Company registration number  (England and Wales)
Hobut Limited
Annual report and Financial Statements
For the year ended 31 March 2023
Hobut Limited
Company information
Directors
Mr P M Collins
Mr M Collins
Mr H J C Taylor
Mrs A C Collins
Secretary
Mrs A C Collins
Company number
04275338
Registered office
Crown Works
Lincoln Road
Walsall
West Midlands
WS1 2EB
Auditor
DJH Mitten Clarke Audit Limited
St George's House
56 Peter Street
Manchester
M2 3NQ
Hobut Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 34
Hobut 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 review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties which we face.

 

The directors monitor the progress of the group and the implementation of its strategy by reference to key performance indicators. The indicators employed include turnover, margins and profitability.

 

The directors are pleased with the trading results to 31 March 2023. Despite the competitive nature of the business and the difficult trading conditions, turnover increased by 22% to £10.99m, margins were maintained and we achieved a higher net profit before tax.

Principal risks and uncertainties

As for many businesses of our size and nature the business environment in which we operate continues to be challenging and unpredictable. The market is highly competitive and often volatile and margins are continually under pressure whilst we are facing the additional problems and uncertainties brought about by the Covid-19 pandemic, Brexit and the Ukraine conflict. The key business risks affecting the group at present are exchange rate variances, cost inflation, energy prices, and labour and material supply. The group is mitigating the risk by management constantly reviewing them.

 

However with our strong management team, the continuing research into new production methods, products and markets and our experience of dealing with the challenging trading conditions we consider that the group is in a strong position to maintain its leading position in the industry and to take advantage of better market conditions whenever they return.

Development and performance

Since the year end the group, in common with many sectors, has continued to experience difficult trading conditions as referred to above but continues to develop its product range through research and development and seeking new markets. Despite these conditions management accounts for the period to date indicate continued profitable trading.

 

However, we remain aware that all plans and projections are subject to unforeseen national and international events outside of our control but we are confident that we have the management team in place with the expertise to adapt to the prevailing conditions.

On behalf of the board

Mr M Collins
Director
1 February 2024
Hobut 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 the manufacture of electrical and electronic instruments, current transformers and accessories.

Results and dividends

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

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:

Mr P M Collins
Mr M Collins
Mr H J C Taylor
Mrs A C Collins
Post reporting date events

Please see note 30 for information regarding post balance sheet events.

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.

Hobut Limited
Directors' report (continued)
For the year ended 31 March 2023
- 3 -
On behalf of the board
Mr M Collins
Director
1 February 2024
Hobut Limited
Independent auditor's report
To the members of Hobut Limited
- 4 -
Opinion

We have audited the financial statements of Hobut Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group profit and loss account, 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.

Hobut Limited
Independent auditor's report (continued)
To the members of Hobut Limited
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

Hobut Limited
Independent auditor's report (continued)
To the members of Hobut Limited
- 6 -

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:

 

 

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.

