Company registration number 09171735 (England and Wales)
4PX EXPRESS UK CO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
4PX EXPRESS UK CO LIMITED
COMPANY INFORMATION
Director
Mr Y Li
(appointed 19 January 2024)
Company number
09171735
Registered office
Unit 1804, South Bank Tower
55 Upper Ground
London
SE1 9EY
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
Unit 2, Prologis Park
Arenson Way
Dunstable
LU5 4RZ
4PX EXPRESS UK CO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 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 - 30
4PX EXPRESS UK CO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

 

Principal activity

The principal activity of the group continued to be that of provision of logistical and warehousing services.

Review of the business

The Key Performance Indicators of 4PX Express UK Co Limited over the last two years are detailed below:

 

              2023     2022

Turnover (£'000)             41,250        44,963

Gross profit margin         36.29%        26.81%

Net profit margin              1.9%         0.4%

 

The results for the year and the financial position at the year end for the group were as expected and therefore were considered satisfactory. The director anticipates the results to continue to improve in the foreseeable future.

The group's gross profit margins have increased from 26.81% in 2022 to 36.29% this year as the group adopted a new methodology in setting fees.

The group has made a profit of £778,974 this year as compared to £183,992 in the prior year.

The group's net liability situation at the balance sheet date has improved from £4,341,599 in 2022 to £3,562,625 as a result of the profit made in the year.

Principal risks and uncertainties

The principal risks and uncertainties facing 4PX Express UK Co Limited are:

 

Financial Instruments

The group's principal financial instruments comprise bank overdrafts and trade payables. The main purpose of these financial instruments is to raise finance for the group's operations. The group has various other financial assets such as trade receivables, cash and short-term deposits which arise directly from its operations.

 

The main risks arising from the group's financial instruments are credit risk, liquidity risk and Brexit risk. The board reviews and agrees policies for managing each of these and other risks and they are summarised below.

 

Credit risk

Credit risk arises in relation to customers not paying their debts as and when they fall due. The group performs ongoing credit evaluations of its customers and to date has not experienced any material bad debts.

 

Liquidity risk

Liquidity risk arises in relation to the group's management of working capital and the risk that the group will encounter difficulties in meeting financial obligations as and when they fall due. To minimise this risk, the liquidity position and ongoing working capital requirements are regularly reviewed.

 

Brexit risk

The group trades with entities based in the European Union and the exit therefrom poses a risk for the group due to the uncertainty surrounding trade agreements. This is mitigated by the loyal customer and supplier base with which the group has traded with for a number of years. The group management is monitoring the situation and will respond to any changes that arise from Brexit.

 

War in Ukraine

Due to the war in Ukraine, the global economy has been impacted by a rise in fuel prices. The group could potentially be impacted by this price increase as it relies heavily on daily transportation of goods. The director is aware of the situation and is taking the necessary steps in order to reduce this risk to a minimum, such as buying goods in bulk wherever possible.

4PX EXPRESS UK CO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Development and performance

The director considers the results for the year and the financial position at the year end to be as expected and it is expected that the performance and results will continue to improve in the foreseeable future.

 

Other information and explanations

Subsidiary undertaking

The financial statements of the subsidiary undertaking 4PX Grid Iberia S.L.U., incorporated in Spain for the year ended 31 December 2021. The subsidiary is significant component of the group.

On behalf of the board

Mr Y Li
Director
17 August 2024
4PX EXPRESS UK CO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

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

Results and dividends

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

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

Directors

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

 

Mr Y Li            (Resigned 4 January 2024)

Mr R Palla        (Resigned 3 October 2023)

Mr S Lu            (Appointed 3 October 2022 and resigned 19 January 2024)

Mr Y Li            (Appointed 19 January 2024)

Future developments

The director expects the high demand in overseas goods, especially from China in online business will lead to high demand in logistic and warehousing services.

