Company registration number 08709640 (England and Wales)
ON SITE SERVICES (GROUP) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ON SITE SERVICES (GROUP) LTD
COMPANY INFORMATION
Directors
Stephen Parry
Mark Lonsdale
Company number
08709640
Registered office
Unit 1
Wincham Point
Wincham Lane
Wincham Northwich
Cheshire
CW9 6DE
Accountant
Hall Livesey Brown
HLB House
68 High Street
Tarporley
CW6 0AT
Auditor
Riverside Accountancy Lancaster Limited
Riverside Offices
2nd Floor
26 St. George's Quay
Lancaster, LA1 1RD
Business address
Unit 1
Wincham Point
Wincham Lane
Wincham Northwich
Cheshire
CW9 6DE
ON SITE SERVICES (GROUP) LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
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
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
ON SITE SERVICES (GROUP) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
Turnover increased during the period from £10.3m to £11.6m leading to an increase in gross profit (from £1.6m to £2.2m), with the gross profit percentage increasing from 15% to 19%.
Group operating profit increased to £554k (2023 - (£153k)).
Principal risks and uncertainties
The principal risks associated with the business are:
The loss of reputation – The principle group activities are both extended contracts for maintenance and adhoc project works. If any services or projects are deemed to be delivered to non-conforming standards then the group risks its reputation for procuring future trade.
The loss of major customers – The loss of top clients would represent a real risk. However the group has a wide range of customers and within that are trading groups and this would contribute mitigation to any loss.
Exchange rate losses – Whilst the group has minimal trading in foreign currency it is still subject to exchange rate losses/gains in EUR.
Key performance indicators
Performance of the business is reviewed regularly. Monthly management accounts and KPI’s for revenue, gross margins and profitability are produced and compared to prior years.
The directors are confident that regular analysis of the results allows good and reliable management of the business.
Other information and explanations
OSS Group values the experience of its employees as shown by the long standing team members who are expert in their trades. OSS offer both internal and externally funded training to maintain competent professional delivery of services.
Stephen Parry
Director
30 July 2024
ON SITE SERVICES (GROUP) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The company’s principal activity is that of a holding company. The principal activities of OSS Group are as a full-service property maintenance and project management business to commercial clients with premises in the UK.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Stephen Parry
Mark Lonsdale
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £190,144. The directors do not recommend payment of a further dividend.
Financial instruments
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Research and development
One of the entities of the Group is a specialist in the construction and renovation of buildings for the industrial, commercial, retail, leisure, private and public sectors. During this period the Company engaged in R&D activities seeking to improve upon the industry’s ability to renovate aging heritage buildings to modern standards.
Extensive discussions were undertaken between the Company’s R&D team and the specialist RCK tax and technical experts to determine the extent of R&D activities and applicable financial analysis. In accordance with relevant legislation under Part 13 CTA 2009, the Company is eligible to claim for R&D tax relief.
Future developments
No change in the group’s operations is expected in the future. The Group will continue to adapt to best operate in the current economic environment given the onset of the pandemic.
ON SITE SERVICES (GROUP) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Stephen Parry
Mark Lonsdale
Director
Director
30 July 2024
30 July 2024
ON SITE SERVICES (GROUP) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
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.
ON SITE SERVICES (GROUP) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ON SITE SERVICES (GROUP) LTD
- 5 -
Opinion
We have audited the financial statements of On Site Services (Group) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
ON SITE SERVICES (GROUP) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ON SITE SERVICES (GROUP) LTD
- 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 group and company, or returns adequate for our audit have not been received from branches not visited by us; or
the group and 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.
The auditor’s explanation of its audit response will depend on the risks identified but may include:
Review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements
The assessment of fraud was consider as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its parent. A review of journal entries and consideration of their appropriateness was carried out through the audit
During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair.
Challenging assumptions made by management in making their significant accounting estimates.
Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations
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.