Hobut Limited
Independent auditor's report (continued)
To the members of Hobut Limited
- 7 -
Joanne Beamish ACA FCCA (Senior Statutory Auditor)
For and on behalf of DJH Mitten Clarke Audit Limited
1 February 2024
Accountants & registered auditors
St George's House
56 Peter Street
Manchester
M2 3NQ
Hobut Limited
Group profit and loss account
For the year ended 31 March 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
10,991,284
8,992,156
Cost of sales
(7,653,586)
(6,459,909)
Gross profit
3,337,698
2,532,247
Administrative expenses
(1,936,094)
(1,706,886)
Other operating income
-
14,464
Operating profit
4
1,401,604
839,825
Interest receivable and similar income
8
(22,126)
(11,920)
Interest payable and similar expenses
9
(715)
-
0
Amounts written off investments
10
(1,961)
1,689
Profit before taxation
1,376,802
829,594
Tax on profit
11
(234,433)
(67,393)
Profit for the financial year
25
1,142,369
762,201
Profit for the financial year is all attributable to the owners of the parent company.
Hobut Limited
Group statement of comprehensive income
For the year ended 31 March 2023
- 9 -
2023
2022
£
£
Profit for the year
1,142,369
762,201
Other comprehensive income
-
-
Total comprehensive income for the year
1,142,369
762,201
Total comprehensive income for the year is all attributable to the owners of the parent company.
Hobut Limited
Group balance sheet
As at 31 March 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
363,454
294,827
Tangible assets
13
1,903,482
1,511,320
Investments
14
207,668
238,927
2,474,604
2,045,074
Current assets
Stocks
16
1,591,423
1,162,275
Debtors
17
3,017,292
2,848,863
Investments
18
39,858
41,819
Cash at bank and in hand
1,907,285
1,779,491
6,555,858
5,832,448
Creditors: amounts falling due within one year
19
(1,709,146)
(1,746,956)
Net current assets
4,846,712
4,085,492
Total assets less current liabilities
7,321,316
6,130,566
Creditors: amounts falling due after more than one year
20
(32,000)
-
Provisions for liabilities
Deferred tax liability
21
64,390
48,000
(64,390)
(48,000)
Net assets
7,224,926
6,082,566
Capital and reserves
Called up share capital
23
69,750
69,750
Capital redemption reserve
24
6,710
6,710
Profit and loss reserves
25
7,148,466
6,006,106
Total equity
7,224,926
6,082,566
The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
01 February 2024
Mr M Collins
Director
Company registration number 04275338 (England and Wales)
Hobut Limited
Company balance sheet
As at 31 March 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,601,875
1,283,001
Investments
14
76,460
76,460
1,678,335
1,359,461
Current assets
Debtors
17
228,932
297,433
Cash at bank and in hand
678,170
370,925
907,102
668,358
Creditors: amounts falling due within one year
19
(767,535)
(267,809)
Net current assets
139,567
400,549
Total assets less current liabilities
1,817,902
1,760,010
Provisions for liabilities
Deferred tax liability
21
1,300
-
0
(1,300)
-
Net assets
1,816,602
1,760,010
Capital and reserves
Called up share capital
23
69,750
69,750
Capital redemption reserve
24
6,710
6,710
Profit and loss reserves
25
1,740,142
1,683,550
Total equity
1,816,602
1,760,010

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 £56,592 (2022 - £54,733 profit).

The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
01 February 2024
Mr M Collins
Director
Company registration number 04275338 (England and Wales)
Hobut Limited
Group statement of changes in equity
For the year ended 31 March 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
69,750
6,710
5,243,905
5,320,365
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
762,201
762,201
Balance at 31 March 2022
69,750
6,710
6,006,106
6,082,566
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,142,369
1,142,369
Balance at 31 March 2023
69,750
6,710
7,148,466
7,224,926
Hobut Limited
Company statement of changes in equity
For the year ended 31 March 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
69,750
6,710
1,628,817
1,705,277
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
54,733
54,733
Balance at 31 March 2022
69,750
6,710
1,683,550
1,760,010
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
56,592
56,592
Balance at 31 March 2023
69,750
6,710
1,740,142
1,816,602
Hobut Limited
Group statement of cash flows
For the year ended 31 March 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,379,753
1,334,917
Interest paid
(715)
-
0
Income taxes (paid)/refunded
(41,661)
19,170
Net cash inflow from operating activities
1,337,377
1,354,087
Investing activities
Purchase of business
(367,201)
-
Purchase of tangible fixed assets
(452,216)
(169,675)
Proceeds from disposal of tangible fixed assets
31,750
-
Proceeds from disposal of investments
-
20
Interest received
9,133
4,757
Net cash used in investing activities
(778,534)
(164,898)
Financing activities
Repayments to group entities
(399,999)
-
Repayment of borrowings
(45)
-
Repayment of bank loans
-
(1,000,000)
Payment of finance leases obligations
(31,005)
-
Net cash used in financing activities
(431,049)
(1,000,000)
Net increase in cash and cash equivalents
127,794
189,189
Cash and cash equivalents at beginning of year
1,779,491
1,590,302
Cash and cash equivalents at end of year
1,907,285
1,779,491
Hobut Limited
Notes to the group financial statements
For the year ended 31 March 2023
- 15 -
1
Accounting policies
Company information

Hobut Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Crown Works, Lincoln Road, Walsall, West Midlands, WS1 2EB.

