Company registration number 03776042 (England and Wales)
DATA DIRECT THAMES VALLEY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
DATA DIRECT THAMES VALLEY LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Notes to the financial statements
14 - 32
DATA DIRECT THAMES VALLEY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Ms. M. Chamberlain
Mr. P. Cowan
Mr. P. Winterbotham
Secretary
Mr. M. O'Brien
Company number
03776042
Registered office
11 Ivanhoe Road
Hogwood Industrial Estate
Finchampstead
Wokingham
Berkshire
United Kingdom
RG40 4QQ
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
DATA DIRECT THAMES VALLEY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
The directors present the strategic report for the year ended 31 March 2023.
Fair review of the business
Data Direct Thames Valley Limited has developed a strategic plan which is reviewed every year. This is being delivered in all areas of the business to:
Maintain and strengthen our position in the marketplace
Develop and support our customers to ensure that we maintain high standards of professionalism
Maintain and build upon our financial performance
The principal activity of the company is that of the sales of computer consumables.
Principal risks and uncertainties
Credit Risk
The company mitigates its credit risk through the use of its invoice financing facility with Lloyds Bank Invoice Financing.
Competitive Risk
The company operates in a competitive environment, to mitigate this risk, we ensure that the services provided are in line with our customers needs, and that strong relationships are maintained with our key customers.
Technical Risk
The company ensures that it has appropriate professional indemnity insurance.
Development and performance
The business has stabilised since the impact of COVID-19, our commitment to innovation and efficiency has returned higher profits for 2023 and we intend to build on the success for the future.
Key performance indicators
The turnover remained at a consistent £18.7million for 2023 and 2022.
EBITDA has increased from £530k in 2022 to £911k in 2023.
We have continued to sustain a net current asset position within the company, and our key performance indicators of debtor days have increased 3 days from 57 days last year to 60 days this year. Stock days however have decreased to 65 days (2022: 67 days). This is representative of the market conditions, and our move to ensure we have appropriate stock levels in place to counter and delays in shipping.
Future Developments
The directors continues to ensure strategies are in place to innovate and ensure efficiencies throughout the business. The directors continue to remain agile to current market conditions.
DATA DIRECT THAMES VALLEY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Mr. P. Winterbotham
Director
4 March 2024
DATA DIRECT THAMES VALLEY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of the sale of computer consumables.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms. M. Chamberlain
(Appointed 15 August 2022)
Mr. P. Cowan
(Appointed 15 August 2022)
Mr. P. Winterbotham
Auditor
The auditor, Verallo, 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DATA DIRECT THAMES VALLEY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The directors have carefully considered the future forecasts of the company, for a period of at least 12 months from the date these accounts are signed. The directors are confident that they have sufficient resources available to meet the company's obligations as they fall due and to enable it to continue to operate for the foreseeable future.
In concluding that it is appropriate to adopt the going concern basis in preparing the financial statements, the directors have considered the current and future trading, which are based upon expected market trends.
The directors have further considered the continued facilities provided by the company's financiers over the invoice factoring facility of £3 million, where no contra indicators to continuation have been observed and the Coronavirus Business Interruption Loan Scheme loan of £2 million, repayable by December 2027.
On behalf of the board
Mr. P. Winterbotham
Director
4 March 2024
DATA DIRECT THAMES VALLEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF DATA DIRECT THAMES VALLEY LIMITED
- 6 -
Opinion
We have audited the financial statements of Data Direct Thames Valley Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
DATA DIRECT THAMES VALLEY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DATA DIRECT THAMES VALLEY LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
DATA DIRECT THAMES VALLEY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DATA DIRECT THAMES VALLEY LIMITED
- 8 -
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.
