Company registration number 00379606 (England and Wales)
ROBSON HANDLING TECHNOLOGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023
ROBSON HANDLING TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
C Robson
S Westley
Dame J A Kenny
R A Woolhouse
A J Beare
(Appointed 20 February 2024)
Secretary
A J Beare
Company number
00379606
Registered office
Coleford Road
Sheffield
S9 5PA
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
Barclays Bank plc
2nd Floor
1 St Paul's Place
121 Norfolk Street
Sheffield
S1 2JW
ROBSON HANDLING TECHNOLOGY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 37
ROBSON HANDLING TECHNOLOGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2023
- 1 -
The directors present the strategic report for the year ended 29 June 2023.
Introduction
This Strategic Report provides an overview of Robson Handling Technology’s performance, strategy, and outlook, focusing on our operations across the UK and our growing subsidiary in the United States. Despite facing challenges in the fiscal year ending June 29, 2023 (FY23), our strategic initiatives have positioned us for a strong recovery and future growth.
Business Model and Strategy
Robson Handling Technology specialises in designing, supplying, installing, and commissioning Airport Baggage Handling Systems and Material Handling Systems in the Bulk Materials Sector. Our business model is built on innovation, excellence in engineering, and a deep understanding of our clients' needs, enabling us to deliver solutions that drive efficiency and effectiveness.
In FY23, we continued to refine our strategy, focusing on leveraging our strengths in the US market, where we have seen significant growth, and addressing challenges in the UK market. Our approach is underpinned by a commitment to operational excellence and strategic investments in markets with strong growth potential.
Development, Performance and Position
The fiscal year 2023 presented a mixed picture for Robson Handling Technology. Our US subsidiary experienced remarkable growth, with top-line revenue increasing by 70% and EBITDA by 354% in its fourth year of operation. This success underscores the effectiveness of our strategic focus on the US Airport Baggage Handling Systems market, which remains robust with expectations for continued growth.
Conversely, in the UK, we encountered significant challenges due to some Bulk Material Handling legacy contracts, which we had to deliver at a considerable loss. This adversely impacted our overall Group financial performance for the year. Despite the challenges encountered during the year the group still has cash in bank at year end of £3.2m and net current assets of £0.6m.
Future Propsects
Looking ahead, we are optimistic about our future. The US market continues to offer substantial growth opportunities, and we are committed to investing in our operations to maximise our potential in this region. Additionally, we are witnessing a revitalised interest in airport capacity expansion projects in our other markets delivered from our UK team, signaling a return to pre-Covid investment levels.
In our Bulk markets, we have refocused our efforts on winning and executing profitable contracts, which have begun to offset the legacy issues from FY23. Our strategic adjustments are already showing promising results, and we expect these to be reflected in our financial performance in FY24 and beyond.
Principal Risks and Uncertainties
Our business faces risks related to global GDP growth, as worldwide air passenger numbers, and consequently demand for our services, correlate strongly with economic performance.
Conclusion
Despite the financial setbacks experienced in FY23, Robson Handling Technology’s strategic positioning and market opportunities provide a strong foundation for a quick return to profitability in FY24. With the growth trajectory of our US subsidiary and the recovery of airport investment projects globally, we are confident in our potential for significant profit growth in FY25 and beyond. Our team remains dedicated to executing our strategic plan, ensuring we not only recover, but thrive in the coming years.
ROBSON HANDLING TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 2 -
Dame J A Kenny
Director
28 March 2024
ROBSON HANDLING TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 JUNE 2023
- 3 -
The directors present their annual report and financial statements for the year ended 29 June 2023.
Principal activities
The principal activities of the Group continue to be that of the design, manufacture, site installation and servicing of integrated materials and baggage handling systems.
Results and dividends
The results for the year are set out on page 8.