 

The group consists of Hobut 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.

 

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

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

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

 

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

 

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

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

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

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

 

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

 

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

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 17 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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.

1.8
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
Not depreciated
Plant and equipment
20% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance

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

Freehold properties are not depreciated as it is the company's policy to maintain these properties in good repair and the life and residual value are such that depreciation would not be material. The directors perform annual impairment reviews to ensure that the recoverable amount is higher than the carrying amount.

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.

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.

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 18 -

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

 

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

 

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

 

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

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

1.10
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.

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

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 19 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, 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.

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.

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 20 -
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.

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.

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.

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 21 -
Deferred tax

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

 

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

1.16
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 22 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

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

Work in progress

Management review work in progress at the year end in order to obtain an estimated valuation of the work complete. Management recognise profits based on an estimate of percentage complete at the year end date.

3
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
9,133
4,758
Grants received
-
1,006
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
24,507
(46,631)
Government grants
-
(1,006)
Depreciation of owned tangible fixed assets
117,477
85,891
Loss on disposal of tangible fixed assets
2,919
-
Amortisation of intangible assets
55,597
50,421
Operating lease charges
47,837
46,324
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
- 23 -
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
3,000
1,000
Audit of the financial statements of the company's subsidiaries
7,000
4,000
10,000
5,000
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
Employees
157
140
-
-
Directors
4
4
4
4
Total
161
144
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,254,207
2,830,163
-
0
-
0
Social security costs
115,304
206,902
-
-
Pension costs
222,201
203,152
-
0
-
0
3,591,712
3,240,217
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
198,576
176,492
Company pension contributions to defined contribution schemes
30,000
30,000
228,576
206,492

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

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
- 24 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
9,133
4,758
Income from fixed asset investments
Share of loss of associates
(31,259)
(16,678)
Total income
(22,126)
(11,920)
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
446
-
Other interest
269
-
Total finance costs
715
-
0
10
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(1,961)
1,689
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
225,125
38,393
Adjustments in respect of prior periods
5
-
0
Total current tax
225,130
38,393
Deferred tax
Origination and reversal of timing differences
9,303
29,000
Total tax charge
234,433
67,393
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
11
Taxation
(Continued)
- 25 -