ON SITE SERVICES (GROUP) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ON SITE SERVICES (GROUP) LTD
- 7 -
Lyndsay Nicholson ACA (Senior Statutory Auditor)
For and on behalf of Riverside Accountancy Lancaster Limited
1 August 2024
Chartered Accountants
Statutory Auditor
Riverside Offices
2nd Floor
26 St. George's Quay
Lancaster, LA1 1RD
ON SITE SERVICES (GROUP) LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
11,556,676
-
11,556,676
10,334,473
736
10,335,209
Cost of sales
(9,299,434)
-
(9,299,434)
(8,738,837)
(582)
(8,739,419)
Gross profit
2,257,242
-
2,257,242
1,595,636
154
1,595,790
Administrative expenses
(1,703,159)
-
(1,703,159)
(1,714,555)
(34,688)
(1,749,243)
Operating profit/(loss)
4
554,083
-
554,083
(118,919)
(34,534)
(153,453)
Interest receivable and similar income
8
162
-
162
136
-
136
Interest payable and similar expenses
9
(35,315)
-
(35,315)
(22,294)
10
(22,284)
Income statement suspense
77
-
77
77
-
77
Profit/(loss) before taxation
519,007
-
519,007
(141,000)
(34,524)
(175,524)
Tax on profit/(loss)
10
(143,421)
-
(143,421)
69,713
3,987
73,700
Profit/(loss) for the financial year
28
375,586
-
375,586
(71,287)
(30,537)
(101,824)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
448,652
(145,098)
- Non-controlling interests
(73,066)
43,274
375,586
(101,824)
ON SITE SERVICES (GROUP) LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Profit/(loss) for the year
375,586
(101,824)
Other comprehensive income
-
-
Total comprehensive income for the year
375,586
(101,824)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
448,652
(145,098)
- Non-controlling interests
(73,066)
43,274
375,586
(101,824)
ON SITE SERVICES (GROUP) LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
247,042
370,520
Tangible assets
14
435,758
386,312
682,800
756,832
Current assets
Stocks
18
136,758
409,213
Debtors
19
2,006,809
2,160,023
Cash at bank and in hand
459,428
505,337
2,602,995
3,074,573
Creditors: amounts falling due within one year
20
(2,544,154)
(3,083,962)
Net current assets/(liabilities)
58,841
(9,389)
Total assets less current liabilities
741,641
747,443
Creditors: amounts falling due after more than one year
21
(130,166)
(162,776)
Provisions for liabilities
Deferred tax liability
24
90,415
70,263
(90,415)
(70,263)
Net assets
521,060
514,404
Capital and reserves
Called up share capital
27
100,202
100,202
Profit and loss reserves
28
646,104
535,130
Equity attributable to owners of the parent company
746,306
635,332
Non-controlling interests
(225,246)
(120,928)
521,060
514,404
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
Stephen Parry
Mark Lonsdale
Director
Director
Company registration number 08709640 (England and Wales)
ON SITE SERVICES (GROUP) LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
617,172
590,643
Current assets
Debtors
19
192,197
202,853
Cash at bank and in hand
22,327
34,350
214,524
237,203
Creditors: amounts falling due within one year
20
(338,916)
(285,619)
Net current liabilities
(124,392)
(48,416)
Total assets less current liabilities
492,780
542,227
Creditors: amounts falling due after more than one year
21
(50,000)
(90,000)
Net assets
442,780
452,227
Capital and reserves
Called up share capital
27
100,202
100,202
Profit and loss reserves
28
342,578
352,025
Total equity
442,780
452,227
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 £180,697 (2023 - £6,122 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
Stephen Parry
Mark Lonsdale
Director
Director
Company registration number 08709640 (England and Wales)
ON SITE SERVICES (GROUP) LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
100,202
782,381
882,583
(70,117)
812,466
Year ended 31 March 2023:
Loss and total comprehensive income
-
(145,098)
(145,098)
43,274
(101,824)
Dividends
12
-
(212,828)
(212,828)
(164,202)
(377,030)
Transfers
-
(590,180)
(590,180)
-
(590,180)
Other movements
-
77
77
-
77
Balance at 31 March 2023
100,202
535,130
635,332
(120,928)
514,404
Year ended 31 March 2024:
Profit and total comprehensive income
-
448,652
448,652
(73,066)
375,586
Dividends
12
-
(190,144)
(190,144)
(152,180)
(342,324)
Transfers
-
(616,709)
(616,709)
-
(616,709)
Other movements
-
77
77
-
77
Balance at 31 March 2024
100,202
646,104
746,306
(225,246)
521,060
ON SITE SERVICES (GROUP) LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100,202
558,731
658,933
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
6,122
6,122
Dividends
12
-
(212,828)
(212,828)
Balance at 31 March 2023
100,202
352,025
452,227
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
180,697
180,697
Dividends
12
-
(190,144)
(190,144)
Balance at 31 March 2024
100,202
342,578
442,780
ON SITE SERVICES (GROUP) LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
492,755
422,814
Interest paid
(35,312)
(22,284)
Income taxes (paid)/refunded
(19,871)
24,086
Net cash inflow from operating activities
437,572
424,616
Investing activities
Proceeds on disposal of intangibles
786
-
Purchase of tangible fixed assets
(147,820)
(82,525)
Proceeds on disposal of tangible fixed assets
4,415
92,695
Interest received
162
136
Net cash (used in)/generated from investing activities
(142,457)
10,306
Financing activities
Repayment of bank loans
(40,000)
(40,000)
Payment of finance leases obligations
15,277
(38,067)
Dividends paid to equity shareholders
(190,144)
(212,828)
Dividends paid to non-controlling interests
(152,180)
(164,202)
Net cash used in financing activities
(367,047)
(455,097)
Net decrease in cash and cash equivalents
(71,932)
(20,175)
Cash and cash equivalents at beginning of year
286,668
306,843
Cash and cash equivalents at end of year
214,736
286,668
Relating to:
Cash at bank and in hand
459,428
505,337
Bank overdrafts included in creditors payable within one year
(244,692)
(218,669)
ON SITE SERVICES (GROUP) LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
33
(4,365)
57,511
Interest paid
(10,382)
(10,209)
Income taxes (paid)/refunded
-
4,083
Net cash (outflow)/inflow from operating activities
(14,747)
51,385
Investing activities
Interest received
40
104
Dividends received
232,828
212,828
Net cash generated from investing activities
232,868
212,932
Financing activities
Repayment of bank loans
(40,000)
(40,000)
Dividends paid to equity shareholders
(190,144)
(212,828)
Net cash used in financing activities
(230,144)
(252,828)
Net (decrease)/increase in cash and cash equivalents
(12,023)
11,489
Cash and cash equivalents at beginning of year
34,350
22,861
Cash and cash equivalents at end of year
22,327
34,350
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
1
Accounting policies
Company information
On Site Services (Group) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1, Wincham Point, Wincham Lane, Wincham Northwich, Cheshire, CW9 6DE.
The group consists of On Site Services (Group) Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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
Basis of consolidation
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.
The consolidated group financial statements consist of the financial statements of the parent company On Site Services (Group) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. 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.
1.3
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.
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.4
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.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
Software
3 years straight line basis
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:
Freehold land and buildings
25 years straight line basis
Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance
Computers
3 years straight line basis
Motor vehicles
25% reducing balance basis
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.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Work in progress
Work in progress is calculated as time worked and material costs on contracts up to the year end balance sheet date. The revenue is then recognised as the work is completed and included within the correct accounting period.
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Cash at bank and in hand
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.
1.11
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.
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.
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
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.
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
1.17
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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Turnover of the group
11,556,676
10,335,209
2024
2023
£
£
Turnover analysed by geographical market
Uk and Ireland
11,556,676
10,335,209
2024
2023
£
£
Other revenue
Interest income
162
136
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
5,101
202
Depreciation of owned tangible fixed assets
95,848
93,758
Profit on disposal of tangible fixed assets
(1,890)
(32,081)
Amortisation of intangible assets
123,478
123,500
Profit on disposal of intangible assets
(786)
-
Operating lease charges
178,575
154,617
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
24,151
14,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Employees
60
60
5
4
Directors
13
13
2
2
73
73
7
6
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,003,306
1,724,953
171,238
175,006
Social security costs
195,529
211,483
16,673
18,923
Pension costs
151,675
94,264
64,257
4,597
2,239,043
1,944,597
252,168
198,526
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
46,920
46,920
Company pension contributions to defined contribution schemes
60,000
48,000
78,800
66,800
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
162
136
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
162
136
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
24,986
15,562
Other finance costs:
Interest on finance leases and hire purchase contracts
10,329
6,722
Total finance costs
35,315
22,284
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
159,047
55,649
Adjustments in respect of prior periods
(35,778)
(111,857)
Total current tax
123,269
(56,208)
Deferred tax
Origination and reversal of timing differences
20,152
(17,492)
Total tax charge/(credit)
143,421
(73,700)
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 23 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
519,007
(175,524)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
129,752
(33,350)
Tax effect of expenses that are not deductible in determining taxable profit
52,060
15,821
Unutilised tax losses carried forward
74,126
70,829
Adjustments in respect of prior years
(35,778)
(111,857)
Deferred tax adjustments in respect of prior years
20,152
(17,492)
Dividend income
(58,207)
-
Capital allowances
(38,684)
(4,587)
Balancing charges
6,936
Taxation charge/(credit)
143,421
(73,700)
11
Discontinued operations
OSS Mechanical Services Ltd
During the period under review OSS Mechanical Services Limited ceased to trade.
12
Dividends
2024
2023
£
£
Final paid
232,828
212,828
13
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,300,000
160
1,300,160
Amortisation and impairment
At 1 April 2023
929,480
160
929,640
Amortisation charged for the year
123,478
123,478
At 31 March 2024
1,052,958
160
1,053,118
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 31 March 2024
247,042
247,042
At 31 March 2023
370,520
370,520
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
223,270
198,888
105,170
43,371
516,432
1,087,131
Additions
117,066
19,335
10,994
425
147,820
Disposals
(26,509)
(26,509)
At 31 March 2024
223,270
315,954
124,505
54,365
490,348
1,208,442
Depreciation and impairment
At 1 April 2023
105,136
170,764
88,924
38,237
297,759
700,820
Depreciation charged in the year
8,931
24,111
5,041
2,570
55,195
95,848
Eliminated in respect of disposals
(23,984)
(23,984)
At 31 March 2024
114,067
194,875
93,965
40,807
328,970
772,684
Carrying amount
At 31 March 2024
109,203
121,079
30,540
13,558
161,378
435,758
At 31 March 2023
118,135
28,123
16,246
5,134
218,674
386,312
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
617,172
590,643
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 and 31 March 2024
590,643
Impairment
At 1 April 2023
-
Impairment losses
(26,529)
At 31 March 2024
(26,529)
Carrying amount
At 31 March 2024
617,172
At 31 March 2023
590,643
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
16
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
On Site Services (CBM & PM) Limited
England and Wales
Commercial building maintenance and project management
A, B and C Ordinary shares
100.00
0
OSS Commercial Flooring Limited
England and Wales
Supply and install floorcoverings
A Ordinary shares
90.00
0
OSS Electrical Services Limited
England and Wales
Electrical and mechanical services to the retail and commercial sector
A and B Ordinary shares
65.00
0
OSS Managed Services Limited
England and Wales
Provision of practical and sensible facilities management advice and solutions
A, B and C Ordinary shares
75.00
0
OSS Mechanical Services Limited
England and Wales
Heating, ventilation and conditioning services
Ordinary shares
100.00
0
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,876,721
2,046,045
135,151
141,811
Carrying amount of financial liabilities
Measured at amortised cost
2,221,171
2,869,479
350,039
336,430
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
10,950
9,065
-
-
Work in progress
100,808
375,148
-
-
Finished goods and goods for resale
25,000
25,000
136,758
409,213
-
-
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,870,660
2,006,070
101,651
89,041
Corporation tax recoverable
2,838
2,838
2,838
2,838
Amounts owed by group undertakings
-
-
32,500
42,770
Other debtors
37,890
67,131
12,051
16,021
Prepayments and accrued income
95,421
83,984
43,157
52,183
2,006,809
2,160,023
192,197
202,853
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
284,692
258,669
40,000
40,000
Obligations under finance leases
23
71,228
63,341
Trade creditors
1,472,937
1,800,583
89,691
72,815
Amounts owed to group undertakings
59,730
1,838
Corporation tax payable
159,047
55,649
Other taxation and social security
291,312
321,610
38,877
39,189
Deferred income
25
2,790
Other creditors
157,182
209,082
100,264
120,527
Accruals and deferred income
104,966
375,028
10,354
11,250
2,544,154
3,083,962
338,916
285,619
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
50,000
90,000
50,000
90,000
Obligations under finance leases
23
80,166
72,776
130,166
162,776
50,000
90,000
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
90,000
130,000
90,000
130,000
Bank overdrafts
244,692
218,669
334,692
348,669
90,000
130,000
Payable within one year
284,692
258,669
40,000
40,000
Payable after one year
50,000
90,000
50,000
90,000
The long-term loans are secured by a fixed and floating bank charge over the property or undertaking of the company.
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
151,394
136,117
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
24
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
90,415
70,263
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
70,263
-
Charge to profit or loss
20,152
-
Liability at 31 March 2024
90,415
-
25
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
2,790
-
-
-
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,675
94,264
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.
27
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
65,130 'A' Ordinary shares of £1 each
65,130
65,130
25,050 'B' Ordinary shares of £1 each
25,050
25,050
10,020 'C' Ordinary shares of £1 each
10,020
10,020
65 'E' Ordinary shares of 1p each
1
1
61 'F' Ordinary shares of 1p each
1
1
100,202
100,202
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
28
Reserves
Profit and loss reserves
Profit and loss account – includes all current and prior period retained profits and losses
29
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
2024
2023
2024
2023
£
£
£
£
Within one year
232,394
81,000
60,000
60,000
Between two and five years
60,000
120,000
60,000
120,000
292,394
201,000
120,000
180,000
30
Related party transactions
During the year the parent company charged management expenses to group companies totalling £264,000 (2023 - £204,000)
31
Controlling party
The ultimate controlling party is Mr S Parry, majority shareholder and director of the company.
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
32
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
375,586
(101,824)
Adjustments for:
Taxation charged/(credited)
143,421
(73,700)
Finance costs
35,315
22,284
Investment income
(162)
(136)
Gain on disposal of tangible fixed assets
(1,890)
(32,081)
Gain on disposal of intangible assets
(786)
-
Amortisation and impairment of intangible assets
123,478
123,500
Depreciation and impairment of tangible fixed assets
95,848
93,758
Impairment of investments
(26,529)
180,869
Movements in working capital:
Decrease in stocks
272,376
35,048
Decrease in debtors
153,214
71,912
(Decrease)/increase in creditors
(679,906)
103,187
Increase in deferred income
2,790
-
Cash generated from operations
492,755
422,817
33
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
180,697
6,122
Adjustments for:
Taxation charged/(credited)
(2,516)
Finance costs
10,382
10,209
Investment income
(232,868)
(212,932)
Impairment of investments
(26,529)
180,869
Movements in working capital:
Decrease in debtors
10,656
85,064
Increase/(decrease) in creditors
53,297
(9,305)
Cash (absorbed by)/generated from operations
(4,365)
57,511
ON SITE SERVICES (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
34
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
505,337
(45,909)
459,428
Bank overdrafts
(218,669)
(26,023)
(244,692)
286,668
(71,932)
214,736
Borrowings excluding overdrafts
(130,000)
40,000
(90,000)
Obligations under finance leases
(136,117)
(15,277)
(151,394)
20,551
(47,209)
(26,658)
35
Analysis of changes in net debt - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
34,350
(12,023)
22,327
Borrowings excluding overdrafts
(130,000)
40,000
(90,000)
(95,650)
27,977
(67,673)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100Stephen ParryMark 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