No dividends have been paid during the year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Robson
J Gardiner
(Resigned 27 July 2022)
S Westley
Dame J A Kenny
C Wright
(Resigned 9 February 2024)
R A Woolhouse
A J Beare
(Appointed 20 February 2024)
Auditor
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
ROBSON HANDLING TECHNOLOGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 4 -
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
Dame J A Kenny
Director
28 March 2024
ROBSON HANDLING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBSON HANDLING TECHNOLOGY LIMITED
- 5 -
Opinion
We have audited the financial statements of Robson Handling Technology Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 June 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 29 June 2023 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ROBSON HANDLING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROBSON HANDLING TECHNOLOGY 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 directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the sector in which the company and group operate;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
ROBSON HANDLING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROBSON HANDLING TECHNOLOGY LIMITED
- 7 -
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Daniel Varley (Senior Statutory Auditor)
For and on behalf of BHP LLP
29 March 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
ROBSON HANDLING TECHNOLOGY LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 JUNE 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
18,013,600
17,690,965
Cost of sales
(16,461,956)
(14,701,280)
Gross profit
1,551,644
2,989,685
Distribution costs
(162,512)
(155,877)
Administrative expenses
(3,409,217)
(2,737,471)
Other operating income
31,503
20,586
Exceptional item
5
(123,353)
(75,709)
Operating (loss)/profit
4
(2,111,935)
41,214
Interest receivable and similar income
10
51,147
23,845
Interest payable and similar expenses
9
(38,571)
(14,049)
(Loss)/profit before taxation
(2,099,359)
51,010
Taxation
11
(174,712)
(40,050)
(Loss)/profit for the financial year after taxation
(2,274,071)
10,960
EBITDA
(1,958,573)
218,669
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ROBSON HANDLING TECHNOLOGY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 JUNE 2023
- 9 -
2023
2022
£
£
(Loss)/profit for the year
(2,274,071)
10,960
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(670,000)
(816,000)
Currency translation gain/(loss) taken to retained earnings
9,525
(45,191)
Tax relating to other comprehensive income
167,500
204,000
Other comprehensive income for the year
(492,975)
(657,191)
Total comprehensive income for the year
(2,767,046)
(646,231)
Total comprehensive income for the year is all attributable to the owners of the parent company.
ROBSON HANDLING TECHNOLOGY LIMITED
GROUP BALANCE SHEET
AS AT 29 JUNE 2023
29 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
101,960
154,576
Tangible assets
15
2,009,039
2,006,775
2,110,999
2,161,351
Current assets
Stocks
16
185,554
152,721
Debtors
17
6,368,974
5,413,557
Cash at bank and in hand
3,211,807
2,906,154
9,766,335
8,472,432
Creditors: amounts falling due within one year
18
(9,175,827)
(5,546,996)
Net current assets
590,508
2,925,436
Total assets less current liabilities
2,701,507
5,086,787
Creditors: amounts falling due after more than one year
19
(113,425)
(183,659)
Provisions for liabilities
Deferred tax liability
21
83,000
-
(83,000)
Net assets excluding pension (liability)/surplus
2,588,082
4,820,128
Defined benefit pension (liability)/surplus
24
(202,000)
333,000
Net assets
2,386,082
5,153,128
Capital and reserves
Called up share capital
23
2,289,300
2,289,300
Revaluation reserve
705,862
Profit and loss reserves
96,782
2,157,966
Total equity
2,386,082
5,153,128
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 28 March 2024 and are signed on its behalf by:
28 March 2024
Dame J A Kenny
Director
Company registration number 00379606 (England and Wales)
ROBSON HANDLING TECHNOLOGY LIMITED
COMPANY BALANCE SHEET
AS AT 29 JUNE 2023
29 June 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
79,005
100,137
Tangible assets
15
1,996,002
1,993,111
Investments
13
469,057
469,057
2,544,064
2,562,305
Current assets
Stocks
16
158,867
126,034
Debtors
17
3,882,278
3,831,723
Cash at bank and in hand
1,444,236
2,456,405
5,485,381
6,414,162
Creditors: amounts falling due within one year
18
(4,950,545)
(3,628,054)
Net current assets
534,836
2,786,108
Total assets less current liabilities
3,078,900
5,348,413
Creditors: amounts falling due after more than one year
19
(113,425)
(183,659)
Provisions for liabilities
Deferred tax liability
21
83,000
-
(83,000)
Net assets excluding pension (liability)/surplus
2,965,475
5,081,754
Defined benefit pension (liability)/surplus
24
(202,000)
333,000
Net assets
2,763,475
5,414,754
Capital and reserves
Called up share capital
23
2,289,300
2,289,300
Revaluation reserve
705,862
Profit and loss reserves
474,175
2,419,592
Total equity
2,763,475
5,414,754
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,148,779 (2022 - £4,751 profit).