DATA DIRECT THAMES VALLEY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DATA DIRECT THAMES VALLEY LIMITED
- 9 -
Use of report
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Michelle Hewitt-Dutton FCCA (Senior Statutory Auditor)
For and on behalf of Verallo
Statutory Auditor
6 March 2024
DATA DIRECT THAMES VALLEY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
18,669,336
18,730,936
Cost of sales
(15,089,241)
(15,439,263)
Gross profit
3,580,095
3,291,673
Distribution costs
(1,321,649)
(803,418)
Administrative expenses
(1,783,135)
(2,364,252)
Other operating income
280,331
263,282
Operating profit
4
755,642
387,285
Interest receivable and similar income
182
Interest payable and similar expenses
7
(142,561)
(86,127)
Profit before taxation
613,263
301,158
Tax on profit
8
(20,669)
(109,779)
Profit for the financial year
592,594
191,379
The notes on pages 14 to 32 form part of these financial statements
DATA DIRECT THAMES VALLEY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
2,250
5,250
Tangible assets
10
1,896,199
1,971,596
Investments
11
1,700,000
1,700,000
3,598,449
3,676,846
Current assets
Stocks
12
3,348,716
3,450,625
Debtors
13
9,886,542
9,178,769
Cash at bank and in hand
325,782
726,317
13,561,040
13,355,711
Creditors: amounts falling due within one year
14
(7,902,065)
(7,910,824)
Net current assets
5,658,975
5,444,887
Total assets less current liabilities
9,257,424
9,121,733
Creditors: amounts falling due after more than one year
17
(1,940,621)
(2,397,524)
Provisions for liabilities
Deferred tax liability
18
36,023
36,023
(36,023)
(36,023)
Net assets
7,280,780
6,688,186
Capital and reserves
Called up share capital
20
500,000
500,000
Profit and loss reserves
6,780,780
6,188,186
Total equity
7,280,780
6,688,186
DATA DIRECT THAMES VALLEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 4 March 2024 and are signed on its behalf by:
Mr. P. Winterbotham
Director
Company Registration No. 03776042
The notes on pages 14 to 32 form part of these financial statements
DATA DIRECT THAMES VALLEY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
500,000
5,996,807
6,496,807
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
191,379
191,379
Balance at 31 March 2022
500,000
6,188,186
6,688,186
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
592,594
592,594
Balance at 31 March 2023
500,000
6,780,780
7,280,780
The notes on pages 14 to 32 form part of these financial statements
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information
Data Direct Thames Valley Limited (03776042) is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 11 Ivanhoe Road, Hogwood Industrial Estate, Finchampstead, Wokingham, Berkshire, United Kingdom, RG40 4QQ.
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.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Data Direct Holdings Limited. These consolidated financial statements are available from its registered office, 11 Ivanhoe Road, Hogwood Industrial Estate, Finchampstead, Berkshire, RG40 4QQ.
Reclassification of expenditure
Distribution costs of £735,838 incurred during the year ended 31 March 2022 have been reclassified as cost of sales, in order to better reflect the reality of the costs incurred.
Management charges of £256,790 received during the year ended 31 March 2022 have been reclassified as other operating income, having previously been aggregated within cost of sales. The revised presentation more accurately reflects the substance of the transactions.
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.2
Going concern
The directors truehave carefully considered the future forecasts of the company, for a period of at least 12 months from the date these accounts are signed. The directors are confident that they have sufficient resources available to meet the company's obligations as they fall due and to enable it to continue to operate for the foreseeable future.
In concluding that it is appropriate to adopt the going concern basis in preparing the financial statements, the directors have considered the current and future trading, which are based upon expected market trends.
The directors have further considered the continued facilities provided by the company's financiers over the invoice factoring facility of £3 million, where no contra indicators to continuation have been observed and the Coronavirus Business Interruption Loan Scheme loan of £2 million, repayable by December 2027.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Turnover is recognised on the delivery of the goods and services.
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 delivery 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.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 20 years.
1.5
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
Land not depreciated; buildings over 50 years
Leasehold properties
over the life of the lease
Plant and machinery
25% straight line
Fixtures and fittings
20% straight line
Computer equipment
20% straight line
Motor vehicles
25% reducing balance
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Fixed asset investments
The company holds an interest in a related party. This investment is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
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.
