Company registration number 07950195 (England and Wales)
RUYI SERVICES SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
LB GROUP
1 Vicarage Lane
Stratford
London
England
E15 4HF
RUYI SERVICES SOLUTIONS LIMITED
COMPANY INFORMATION
Director
Ms B L L Bennett
Company number
07950195
Registered office
1 Vicarage Lane
Stratford
London
E15 4HF
E15 4HF
Auditor
LB Group Advisory Limited (Stratford)
1 Vicarage Lane
Stratford
London
E15 4HF
RUYI SERVICES SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 31
RUYI SERVICES SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The director presents the strategic report for the year ended 31 March 2023.

Review of the business

The director is pleased to report a further profit for the year ended 31 March 2023.

 

Cash at bank and in hand was maintained to allow for working capital requirements and the director confirms that she is constantly looking for new freehold properties for the company to purchase to further the trading capacity of the Group.

On behalf of the board

Ms B L L Bennett
Director
12 March 2024
RUYI SERVICES SOLUTIONS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The director presents her annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of property management and domiciliary care services.

Results and dividends

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

Ordinary dividends were paid amounting to £181,150. The director does not recommend payment of a further dividend.

Director

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

Ms B L L Bennett

Going Concern

The Director has assessed the ongoing business activates and general global economic conditions may have on the liquidity, performance and financial position of the Company for at least the next 12 months from the date of signing the financial statement.

 

After making enquires, the director has a reasonable expectation that the company has adequate resources available to it to continue in operational existence for the foreseeable future, and at least 12 months from the date the financial statement are authorised for issue. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

The Director therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

Auditor

The auditor, LB Group Advisory Limited (Stratford), is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

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.

RUYI SERVICES SOLUTIONS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
On behalf of the board
Ms B L L Bennett
Director
12 March 2024
RUYI SERVICES SOLUTIONS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:

 

 

The director is 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. She is 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.

RUYI SERVICES SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RUYI SERVICES SOLUTIONS LIMITED
- 5 -
Opinion

We have audited the financial statements of Ruyi Services Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, 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 director's 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 director 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 director is 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:

RUYI SERVICES SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RUYI SERVICES SOLUTIONS LIMITED
- 6 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

RUYI SERVICES SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RUYI SERVICES SOLUTIONS LIMITED
- 7 -

fraud and non-compliance with laws and regulations, was as follows:

 

 

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

 

 

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

 

 

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

 

 

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

 

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

 

 

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

 

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.

RUYI SERVICES SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RUYI SERVICES SOLUTIONS LIMITED
- 8 -

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.

Mark Middleton (Senior Statutory Auditor)
For and on behalf of LB Group Advisory Limited (Stratford)
12 March 2024
Chartered Accountants
Statutory Auditor
1 Vicarage Lane
Stratford
London
England
E15 4HF
RUYI SERVICES SOLUTIONS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
4,926,712
4,297,014
Cost of sales
(3,917,966)
(3,502,240)
Gross profit
1,008,746
794,774
Administrative expenses
(1,023,334)
(538,176)
Other operating income
269,863
305,648
Operating profit
4
255,275
562,246
Interest receivable and similar income
7
2,268
131
Interest payable and similar expenses
8
(23,621)
(14,730)
Profit before taxation
233,922
547,647
Tax on profit
9
(106,049)
(255,810)
Profit for the financial year
127,873
291,837
Profit for the financial year is all attributable to the owners of the parent company.

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

RUYI SERVICES SOLUTIONS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
£
£
Profit for the year
127,873
291,837
Other comprehensive income
Adjustments to the fair value of financial assets
227,763
382,760
Total comprehensive income for the year
355,636
674,597
Total comprehensive income for the year is all attributable to the owners of the parent company.
RUYI SERVICES SOLUTIONS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
12
79,915
96,803
Investment properties
13
5,782,951
5,555,188
5,862,866
5,651,991
Current assets
Debtors
16
311,537
295,982
Cash at bank and in hand
1,197,887
1,460,616
1,509,424
1,756,598
Creditors: amounts falling due within one year
17
(294,805)
(450,922)
Net current assets
1,214,619
1,305,676
Total assets less current liabilities
7,077,485
6,957,667
Creditors: amounts falling due after more than one year
18
(399,389)
(510,998)
Provisions for liabilities
Deferred tax liability
20
331,849
274,908
(331,849)
(274,908)
Net assets
6,346,247
6,171,761
Capital and reserves
Called up share capital
21
102
102
Revaluation reserve
1,505,127
1,277,364
Profit and loss reserves
4,841,018
4,894,295
Total equity
6,346,247
6,171,761
The financial statements were approved and signed by the director and authorised for issue on 12 March 2024
12 March 2024
Ms B L L Bennett
Director
Company registration number 07950195 (England and Wales)
RUYI SERVICES SOLUTIONS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
13
5,782,951
5,555,188
Investment in subsidiaries
14
2
2
5,782,953
5,555,190
Current assets
Debtors
16
25,013
25,213
Cash at bank and in hand
745,521
711,539
770,534
736,752
Creditors: amounts falling due within one year
17
(349,213)
(212,142)
Net current assets
421,321
524,610
Total assets less current liabilities
6,204,274
6,079,800
Creditors: amounts falling due after more than one year
18
(399,181)
(510,998)
Provisions for liabilities
Deferred tax liability
20
331,849
274,908
(331,849)
(274,908)
Net assets
5,473,244
5,293,894
Capital and reserves
Called up share capital
21
102
102
Revaluation reserve
1,505,127
1,277,364
Profit and loss reserves
3,968,015
4,016,428
Total equity
5,473,244
5,293,894

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £132,737 (2022 - £291,764 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 12 March 2024
12 March 2024
Ms B L L Bennett
Director
Company registration number 07950195 (England and Wales)
RUYI SERVICES SOLUTIONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
102
894,604
4,862,108
5,756,814
Year ended 31 March 2022:
Profit for the year
-
-
291,837
291,837
Other comprehensive income:
Gains arising on revaluation of Investment properties
-
382,760
-
382,760
Total comprehensive income
-
382,760
291,837
674,597
Dividends
10
-
-
(259,650)
(259,650)
Balance at 31 March 2022
102
1,277,364
4,894,295
6,171,761
Year ended 31 March 2023:
Profit for the year
-
-
127,873
127,873
Other comprehensive income:
Gains arising on revaluation of Investment properties
-
227,763
-
227,763
Total comprehensive income
-
227,763
127,873
355,636
Dividends
10
-
-
(181,150)
(181,150)
Balance at 31 March 2023
102
1,505,127
4,841,018
6,346,247
RUYI SERVICES SOLUTIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
102
894,604
3,984,314
4,879,020
Year ended 31 March 2022:
Profit for the year
-
-
291,764
291,764
Other comprehensive income:
Gains arising on revaluation of Investment properties
-
382,760
-
382,760
Total comprehensive income
-
382,760
291,764
674,524
Dividends
10
-
-
(259,650)
(259,650)
Balance at 31 March 2022
102
1,277,364
4,016,428
5,293,894
Year ended 31 March 2023:
Profit for the year
-
-
132,737
132,737
Other comprehensive income:
Gains arising on revaluation of Investment properties
-
227,763
-
227,763
Total comprehensive income
-
227,763
132,737
360,500
Dividends
10
-
-
(181,150)
(181,150)
Balance at 31 March 2023
102
1,505,127
3,968,015
5,473,244
RUYI SERVICES SOLUTIONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
129,729
615,804
Interest paid
(2,268)
(14,730)
Income taxes paid
(79,363)
(127,541)
Net cash inflow from operating activities
48,098
473,533
Investing activities
Purchase of tangible fixed assets
(32,733)
(25,278)
Proceeds from disposal of tangible fixed assets
9,500
-
Repayment of loans
-
(7,000)
Interest received
2,268
131
Net cash used in investing activities
(20,965)
(32,147)
Financing activities
Repayment of bank loans
(108,712)
(167,268)
Dividends paid to equity shareholders
(181,150)
(259,650)
Net cash used in financing activities
(289,862)
(426,918)
Net (decrease)/increase in cash and cash equivalents
(262,729)
14,468
Cash and cash equivalents at beginning of year
1,460,616
1,446,148
Cash and cash equivalents at end of year
1,197,887
1,460,616
RUYI SERVICES SOLUTIONS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
401,979
360,846
Interest paid
(23,504)
(14,730)
Income taxes paid
(56,216)
(53,285)
Net cash inflow from operating activities
322,259
292,831
Investing activities
Interest received
1,585
64
Dividends received
-
0
196,500
Net cash generated from investing activities
1,585
196,564
Financing activities
Repayment of bank loans
(108,712)
(117,269)
Dividends paid to equity shareholders
(181,150)
(259,650)
Net cash used in financing activities
(289,862)
(376,919)
Net increase in cash and cash equivalents
33,982
112,476
Cash and cash equivalents at beginning of year
711,539
599,063
Cash and cash equivalents at end of year
745,521
711,539
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
1
Accounting policies
Company information

Ruyi Services Solutions Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Vicarage Lane, Stratford, London, England, E15 4HF.

 

The group consists of Ruyi Services Solutions Limited and its subsidiary.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

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

 

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

 

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

Edenvale Care Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Edenvale Care Limited for the year ended 31 March 2023.

RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.4
Going concern

The Director has assessed the ongoing business activates and general global economic conditions may have on the liquidity, performance and financial position of the Company for at least the next 12 months from the date of signing the financial statement.

 

After making enquires, the director has a reasonable expectation that the company has adequate resources available to it to continue in operational existence for the foreseeable future, and at least 12 months from the date the financial statement are authorised for issue. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

The Director therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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

 

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

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

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is in the year of purchase.

 

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

1.7
Tangible fixed assets

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

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

Land and buildings Leasehold
4% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33% on cost
Motor vehicles
25% reducing balance
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -

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

1.8
Investment property
Investment properties are measured at fair value annually with any change recognised in the profit and loss account.  

Revaluation of properties
Individual freehold properties are revalued to fair value every year with the surplus or deficit on book value being transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the same property, or the reversal of such a deficit, is charged (or credited) to the profit and loss account.
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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

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

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

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

 

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

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

RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
1.11
Cash

Cash is basic financial asset and includes 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.

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 21 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market.  When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place.  If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Derecognition of financial liabilities

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

1.13
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.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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

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.

1.15
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.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the 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.

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

1.17
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.

RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

 

Key sources of estimation uncertainty

 

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

House Price Index report used in the valuation represent the board's assessment of the increase in investment properties price in the market for properties with similar characteristics and risk profile. The House Price Index report is deemed to be one of the most significant unobservable inputs and any change could have a material impact on the fair value of investments properties.

 

3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Domiciliary care services
4,926,712
4,297,014
2023
2022
£
£
Other revenue
Interest income
2,268
131
Grants received
-
9,213
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(9,213)
Depreciation of owned tangible fixed assets
46,956
38,557
Profit on disposal of tangible fixed assets
(6,835)
-
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,700
2,520
Audit of the financial statements of the company's subsidiaries
7,275
11,030
9,975
13,550
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
Administrative staff and care workers
134
131
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,351,433
3,097,556
-
0
-
0
Social security costs
307,300
249,020
-
-
Pension costs
111,452
106,865
-
0
-
0
3,770,185
3,453,441
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,268
131
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,268
131
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
23,504
14,730
Other finance costs:
Interest on finance leases and hire purchase contracts
117
-
Total finance costs
23,621
14,730
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
49,134
104,141
Adjustments in respect of prior periods
(26)
-
0
Total current tax
49,108
104,141
Deferred tax
Origination and reversal of timing differences
56,941
151,669
Total tax charge
106,049
255,810

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
233,922
547,647
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
44,445
104,053
Tax effect of expenses that are not deductible in determining taxable profit
7,370
88
Tax effect of income not taxable in determining taxable profit
(1,279)
-
Gains not taxable
55,513
151,669
Taxation charge
106,049
255,810
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
181,150
259,650
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
415,512
Amortisation and impairment
At 1 April 2022 and 31 March 2023
415,512
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
12
Tangible fixed assets
Group
Land and Buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
50,931
97,587
44,646
67,414
32,424
293,002
Additions
-
0
-
0
-
0
3,053
29,680
32,733
Disposals
-
0
-
0
-
0
-
0
(18,429)
(18,429)
At 31 March 2023
50,931
97,587
44,646
70,467
43,675
307,306
Depreciation and impairment
At 1 April 2022
40,744
40,662
35,744
49,947
29,102
196,199
Depreciation charged in the year
5,093
24,397
2,225
7,657
7,584
46,956
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(15,764)
(15,764)
At 31 March 2023
45,837
65,059
37,969
57,604
20,922
227,391
Carrying amount
At 31 March 2023
5,094
32,528
6,677
12,863
22,753
79,915
At 31 March 2022
10,187
56,925
8,902
17,467
3,322
96,803

 

RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
13
Investment properties
Group
Company
2023
2023
£
£
Fair value
At 1 April 2022
5,555,188
5,555,188
Gains through fair value adjustments
227,763
227,763
At 31 March 2023
5,782,951
5,782,951

The director has reviewed the valuation of the company's freehold properties as at 31 March 2023. She reviewed market rates by considering the house price index report for March 2023 published by a leading building society, She considers that the carrying value of the freehold property accurately reflects market value at the balance sheet date.