ROBSON HANDLING TECHNOLOGY LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 29 JUNE 2023
29 June 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
28 March 2024
Dame J A Kenny
Director
Company registration number 00379606 (England and Wales)
ROBSON HANDLING TECHNOLOGY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JUNE 2023
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 30 June 2021
2,289,300
723,735
2,786,324
5,799,359
Year ended 29 June 2022:
Profit for the year
-
-
10,960
10,960
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
(816,000)
(816,000)
Currency translation differences
-
-
(45,191)
(45,191)
Tax relating to other comprehensive income
-
204,000
204,000
Total comprehensive income
-
-
(646,231)
(646,231)
Transfers
-
(17,873)
17,873
-
Balance at 29 June 2022
2,289,300
705,862
2,157,966
5,153,128
Year ended 29 June 2023:
Loss for the year
-
-
(2,274,071)
(2,274,071)
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
(670,000)
(670,000)
Currency translation differences
-
-
9,525
9,525
Tax relating to other comprehensive income
-
167,500
167,500
Total comprehensive income
-
-
(2,767,046)
(2,767,046)
Transfers
-
(705,862)
705,862
-
Balance at 29 June 2023
2,289,300
96,782
2,386,082
ROBSON HANDLING TECHNOLOGY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JUNE 2023
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 30 June 2021
2,289,300
723,735
3,008,968
6,022,003
Year ended 29 June 2022:
Profit for the year
-
-
4,751
4,751
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
(816,000)
(816,000)
Tax relating to other comprehensive income
-
204,000
204,000
Total comprehensive income
-
-
(607,249)
(607,249)
Transfers
-
(17,873)
17,873
-
Balance at 29 June 2022
2,289,300
705,862
2,419,592
5,414,754
Year ended 29 June 2023:
Profit for the year
-
-
(2,148,779)
(2,148,779)
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
(670,000)
(670,000)
Tax relating to other comprehensive income
-
167,500
167,500
Total comprehensive income
-
-
(2,651,279)
(2,651,279)
Transfers
-
(705,862)
705,862
-
Balance at 29 June 2023
2,289,300
474,175
2,763,475
ROBSON HANDLING TECHNOLOGY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 JUNE 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(150,698)
170,367
Interest paid
(38,571)
(14,049)
Income taxes refunded/(paid)
5,569
(66,501)
Net cash (outflow)/inflow from operating activities
(183,700)
89,817
Investing activities
Purchase of intangible assets
(13,615)
(23,681)
Purchase of tangible fixed assets
(138,942)
(20,183)
Proceeds from disposal of tangible fixed assets
517
4,438
Interest received
36,147
4,845
Net cash used in investing activities
(115,893)
(34,581)
Financing activities
Repayment of borrowings
(58,155)
(18,293)
Net cash used in financing activities
(58,155)
(18,293)
Net (decrease)/increase in cash and cash equivalents
(357,748)
36,943
Cash and cash equivalents at beginning of year
2,906,154
2,918,421
Effect of foreign exchange rates
10,537
(49,210)
Cash and cash equivalents at end of year
2,558,943
2,906,154
Relating to:
Cash at bank and in hand
3,211,807
2,906,154
Bank overdrafts included in creditors payable within one year
(652,864)
-
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023
- 16 -
1
Accounting policies
Company information
Robson Handling Technology Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Coleford Road, Sheffield, S9 5PA.
The group consists of Robson Handling Technology Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
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.
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 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.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Robson Handling Technology Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 29 June 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.
1.4
Going concern
The directors have performed an assessment of going concern at a Group level, including a review of the Group's current cash position, available banking facilities, review of post year end performance and financial forecasts for financial years to June 2024 and June 2025.
