Company registration number 11843593 (England and Wales)
AERO SERVICES GLOBAL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
AERO SERVICES GLOBAL GROUP LIMITED
COMPANY INFORMATION
Directors
Mr S A Amiri
Mr J D Aldridge
Mr W R J Rawkins
Mr G Richardson
Mr S C Weston
Mr S Biddlestone
Mr A Shaffran
(Appointed 29 September 2023)
Company number
11843593
Registered office
c/o A2e Industries Limited
No.1 Marsden Street
Manchester
United Kingdom
M2 1HW
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
AERO SERVICES GLOBAL GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
18 - 40
AERO SERVICES GLOBAL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

These accounts include the trading periods from 1 April 2021 to 31 March 2023 for 7 subsidiaries. The comparative figures for the period ended 31 March 2022 include 12 months of 7 subsidiaries, and 5 months for 1 subsidiary disposed of on 2 September 2021.

The operating structure

In the past 7 years, 9 acquisitions and 1 disposal have been completed and, in each case, a focused program of enhancing the core expertise and capabilities has been implemented. These companies form the current group structure brought together in the Aero Services Global Group Limited (ASGG) group, as disclosed in the notes to the financial statements. These companies are grouped into two distinct segments:

 

ASG Aerospace, primarily offers complex machining of detailed components and assemblies, treatments, and other associated services to the Airframe, AeroEngine, defence and medical sectors. Its customers are predominantly OEMs and Tier 1 suppliers to those OEMs.

 

ASG Tooling offers turnkey design and manufacture of tooling for composite, transportation media, jigs, and fixtures to the aerospace civil and defence sectors.

 

The constituent members of each division are as follows:

 

ASG Aerospace

 

Phoenix CNC Engineering Limited (Phoenix)

Techni-Grind (Preston) Machining Limited (TGM)

Arrowsmith Engineering Limited (Arrowsmith)

Ludolph Bremerhaven GmbH (Ludolph)

AMF Precision Engineering Limited (AMF)

King and Fowler UK Limited (K&F)

Produmax Limited (Produmax) (Acquired September 2023)

 

ASG Tooling

 

B&H.PT. Limited (B&H)

 

The individual companies form an integrated strategy with the coordinated operations of ASGG through its key functions of sales, customer liaison and service, technical expertise enhancement conducting as one integrated group.

 

Growth Strategy

We remain committed to our sustainable growth strategy by adopting a “partnership” approach with our customers, suppliers, funders and other stakeholders. We are pleased that the build rate of aircraft by Airbus and Boeing are stable and increasing incrementally.

Within this context we endeavour to extend our reach through ongoing discussions with a “low” cost joint venture in India and enhancing our footprint in Germany and the EU.

On 29 September 2023, the Group acquired Produmax Limited; a highly respected aerospace engineering business focusing on flight control components. The acquisition complements the existing ASG Group, bringing additional diversification of core competencies and customers. The existing management team remains with the business focused on a significant upward trajectory in line with customer demands and needs.

We are also focused on a few highly selective acquisitions in the UK and Europe with a view to further enhancing the Group’s core competencies, customer reach and operational efficiencies.

Alongside this, the Group has continued to invest in capital expenditure in supporting our growth, with £1.5m invested in the financial period ending March 2023. Further investment of over £2.6m has been earmarked for the financial year ending March 2024.

 

 

 

 

 

AERO SERVICES GLOBAL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Financial Stability
As a continuous focus on financial stability of the group, and to enable the group to achieve its ambitious growth plans, a few measures were implemented to significantly enhance the stability of the group. These include an equity cash injection of £1.5m by the major shareholder in the period of October and November 2023, and heads of terms have been agreed to convert the entire loans provided by Realta Investments into equity in January 2024, and as such the shareholder funds will be bolstered by circa £24m. The total debt level of the group will be correspondingly reduced from £39m to £16m comprising HP of £6m and a revolving invoice discounting facilities of £10m as of 31st December 2023.

In addition, the current level of interest cost of £2.5m in 2023, and £2.3m in 2022 will no longer be charged to the profit and loss account nor paid as Realta Investments is focused on its equity return as a long-term investor.   

Financial stability remains a major aspect of our strategy and in pursuance of this the Group has in September 2023 increased the headline financing facility by a further £6m as part of this. This will further support our growth, ongoing working capital needs, and capital investment to support ASGG's strategy in catering for the demands of customers now and in the future as growth returns to the aerospace sector.

We have remained in constant communication with our key funders, and we are grateful for their continued support.
AERO SERVICES GLOBAL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Review of the business

The results for 7 of the subsidiaries owned prior to 31st March 2022 are included for 12 months with only 5 months of pre-disposal results for Datum Tooling Design Ltd included, which are presented as a discontinued operation in the period ending 31st March 2022.