 

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiary
15
-
0
-
0
2
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
2
Carrying amount
At 31 March 2023
2
At 31 March 2022
2
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Edenvale Care Limited
England and Wales
domiciliary care services
Ordinary
100.00
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
202,453
197,768
-
0
-
0
Other debtors
85,937
72,703
18,887
13,978
Prepayments and accrued income
23,147
25,511
6,126
11,235
311,537
295,982
25,013
25,213
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
103,365
100,260
103,365
100,260
Obligations under finance leases
2,500
-
0
-
0
-
0
Trade creditors
25,455
91,474
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
200,365
39,345
Corporation tax payable
49,184
79,439
43,638
56,242
Other taxation and social security
101,305
92,162
-
-
Other creditors
1,838
828
45
49
Accruals and deferred income
11,158
86,759
1,800
16,246
294,805
450,922
349,213
212,142

The bank loans are secured on freehold properties of certain subsidiary undertakings with a carrying value of £5,782,951 (2022: £555,188). Interest is payable on a monthly basis at a variable rate of compounding as directed by HSBC at the start of the year.

 

Debenture between Edenvale Care Limited and HSBC Bank plc. including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 19 March 2014

Composite Company Unlimited Multilateral Guarantee dated 19 March 2014 given by Edenvale Care Limited and Ruyi Services Solutions Ltd (the parent company).

18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
399,181
510,998
399,181
510,998
Obligations under finance leases
208
-
0
-
0
-
0
399,389
510,998
399,181
510,998
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
18
Creditors: amounts falling due after more than one year
(Continued)
- 29 -

The bank loans are secured by fixed charges over the freehold properties, see note 17

 

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
108,489
165,994
108,489
165,994
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
502,546
611,258
502,546
611,258
Payable within one year
103,365
100,260
103,365
100,260
Payable after one year
399,181
510,998
399,181
510,998

The bank loans are secured by fixed charges over the freehold properties, see note 17.

 

20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Gains arising on revaluation of Investment properties
331,849
274,908
Liabilities
Liabilities
2023
2022
Company
£
£
Gains arising on revaluation of Investment properties
331,849
274,908
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
20
Deferred taxation
(Continued)
- 30 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
274,908
274,908
Charge to profit or loss
56,941
56,941
Liability at 31 March 2023
331,849
331,849

The deferred tax liability set out above is expected to reverse when the revalued freehold property is sold.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
102
102
102
102
22
Related party transactions

The company was under the control of Ms B L Lim Bennett throughout the current and previous year. Ms B L Lim Bennett is the managing director and majority shareholder.

 

As at 31 March 2023, the company owed Ms B L Lim Bennett the sum of £44 (2022: £49).

23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
127,873
291,837
Adjustments for:
Taxation charged
106,049
255,810
Finance costs
23,621
14,730
Investment income
(2,268)
(131)
Loss on disposal of tangible fixed assets
2,665
-
Depreciation and impairment of tangible fixed assets
46,956
38,557
Movements in working capital:
Increase in debtors
(22,787)
(82,127)
(Decrease)/increase in creditors
(152,380)
97,128
Cash generated from operations
129,729
615,804
RUYI SERVICES SOLUTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
24
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
132,737
291,764
Adjustments for:
Taxation charged
100,553
208,689
Finance costs
23,504
14,730
Investment income
(1,585)
(196,564)
Movements in working capital:
Decrease/(increase) in debtors
200
(6,154)
Increase in creditors
146,570
48,381
Cash generated from operations
401,979
360,846
25
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,460,616
(262,729)
1,197,887
Borrowings excluding overdrafts
(611,258)
108,712
(502,546)
Obligations under finance leases
-
(2,708)
(2,708)
849,358
(156,725)
692,633
26
Analysis of changes in net funds - company
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
711,539
33,982
745,521
Borrowings excluding overdrafts
(611,258)
108,712
(502,546)
100,281
142,694
242,975
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