Cost is calculated on a first in, first out basis.
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.
1.8
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.
1.9
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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 receipts 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.
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
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 company’s contractual obligations expire or are discharged or cancelled.
1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.11
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.
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
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.
1.15
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.
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
A key area of uncertainty is the recoverability of all related party debtor balances. Please refer to note 13 in the financial statements.
Key accounting estimates include the assessment of impairment of the loans to a related party. This is considered by the directors on an annual basis, based on the expectations of repayment by the related party. In the current year no impairment was required.
Each year the directors review the carrying value of the fixed asset investments to determine if any impairment is required. The historical and projected financial performance of the investment is reviewed to ascertain that the amount invested by the company remains recoverable. To date the directors believe no impairment is considered necessary, additional support for this consideration has been provided by the personal guarantee by P Winterbotham, should there be a shortfall in repayment of the preference shares. The impairment considerations are continually monitored.
In addition the directors have considered the appropriateness of the accounting treatment for the loans as long term other investments. On the basis that there is no traded active market for the shares for recognition at fair value, and the timing of the repayment is unknown, for recognition at amortised cost, the directors consider the recognition at cost less impairment is to be most appropriate.
Each year, the directors review the stock for slow moving and obsolete items to determine if any provision is required. In doing so, the company projects the expected consumption of stock lines to calculate how long it will take for the stock to be consumed or sold. Stock lines which are projected to take longer than 12 months are provided against accordingly.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
18,669,336
18,730,936
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
15,727,374
16,024,505
Overseas
2,941,962
2,706,431
18,669,336
18,730,936
2023
2022
£
£
Other revenue
Interest income
182
-
Grants received
6,492
Management fees
280,331
256,790
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(6,492)
Fees payable to the company's auditor for the audit of the company's financial statements
21,000
19,372
Depreciation of owned tangible fixed assets
152,358
139,702
Amortisation of intangible assets
3,000
3,000
Operating lease charges
219,699
232,657
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 company
21,000
19,372
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Distribution staff
8
8
Administrative staff
27
10
Sales staff
12
30
Total
47
48
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,119,811
2,276,742
Social security costs
270,039
265,877
Pension costs
74,597
72,788
2,464,447
2,615,407
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
142,072
85,970
Other interest
489
157
142,561
86,127
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
133,033
96,849
Adjustments in respect of prior periods
(112,364)
12,930
Total current tax
20,669
109,779
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Taxation
(Continued)
- 23 -
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
613,263
301,158
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
116,520
57,220
Tax effect of expenses that are not deductible in determining taxable profit
4,926
16,919
Other non-reversing timing differences
11,587
Under/(over) provided in prior years
35,640
R&D claim
(112,364)
Taxation charge for the year
20,669
109,779
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19% as previously enacted). The Finance Bill 2021 had its third reading on 24 May 2021 and is now considered substantively enacted. This means that the 25% main rate of corporation tax and marginal relief will be relevant for any asset sales or timing differences expected to reverse on or after 1 April 2023. Deferred taxes at the balance sheet date have not been measured using these enacted tax rates and not reflected in these financial statements on the grounds of immateriality.
9
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
60,000
Amortisation and impairment
At 1 April 2022
54,750
Amortisation charged for the year
3,000
At 31 March 2023
57,750
Carrying amount
At 31 March 2023
2,250
At 31 March 2022
5,250
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
10
Tangible fixed assets
Freehold land and buildings
Leasehold properties
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2022
1,776,312
184,090
158,126
511,985
582,145
3,212,658
Additions
2,550
12,576
61,835
76,961
At 31 March 2023
1,776,312
186,640
158,126
511,985
594,721
61,835
3,289,619
Depreciation and impairment
At 1 April 2022
29,504
184,090
144,199
335,078
548,191
1,241,062
Depreciation charged in the year
9,835
511
7,409
101,907
17,237
15,459
152,358
At 31 March 2023
39,339
184,601
151,608
436,985
565,428
15,459
1,393,420
Carrying amount
At 31 March 2023
1,736,973
2,039
6,518
75,000
29,293
46,376
1,896,199
At 31 March 2022
1,746,808
13,927
176,907
33,954
1,971,596
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Tangible fixed assets
(Continued)
- 25 -
Freehold land and buildings with a carrying amount of £1,746,808 (2022 - £1,746,808) have been pledged to secure borrowings of the company. Included in Freehold land and buildings is land totalling £1,110,512, which has not been subject to depreciation.