Auditor

The auditor, RDP Newmans LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr Y Li
Director
16 August 2024
2024-08-19
4PX EXPRESS UK CO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the 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 director must not approve thefinancial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

4PX EXPRESS UK CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 4PX EXPRESS UK CO LIMITED
- 5 -
Opinion

We have audited the financial statements of 4PX Express UK Co Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Material uncertainty related to going concern

We draw attention to note 1.4 of the financial statements, which indicates that, although, the group made a net profit of £778,974 during the year ended 31 March 2023, as at that date, the group’s current liabilities exceeded its total assets by £3,562,625. As stated in note 1.4, these events and conditions, along with other matters as set forth in Note 1.4, indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern.

 

Our opinion is not qualified in this respect.

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

4PX EXPRESS UK CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 4PX EXPRESS UK CO LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

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:

4PX EXPRESS UK CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 4PX EXPRESS UK CO LIMITED
- 7 -

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

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

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

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. 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.

Other matters which we are required to address

The Spanish subsidiary undertaking, 4PX Grid Iberia S.L.U. did not submit the financial statements for the year ended 31 December 2021 to an audit because it was not required to do so. Consequently, the comparative figures of the subsidiary undertaking have not been audited.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4PX EXPRESS UK CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 4PX EXPRESS UK CO LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

A R Gangola FCA (Senior Statutory Auditor)
For and on behalf of RDP Newmans LLP
19 August 2024
Chartered Accountants
Statutory Auditor
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
4PX EXPRESS UK CO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
41,250,359
44,492,621
Cost of sales
(26,281,567)
(32,564,516)
Gross profit
14,968,792
11,928,105
Administrative expenses
(14,373,856)
(11,403,614)
Other operating income
241,787
249,041
Exceptional item
4
-
0
(583,810)
Operating profit
5
836,723
189,722
Interest payable and similar expenses
9
(5,624)
(32)
Profit before taxation
831,099
189,690
Tax on profit
10
(52,125)
(5,698)
Profit for the financial year and total comprehensive income
20
778,974
183,992
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
4PX EXPRESS UK CO LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
10,403
11,759
Tangible assets
12
5,571,781
6,019,958
5,582,184
6,031,717
Current assets
Debtors
15
9,801,654
7,883,509
Cash at bank and in hand
1,595,949
1,816,260
11,397,603
9,699,769
Creditors: amounts falling due within one year
16
(20,542,412)
(20,073,085)
Net current liabilities
(9,144,809)
(10,373,316)
Net liabilities
(3,562,625)
(4,341,599)
Capital and reserves
Called up share capital
19
10,000
10,000
Profit and loss reserves
20
(3,572,625)
(4,351,599)
Total equity
(3,562,625)
(4,341,599)

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 16 August 2024 and are signed on its behalf by:
16 August 2024
Mr Y Li
Director
Company registration number 09171735 (England and Wales)
4PX EXPRESS UK CO LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,862,691
5,296,859
Investments
13
90,098
90,098
4,952,789
5,386,957
Current assets
Debtors falling due after more than one year
15
4,281,639
4,327,938
Debtors falling due within one year
15
4,740,636
2,595,068
Cash at bank and in hand
1,075,444
1,551,076
10,097,719
8,474,082
Creditors: amounts falling due within one year
16
(18,808,381)
(18,233,086)
Net current liabilities
(8,710,662)
(9,759,004)
Net liabilities
(3,757,873)
(4,372,047)
Capital and reserves
Called up share capital
19
10,000
10,000
Profit and loss reserves
20
(3,767,873)
(4,382,047)
Total equity
(3,757,873)
(4,372,047)