Despite the significant challenges encountered in the UK which resulted in delivery of certain legacy contracts at a considerable loss, the directors are optimistic in the growth opportunities available to the group, particularly in the US. The directors have considered the current trading trends in the markets and cashflow sensitivities in making their going concern assessment. Despite the performance in the year, group still has cash in bank at year end of £3.2m and net current assets of £0.6m.
On this basis, the directors consider it appropriate to prepare financial statements on the going concern basis.
1.5
Turnover
Turnover represents amounts invoiced on completed contracts and provisions on partially completed contracts. In respect of long term contracts, the company recognises a budgeted contribution on a straight line basis over the life of the contract. Where contract losses are anticipated these are recognised in full at the time of identification in so far as they can be measured reliably. See note 2, key judgement and estimates, for a full description of the method of recognition of turnover from long term contracts.
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
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
20 years straight line
Development Costs
5 years straight line
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25 % reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
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 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.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
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.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, 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.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 21 -
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.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 22 -
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.18
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.19
Government grants
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received in relation to the government’s Coronavirus Job Retention Scheme have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Defined benefit pension scheme
There is an obligation to pay benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors including; life expectancy, salary increases, asset valuations and the discount rate on bonds. The key assumption is the discount rate, see note 24 on page 34. The assumptions reflect historical experience and current trends. The defined benefit pension liability as at the year end was £82,000 (2022: surplus £333,000).
Turnover from long term contracts
Turnover is generated from long term contracts. The group recognises contract revenue and contract costs associated with each contract using the percentage of completion method.
The recognition of revenue and profit therefore rely on estimates in relation to the stage of completion and the forecast total costs of each contract.
Margin is presented in the financial statements for each contract as it is earned on the specific tasks undertaken in the period. A margin is used based on the job budget form completed at the outset, with variations requiring individual approval. Each project’s outturn is reforecast on a monthly basis, so any changes to expected final outturn are reflected in the accounts promptly. The profit to be recognised monthly is calculated on a cumulative basis so that the overall expected outturn is reflected in the cumulative position each month.
The method applied ensures that profit is recognised equally across the life of the project. The calculation of expected outturn is based on the following factors:
- Variations to overall contract value (expected turnover) which have been agreed with the client
- Costs incurred to date allocated to the project. These allocated costs are reviewed monthly by site managers and matched to site material lists and expected spend
- Budgeted overall costs as calculated at the beginning of the project during the tender process which are used to calculate the expected costs to complete
The degree of estimation uncertainty centres around the expected costs to complete the contract which, combined with the contract turnover, are used to calculate the expected margin outturn on each project.
When contract losses are anticipated these are recognised in full at the time of identification in so far as they can be measured reliably.
Amounts recoverable on contracts as at the year end date were £1,619,602 (2022: £1,639,996).
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Specialist material and baggage handling plant
11,709,724
13,161,333
Installation & maintenance of specialised material and baggage handling plant
6,303,876
4,529,632
18,013,600
17,690,965
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
3
Turnover and other revenue
(Continued)
- 24 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
6,502,394
10,640,278
Europe, the Middle East and Africa
2,400,387
901,721
Rest of the World
846,556
520,396
USA
8,264,263
5,628,570
18,013,600
17,690,965
2023
2022
£
£
Other revenue
Interest income
51,147
23,845
Grants received
336
9,086
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
23,045
(109,772)
Research and development costs
41,021
97,356
Government grants
(336)
(9,086)
Depreciation of owned tangible fixed assets
116,428
130,183
Loss/(profit) on disposal of tangible fixed assets
19,576
(1,631)
Amortisation of intangible assets
36,933
47,272
Loss on disposal of intangible assets
28,448
-
Operating lease charges
28,053
32,506
5
Exceptional item
2023
2022
£
£
Expenditure
Restructuring costs
123,353
75,709
123,353
75,709
Exceptional costs relate to total restructuring costs for the Group.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 25 -
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
Production, sales, office and management
87
97
54
62
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,529,621
3,882,394
1,845,581
1,914,163
Social security costs
395,267
483,239
132,730
212,073
Pension costs
132,136
155,441
100,677
134,177
5,057,024
4,521,074
2,078,988
2,260,413
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
313,198
384,639
Company pension contributions to defined contribution schemes
20,608
32,342
Compensation for loss of office
-
60,000
333,806
476,981
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 6).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
118,670
114,640
Company pension contributions to defined contribution schemes
11,867
12,500
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 26 -
8
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
25,995
20,880
Audit of the financial statements of the company's subsidiaries
10,995
9,090
36,990
29,970
For other services
Taxation compliance services
4,925
4,480
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
38,020
14,049
Other interest
551
-
Total finance costs
38,571
14,049
10
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
36,147
4,845
Interest on the net defined benefit asset
15,000
19,000
Total income
51,147
23,845
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,356
Adjustments in respect of prior periods
(2,311)
(9,171)
Total UK current tax
(2,311)
(6,815)
Foreign current tax on profits for the current period
92,523
42,865
Total current tax
90,212
36,050
Deferred tax
Origination and reversal of timing differences
84,500
4,000
Total tax charge
174,712
40,050
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
11
Taxation
(Continued)
- 27 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(2,099,359)
51,010
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 20.48% (2022: 19.00%)
(429,949)
9,692
Tax effect of expenses that are not deductible in determining taxable profit
864
82
Change in unrecognised deferred tax assets
751,519
23,603
Adjustments in respect of prior years
(2,311)
(9,171)
Effect of change in corporation tax rate
(125,555)
(67,138)
Other permanent differences
(38,798)
(17,528)
Foreign exchange differences
2,355
Foreign tax - other
5,505
35,350
Fixed asset differences
(19,206)
5,196
Deferred tax charged directly to STRGL
(137,212)
(155,040)
Deferred tax not recognised
167,500
204,000
Losses carried back
-
11,004
Taxation charge
174,712
40,050
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(167,500)
(204,000)
The group has estimated tax losses available to carry forward against future trading profits of £3.2m (2022: £1.62m).
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 28 -
12
Intangible fixed assets
Group
Patents
Development Costs
Total
£
£
£
Cost
At 30 June 2022
40,682
862,365
903,047
Additions - internally developed
13,615
13,615
Disposals
(28,448)
(28,448)
Exchange adjustments
(1,331)
(1,331)
At 29 June 2023
39,351
847,532
886,883
Amortisation and impairment
At 30 June 2022
14,691
733,780
748,471
Amortisation charged for the year
2,186
34,747
36,933
Exchange adjustments
(481)
(481)
At 29 June 2023
16,396
768,527
784,923
Carrying amount
At 29 June 2023
22,955
79,005
101,960
At 29 June 2022
25,991
128,585
154,576
Company
Development Costs
£
Cost
At 30 June 2022
833,917
Additions - internally developed
13,615
At 29 June 2023
847,532
Amortisation and impairment
At 30 June 2022
733,780
Amortisation charged for the year
34,747
At 29 June 2023
768,527
Carrying amount
At 29 June 2023
79,005
At 29 June 2022
100,137
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 29 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
469,057
469,057
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 30 June 2022 and 29 June 2023
469,057
Carrying amount
At 29 June 2023
469,057
At 29 June 2022
469,057
14
Subsidiaries
Details of the company's subsidiaries at 29 June 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Robson Site Services Limited
England and Wales
Ordinary Shares
100.00
Robson Handling Technology USA Inc.
USA
Ordinary Shares
100.00
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 30 -
15
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 30 June 2022
1,957,391
475,916
1,159,277
76,441
3,669,025
Additions
24,121
113,281
1,540
138,942
Disposals
(77,147)
(5,496)
(82,643)
Exchange adjustments
(256)
(256)
At 29 June 2023
1,957,391
500,037
1,195,155
72,485
3,725,068
Depreciation and impairment
At 30 June 2022
313,171
449,435
844,820
54,824
1,662,250
Depreciation charged in the year
39,148
5,318
66,796
5,166
116,428
Eliminated in respect of disposals
(58,130)
(4,420)
(62,550)
Exchange adjustments
(99)
(99)
At 29 June 2023
352,319
454,753
853,387
55,570
1,716,029
Carrying amount
At 29 June 2023
1,605,072
45,284
341,768
16,915
2,009,039
At 29 June 2022
1,644,220
26,481
314,457
21,617
2,006,775
Company
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 30 June 2022
1,957,391
472,906
1,148,664
51,044
3,630,005
Additions
24,121
107,762
1,540
133,423
Disposals
(77,147)
(77,147)
At 29 June 2023
1,957,391
497,027
1,179,279
52,584
3,686,281
Depreciation and impairment
At 30 June 2022
313,171
448,161
840,239
35,323
1,636,894
Depreciation charged in the year
39,148
4,971
63,466
3,930
111,515
Eliminated in respect of disposals
(58,130)
(58,130)
At 29 June 2023
352,319
453,132
845,575
39,253
1,690,279
Carrying amount
At 29 June 2023
1,605,072
43,895
333,704
13,331
1,996,002
At 29 June 2022
1,644,220
24,745
308,425
15,721
1,993,111
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 31 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
185,554
152,721
158,867
126,034
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,289,173
3,151,207
1,838,500
1,420,601
Gross amounts owed by contract customers
1,619,602
1,639,996
1,497,554
1,564,903
Corporation tax recoverable
11,004
6,772
Amounts owed by group undertakings
-
-
196,468
402,221
Other debtors
213,689
413,456
191,847
293,821
Prepayments and accrued income
235,506
202,126
157,909
150,177
6,368,974
5,413,557
3,882,278
3,831,723
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
652,864
516,027
Other borrowings
20
62,072
50,329
62,072
50,329
Payments received on account
3,685,177
2,669,112
1,482,526
1,686,299
Trade creditors
3,067,369
2,060,285
1,719,422
1,447,786
Amounts owed to group undertakings
91,469
Corporation tax payable
107,889
7,876
28,360
(260)
Other taxation and social security
211,584
234,514
157,534
184,126
Other creditors
24,645
5,515
Accruals and deferred income
1,364,227
519,365
893,135
259,774
9,175,827
5,546,996
4,950,545
3,628,054
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
20
111,480
181,378
111,480
181,378
Government grants
22
1,945
2,281
1,945
2,281
113,425
183,659
113,425
183,659
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
19
Creditors: amounts falling due after more than one year
(Continued)
- 32 -
Other borrowings relate to a loan which is repayable in monthly instalments over 5 years with an interest rate of 6% pa. It is secured by a debenture from the company over all of its assets and undertakings.
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
652,864
516,027
Other loans
173,552
231,707
173,552
231,707
826,416
231,707
689,579
231,707
Payable within one year
714,936
50,329
578,099
50,329
Payable after one year
111,480
181,378
111,480
181,378
The bank overdraft and other loans are secured on the assets of the Group.
21
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
£
£
Accelerated capital allowances
(57,000)
-
Tax losses
3,000
-
Retirement benefit obligations
54,000
83,000
-
83,000
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
(57,000)
-
Tax losses
3,000
-
Retirement benefit obligations
54,000
83,000
-
83,000
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
21
Deferred taxation
(Continued)
- 33 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 30 June 2022
83,000
83,000
Charge to profit or loss
84,500
84,500
Credit to other comprehensive income
(167,500)
(167,500)
Asset at 29 June 2023
-
-
22
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Deferred grant income
1,945
2,281
1,945
2,281
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,289,300
2,289,300
2,289,300
2,289,300
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,852
74,145
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.
Defined benefit scheme - group and company
The company operates a final salary defined benefit pension scheme - the Geo. Robson (Conveyors) Limited Retirement Benefits Scheme (the "Scheme"). Pension benefits are linked to the members' final pensionable salaries and service at their retirement (or date of leaving if earlier). The scheme is closed to future accrual.
The most recent formal actuarial valuation was carried out as at 30 June 2021. The results have been updated to 30 June 2023.
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
24
Retirement benefit schemes
(Continued)
- 34 -
2023
2022
Key assumptions
%
%
Discount rate
5.4
3.8
Expected rate of increase of pensions in payment
3.2
3.2
Expected rate of salary increases
2.7
2.6
RPI Inflation
3.3
3.8
CPI Inflation
2.7
2.6
Mortality assumptions
2023
2022
Assumed life expectancy on retirement at age 65:
Years
Years
Retiring today
- Males
86.2
86
- Females
88.7
87.8
Retiring in 20 years
- Males
87.2
87
- Females
89.8
89
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
Group and company
2023
2022
£
£
Present value of defined benefit obligations
8,545,000
9,754,000
Fair value of plan assets
(8,343,000)
(10,087,000)
Deficit/(surplus) in scheme
202,000
(333,000)
Total liability/(asset) recognised
202,000
(333,000)
Group and company
2023
2022
Amounts recognised in the profit and loss account
£
£
Net interest on net defined benefit liability/(asset)
(15,000)
(19,000)
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
24
Retirement benefit schemes
(Continued)
- 35 -
Group and company
2023
2022
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
1,267,000
2,363,000
Less: calculated interest element
374,000
217,000
Return on scheme assets excluding interest income
1,641,000
2,580,000
Actuarial changes related to obligations
(971,000)
(1,764,000)
Total costs
670,000
816,000
Group and company
2023
Movements in the present value of defined benefit obligations
£
Liabilities at 30 June 2022
9,754,000
Benefits paid
(597,000)
Actuarial gains and losses
(971,000)
Interest cost
359,000
At 29 June 2023
8,545,000
The defined benefit obligations arise from plans which are wholly or partly funded.
Group and company
2023
Movements in the fair value of plan assets
£
Fair value of assets at 30 June 2022
10,087,000
Interest income
374,000
Return on plan assets (excluding amounts included in net interest)
(1,641,000)
Benefits paid
(597,000)
Contributions by the employer
120,000
At 29 June 2023
8,343,000
The actual return on plan assets was £374,000 (2022 - £217,000).
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
24
Retirement benefit schemes
(Continued)
- 36 -
Group and company
2023
2022
Fair value of plan assets at the reporting period end
£
£
Property
2,461,000
4,263,000
Equities
3,457,000
3,416,000
Bonds/Gilts
622,000
678,000
Cash
234,000
151,000
Annuities
78,000
92,000
Liability Driven Investments (LDI)
1,491,000
1,487,000
8,343,000
10,087,000
25
Prior year reclassification
Comparative amounts recognised as stock in the prior year of £1,639,996 have been reclassified to debtors as amounts recoverable on long term contracts to be consistent with current year classification. Corresponding entries in the comparative profit and loss of £52,109 have been reclassified from cost of sales to revenue. These reclassifications have no impact on profit or reserves.
26
Financial commitments, guarantees and contingent liabilities
At 29 June 2023, there were contingent liabilities in respect of advance payment guarantees and performance bonds totaling £478,586 (2022: £436,929).
27
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
78,249
104,874
78,249
104,874
Between two and five years
103,115
19,420
103,115
19,420
181,364
124,294
181,364
124,294
ROBSON HANDLING TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 37 -
28
Cash (absorbed by)/generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(2,274,071)
10,960
Adjustments for:
Taxation charged
174,712
40,050
Finance costs
38,571
14,049
Investment income
(51,147)
(23,845)
Loss/(gain) on disposal of tangible fixed assets
19,576
(1,631)
Loss on disposal of intangible assets
28,448
-
Amortisation and impairment of intangible assets
36,933
47,272
Depreciation and impairment of tangible fixed assets
116,428
130,183
Defined benefit pension scheme employer contributions
(120,000)
-
Movements in working capital:
(Increase)/decrease in stocks
(32,833)
1,344,729
Increase in debtors
(951,190)
(790,445)
Increase/(decrease) in creditors
2,864,211
(600,619)
Decrease in deferred income
(336)
(336)
Cash (absorbed by)/generated from operations
(150,698)
170,367
29
Analysis of changes in net funds - group
30 June 2022
Cash flows
Exchange rate movements
29 June 2023
£
£
£
£
Cash at bank and in hand
2,906,154
295,116
10,537
3,211,807
Bank overdrafts
(652,864)
-
(652,864)
2,906,154
(357,748)
10,537
2,558,943
Borrowings excluding overdrafts
(231,707)
58,155
-
(173,552)
2,674,447
(299,593)
10,537
2,385,391
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