 

The results for the year under review reflect the continuing recovery of the Aerospace Industry following the “devastating” impact of global lockdowns and the resultant severe reduction in travel. We endeavour to gain a higher market share during the recovery of the Aerospace industry. Sales achieved for the year ending 31 March 2023 of £47.5m represent a 57.8% increase on the prior year.

 

The turnover for the year to 31st March 2024 is expected to be significantly higher than the reported turnover in these accounts, with the acquisition of Produmax in September 2023. This continues our strategy to take opportunities to further enhance the group’s foothold in the market.

 

The group managed to make a profit at EBITDA level of £6.0m, in the year under review. Depreciation of £1.7m and non-cash amortisations of £0.9m are recurring costs, with non-recurring exceptional/reorganisation costs of £0.9m, resulting in an operating profit of £2.5m. After interest paid of £1m and interest accrued of £2.7m, the Statutory Loss amounted to £1.2m.

 

 

Aerospace Division
Tooling Division
Central
Costs
Group
Group
Year Ended 31 March 2023
Year Ended 31 March 2023
Year Ended 31 March 2023
Year Ended 31 March 2023
Year Ended 31 March 2022
£m
£m
£m
£m
£m
Sales
42.0
5.5
0
47.5
30.1
Earnings before interest, tax, exceptional items
6.1
0
(0.1)
6.0
1.5
Depreciation
(1.5)
(0.2)
0
(1.7)
(1.8)
Operating profit/(loss) before amortisation & exceptional costs
4.6
(0.2)
(0.1)
4.3
(0.3)
Non-cash amortisation
0
0
(0.9)
(0.9)
(0.9)
Exceptional items relating to group reorganisation and professional costs
(0.4)
(0.1)
(0.4)
(0.9)
(0.7)
Operating profit/(loss)
4.2
(0.3)
(1.4)
2.5
(1.9)
Interest payable and similar charges
(0.8)
(0.1)
(2.8)
(3.7)
(2.9)
Profit/(loss) before tax
3.4
(0.4)
(4.2)
(1.2)
(4.8)
The majority of exceptional costs have been incurred at group level. The exceptional items relating to the group reorganisation costs will not be repeated. Non-cash amortisation relates to Goodwill on acquisition being written down as required by FRS 102.
AERO SERVICES GLOBAL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Principal risks and uncertainties

The Group’s uses financial instruments including cash, 3rd party borrowings and other items including trade debtors and trade creditors that arise directly from its operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in further detail below.

 

Liquidity Risk

 

The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.

 

Interest Rate Risk

 

The Group does have 3rd party borrowings primarily in relation to the monies provided by Realta Investments DAC Limited. There are certain protections in place to mitigate the risk of any small base rate increases by c.2%. In the event that an increase in base rate occurs then the Board of Directors intend to put in hedging contracts to protect the Company from any significant rate increases.

 

Credit Risk

 

The Group’s principal financial assets are cash deposits, cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk therefore lies with trade debtors. In order to manage the credit risk, the directors actively review payment history and debtor performance and in certain instances ensure that insured credit limits are put in place and actively managed.

 

Currency Risk

 

The Group is exposed to transaction foreign currency risk trading and holding in Sterling, Euros and US Dollars. In order to mitigate the risk, the Board of Directors naturally focus on managing receipts and payments in currencies to minimise any significant foreign exchange losses.

 

Supply Chain Risk

 

The Group’s products and services are delivered through the effective operation of its facilities and key capabilities, including its supply chain. While the Group’s strategy is to improve integration and simplify the internal and external elements of its supply chain by building long-term strategic links with fewer, stronger suppliers, it remains at risk of disruption. The Board of Directors have applied an increased focus to understanding and addressing sources of risk arising in the external supply chain, particularly those associated with financial instability.

Financial key performance indicators

The Board of Directors utilise key performance indicators including but not limited to:

 

 

These are contained within the financial statements and Strategic Report.

AERO SERVICES GLOBAL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Directors' statement of compliance with duty to promote the success of the group

The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006, summarised as follows:

 

“A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:

 

 

The following paragraphs summarise how the directors fulfill their duties:

 

The board of directors and shareholders and investors meet regularly to discuss strategy and objectives and the board report regularly on the progress against the key objectives. The board’s intention is to behave responsibly and ensure that management operate the business in a responsible manner and portray responsible behaviours which the employees then reflect. The board of directors also review the principal risks and uncertainties affecting the business on a regular basis.

 

Our employees are fundamental to the delivery of the company’s goals. The company has a structure through which is engages with its employees, with directors of the individual trading businesses liaise between employees and the board regularly. This works effectively since the number of employees at each business is small enough for there to be a high degree of visibility by the directors who are then able to provide the two-way dialogue with the board. Employees’ behaviour and performance is monitored and addressed where any such behaviour is not deemed to be in line with the values of the company.

 

Our aim is to provide the “Best in Class” service to our customers, it is therefore important to develop and maintain strong client relationships. We have ongoing contracts with our key suppliers and key customers. The strength of these supplier and customer relationships and the regular communications with customers and suppliers have been crucial in ensuring that the businesses objectives are met.

On behalf of the board

Mr S A Amiri
Director
21 February 2024
AERO SERVICES GLOBAL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -

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

Principal activities

The principal activity of the group continued to be that of manufacturing and distribution of parts to the aerospace industry.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference 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:

Mr S A Amiri
Mr J D Aldridge
Mr A E Greenough
(Resigned 14 June 2023)
Mr W R J Rawkins
Mr G Richardson
Mr S C Weston
Mr S Biddlestone
Mr A Shaffran
(Appointed 29 September 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Energy and carbon report

As the parent company of the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities. Each of the group's subsidiary companies is outside the scope of the requirements to report on energy and carbon.

AERO SERVICES GLOBAL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
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.

On behalf of the board
Mr S A Amiri
Director
28 February 2024
AERO SERVICES GLOBAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AERO SERVICES GLOBAL GROUP LIMITED
- 8 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

AERO SERVICES GLOBAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AERO SERVICES GLOBAL GROUP LIMITED
- 9 -
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.

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.

AERO SERVICES GLOBAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AERO SERVICES GLOBAL GROUP LIMITED
- 10 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Helen Davies (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
11 March 2024
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
AERO SERVICES GLOBAL GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2023
operations
operations
2022
as restated
Notes
£000
£000
£000
£000
£000
£000
Turnover
3
47,489
-
47,489
28,928
1,175
30,103
Cost of sales
(30,908)
-
(30,908)
(19,233)
(1,034)
(20,267)
Gross profit
16,581
-
16,581
9,695
141
9,836
Administrative expenses
(13,420)
-
(13,420)
(11,778)
(216)
(11,994)
Other operating income
220
-
220
810
142
952
Exceptional item
11
(872)
-
(872)
(722)
(23)
(745)
Operating profit/(loss)
4
2,509
-
2,509
(1,995)
44
(1,951)
Interest receivable and similar income
8
7
-
7
657
-
657
Interest payable and similar expenses
9
(937)
-
(937)
(3,029)
-
(3,029)
Interest payable accrued
9
(2,742)
-
(2,742)
(481)
-
(481)
Loss before taxation
(1,163)
-
(1,163)
(4,848)
44
(4,804)
Tax on loss
10
148
-
148
873
-
873
Loss for the financial year
24
(1,015)
-
(1,015)
(3,975)
44
(3,931)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
AERO SERVICES GLOBAL GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 12 -
2023
2022
as restated
Notes
£000
£000
£000
£000
Fixed assets
Goodwill
12
545
564
Other intangible assets
12
14,304
15,167
Total intangible assets
14,849
15,731
Tangible assets
13
7,641
7,774
22,490
23,505
Current assets
Stocks
16
8,253
6,602
Debtors
17
15,324
12,217
Cash at bank and in hand
3,368
2,386
26,945
21,205
Creditors: amounts falling due within one year
18
(19,616)
(15,966)
Net current assets
7,329
5,239
Total assets less current liabilities
29,819
28,744
Creditors: amounts falling due after more than one year
19
(25,441)
(23,600)
Provisions for liabilities
Deferred tax liability
22
685
375
(685)
(375)
Net assets
3,693
4,769
Capital and reserves
Called up share capital
23
9,887
9,887
Share premium account
24
8,917
8,917
Capital redemption reserve
24
1,735
1,735
Other reserves
24
98
159
Profit and loss reserves
24
(16,944)
(15,929)
Total equity
3,693
4,769
The financial statements were approved by the board of directors and authorised for issue on 15 January 2024 and are signed on its behalf by:
15 January 2024
Mr S A Amiri
Director
Company registration number 11843593 (England and Wales)
AERO SERVICES GLOBAL GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 13 -
2023
2022
as restated
Notes
£000
£000
£000
£000
Fixed assets
Investments
14
10,066
10,066
Current assets
Debtors
17
20,323
21,215
Cash at bank and in hand
632
346
20,955
21,561
Creditors: amounts falling due within one year
18
(19,409)
(18,329)
Net current assets
1,546
3,232
Total assets less current liabilities
11,612
13,298
Creditors: amounts falling due after more than one year
19
(1,142)
(1,242)
Net assets
10,470
12,056
Capital and reserves
Called up share capital
23
9,887
9,887
Share premium account
24
8,917
8,917
Other reserves
24
154
154
Profit and loss reserves
24
(8,488)
(6,902)
Total equity
10,470
12,056

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,585,748 (2022 - £1,691,158 loss).