11
Fixed asset investments
2023
2022
Notes
£
£
Loans to related party
1,700,000
1,700,000
Fixed asset investments not carried at market value
On 21 December 2018, Data Direct Thames Valley Limited loaned £1.7 million to SRS Works Limited, in return for 1,700,000 Ordinary B £1 shares, at a dividend rate of 0.001%. The Ordinary B shares have no voting rights, but will take precedence on wind up.
The company is related by a mutual director and controlling party, although there is no formal repayment schedule for the preference shares, the director has confirmed that it is anticipated to be repaid in full in a short period of time.
On the basis that there is no traded active market for the shares for recognition at fair value, and the timing of the repayment is unknown, for recognition at amortised cost, the directors consider the recognition at cost less impairment is to be most appropriate.
The directors have considered the carrying value of the fixed asset investments to determine if any impairment is required. To date the directors believe no impairment is considered necessary, additional support for this consideration has been provided by the personal guarantee by P Winterbotham, should there be a shortfall in repayment of the preference shares. The impairment considerations are continually monitored.
12
Stocks
2023
2022
£
£
Work in progress
167,255
88,824
Finished goods and goods for resale
3,181,461
3,361,801
3,348,716
3,450,625
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,696,829
3,515,378
Amounts owed by group undertakings
3,126,324
3,121,524
Other debtors
3,043,899
2,464,239
Prepayments and accrued income
19,490
77,628
9,886,542
9,178,769
Alongside the Amounts owed by Group Undertakings of £3,126,324 (2022: £3,121,524), is an amount included in other debtors of £2,860,210 (2022 - £2,422,601), in relation to monies due from related companies. The companies are related by a mutual director who has a significant interest in each entity. At the date of signing these financial statements, substantially all of these debtor balances remain outstanding. There are no formal agreements in place in respect of these debtor balances and there is no scheduled repayment or interest charged. The company expects to recover these balances from the future cash flows generated by the related companies.
The mutual director has carefully considered the recoverability of these debtor balances, through his detailed knowledge of the operations of the related party companies, their future strategies and their projected future profitability. The director is confident in the ultimate recoverability of these debtor balances, on the basis that Mr P Winterbotham has pledged via a letter of guarantee dated 30 January 2024, to personally meet any shortfall in the repayment of £2,435,444 of the other debtors balance, should this be required to pay to the creditors of Data Direct Thames Valley Limited, or should the related entities cease to trade.
The directors have carefully considered the recoverability of the amounts owed by group undertakings and monies owed from related companies in other debtors and have concerns over the recoverability of £2,435,444 of the other debtors balance. Mr P Winterbotham has pledged via a letter of guarantee dated 30 January 2024.
There is a further balance of £160,000 (2022:£ £160,000) in other debtors, loaned with no scheduled repayment or interest charged to a third party. The directors consider this amount to be recoverable, based upon the financial position of the company in question.
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
15
471,350
434,986
Obligations under hire purchase agreements
14,750
-
Other borrowings
15
2,804,764
2,872,364
Trade creditors
3,072,570
3,083,287
Corporation tax
130,172
95,146
Other taxation and social security
652,900
339,484
Other creditors
587,163
872,504
Accruals and deferred income
168,396
213,053
7,902,065
7,910,824
Trade debtors were assigned to Lloyds TSB Invoice Financing under a discounting arrangement. The facility offers an invoice discounting limit of £3m and charges 1.65% above base rate for balances up to £1m and 1.5% above base rate for balances above £1m. A fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery exists in favour of Lloyds TSB Invoice Financing in relation to debts not transferred to that company. At the year end, an amount of £2,804,764 (2022: £2,872,364) was factored.