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 £614,174 (2022 - £123,945 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
16 August 2024
Mr Y Li
Director
Company registration number 09171735 (England and Wales)
4PX EXPRESS UK CO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
10,000
(4,535,591)
(4,525,591)
Year ended 31 March 2022:
Profit and total comprehensive income
-
183,992
183,992
Balance at 31 March 2022
10,000
(4,351,599)
(4,341,599)
Year ended 31 March 2023:
Profit and total comprehensive income
-
778,974
778,974
Balance at 31 March 2023
10,000
(3,572,625)
(3,562,625)
4PX EXPRESS UK CO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
10,000
(4,505,992)
(4,495,992)
Year ended 31 March 2022:
Profit and total comprehensive income
-
123,945
123,945
Balance at 31 March 2022
10,000
(4,382,047)
(4,372,047)
Year ended 31 March 2023:
Profit and total comprehensive income
-
614,174
614,174
Balance at 31 March 2023
10,000
(3,767,873)
(3,757,873)
4PX EXPRESS UK CO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
782,918
1,551,780
Interest paid
(5,624)
(32)
Income taxes paid
(52,278)
(78,092)
Net cash inflow from operating activities
725,016
1,473,656
Investing activities
Purchase of intangible assets
-
(11,776)
Purchase of tangible fixed assets
(903,112)
(2,355,434)
Proceeds from disposal of tangible fixed assets
-
28,500
Proceeds from disposal of subsidiaries, net of cash disposed
-
539,207
Net cash used in investing activities
(903,112)
(1,799,503)
Net decrease in cash and cash equivalents
(178,096)
(325,847)
Cash and cash equivalents at beginning of year
1,774,045
2,099,892
Cash and cash equivalents at end of year
1,595,949
1,774,045
Relating to:
Cash at bank and in hand
1,595,949
1,816,260
Bank overdrafts included in creditors payable within one year
-
(42,215)
4PX EXPRESS UK CO LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
402,899
363,308
Interest paid
(5,624)
(32)
Net cash inflow from operating activities
397,275
363,276
Investing activities
Purchase of tangible fixed assets
(872,907)
(1,382,273)
Proceeds from disposal of tangible fixed assets
-
0
28,500
Proceeds from disposal of subsidiaries
-
0
539,207
Net cash used in investing activities
(872,907)
(814,566)
Net decrease in cash and cash equivalents
(475,632)
(451,290)
Cash and cash equivalents at beginning of year
1,551,076
2,002,366
Cash and cash equivalents at end of year
1,075,444
1,551,076
4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
1
Accounting policies
Company information

4PX Express UK Co Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1804, South Bank Tower, 55 Upper Ground, London, SE1 9EY.

 

The group consists of 4PX Express UK Co 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.

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company 4PX Express UK Co 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.

 

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

 

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

4PX Express UK Co Limited is preparing consolidated financial statements for the year to 31 March 2023. For this purpose, it uses the statutory financial statements of 4PX Grid Iberia S.L.U., its subsidiary. 4PX Grid Iberia S.L.U. has a year end of 31 December 2022.

4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

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

The group made a net profit of £778,974 for the year ended 31 March 2023 and, as at that date, the group’s current liabilities exceeded its total assets by £3,562,625. The director believes that preparing the financial statements on the going concern basis is appropriate due to the continued financial support of the ultimate parent company Shen Zhen 4PX Express Information Technology Co. Ltd. The director believes that they will continue to receive such financial support as is necessary to enable it to continue in operations and to meet its liabilities as they fall due for the foreseeable future and in any event for a period of at least 12 months from the date of the signing of the financial statements. Whilst the ultimate parent company has negative equity, the director believes that this group has access to sufficient funds from their shareholders should the need arise and are therefore able to provide the required support.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.6
Intangible fixed assets other than goodwill

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

 

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

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

Other intangibles
Over 6 years
1.7
Tangible fixed assets

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

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

Leasehold improvements
Over the lease term of 9 and 10 years
Plant and equipment
25% reducing balance and between 8% and 30% straight line
Fixtures and fittings
25% reducing balance and 20% straight line
Computers
25% reducing balance and 10% straight line
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.

4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.8
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.

1.9
Impairment of fixed assets

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

 

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

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

 

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

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

1.10
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.

4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
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.

 

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.

4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.12
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.

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.

4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 21 -
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.

1.16
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.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
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.

 

In the director's view, there are no significant judgements or estimates made.

4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Logistics
41,250,359
44,492,621
2023
2022
£
£
Turnover analysed by geographical market
UK
37,742,214
41,400,496
Europe
3,508,145
3,092,125
41,250,359
44,492,621
2023
2022
£
£
Other revenue
Grants received
-
1,062
4
Exceptional item
2023
2022
£
£
Expenditure
Bad debts
-
583,810
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
13,199
23,581
Government grants
-
(1,062)
Depreciation of owned tangible fixed assets
1,351,289
1,404,940
(Profit)/loss on disposal of tangible fixed assets
-
37,592
Amortisation of intangible assets
1,356
17
Operating lease charges
7,590,880
5,273,727
6
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
33,000
15,000
4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
7
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
Distribution staff
86
103
27
53
Administrative staff
6
7
6
7
Total
92
110
33
60

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,204,057
2,178,320
1,086,280
1,308,049
Social security costs
484,028
416,045
105,466
124,881
Pension costs
19,876
54,494
19,876
54,494
2,707,961
2,648,859
1,211,622
1,487,424
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
104,041
44,575

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
5,624
32
10
Taxation
2023
2022
£
£
Current tax
Foreign current tax on profits for the current period
52,125
20,992
Adjustments in foreign tax in respect of prior periods
-
0
(15,294)
Total current tax
52,125
5,698
4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Taxation
(Continued)
- 24 -

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

2023
2022
£
£
Profit before taxation
831,099
189,690
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
157,909
36,041
Tax effect of expenses that are not deductible in determining taxable profit
371
43
Unutilised tax losses carried forward
(189,240)
(116,969)
Adjustments in respect of prior years
-
0
(15,294)
Permanent capital allowances in excess of depreciation
(176,168)
(176,490)
Depreciation on assets not qualifying for tax allowances
256,744
266,939
Amortisation on assets not qualifying for tax allowances
-
0
7,142
Foreign tax
2,509
4,286
Taxation charge
52,125
5,698
11
Intangible fixed assets
Group
Other intangibles
£
Cost
At 1 April 2022 and 31 March 2023
11,776
Amortisation and impairment
At 1 April 2022
17
Amortisation charged for the year
1,356
At 31 March 2023
1,373
Carrying amount
At 31 March 2023
10,403
At 31 March 2022
11,759
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
1,418,197
343,435
8,587,085
727,022
18,500
11,094,239
Additions
-
0
27,674
874,790
648
-
0
903,112
At 31 March 2023
1,418,197
371,109
9,461,875
727,670
18,500
11,997,351
Depreciation and impairment
At 1 April 2022
400,964
11,621
4,306,917
343,269
11,510
5,074,281
Depreciation charged in the year
118,980
17,521
1,133,819
78,638
2,331
1,351,289
At 31 March 2023
519,944
29,142
5,440,736
421,907
13,841
6,425,570
Carrying amount
At 31 March 2023
898,253
341,967
4,021,139
305,763
4,659
5,571,781
At 31 March 2022
1,017,233
331,814
4,280,168
383,753
6,990
6,019,958
Company
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
1,418,197
8,311,213
598,405
18,500
10,346,315
Additions
-
0
872,907
-
0
-
0
872,907
At 31 March 2023
1,418,197
9,184,120
598,405
18,500
11,219,222
Depreciation and impairment
At 1 April 2022
400,964
4,302,277
334,705
11,510
5,049,456
Depreciation charged in the year
118,980
1,119,839
65,925
2,331
1,307,075
At 31 March 2023
519,944
5,422,116
400,630
13,841
6,356,531
Carrying amount
At 31 March 2023
898,253
3,762,004
197,775
4,659
4,862,691
At 31 March 2022
1,017,233
4,008,936
263,700
6,990
5,296,859
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
90,098
90,098
4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
90,098
Carrying amount
At 31 March 2023
90,098
At 31 March 2022
90,098
14
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
4PX Grid Iberia S.L.U.
Spain
Ordinary shares
100.00

Registered office addresses:

1
C/Rayon, No. 5 – Modelo 2 – Parcela 2.4 Pol. Ind. P-5, 19171 Cabanillas Del Campo, Guadalajara, Spain
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
620,210
97,982
337,618
59,086
Amounts owed by group undertakings
-
-
1,994
1,994
Other debtors
3,376,300
1,904,138
3,019,198
1,114,862
Prepayments and accrued income
1,381,826
1,419,126
1,381,826
1,419,126
5,378,336
3,421,246
4,740,636
2,595,068
Amounts falling due after more than one year:
Other debtors
4,423,318
4,462,263
4,281,639
4,327,938
Total debtors
9,801,654
7,883,509
9,022,275
6,923,006
4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
-
0
42,215
-
0
-
0
Trade creditors
4,161,062
4,023,889
3,968,213
4,023,889
Amounts owed to group undertakings
14,659,198
14,297,127
13,276,514
12,673,923
Corporation tax payable
(2,959)
(2,806)
-
0
-
0
Other taxation and social security
91,190
29,890
23,066
29,060
Other creditors
150,450
260,524
57,117
83,968
Accruals and deferred income
1,483,471
1,422,246
1,483,471
1,422,246
20,542,412
20,073,085
18,808,381
18,233,086
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
-
0
42,215
-
0
-
0
Payable within one year
-
0
42,215
-
0
-
0
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,876
54,494

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.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000

The ordinary shares have full rights in the company with respect to voting, dividends and capital distributions.

4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
20
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
(4,351,599)
(4,535,591)
(4,382,047)
(4,505,992)
Profit for the year
778,974
183,992
614,174
123,945
At the end of the year
(3,572,625)
(4,351,599)
(3,767,873)
(4,382,047)
21
Financial commitments, guarantees and contingent liabilities

The group has various guarantee agreements with HSBC Bank to the value of £1,294,256 (2022: £1,270,659).

22
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
7,123,913
7,080,746
6,280,430
6,237,263
Between two and five years
18,773,187
25,897,100
17,086,220
23,366,650
In over five years
24,525,881
24,525,881
24,525,881
24,525,881
50,422,981
57,503,727
47,892,531
54,129,794
23
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 para 33.1A not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group and it in turn owns 100% of it's subsidiary.

24
Controlling party

At 31 March 2023, the immediate parent company was 4PX Express Co., Limited, a company incorporated in Hong Kong. On 4 January 2024, 4PX Express Co. Limited transferred its shares in 4PX Express UK Co Limited to X Tracking Logistic Co., Limited, a company incorporated in Hong Kong

 

The ultimate parent company of the group is Shen Zhen 4PX Express Information Technology Co., Limited, incorporated in China.

 

The largest and smallest group in which the results of 4PX Express UK Co., Limited are consolidated is headed by Shen Zhen 4PX Express Information Technology Co., Ltd.

 

4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
778,974
183,992
Adjustments for:
Taxation charged
52,125
5,698
Finance costs
5,624
32
(Gain)/loss on disposal of tangible fixed assets
-
37,592
Amortisation and impairment of intangible assets
1,356
17
Depreciation and impairment of tangible fixed assets
1,351,289
1,404,940
Movements in working capital:
Increase in debtors
(1,918,145)
(3,479,621)
Increase in creditors
511,695
3,399,130
Cash generated from operations
782,918
1,551,780
26
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
614,174
123,945
Adjustments for:
Finance costs
5,624
32
Loss on disposal of tangible assets
-
2,525
Loss on disposal of subsidiaries
-
0
35,067
Depreciation and impairment of tangible fixed assets
1,307,075
1,382,761
Movements in working capital:
Increase in debtors
(2,099,269)
(2,604,307)
Increase in creditors
575,295
1,423,285
Cash generated from operations
402,899
363,308
27
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,816,260
(220,311)
1,595,949
Bank overdrafts
(42,215)
42,215
-
0
1,774,045
(178,096)
1,595,949
4PX EXPRESS UK CO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
28
Analysis of changes in net funds - company
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,551,076
(475,632)
1,075,444
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal 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