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
1,376,802
829,594
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
261,592
157,623
Tax effect of expenses that are not deductible in determining taxable profit
1,095
3,712
Unutilised tax losses carried forward
5,940
-
0
Adjustments in respect of prior years
(1,744)
-
0
Amortisation on assets not qualifying for tax allowances
10,564
9,580
Deferred tax adjustments in respect of prior years
(688)
-
0
Research and development
(40,000)
(109,004)
Change in tax rate
1,763
9,323
Loss brought forward / carried forward movement
-
0
(3,626)
Income not taxable
-
0
(215)
Enhanced capital allowances
(4,089)
-
Taxation charge
234,433
67,393
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022
504,205
Additions - business combinations
124,224
At 31 March 2023
628,429
Amortisation and impairment
At 1 April 2022
209,378
Amortisation charged for the year
55,597
At 31 March 2023
264,975
Carrying amount
At 31 March 2023
363,454
At 31 March 2022
294,827
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
12
Intangible fixed assets
(Continued)
- 26 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
1,274,633
1,963,033
277,740
7,141
70,670
3,593,217
Additions
309,544
69,458
5,639
-
0
67,574
452,215
Business combinations
-
0
53,618
-
0
5,135
33,340
92,093
Disposals
-
0
-
0
-
0
-
0
(47,604)
(47,604)
At 31 March 2023
1,584,177
2,086,109
283,379
12,276
123,980
4,089,921
Depreciation and impairment
At 1 April 2022
-
0
1,753,568
271,249
6,534
50,546
2,081,897
Depreciation charged in the year
-
0
90,398
2,468
1,755
22,856
117,477
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(12,935)
(12,935)
At 31 March 2023
-
0
1,843,966
273,717
8,289
60,467
2,186,439
Carrying amount
At 31 March 2023
1,584,177
242,143
9,662
3,987
63,513
1,903,482
At 31 March 2022
1,274,633
209,465
6,491
607
20,124
1,511,320
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
13
Tangible fixed assets
(Continued)
- 27 -
Company
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2022
1,274,633
15,150
1,289,783
Additions
309,544
15,230
324,774
At 31 March 2023
1,584,177
30,380
1,614,557
Depreciation and impairment
At 1 April 2022
-
0
6,782
6,782
Depreciation charged in the year
-
0
5,900
5,900
At 31 March 2023
-
0
12,682
12,682
Carrying amount
At 31 March 2023
1,584,177
17,698
1,601,875
At 31 March 2022
1,274,633
8,368
1,283,001
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
76,460
76,460
Investments in associates
207,668
238,927
-
0
-
0
207,668
238,927
76,460
76,460
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
14
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 April 2022
238,927
Change in net assets
(31,259)
At 31 March 2023
207,668
Carrying amount
At 31 March 2023
207,668
At 31 March 2022
238,927

The associate is Howard Butler Manufacturing Pte, a company incorporated in Singapore.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
76,460
Carrying amount
At 31 March 2023
76,460
At 31 March 2022
76,460
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Howard Butler Limited
England
Manufacturing
Ordinary
100.00
-
John wilkes Electrical Limited
England
Dormant
Ordinary
0
100.00
Unicores Limited
England
Manufacturing
Ordinary
0
100.00
Multitek power Limited
England
Manufacturing
Ordinary
0
100.00
Q.A. Electrical Products Ltd
England
Manufacturing
Ordinary
0
100.00
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
15
Subsidiaries
(Continued)
- 29 -

The registered office of all subsidiaries is Crown Works, Lincoln Road, Walsall, West Midlands, WS1 2EB

 

The above subsidiaries are exempt from audit by virtue of section 479A of the Companies Act 2006, with the exception of Howard Butler Ltd which has been audited.

 

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,288,156
919,005
-
-
Work in progress
303,267
243,270
-
-
1,591,423
1,162,275
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,871,196
2,784,509
-
0
-
0
Amounts owed by group undertakings
-
-
207,932
297,433
Other debtors
14,267
10,395
-
0
-
0
Prepayments and accrued income
131,829
53,959
21,000
-
0
3,017,292
2,848,863
228,932
297,433
18
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Listed investments
39,858
41,819
-
-
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
- 30 -
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
807,756
864,476
-
0
-
0
Amounts owed to group undertakings
181,534
581,533
716,739
250,991
Corporation tax payable
250,150
38,393
27,794
13,493
Other taxation and social security
59,116
63,113
2,608
2,073
Other creditors
72,094
31,100
-
0
-
0
Accruals and deferred income
338,496
168,341
20,394
1,252
1,709,146
1,746,956
767,535
267,809
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other creditors
32,000
-
0
-
0
-
0
21
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
64,390
48,000
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
1,300
-
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
21
Deferred taxation
(Continued)
- 31 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
48,000
-
Charge to profit or loss
16,390
1,300
Liability at 31 March 2023
64,390
1,300
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
222,201
203,152

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.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
69,750
69,750
69,750
69,750
24
Capital redemption reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
6,710
6,710
6,710
6,710
25
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
6,006,106
5,243,905
1,683,550
1,628,817
Profit for the year
1,142,369
762,201
56,592
54,733
At the end of the year
7,148,466
6,006,106
1,740,142
1,683,550
Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
- 32 -
26
Acquisition of a business