The invoice factoring arrangement is also secured by a personal guarantee provided by the director. This has further been supported by a postponement of the directors' loan account balance, which limits the repayments against the loan period in a given period, and prevents its assignment.
A £2 million Coronavirus Business Interruption Loan Scheme loan was taken out on 6 May 2020, the amount is repayable by 66 monthly instalments commencing 12 June 2021, at a rate of 2.85%. The security held by Lloyds PLC, as per note 17 also cover the Coronavirus Business Interruption Loan Scheme loan.
15
Loans and overdrafts
2023
2022
£
£
Bank loans
2,382,471
2,832,510
Other loans
2,804,764
2,872,364
5,187,235
5,704,874
Payable within one year
3,276,114
3,307,350
Payable after one year
1,911,121
2,397,524
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
16
Finance lease and hire purchase obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
14,750
In two to five years
29,500
44,250
Finance lease payments represent amounts payable by the company for motor vehicles. Agreements include purchase options at the end of the finance period, and no restrictions are placed on the use of the assets. The average lease term is 48 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
17
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15
1,911,121
2,397,524
Obligations under hire purchase agreements
29,500
-
1,940,621
2,397,524
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
17
Creditors: amounts falling due after more than one year
(Continued)
- 29 -
The Lloyds mortgage loans, are secured by a fixed charge over:
the freehold property known as 11 Ivanhoe Road, Hogwood Industrial Estate, Finchampstead, RG40 4QQ;
the freehold property known as The New Barn, Home Farm, The Avenue, Esholt, Shipley, BD17 7RH; and
the land lying to the south-west of Ivanhoe Road, Finchampstead.
In addition, a fixed and floating charge over the undertaking and all property and assets present and future, including freehold and leasehold property, fixed plant and machinery, book debts, goodwill and uncalled capital exists in favour of Lloyds TSB plc in relation to the mortgage loans.
The mortgage loan over 11 Ivanhoe Road is subject to interest at a rate of 3.1% per annum, above base and is repayable over a 240 month period, commencing 1 July 2018.
An amount of £217,400 is due between 2 and 5 years (2022: £217,400), with £630,142 (2022: £668,363) due in more than 5 years.
The mortgage loan over The New Barn is subject to interest at a rate of 3.75% per annum, above base and is repayable over a 180 month period, commencing 10 February 2020.
An amount of £68,000 is due between 2 and 5 years (2022: £68,000), with £128,912 (2022: £141,498) due in more than 5 years.
Amounts included above which fall due after five years are as follows:
Payable by instalments
759,054
809,861
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
36,023
36,023
There were no deferred tax movements in the year.
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
74,597
72,788
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100,000
100,000
100,000
100,000
Ordinary A of £1 each
400,000
400,000
400,000
400,000
500,000
500,000
500,000
500,000
Each ordinary and ordinary 'A' share held entitles the bearer to one vote.
On winding up, the ordinary 'A' shares rank below the ordinary shares in the repayment of the capital paid up. If there are any assets remaining, ordinary 'A' shareholders are entitled to a payment based on the nominal value of the shares paid up. The ordinary shareholders are entitled to the residue if any.
Both types of shares are entitled to receive a dividend. If the reserves allow, the annual dividend to be paid to the ordinary 'A' shareholders is 5% of the nominal value of the shares allotted and this is at the discretion of the director.
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
135,120
129,427
Between two and five years
116,328
140,634
251,448
270,061
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
22
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
284,880
493,868
135,781
152,776
In addition, operating lease commitments have been entered into on behalf of companies under common control as follows:
Due to expire within 1 year: £45,554
Due to expire within 2-5 years: £45,942
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
147,957
214,413
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
2,712,253
1,796,541
Other related parties
7,047
10,937
As per note 14, a director's loan is pledged against the invoice factoring facility. At the start of the year the balance owed to the director was £626,060. During the year the director withdrew £212,334 (2022: £427,176) and made repayments of £nil (2022: £nil). At the balance sheet date the company owed the director £413,726.
DATA DIRECT THAMES VALLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 32 -
23
Ultimate controlling party
The immediate and ultimate parent undertaking, and the smallest and largest group to consolidate these financial statements is Data Direct Holdings Limited, incorporated in England & Wales. Copies of Data Direct Holdings LImited consolidated financial statements can be obtained from its registered office at 11 Ivanhoe Road, Hogwood Industrial Estate, Finchampstead, Wokingham, Berkshire, RG40 4QQ.
The ultimate controlling party is Mr P. Winterbotham by virtue of his majority shareholding in the ultimate parent company.
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.100Ms. M. ChamberlainMr. P. CowanMr. P. WinterbothamMr. M. O'Brien037760422022-04-012023-03-3103776042bus:Director12022-04-012023-03-3103776042bus:Director22022-04-012023-03-3103776042bus:Director32022-04-012023-03-3103776042bus:CompanySecretary12022-04-012023-03-3103776042bus:RegisteredOffice2022-04-012023-03-31037760422023-03-31037760422021-04-012022-03-3103776042core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3103776042core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103776042core:Goodwill2023-03-3103776042core:Goodwill2022-03-31037760422022-03-3103776042core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3103776042core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3103776042core:PlantMachinery2023-03-3103776042core:FurnitureFittings2023-03-3103776042core:ComputerEquipment2023-03-3103776042core:MotorVehicles2023-03-3103776042core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3103776042core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3103776042core:PlantMachinery2022-03-3103776042core:FurnitureFittings2022-03-3103776042core:ComputerEquipment2022-03-3103776042core:MotorVehicles2022-03-3103776042core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103776042core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103776042core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3103776042core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3103776042core:ShareCapital2023-03-3103776042core:ShareCapital2022-03-3103776042core:RetainedEarningsAccumulatedLosses2023-03-3103776042core:RetainedEarningsAccumulatedLosses2022-03-3103776042core:ShareCapital2021-03-3103776042core:RetainedEarningsAccumulatedLosses2021-03-31037760422021-03-3103776042core:ShareCapitalOrdinaryShares2023-03-3103776042core:ShareCapitalOrdinaryShares2022-03-3103776042core:Goodwill2022-04-012023-03-3103776042core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3103776042core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3103776042core:PlantMachinery2022-04-012023-03-3103776042core:FurnitureFittings2022-04-012023-03-3103776042core:ComputerEquipment2022-04-012023-03-3103776042core:MotorVehicles2022-04-012023-03-310377604212022-04-012023-03-310377604212021-04-012022-03-3103776042core:UKTax2022-04-012023-03-3103776042core:UKTax2021-04-012022-03-310377604222022-04-012023-03-310377604222021-04-012022-03-3103776042core:Goodwill2022-03-3103776042core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3103776042core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3103776042core:PlantMachinery2022-03-3103776042core:FurnitureFittings2022-03-3103776042core:ComputerEquipment2022-03-3103776042core:MotorVehicles2022-03-31037760422022-03-3103776042core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3103776042core:Non-currentFinancialInstruments2023-03-3103776042core:Non-currentFinancialInstruments2022-03-3103776042core:CurrentFinancialInstruments2023-03-3103776042core:CurrentFinancialInstruments2022-03-3103776042core:WithinOneYear2023-03-3103776042core:WithinOneYear2022-03-3103776042core:BetweenTwoFiveYears2023-03-3103776042core:BetweenTwoFiveYears2022-03-3103776042core:AllSubsidiariescore:SaleOrPurchaseGoods2022-04-012023-03-3103776042core:AllSubsidiariescore:SaleOrPurchasePropertyOrOtherAssets2021-04-012022-03-3103776042bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103776042bus:FRS1022022-04-012023-03-3103776042bus:Audited2022-04-012023-03-3103776042bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP