Company registration number 01770248 (England and Wales)
WORLDWIDE INTERNATIONAL LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
WORLDWIDE INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Ms S H Kelly
Mr S Higgins
Ms S Higgins
Mr D Thompson
Company number
01770248
Registered office
93 Banks Road
West Kirby
Wirral
Merseyside
CH48 0RB
Auditor
Robinson Rice Associates Limited
93 Banks Road
West Kirby
Wirral
Merseyside
CH48 0RB
WORLDWIDE INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
WORLDWIDE INTERNATIONAL LIMITED
CONTENTS
Notes to the financial statements
15 - 30
WORLDWIDE INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -

The directors present the strategic report for the year ended 30 April 2023.

Review of the business

The company’s business developed according to expectations.

The profitability and financial performance developed positively, and better than initial expectations.

By the end of the year the liquidity is very strong

Principal risks and uncertainties

Weakness in the global freight market resulting in plunging freight rates currently standing below pre-covid levels. Whilst we expect our volumes to remain strong, lower freight costs will adversely affect our revenues and earnings.

 

As the company reports in Sterling and some of the assets, the subsidiary and associates are held in other currencies, the company is exposed to the financial risk of changes in these foreign currencies on translation into sterling. However the risk is mitigated by careful planning on the dates to exchange currencies and carrying sufficient currencies to cover relevant costs.

 

 

Development and performance

Following the unprecedented increase in freight costs during 2021 and in to the early part of 2022 and thereafter the subsequent descent of freight rates, the group has maintained a level of stability with the U.K. office performing extremely well in difficult circumstances.

Key performance indicators

The main KPI for the company are Turnover, Gross Profit, EBITDA and the retention of key staff member. These are shown below

 

 

 

2023

2022

 

£000s

£000s

Profit before tax for the company

2,718

2,435

Profit before tax for the group

3,172

4,029

Turnover for the company

20,133

28,976

Turnover for the group

31,514

48,816

EBITDA for the company    

2,711

2,454

EBITDA for the group

3,166

4,409

Staff numbers    

27

25

 

 

On behalf of the board

Mr S Higgins
Director
21 February 2024
WORLDWIDE INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2023.

Principal activities

The principal activity of the company and group continued to be that of freight transporters and forwarding agents.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £567,137. The directors do not recommend payment of a further dividend.

Directors

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

Ms S H Kelly
Mr S Higgins
Ms S Higgins
Mr D Thompson
Future developments

Our expansion into new geographical markets is continuing apace. New business has already been introduced during the year and we expect further growth in the new markets during the current year.

Auditor

The auditor, Robinson Rice Associates Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr S Higgins
Director
21 February 2024
WORLDWIDE INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -

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.

WORLDWIDE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WORLDWIDE INTERNATIONAL LIMITED
- 4 -
Opinion

We have audited the financial statements of Worldwide International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 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 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:

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

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

 

Our audit response is based on:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

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.

WORLDWIDE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WORLDWIDE INTERNATIONAL LIMITED
- 6 -

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.

Ms Beverley Rice FCA
Senior Statutory Auditor
For and on behalf of Robinson Rice Associates Limited
22 February 2024
Chartered Accountants
Statutory Auditor
93 Banks Road
West Kirby
Wirral
Merseyside
CH48 0RB
WORLDWIDE INTERNATIONAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
31,514,185
44,816,565
Cost of sales
(25,687,727)
(38,948,708)
Gross profit
5,826,458
5,867,857
Administrative expenses
(2,818,809)
(2,120,626)
Operating profit
4
3,007,649
3,747,231
Share of profits of associates
151,320
298,999
Interest receivable and similar income
8
33,086
541
Interest payable and similar expenses
9
(19,399)
(17,335)
Profit before taxation
3,172,656
4,029,436
Tax on profit
10
(933,616)
(834,226)
Profit for the financial year
2,239,040
3,195,210
Profit for the financial year is attributable to:
- Owners of the parent company
1,810,694
2,668,880
- Non-controlling interests
428,346
526,330
2,239,040
3,195,210
WORLDWIDE INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
2023
2022
£
£
Profit for the year
2,239,040
3,195,210
Other comprehensive income
-
-
Total comprehensive income for the year
2,239,040
3,195,210
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,810,694
2,668,880
- Non-controlling interests
428,346
526,330
2,239,040
3,195,210
WORLDWIDE INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
73,013
27,786
Investments
13
497,151
419,654
570,164
447,440
Current assets
Debtors
16
2,662,733
7,946,688
Cash at bank and in hand
6,349,890
4,521,930
9,012,623
12,468,618
Creditors: amounts falling due within one year
17
(3,491,244)
(7,415,307)
Net current assets
5,521,379
5,053,311
Total assets less current liabilities
6,091,543
5,500,751
Provisions for liabilities
Deferred tax liability
18
9,463
-
0
(9,463)
-
Net assets
6,082,080
5,500,751
Capital and reserves
Called up share capital
20
540,131
540,131
Other reserves
30,474
35,901
Profit and loss reserves
5,067,854
3,824,297
Equity attributable to owners of the parent company
5,638,459
4,400,329
Non-controlling interests
443,621
1,100,422
6,082,080
5,500,751

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

The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
21 February 2024
Mr S Higgins
Director
Company registration number 01770248 (England and Wales)
WORLDWIDE INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
71,229
26,002
Investments
13
29,217
29,217
100,446
55,219
Current assets
Debtors
16
1,870,496
5,775,936
Cash at bank and in hand
5,762,151
3,382,856
7,632,647
9,158,792
Creditors: amounts falling due within one year
17
(3,027,375)
(6,341,629)
Net current assets
4,605,272
2,817,163
Total assets less current liabilities
4,705,718
2,872,382
Provisions for liabilities
Deferred tax liability
18
9,463
-
0
(9,463)
-
Net assets
4,696,255
2,872,382
Capital and reserves
Called up share capital
20
540,131
540,131
Other reserves
300
300
Profit and loss reserves
4,155,824
2,331,951
Total equity
4,696,255
2,872,382

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 £2,391,010 (2022 - £1,986,267 profit).

These abbreviated accounts have been prepared in accordance with the special provisions in section 445(3) of the Companies Act 2006 relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
21 February 2024
Mr S Higgins
Director
Company registration number 01770248 (England and Wales)
WORLDWIDE INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 May 2021
540,131
(20,285)
1,845,417
2,365,263
553,977
2,919,240
Year ended 30 April 2022:
Profit and total comprehensive income
-
-
2,668,880
2,668,880
526,330
3,195,210
Dividends
11
-
-
(690,000)
(690,000)
(35,415)
(725,415)
Other movements
-
56,186
-
56,186
55,530
111,716
Balance at 30 April 2022
540,131
35,901
3,824,297
4,400,329
1,100,422
5,500,751
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
1,810,694
1,810,694
428,346
2,239,040
Dividends
11
-
-
(567,137)
(567,137)
(1,085,147)
(1,652,284)
Other movements
-
(5,427)
-
(5,427)
-
(5,427)
Balance at 30 April 2023
540,131
30,474
5,067,854
5,638,459
443,621
6,082,080
WORLDWIDE INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2021
540,131
300
1,035,685
1,576,116
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
1,986,266
1,986,266
Dividends
11
-
-
(690,000)
(690,000)
Balance at 30 April 2022
540,131
300
2,331,951
2,872,382
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
2,391,010
2,391,010
Dividends
11
-
-
(567,137)
(567,137)
Balance at 30 April 2023
540,131
300
4,155,824
4,696,255
WORLDWIDE INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
4,502,281
3,170,249
Interest paid
(19,399)
(17,335)
Income taxes paid
(1,051,407)
(595,339)
Net cash inflow from operating activities
3,431,475
2,557,575
Investing activities
Purchase of tangible fixed assets
(52,713)
(22,936)
Proceeds from disposal of associates
73,823
121,121
Interest received
33,086
541
Net cash generated from investing activities
54,196
98,726
Financing activities
Dividends paid to equity shareholders
(567,137)
(690,000)
Dividends paid to non-controlling interests
(1,085,147)
(35,415)
Net cash used in financing activities
(1,652,284)
(725,415)
Net increase in cash and cash equivalents
1,833,387
1,930,886
Cash and cash equivalents at beginning of year
4,521,930
2,479,328
Effect of foreign exchange rates
(5,427)
111,716
Cash and cash equivalents at end of year
6,349,890
4,521,930
WORLDWIDE INTERNATIONAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,278,119
2,120,006
Interest paid
(19,399)
(17,335)
Income taxes paid
(445,565)
(210,038)
Net cash inflow from operating activities
1,813,155
1,892,633
Investing activities
Purchase of tangible fixed assets
(52,713)
(21,670)
Interest received
33,086
541
Dividends received
1,152,904
102,392
Net cash generated from investing activities
1,133,277
81,263
Financing activities
Dividends paid to equity shareholders
(567,137)
(690,000)
Net cash used in financing activities
(567,137)
(690,000)
Net increase in cash and cash equivalents
2,379,295
1,283,896
Cash and cash equivalents at beginning of year
3,382,856
2,098,960
Cash and cash equivalents at end of year
5,762,151
3,382,856
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 15 -
1
Accounting policies
Company information

Worldwide International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 93 Banks Road, West Kirby, Wirral, Merseyside, CH48 0RB. The principal place of business is 9th Floor, The Royal Liver Building, Pier Head, Liverpool, Merseyside, L3 1HT.

 

The group consists of Worldwide International Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, [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 Worldwide International 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 30 April 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.

WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 16 -

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

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

 

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

 

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

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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

 

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

Revenue from sales is recognised on the date the ship sails.

 

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

 

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

 

 

1.6
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:

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
30% reducing balance
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 17 -

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.

1.7
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.

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

 

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

 

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

 

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

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

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 18 -

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.

1.9
Cash and cash equivalents

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

1.10
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.

WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.11
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.

1.12
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.

WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.13
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.

1.14
Retirement benefits

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

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 21 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Freight transporting and forwarding agents
31,514,185
44,816,565
2023
2022
£
£
Turnover analysed by geographical market
UK
20,133,835
28,976,813
USA
11,380,350
15,839,752
31,514,185
44,816,565
2023
2022
£
£
Other revenue
Interest income
33,086
541
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
44,032
22,688
Depreciation of owned tangible fixed assets
7,486
3,413
Operating lease charges
176,449
329,602
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
5,995
4,000
Audit of the financial statements of the company's subsidiaries
6,000
4,000
11,995
8,000
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 22 -
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
34
32
27
25

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,459,984
1,279,196
988,211
898,375
Social security costs
108,700
106,707
108,700
106,707
Pension costs
143,749
47,372
143,749
47,372
1,712,433
1,433,275
1,240,660
1,052,454
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
196,888
206,244
Company pension contributions to defined contribution schemes
124,284
28,143
321,172
234,387
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
63,415

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
33,086
541
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
8
Interest receivable and similar income
(Continued)
- 23 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
33,086
541
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
19,399
17,335
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
316,339
445,564
Foreign current tax on profits for the current period
605,842
385,301
Total current tax
922,181
830,865
Deferred tax
Origination and reversal of timing differences
11,435
3,361
Total tax charge
933,616
834,226
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
10
Taxation
(Continued)
- 24 -

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
3,172,656
4,029,436
Expected tax charge based on the standard rate of corporation tax in the UK of 19.49% (2022: 19.00%)
618,446
765,593
Tax effect of expenses that are not deductible in determining taxable profit
20,500
6,663
Tax effect of income not taxable in determining taxable profit
-
0
(19,454)
Permanent capital allowances in excess of depreciation
2,036
(970)
Foreign tax ratess
292,634
82,394
Taxation charge
933,616
834,226
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
567,137
690,000
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 25 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2022
26,834
81,691
180,441
288,966
Additions
-
0
52,713
-
0
52,713
At 30 April 2023
26,834
134,404
180,441
341,679
Depreciation and impairment
At 1 May 2022
26,392
78,259
156,529
261,180
Depreciation charged in the year
66
247
7,173
7,486
At 30 April 2023
26,458
78,506
163,702
268,666
Carrying amount
At 30 April 2023
376
55,898
16,739
73,013
At 30 April 2022
442
3,432
23,912
27,786
Company
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2022
26,834
67,317
180,441
274,592
Additions
-
0
52,713
-
0
52,713
At 30 April 2023
26,834
120,030
180,441
327,305
Depreciation and impairment
At 1 May 2022
26,392
65,669
156,529
248,590
Depreciation charged in the year
66
247
7,173
7,486
At 30 April 2023
26,458
65,916
163,702
256,076
Carrying amount
At 30 April 2023
376
54,114
16,739
71,229
At 30 April 2022
442
1,648
23,912
26,002
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 26 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
1,052
1,052
29,217
29,217
Investments in associates
15
496,099
418,602
-
0
-
0
497,151
419,654
29,217
29,217
Movements in fixed asset investments
Group
Shares in subsidiaries and associates
£
Cost or valuation
At 1 May 2022
419,654
Valuation changes
77,497
At 30 April 2023
497,151
Carrying amount
At 30 April 2023
497,151
At 30 April 2022
419,654
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022 and 30 April 2023
29,217
Carrying amount
At 30 April 2023
29,217
At 30 April 2022
29,217
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Publiship Logistics Inc
USA
Ordinary
51.00
-
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 27 -
15
Associates

Details of associates at 30 April 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Publiship Logistics Italia
Italy
Ordinary
50
Publiship Logistics PTY
Australia
Ordinary
33
Publiship Logistics GMbH
Germany
Ordinary
50
Publiship Logistics BV
Netherlands
Ordinary
50
Publiship Do Brasil Argenciamento Logistico Ltda
Brazil
Ordinary
40

Associates are included in the consolidated accounts using the Equity Method of accounting

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,459,141
7,490,302
1,810,163
5,651,888
Other debtors
45,738
68,365
29,471
64,854
Prepayments and accrued income
157,854
386,049
30,862
57,222
2,662,733
7,944,716
1,870,496
5,773,964
Deferred tax asset (note 18)
-
0
1,972
-
0
1,972
2,662,733
7,946,688
1,870,496
5,775,936
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,999,332
5,569,651
1,833,764
5,125,479
Corporation tax payable
317,293
446,519
317,293
446,519
Other taxation and social security
46,819
50,096
46,819
50,096
Other creditors
748,393
890,745
633,305
666,106
Accruals and deferred income
379,407
458,296
196,194
53,429
3,491,244
7,415,307
3,027,375
6,341,629
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 28 -
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
9,463
-
-
1,972
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
9,463
-
-
1,972
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 May 2022
(1,972)
(1,972)
Charge to profit or loss
11,435
11,435
Liability at 30 April 2023
9,463
9,463

The deferred tax asset set out above is expected to reverse over the next few years and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
143,749
47,372

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

WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 29 -
20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
361,000
361,000
361,000
361,000
'A' Ordinary Shares of £1 each
179,131
179,131
179,131
179,131
540,131
540,131
540,131
540,131

 

21
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
-
28,578
-
28,578
-
28,578
-
28,578
22
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,239,040
3,195,210
Adjustments for:
Share of results of associates and joint ventures
(151,320)
(298,999)
Taxation charged
933,616
834,226
Finance costs
19,399
17,335
Investment income
(33,086)
(541)
Depreciation and impairment of tangible fixed assets
7,486
3,413
Movements in working capital:
Decrease/(increase) in debtors
5,281,983
(2,483,934)
(Decrease)/increase in creditors
(3,794,837)
1,903,539
Cash generated from operations
4,502,281
3,170,249
WORLDWIDE INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 30 -
23
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
2,391,010
1,986,266
Adjustments for:
Taxation charged
327,774
448,925
Finance costs
19,399
17,335
Investment income
(1,185,990)
(102,933)
Depreciation and impairment of tangible fixed assets
7,486
2,266
Movements in working capital:
Decrease/(increase) in debtors
3,903,468
(1,963,502)
(Decrease)/increase in creditors
(3,185,028)
1,731,649
Cash generated from operations
2,278,119
2,120,006
24
Analysis of changes in net funds - group
1 May 2022
Cash flows
Exchange rate movements
30 April 2023
£
£
£
£
Cash at bank and in hand
4,521,930
1,833,387
(5,427)
6,349,890
25
Analysis of changes in net funds - company
1 May 2022
Cash flows
30 April 2023
£
£
£
Cash at bank and in hand
3,382,856
2,379,295
5,762,151
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