,381,707
3,788,107
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
499,440
499,440
Balance at 31 March 2023
6,400
2,400,000
1,881,147
4,287,547
BDB DESIGN BUILD HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
6,400
2,400,000
600,000
3,006,400
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 March 2022
6,400
2,400,000
600,000
3,006,400
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
-
0
Balance at 31 March 2023
6,400
2,400,000
600,000
3,006,400
BDB DESIGN BUILD HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
6,438,811
819,426
Interest paid
(943)
(968)
Income taxes (paid)/refunded
(60,855)
246,846
Net cash inflow from operating activities
6,377,013
1,065,304
Investing activities
Purchase of tangible fixed assets
(27,955)
(210,327)
Proceeds from disposal of tangible fixed assets
-
95,500
Purchase of investment property
(797,500)
-
Loans made to other entities
-
(33,044)
Repayment of loans
(196,254)
-
Interest received
161,222
11,729
Net cash used in investing activities
(860,487)
(136,142)
Financing activities
Repayment of bank loans
(9,706)
(7,905)
Net cash used in financing activities
(9,706)
(7,905)
Net increase in cash and cash equivalents
5,506,820
921,257
Cash and cash equivalents at beginning of year
4,529,136
3,607,879
Cash and cash equivalents at end of year
10,035,956
4,529,136
BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Company information

BDB Design Build Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 10, Churchill Way, Chapeltown, Sheffield, South Yorkshire, S35 2PY.

 

The group consists of BDB Design Build Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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

 

1.2
Business combinations

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

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of BDB Design Build Holdings Limited and BDB Design and Build Limited (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

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.

1.4
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.

1.5
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.

Revenue represents amounts receivable in relation to long term construction contracts and is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
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. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

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

Freehold land and buildings
2.5% straight line
Fixtures and fittings
33% straight line
Motor vehicles
33% straight line
BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -

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.

1.8
Investment property

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. Changes in fair value are recognised in profit or loss.

 

1.9
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.

1.10
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

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

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -

See note 2 for further information on the construction contract accounting policy.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.14
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.

1.15
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.

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
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.

1.16
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.

1.17
Retirement benefits

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

1.18
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.

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
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.

Turnover is generated from long term contracts. The group recognises contract revenue and contract costs associated with each contract using the percentage of completion method. The recognition of revenue and profit therefore rely on estimates in relation to the stage of completion and the forecast total costs of each contract.

 

At each month end, all contracts are valued by the internal quantity surveyor allocated to the project. The valuation is compared to the expected total turnover on the contract and this forms the basis for the stage of completion. The margin is calculated at the outset based on the job budget and then reforecast on a monthly basis so any changes to expected final outturn are reflected in the accounts promptly. The profit to be recognised monthly is calculated on a cumulative basis so that the overall expected outturn is reflected in the cumulative position each month.

 

This method ensures that profit is recognised equally across the life of the project. The calculation of expected outturn is based on the following factors:

- Variations to overall contract value (expected turnover) which have been agreed with the client

- Costs incurred to date allocated to the project

- Budgeted overall costs as calculated at the beginning of the project during the tender process which are used to calculate the expected costs to complete

 

The degree of estimation uncertainty centres around the expected costs to complete the contract which, combined with the contract turnover, are used to calculate the expected margin outturn on each project.

 

When contract losses are anticipated these are recognised in full at the time of identification in so far as they can be measured reliably.

 

At the date the accounts were approved, amounts recoverable on contracts balances of £286k were still outstanding awaiting final contract resolution.

Recoverability of other debtors

Included within other debtors is an amount of £295,000 due from a connected company. At the date of sign off of these accounts, the full amount remains outstanding and no provision is included against the debtor balance in these accounts. The recoverability of the debtor represents an element of uncertainty however the Directors believe the balance to be recoverable have not deemed a provision necessary at this point.

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Design and building services
54,350,797
27,901,893
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
54,350,797
27,901,893
2023
2022
£
£
Other revenue
Interest income
161,222
11,729
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
99,131
97,253
Profit on disposal of tangible fixed assets
-
(2,625)
Amortisation of intangible assets
164,074
164,074
Operating lease charges
37,080
64,050
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
29,609
18,945
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
Average Number of Employees
26
24
-
0
-
0
BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,603,746
1,188,604
-
0
-
0
Social security costs
167,927
127,191
-
-
Pension costs
116,344
39,841
-
0
-
0
1,888,017
1,355,636
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
284,586
204,334
Company pension contributions to defined contribution schemes
14,599
14,458
299,185
218,792
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
142,293
104,140
Company pension contributions to defined contribution schemes
4,599
4,458
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
160,213
335
Other interest income
1,009
11,394
Total income
161,222
11,729
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
943
968
BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
181,785
53,578
Adjustments in respect of prior periods
-
0
(381,453)
Total current tax
181,785
(327,875)
Deferred tax
Origination and reversal of timing differences
(8,000)
(12,246)
Total tax charge/(credit)
173,785
(340,121)

The actual charge/(credit) 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
673,225
47,570
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
127,913
9,038
Tax effect of expenses that are not deductible in determining taxable profit
10,996
33,661
Change in unrecognised deferred tax assets
(321)
(107)
Permanent capital allowances in excess of depreciation
5,866
394
Amortisation on assets not qualifying for tax allowances
31,174
-
0
Research and development tax credit
-
0
(381,453)
Remeasurement of derred tax for changes in tax rates
(1,843)
(1,654)
Taxation charge/(credit)
173,785
(340,121)
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,640,735
Amortisation and impairment
At 1 April 2022
984,444
Amortisation charged for the year
164,074
At 31 March 2023
1,148,518
BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 31 March 2023
492,217
At 31 March 2022
656,291
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
12
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
785,250
185,576
208,069
1,178,895
Additions
-
0
27,955
-
0
27,955
At 31 March 2023
785,250
213,531
208,069
1,206,850
Depreciation and impairment
At 1 April 2022
266,657
180,216
69,356
516,229
Depreciation charged in the year
19,631
10,144
69,356
99,131
At 31 March 2023
286,288
190,360
138,712
615,360
Carrying amount
At 31 March 2023
498,962
23,171
69,357
591,490
At 31 March 2022
518,593
5,360
138,713
662,666
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 April 2022 and 31 March 2023
-
-
Additions through external acquisition
797,500
-
At 31 March 2023
797,500
-

Investment property comprises a residential property purchased in October 2022. The directors do not believe the fair value of the property is materially different to its cost hence it remains valued at cost. This assessment has been made by reference to market evidence of transaction prices for similar properties.

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
2
2
3,022,020
3,022,020
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
2
Carrying amount
At 31 March 2023
2
At 31 March 2022
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
3,022,020
Carrying amount
At 31 March 2023
3,022,020
At 31 March 2022
3,022,020
15
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
BDB Design Build Limited
England and Wales
Ordinary
100.00
-
Cemetery Road Developments Limited
England and Wales
Ordinary
0
100.00

The investment in the dormant subsidiary, Cemetery Road Developments Limited has not been adjusted for in the consolidated accounts on the basis of materiality.

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,615,805
4,271,938
-
0
-
0
Gross amounts owed by contract customers
590,369
500,025
-
0
-
0
Corporation tax recoverable
67,272
67,272
-
0
-
0
Other debtors
731,621
604,440
-
0
-
0
Prepayments and accrued income
197,607
182,732
-
0
-
0
6,202,674
5,626,407
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 20)
15,000
7,000
-
0
-
0
Total debtors
6,217,674
5,633,407
-
-

Included within trade debtors are amounts due over one year amounting to £1,539,353 (2022: £406,945).

17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
10,000
10,000
-
0
-
0
Payments received on account
4,828,878
1,395,555
-
0
-
0
Trade creditors
6,774,863
5,037,805
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
15,620
15,620
Corporation tax payable
181,785
60,855
-
0
-
0
Other taxation and social security
1,230,172
674,387
-
-
Other creditors
1,235
1,420
-
0
-
0
Accruals and deferred income
797,970
481,278
-
0
-
0
13,824,903
7,661,300
15,620
15,620
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
22,389
32,095
-
0
-
0
BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
32,389
42,095
-
0
-
0
Payable within one year
10,000
10,000
-
0
-
0
Payable after one year
22,389
32,095
-
0
-
0

The bank loan is secured by way of a charge over the company's property at Unit 10, Churchill Way, Sheffield. Further security is held by the bank in the form of a floating charge over the net assets of the company.

20
Deferred taxation

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

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
(18,000)
(26,000)
Short term timing differences
33,000
33,000
15,000
7,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 April 2022
(7,000)
-
Credit to profit or loss
(8,000)
-
Asset at 31 March 2023
(15,000)
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
116,344
39,841
BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
21
Retirement benefit schemes
(Continued)
- 27 -

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

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
6,400
6,400
6,400
6,400
23
Financial commitments, guarantees and contingent liabilities

The company had guarantees in favour of customers of £975,812 (2022: £2,714,615) at year end.

24
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
47,786
55,747
-
-
Between two and five years
33,478
38,456
-
-
81,264
94,203
-
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
650,000
-
-
26
Events after the reporting date

Following the year end, in October 2023, the company disposed of investment property held of £797,500 for proceeds less selling costs of £869,334.

BDB DESIGN BUILD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
27
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
N E Goodson -
2.00
220,294
196,254
416,548
220,294
196,254
416,548
28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
499,440
387,691
Adjustments for:
Taxation charged/(credited)
173,785
(340,121)
Finance costs
943
968
Investment income
(161,222)
(11,729)
Gain on disposal of tangible fixed assets
-
(2,625)
Amortisation and impairment of intangible assets
164,074
164,074
Depreciation and impairment of tangible fixed assets
99,131
97,253
Movements in working capital:
Increase in debtors
(380,013)
(2,107,509)
Increase in creditors
6,042,673
2,631,424
Cash generated from operations
6,438,811
819,426
29
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
4,529,136
5,506,820
10,035,956
Borrowings excluding overdrafts
(42,095)
9,706
(32,389)
4,487,041
5,516,526
10,003,567
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