The financial statements were approved by the board of directors and authorised for issue on 15 January 2024 and are signed on its behalf by:
15 January 2024
Mr S A Amiri
Director
Company registration number 11843593 (England and Wales)
AERO SERVICES GLOBAL GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£000
£000
£000
£000
£000
£000
As restated for the period ended 31 March 2022:
Balance at 1 April 2021
9,887
8,917
1,735
159
(11,998)
8,700
Year ended 31 March 2022:
Loss and total comprehensive income
-
-
-
-
(3,450)
(3,450)
Effect of prior year adjustment
-
-
-
-
(481)
(481)
Balance at 31 March 2022
9,887
8,917
1,735
159
(15,929)
4,769
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
-
(1,015)
(1,015)
Transfers
-
-
-
(61)
-
(61)
Balance at 31 March 2023
9,887
8,917
1,735
98
(16,944)
3,693
AERO SERVICES GLOBAL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£000
£000
£000
£000
£000
As restated for the period ended 31 March 2022:
Balance at 1 April 2021
9,887
8,917
154
(5,211)
13,747
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
-
(1,210)
(1,210)
Effect of prior year restatement
-
-
-
(481)
(481)
Balance at 31 March 2022
9,887
8,917
154
(6,902)
12,056
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
(1,586)
(1,586)
Balance at 31 March 2023
9,887
8,917
154
(8,488)
10,470
AERO SERVICES GLOBAL GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
2023
2022
as restated
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash absorbed by operations
29
(735)
(4,195)
Interest paid
(937)
(3,029)
Income taxes refunded
563
575
Net cash outflow from operating activities
(1,109)
(6,649)
Investing activities
Purchase of intangible assets
(26)
-
Purchase of tangible fixed assets
(1,005)
(789)
Proceeds from disposal of tangible fixed assets
(1)
1,279
Interest received
7
657
Net cash (used in)/generated from investing activities
(1,025)
1,147
Financing activities
Repayment of preference shares
(100)
(100)
Interest accrued on term loans
2,485
-
Net movement of trade financing
1,730
3,519
Payment of finance leases obligations
(999)
(627)
Net cash generated from financing activities
3,116
2,792
Net increase/(decrease) in cash and cash equivalents
982
(2,710)
Cash and cash equivalents at beginning of year
2,386
5,096
Cash and cash equivalents at end of year
3,368
2,386
AERO SERVICES GLOBAL GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
2023
2022
as restated
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
386
(1,843)
Investing activities
Proceeds from disposal of subsidiaries
-
0
(1,000)
Net cash used in investing activities
-
(1,000)
Financing activities
Repayment of preference shares
157
381
Net cash generated from financing activities
157
381
Net increase/(decrease) in cash and cash equivalents
543
(2,462)
Cash and cash equivalents at beginning of year
346
3,289
Cash and cash equivalents at end of year
632
346
CASH FLOW OUT OF BALANCE BY:
257
481
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
1
Accounting policies
Company information

Aero Services Global Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/O A2e Industries, No. 1 Marsden Street, Manchester, United Kingdom, M2 1HW.

 

The group consists of Aero Services Global Group 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 £000.

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
Prior period error

Prior period restatement is to better reflect the performance of the business and also the correct split across different categories.

1.3
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.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Aero Services Global Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

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.

1.5
Going concern

The directors have prepared detailed profit and cash flow forecasts for the period to March 2026. These show that based on the forecast trading position and use of its currently agreed invoice discounting facility and borrowings, the group will have sufficient liquidity to meet its liabilities as they fall due.

The directors have also completed a reverse stress test exercise which indidcates that a significant change in fortunes would have to be suffered by the group for it not to be a going concern. There are no indiciators that this would be the case. In such circumstances additional options may be available to mitigate the impact on the group’s liquidity and cash flow including:

(i) further reductions in operating and capital expenditure;

(ii) additional support from the UK Government;

(iii) extension of debt facilities

The group was in compliance with its loan covenants in respect of borrowings at the year end, relating to EBITDA performance, leverage and capex spend. The directors have continued a regular dialogue with the lenders and have made appropriate enquiries in respect of the lender’s position regarding future covenant assessments.

The group closed the financial year with net cash at bank of £3.4m. In addition, the group had £0.4m of headroom in the invoice discounting facility that will be available in line with forecasted turnover growth. In September, this facilty was increased to £14m to provide further headroom.

No other financial support has been included in the forecasts, although the directors understand that the group would qualify for this support if required.

The group has traded in line with budget forecasts for the year.

Based on the above, the directors did not consider there to be material uncertainties regarding the going concern assessment. They also believe that the group is able to meet its liabilities as they fall due, and therefore it is appropriate to adopt the going concern basis of preparation for the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue 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.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.7
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.

1.8
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 20 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.

1.9
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Goodwill generated on business combinations
20 years
Other
20 years
1.10
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:

Leasehold improvements
7% - 15% straight line
Plant and equipment
7% - 20% straight line
Fixtures and fittings
10% - 25% straight line
Computers
10% - 33% straight line
Motor vehicles
20% - 25% straight line
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 21 -

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

1.11
Fixed asset investments

In the parent company financial statements, investment in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.12
Impairment of fixed assets

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

 

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

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.

1.13
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.

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.

1.14
Cash and cash equivalents

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

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 22 -
1.15
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.

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.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

1.16
Compound instruments

Where applicable the component parts of compound instruments issued by the group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.17
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.

1.18
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.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 24 -
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.

1.19
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.

1.20
Retirement benefits

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

1.21
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 leased asset are consumed.

1.22
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.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 25 -
1.23
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.

1.24

Exceptional items

Exceptional items are unusual or non-recurring in nature and are recognised as incurred.

2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Preference dividends

The redeemable preference shares have guaranteed returns and varying termination periods. The dividends qualify as a non-basic financial instrument and require management to estimate the expected future dividend payments and an appropriate rate at which to discount the payments.

Impairment of investments in subsidiaries and good on consolidation

Management consider whether investments in subsidiaries are impaired on an annual basis. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash-generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

Recoverability of intercompany debtor balances

Where evidence exists that investments in subsidiaries are impaired, management consider whether the intercompany debtors due from the subsidiary are recoverable based on future profitability of the subsidiary undertakings.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 26 -

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.

 

Stock provision

The company makes an estimate of the recoverable value of stocks. When assessing impairment of stocks, management considers factors including the current aging of the stocks held and the budgeted sales volumes in the next 12 months of certain products.

 

WIP valuation

WIP is calculated using a rate to absorb the amount of labour used.

 

Management experience of their product lines are essential to determine the amount labour absorbed and thus the value of the WIP. Management's experience of their product lines is essential to determine the amount of labour absorbed and thus the value of WIP.

3
Turnover and other revenue
2023
2022
£000
£000
Turnover analysed by geographical market
United Kingdom
30,633
20,526
Rest of Europe
10,287
7,034
Rest of World
6,568
2,543
47,488
30,103
2023
2022
£000
£000
Other revenue
Interest income
7
657
Grants received
6
929
Sundry income
-
23
4
Operating profit/(loss)
2023
2022
£000
£000
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
1
(27)
Depreciation of owned tangible fixed assets
1,660
1,731
Loss/(profit) on disposal of tangible fixed assets
6
(14)
Amortisation of intangible assets
916
930
Exceptional costs
872
745
Operating lease charges
1,160
866
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the group and company
42
83
Audit of the financial statements of the company's subsidiaries
109
30
151
113
For other services
Taxation compliance services
-
14
Accounts production
21
19
21
33
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
Managememnt
14
13
-
-
Design and Development
11
17
-
-
Production
259
282
-
-
Quality
21
20
-
-
Sales and Marketing
11
12
-
-
Administration
26
23
-
-
Total
342
367
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Wages and salaries
13,124
11,499
-
0
-
0
Social security costs
1,667
1,479
-
-
Pension costs
274
246
-
0
-
0
15,065
13,224
-
0
-
0
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
7
Directors' remuneration
2023
2022
£000
£000
Remuneration for qualifying services
684
1,141
Company pension contributions to defined contribution schemes
4
28
688
1,169
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£000
£000
Remuneration for qualifying services
240
173
Company pension contributions to defined contribution schemes
1
1
8
Interest receivable and similar income
2023
2022
£000
£000
Interest income
Other interest income
7
657
9
Interest payable and similar expenses
2023
2022
£000
£000
Interest payable on term loans
-
2,279
Interest accrued on term loans
2,485
-
Interest accrued on preference shares
257
481
Interest on finance arrangements
802
727
Other interest on financial liabilities
45
20
Other interest
90
3
Total finance costs
3,679
3,510
10
Taxation
2023
2022
£000
£000
Current tax
UK corporation tax on profits for the current period
(265)
(1,034)
Adjustments in respect of prior periods
(193)
(214)
Total current tax
(458)
(1,248)
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Taxation
2023
2022
£000
£000
(Continued)
- 29 -
Deferred tax
Origination and reversal of timing differences
75
375
Adjustment in respect of prior periods
235
-
0
Total deferred tax
310
375
Total tax credit
(148)
(873)

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

2023
2022
£000
£000
Loss before taxation
(1,163)
(4,804)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(221)
(913)
Tax effect of expenses that are not deductible in determining taxable profit
431
-
0
Tax effect of income not taxable in determining taxable profit
(113)
-
0
Tax effect of utilisation of tax losses not previously recognised
(4)
-
0
Unutilised tax losses carried forward
-
0
(405)
Adjustments in respect of prior years
-
0
234
Research and development tax credit
-
0
(622)
Deferred tax adjustments in respect of prior years
(192)
102
Other
-
92
Fixed asset timing differences
(49)
-
Group relief
-
639
Taxation credit
(148)
(873)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
11
Exceptional item
2023
2022
£000
£000
Expenditure
Professional fees
549
78
Employee costs
308
-
Group reorganisation costs
-
649
Other non-recurring expenditure
15
18
872
745

Exceptional items relate to one-off professional fees in respect of ad-hoc projects, staff remuneration and other ad-hoc restructuring costs.

12
Intangible fixed assets
Group
Purchased goodwill
Goodwill generated on business combinations
Other
Total
£000
£000
£000
£000
Cost
At 1 April 2022
1,067
17,489
16
18,572
Additions
-
0
-
0
26
26
Disposals
(438)
-
0
-
0
(438)
Exchange adjustments
13
-
0
(5)
8
At 31 March 2023
642
17,489
37
18,168
Amortisation and impairment
At 1 April 2022
503
2,338
-
0
2,841
Amortisation charged for the year
32
874
10
916
Disposals
(438)
-
0
-
0
(438)
At 31 March 2023
97
3,212
10
3,319
Carrying amount
At 31 March 2023
545
14,277
27
14,849
At 31 March 2022
564
15,151
16
15,731
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£000
£000
£000
£000
£000
£000
Cost
At 1 April 2022
1,055
12,689
196
128
29
14,097
Additions
140
1,178
194
-
0
-
0
1,512
Disposals
-
0
(512)
(81)
-
0
(58)
(651)
Exchange adjustments
-
0
27
8
-
0
-
0
35
At 31 March 2023
1,195
13,382
317
128
(29)
14,993
Depreciation and impairment
At 1 April 2022
294
5,805
163
50
11
6,323
Depreciation charged in the year
71
1,471
91
12
15
1,660
Eliminated in respect of disposals
-
0
(507)
(81)
-
0
(58)
(646)
Exchange adjustments
-
0
9
6
-
0
-
0
15
At 31 March 2023
365
6,778
179
62
(32)
7,352
Carrying amount
At 31 March 2023
830
6,604
138
66
3
7,641
At 31 March 2022
761
6,884
33
78
18
7,774
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.

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

Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Plant and equipment
3,659
3,821
-
0
-
0
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 32 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£000
£000
£000
£000
Investments in subsidiaries
15
-
0
-
0
10,066
10,066
Movements in fixed asset investments
Company
Shares in subsidiaries
£000
Cost or valuation
At 1 April 2022 and 31 March 2023
10,066
Carrying amount
At 31 March 2023
10,066
At 31 March 2022
10,066
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 33 -
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
ASG Industrial Holdings Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
100.00
-
Aero Services.Global Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
AS.G Nominees Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Aerospace Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Tooling Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Investments 1 Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Investments 3 Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Investment 4 Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Investments 5 Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Investment 7 Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Investment 9 Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
ASG Investment 10 Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
Phoenix CNC Engineering Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
Techni-Grind (Preston) Machining Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
B&H.PT. Limited
C/O A2e Industries Limited, No 1 Marsden Street, Manchester, M2 1HW
Ordinary
-
100.00
K&F Industries Limited
2-14 East Bridge Street, Belfast, BT1 3NQ
Ordinary
-
100.00
King and Fowler UK Limited
2-14 East Bridge Street, Belfast, BT1 3NQ
Ordinary
-
100.00
Ludolph Bremerhaven GmbH
Seeborg 5, 27572 Bremerhaven, Germany
Ordinary
-
100.00
AB Engineering Limited
50 Bayton Road, Exhall, Coventry, CV7 9EJ
Ordinary
-
100.00
Arrowsmith Engineering Limited
50 Bayton Road, Exhall, Coventry, CV7 9EJ
Ordinary
-
100.00
Exhall Grinding & Engineering Co Limited
50 Bayton Road, Exhall, Coventry, CV7 9EJ
Ordinary
-
100.00
AMF Precision Engineering Limited
Unit 5 Power Station Business Park, Bromborough, Wirral, CH62 4YB
Ordinary
-
100.00
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 34 -
16
Stocks
Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Raw materials and consumables
3,640
1,598
-
-
Work in progress
2,693
2,538
-
-
Finished goods and goods for resale
1,920
2,466
-
0
-
0
8,253
6,602
-
-

The difference between purchase price or production cost of stocks and their replacement cost is not material.

17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£000
£000
£000
£000
Trade debtors
9,671
8,025
-
0
-
0
Gross amounts owed by contract customers
1,821
465
-
0
-
0
Corporation tax recoverable
-
0
105
-
0
-
0
Amounts owed by group undertakings
-
2,437
18,418
19,414
Other debtors
3,285
427
1,905
1,801
Prepayments and accrued income
547
758
-
0
-
0
15,324
12,217
20,323
21,215

Amounts owed by group undertakings are non-interest bearing and repayable on demand.

18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
as restated
as restated
Notes
£000
£000
£000
£000
Obligations under finance leases
21
965
784
-
0
-
0
Preference dividends payable
20
838
581
838
581
Invoice discounting
7,088
5,359
-
0
-
0
Trade creditors
6,095
5,491
65
50
Amounts owed to group undertakings
-
0
-
0
18,166
17,636
Other taxation and social security
2,012
1,475
-
-
Government grants
26
153
-
0
-
0
Other creditors
1,626
881
288
9
Accruals and deferred income
966
1,242
52
53
19,616
15,966
19,409
18,329
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
18
Creditors: amounts falling due within one year
(Continued)
- 35 -

Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate to.

 

Invoice financing facility is secured by a fixed and floating charge over the group's assets.

 

Amounts owed to group undertakings are non-interest bearing and repayable on demand.

19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£000
£000
£000
£000
Term loans
20
21,485
19,000
-
0
-
0
Obligations under finance leases
21
1,988
2,658
-
0
-
0
Other borrowings
20
200
300
200
300
Government grants
126
-
0
-
0
-
0
Preference dividends payable
942
942
942
942
Other creditors
700
700
-
0
-
0
25,441
23,600
1,142
1,242

Disclosure of the terms and conditions attatched to the non-equity shares is made in the share capital note.

20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Term loans
21,485
19,000
-
0
-
0
Preference shares
938
781
938
781
Other loans
100
100
100
100
22,523
19,881
1,038
881
Payable within one year
838
581
838
581
Payable after one year
21,685
19,300
200
300

On 7 April 2020 Realta Investments Ireland DAC converted £6,000,000 of the previous loan funding into nonredeemable preference shares in Aero Services Global Group Limited. The remaining £19,000,000 was charged interest at 7% plus LIBOR subject to a minimum floor of 2% payable every 6 months. Interest charged on the loan in the year was capitalised.

 

Realta Investments Ireland DAC loan is secured by the loan amount and any accrued interest.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 36 -
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Future minimum lease payments due under finance leases:
Within one year
965
784
-
0
-
0
In two to five years
1,988
2,658
-
0
-
0
2,953
3,442
-
-

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

22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£000
£000
Accelerated capital allowances
685
375
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£000
£000
Liability at 1 April 2022
375
-
Charge to profit or loss
310
-
Liability at 31 March 2023
685
-
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 37 -
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
A Ordinary Shares of 1p each
547,747
547,747
6
6
B Ordinary Shares of £1 each
16,581
16,581
17
17
C Ordinary Shares of £1 each
16,582
16,582
17
17
D ordinary Shares of £1 each
158,829
158,829
159
159
E Ordinary Shares of £1 each
16,580
16,580
17
17
F Ordinary Shares of £1 each
16,580
16,580
17
17
G Ordinary Shares of £1 each
16,582
16,582
17
17
H Ordinary Shares of £1 each
16,580
16,580
17
17
Y Ordinary Shares of 10p each
200,000
200,000
20
20
Z Ordinary Share of £1 each
1
1
-
-
1,006,062
1,006,062
287
287
2023
2022
2023
2022
Preference share capital
Number
Number
£000
£000
Issued and fully paid
A Preference Shares of £1 each
6,000,000
6,000,000
6,000
6,000
B2 (D) Preference Shares of £1 each
200,000
200,000
200
200
B1 (B) Preference Shares of £1 each
700,000
700,000
700
700
B2 (C) Preference Shares of £1 each
1,700,000
1,700,000
1,700
1,700
Preference Shares of £1 each
1,000,000
1,000,000
1,000
1,000
9,600,000
9,600,000
9,600
9,600
Preference shares classified as equity
9,600
9,600
Total equity share capital
9,887
9,887
AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
23
Share capital
(Continued)
- 38 -

All ordinary shares apart from the Z shares are non-redeemable and entitle the holders to 1 vote per share and an equal share of dividends declared by the group.

 

The Z shares are non-redeemable and carry no voting or dividend rights.

 

The A preference shares are non-redeemable and entitle the holders to 15% of the total voting rights of the group and 15% of dividends declared by the group.

 

The B2 (D) preference shares are non-redeemable, carry no voting rights and enable the holders to an equal share of dividends declared by group.

 

The B1 (B) preference shares are non-redeemable, carry no voting rights and enable the holders to a non-discretionary dividend equal to 5% of the paid up capital on the shares. The dividend rate is increased to 8% from 1 January 2023.

 

The B2 (C) preference shares are non-redeemable, carry no voting rights and enable the holders to a non-discretionary dividend equal to 8.5% of the paid up capital on the shares.

 

The Preference shares are non-redeemable, carry no voting rights and entitle the holders to a non-discretionary dividend amounting to £50,000 per annum.

24
Reserves
Share premium

The share premium account represents the total contribution paid by shareholders above the nominal value on issue of the shares.

Merger reserve

The merger reserve represents the consideration paid in excess if the carrying value of assets for subsidiaries acquired where there is no change in the ultimate controlling party of the group.

Other reserves

Other reserves include share based payment reserve; the share based payment reserve represents the cumulative charge for all share options issued by the group. Forex reserve; the account represents the gain and losses in exchange rates for overseas subsidiaries of the group.

Profit and loss reserves

The profit and loss account represents all current and historic profits or losses of the group.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 39 -
25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Within one year
1,337
866
-
-
Between two and five years
4,773
3,018
-
-
In over five years
1,687
2,229
-
-
7,797
6,113
-
-
26
Events after the reporting date

Heads of terms have been agreed to convert the entire loans provided by Magnetar into equity in January 2024, and as such the shareholder funds will be bolstered by circa £24m, whilst also reducing the cash paid burden of circa £3.6m per annum.

Total Equity as at 31 March 2023 would go from £3.7m to £24.2m by capitalising the amounts due to Magnetar of £21.5m. This would significantly improve the Group Gearing circa 31%.

The Group acquired the entire ordinary share capital of Produmax Limited on 29 September 2023. The initial consideration for the acquisition was funded via a mixture of the group’s existing finance arrangements and extended facilities from existing providers. An element of the consideration is deferred into future periods. At this stage, the financial effect of the acquisition cannot be reliably estimated.

The acquisition of Produmax is a great value, expertise enhancing acquisition for the group.

27
Related party transactions

The group has taken advantage of the exemption available in FRS102 not to disclose transactions between the company and its wholly owned subsidiaries within Aero Services Global Group Limited.

 

During the period the group incurred fees amounting to £960,000 (2022: £840,000) from A2e Industries Limited, a company having common directorship. At the period end, the amount owed to A2e Industries Limited was £240,000 (2022: £210,000).

28
Ultimate controlling party

The ultimate parent of Aero Services Global Group Limited is Amiri Assets III LP.

 

The ultimate controlling party of Aero Services Global Group Limited is Said Amin Amiri, who is the controlling party of Pasargad 2 Limited, as the nominee and custodian of the legal title to all of the assets of 'Amiri Assets III LP'.

AERO SERVICES GLOBAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 40 -
29
Cash absorbed by group operations
2023
2022
£000
£000
Loss for the year after tax
(1,015)
(3,931)
Adjustments for:
Taxation credited
(148)
(873)
Finance costs
937
3,029
Investment income
(7)
(657)
Loss/(gain) on disposal of tangible fixed assets
6
(14)
Amortisation and impairment of intangible assets
916
925
Depreciation and impairment of tangible fixed assets
1,660
1,633
Movements in working capital:
Increase in stocks
(1,651)
(1,884)
Increase in debtors
(3,232)
(3,075)
Increase in creditors
1,800
643
(Decrease)/increase in deferred income
(1)
9
Cash absorbed by operations
(735)
(4,195)
30
Analysis of changes in net debt - group
1 April 2022
Cash flows
31 March 2023
£000
£000
£000
Cash at bank and in hand
2,386
982
3,368
Borrowings excluding overdrafts
(24,358)
(4,215)
(28,573)
Obligations under finance leases
(3,442)
489
(2,953)
(25,414)
(2,744)
(28,158)
31
Prior period adjustment
Prior year restatement to the profit and loss account to reallocate expenditure of £171,000 between administrative expenses and cost of sales. Net impact on profit after tax is nil.

Prior year restatement to the company balance sheet to reallocate redeemable preference shares liability (£100,000) between redeemable preference shares and intercompany.

Prior year restatement to the profit and loss account as well as the group and company balance sheets to recognise the preference share interest payments and corresponding liabilities (£481,000). Impact on profit after tax is £481,000.
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300Mr S A AmiriMr J D AldridgeMr A E GreenoughMr W R J RawkinsMr G RichardsonMr S C WestonMr S BiddlestoneMr A 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