On 31 October 2022 the group acquired 100% of the issued capital of Q.A. Electrical Products Ltd.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
92,095
-
92,095
Inventories
76,948
-
76,948
Trade and other receivables
157,933
-
157,933
Cash and cash equivalents
195,056
-
195,056
Borrowings
(45)
-
(45)
Obligations under finance leases
(31,005)
-
(31,005)
Trade and other payables
(14,016)
-
(14,016)
Tax liabilities
(31,850)
-
(31,850)
Deferred tax
(7,085)
-
(7,085)
Total identifiable net assets
438,031
-
438,031
Goodwill
124,224
Total consideration
562,255
The consideration was satisfied by:
£
Cash
450,000
Deferred consideration
100,000
Legal fees
12,255
562,255
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
190,601
Profit after tax
17,260

The goodwill arising on the acquisition of the business is attributable to the anticipated profitability of the group in new markets and the future operating synergies from the combination.

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
- 33 -
27
Operating lease commitments
Lessee

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

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
24,840
33,528
-
-
Between two and five years
25,650
32,490
-
-
50,490
66,018
-
-
28
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the group
181,534
581,533
29
Controlling party

The ultimate parent company is Hobut IOM Limited, a company incorporated in the Isle of Man, controlled by M Collins

 

30
Post balance sheet events

Unicores has become a division of Howard Butler, effective from 1st April 2023.

Hobut Limited
Notes to the group financial statements (continued)
For the year ended 31 March 2023
- 34 -
31
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,142,369
762,201
Adjustments for:
Taxation charged
234,433
67,393
Finance costs
715
-
0
Investment income
22,126
11,920
Loss on disposal of tangible fixed assets
2,919
-
Amortisation and impairment of intangible assets
55,597
50,421
Depreciation and impairment of tangible fixed assets
117,477
85,891
Other gains and losses
1,961
(1,689)
Movements in working capital:
Increase in stocks
(352,200)
(225,550)
Increase in debtors
(10,496)
(166,989)
Increase in creditors
164,852
751,319
Cash generated from operations
1,379,753
1,334,917
32
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,779,491
127,794
1,907,285
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300Mr P M CollinsMr M CollinsMr H J C TaylorMrs A C CollinsMrs A C Collinsfalse042753382022-04-012023-03-3104275338bus:Director12022-04-012023-03-3104275338bus:Director22022-04-012023-03-3104275338bus:Director32022-04-012023-03-3104275338bus:Director42022-04-012023-03-3104275338bus:CompanySecretary12022-04-012023-03-3104275338bus:RegisteredOffice2022-04-012023-03-3104275338bus:Consolidated2023-03-31042753382023-03-3104275338bus:Consolidated2022-04-012023-03-3104275338bus:Consolidated2021-04-012022-03-31042753382021-04-012022-03-3104275338core:Goodwillbus:Consolidated2023-03-3104275338core:Goodwillbus:Consolidated2022-03-3104275338bus:Consolidated2022-03-31042753382022-03-3104275338core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3104275338core:PlantMachinerybus:Consolidated2023-03-3104275338core:FurnitureFittingsbus:Consolidated2023-03-3104275338core:ComputerEquipmentbus:Consolidated2023-03-3104275338core:MotorVehiclesbus:Consolidated2023-03-3104275338core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-03-3104275338core:PlantMachinerybus:Consolidated2022-03-3104275338core:FurnitureFittingsbus:Consolidated2022-03-3104275338core:ComputerEquipmentbus:Consolidated2022-03-3104275338core:MotorVehiclesbus:Consolidated2022-03-3104275338core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3104275338core:PlantMachinery2023-03-3104275338core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3104275338core:PlantMachinery2022-03-3104275338core:ShareCapitalbus:Consolidated2023-03-3104275338core:ShareCapitalbus:Consolidated2022-03-3104275338core:CapitalRedemptionReservebus:Consolidated2023-03-3104275338core:CapitalRedemptionReservebus:Consolidated2022-03-3104275338core:ShareCapital2023-03-3104275338core:ShareCapital2022-03-3104275338core:CapitalRedemptionReserve2023-03-3104275338core:CapitalRedemptionReserve2022-03-3104275338core:RetainedEarningsAccumulatedLosses2023-03-3104275338core:ShareCapitalbus:Consolidated2021-03-3104275338core:CapitalRedemptionReservebus:Consolidated2021-03-3104275338core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-03-3104275338core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3104275338core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3104275338core:ShareCapital2021-03-3104275338core:CapitalRedemptionReserve2021-03-3104275338core:RetainedEarningsAccumulatedLosses2021-03-3104275338core:RetainedEarningsAccumulatedLosses2022-03-3104275338bus:Consolidated2021-03-3104275338core:Goodwill2022-04-012023-03-3104275338core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3104275338core:PlantMachinery2022-04-012023-03-3104275338core:FurnitureFittings2022-04-012023-03-3104275338core:ComputerEquipment2022-04-012023-03-3104275338core:MotorVehicles2022-04-012023-03-3104275338bus:Consolidated12022-04-012023-03-3104275338bus:Consolidated22022-04-012023-03-3104275338core:UKTaxbus:Consolidated2022-04-012023-03-3104275338core:UKTaxbus:Consolidated2021-04-012022-03-3104275338bus:Consolidated12021-04-012022-03-3104275338bus:Consolidated22021-04-012022-03-3104275338bus:Consolidated32022-04-012023-03-3104275338bus:Consolidated32021-04-012022-03-3104275338bus:Consolidated42022-04-012023-03-3104275338bus:Consolidated42021-04-012022-03-3104275338bus:Consolidated52022-04-012023-03-3104275338bus:Consolidated52021-04-012022-03-3104275338core:Goodwillbus:Consolidated2022-03-3104275338core:Goodwillbus:Consolidated2022-04-012023-03-3104275338core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-03-3104275338core:PlantMachinerybus:Consolidated2022-03-3104275338core:FurnitureFittingsbus:Consolidated2022-03-3104275338core:ComputerEquipmentbus:Consolidated2022-03-3104275338core:MotorVehiclesbus:Consolidated2022-03-3104275338bus:Consolidated2022-03-3104275338core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3104275338core:PlantMachinery2022-03-31042753382022-03-3104275338core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-04-012023-03-3104275338core:PlantMachinerybus:Consolidated2022-04-012023-03-3104275338core:FurnitureFittingsbus:Consolidated2022-04-012023-03-3104275338core:ComputerEquipmentbus:Consolidated2022-04-012023-03-3104275338core:MotorVehiclesbus:Consolidated2022-04-012023-03-3104275338core:Subsidiary1bus:Consolidated2022-04-012023-03-3104275338core:Subsidiary2bus:Consolidated2022-04-012023-03-3104275338core:Subsidiary32022-04-012023-03-3104275338core:Subsidiary42022-04-012023-03-3104275338core:Subsidiary12022-04-012023-03-3104275338core:Subsidiary22022-04-012023-03-3104275338core:Subsidiary112022-04-012023-03-310427533812022-04-012023-03-3104275338bus:Consolidated12022-04-012023-03-3104275338core:CurrentFinancialInstruments2023-03-3104275338core:CurrentFinancialInstruments2022-03-3104275338core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3104275338core:CurrentFinancialInstrumentsbus:Consolidated2022-03-3104275338core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3104275338core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-03-3104275338core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104275338core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3104275338core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-03-3104275338core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12022-03-3104275338core:Non-currentFinancialInstrumentscore:AfterOneYear22023-03-3104275338core:Non-currentFinancialInstrumentscore:AfterOneYear22022-03-3104275338bus:PrivateLimitedCompanyLtd2022-04-012023-03-3104275338bus:FRS1022022-04-012023-03-3104275338bus:Audited2022-04-012023-03-3104275338bus:ConsolidatedGroupCompanyAccounts2022-04-012023-03-3104275338bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP