Company registration number 13612105 (England and Wales)
OVM HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
LB GROUP
1 Vicarage Lane
Stratford
London
E15 4HF
OVM HOLDINGS LIMITED
COMPANY INFORMATION
Director
A Lewis
Company number
13612105
Registered office
19 Leyden Street
London
E1 7LE
Auditor
LB Group Limited (Stratford)
1 Vicarage Lane
Stratford
London
E15 4HF
OVM HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's 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
Notes to the financial statements
15 - 30
OVM HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

Review of the business

The results for the year and the financial position at the period end were considered strong by the directors within the current climate of the global economy. The four investments held at the year end have been successfully integrated into the group.

This is the first set of financial statements filed for the group and the directors have taken a practical view of their preparation. Time constraints have meant that the investment businesses were audited (unless they fell below the usual audit threshold criteria) by their incumbent auditors all who signed off related audit reports without any qualifications.

To reduce costs and keep audit work at a manageable level LB Group did not undertake any audit work in relation to the underlying investments and as such are unable to give an unqualified opinion. LB Group have indicated that they are content with the consolidation process and reconciliation of inter company balances. LB Group have also indicated that an unqualified stand-alone OVM Holdings audit report would have been filed.

During the year turnover has increased from £13,484,186 to £49,560,115 as a result of the acquisitions made in the current and prior period.

Gross profit has increased from £4,217,525 to £13,106,059, but due to higher costs of sales a fall in gross margin from 31% to 27%. This reduction reflects one investment with very low operating margins but with a plan to significantly grow volumes.

The director takes a prudent view of the value of the investments and consolidated goodwill is written off over a ten year period. As the business has invested in four business over the past two years this write off is significant and in this period amounts to £1,071,115. Adopting this policy has meant that at the balance sheet date net liabilities are disclosed.

EBITDA has increased from £827,974 to £3,312,819 in the year and as a result of the investments now being fully integrated the director is confident that this will increase in 2024, particular as some of the investments were acquired during the year and the numbers reported only include trading information from that date.

Principal risks and uncertainties

Currency risk

 

The Group can be exposed to foreign exchange risk as a number of vendors invoice in currencies other than the reporting currency. The Group does not use forward currency contracts to manage its exposure to certain foreign currency exchange rates.

 

Credit risk

 

The Group's credit risk is managed by its director.

 

Liquidity risk

 

The Group aims to mitigate its liquidity risk by managing cash generation from its operations.

Key performance indicators

As far as business performance is concerned the directors consider turnover, net gross profit, net gross profit margin, employees and EBITDA to be the key measures of financial performance. These are detailed in the fair review of the business.

OVM HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

On behalf of the board

A Lewis
Director
31 August 2024
OVM HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

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

Principal activities

The principal activity of the company was that of a holding company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

A Lewis
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
A Lewis
Director
31 August 2024
OVM HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless 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.

OVM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OVM HOLDINGS LIMITED
- 5 -

Disclaimer of opinion

We were engaged to have audited the financial statements of OVM Holdings Limited (the '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 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).

We do not express an opinion on the accompanying consolidated financial statements of the Group. Because of the significance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these consolidated financial statements.

Basis for disclaimer of opinion

We were not able to have access to the management and the auditors of Group subsidiaries as of 31 March 2023. Therefore, we could not perform our responsibilities of the Group Auditor according to ISA 600 - Audits of group financial statements (Including the work of component auditors). As a result, we were unable to determine whether any adjustments were necessary to show true and fair in the respect of the Group’s financial statements figures which compromise the Group profit and loss account, the Group statement of comprehensive income, the Group balance sheet, the Group statement of changes in equity, the Group statement of cash flows and notes to the Group financial statements, including significant accounting policies.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit:

 

 

 

OVM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OVM HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report and the directors’ report.

 

Arising from the limitation of our work referred to above:

 

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

Responsibilities of director

As explained more fully in the 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the parent company financial statements

Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.

 

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

 

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Other matters which we are required to address

The comparative figures for the period ended 31 March 2022 were not audited.

OVM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OVM HOLDINGS LIMITED
- 7 -

Use of our report

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

Mark Middleton (Senior Statutory Auditor)
For and on behalf of LB Group Limited (Stratford)
31 August 2024
Chartered Accountants
Statutory Auditor
1 Vicarage Lane
Stratford
London
E15 4HF
OVM HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
49,560,115
13,484,186
Cost of sales
(36,454,056)
(9,266,661)
Gross profit
13,106,059
4,217,525
Distribution costs
(888,055)
(26,508)
Administrative expenses
(12,057,100)
(3,979,323)
Other operating income
53,645
555
Operating profit
4
214,549
212,249
Interest receivable and similar income
7
9,444
1,123
Interest payable and similar expenses
8
(356,815)
(143,691)
(Loss)/profit before taxation
(132,822)
69,681
Tax on (loss)/profit
9
(265,310)
7,679
(Loss)/profit for the financial year
(398,132)
77,360
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(546,892)
63,271
- Non-controlling interests
148,760
14,089
(398,132)
77,360
OVM HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
£
£
(Loss)/profit for the year
(398,132)
77,360
Other comprehensive income
-
-
Total comprehensive loss for the year
(398,132)
77,360
Total comprehensive loss for the year is attributable to:
- Owners of the parent company
(546,892)
63,271
- Non-controlling interests
148,760
14,089
(398,132)
77,360
OVM HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
12,475,929
3,315,517
Tangible assets
11
2,572,002
2,100,822
15,047,931
5,416,339
Current assets
Stocks
14
6,967,487
880,381
Debtors
15
9,387,084
8,628,104
Cash at bank and in hand
634,278
371,571
16,988,849
9,880,056
Creditors: amounts falling due within one year
16
(13,610,781)
(9,312,358)
Net current assets
3,378,068
567,698
Total assets less current liabilities
18,425,999
5,984,037
Creditors: amounts falling due after more than one year
17
(18,510,553)
(5,591,026)
Provisions for liabilities
Deferred tax liability
20
236,217
315,650
(236,217)
(315,650)
Net (liabilities)/assets
(320,771)
77,361
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
(483,621)
63,271
Equity attributable to owners of the parent company
(483,620)
63,272
Non-controlling interests
162,849
14,089
(320,771)
77,361
The financial statements were approved and signed by the director and authorised for issue on 31 August 2024
31 August 2024
A Lewis
Director
Company registration number 13612105 (England and Wales)
OVM HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
2,501
801
Current assets
Debtors
15
720,001
207,501
Creditors: amounts falling due within one year
16
(715,001)
(200,801)
Net current assets
5,000
6,700
Net assets
7,501
7,501
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
7,500
7,500
Total equity
7,501
7,501

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 £0 - audited (2022 - £7,500 profit - unaudited).

The financial statements were approved and signed by the director and authorised for issue on 31 August 2024
31 August 2024
A Lewis
Director
Company registration number 13612105 (England and Wales)
OVM HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 9 September 2021
-
0
-
0
-
-
-
Year ended 31 March 2022:
Profit and total comprehensive income
-
63,271
63,271
14,089
77,360
Issue of share capital
21
1
-
1
-
1
Balance at 31 March 2022
1
63,271
63,272
14,089
77,361
Year ended 31 March 2023:
Loss and total comprehensive income
-
(546,892)
(546,892)
148,760
(398,132)
Balance at 31 March 2023
1
(483,621)
(483,620)
162,849
(320,771)
OVM HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 9 September 2021
-
0
-
0
-
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
7,500
7,500
Issue of share capital
21
1
-
1
Balance at 31 March 2022
1
7,500
7,501
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
0
Balance at 31 March 2023
1
7,500
7,501
OVM HOLDINGS 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
26
7,160,773
3,061,570
Interest paid
(356,815)
(143,691)
Income taxes (paid)/refunded
(607,243)
323,329
Net cash inflow from operating activities
6,196,715
3,241,208
Investing activities
Purchase of intangible assets
(10,231,527)
(3,630,616)
Purchase of tangible fixed assets
(2,519,282)
(65,530)
Proceeds from disposal of tangible fixed assets
20,947
65,738
Interest received
9,444
-
0
Dividends received
-
0
1,123
Net cash used in investing activities
(12,720,418)
(3,629,285)
Financing activities
Proceeds from issue of shares
-
1
Repayment of borrowings
645,919
6,583
Repayment of bank loans
6,260,824
280,994
Payment of finance leases obligations
(120,333)
472,070
Net cash generated from financing activities
6,786,410
759,648
Net increase in cash and cash equivalents
262,707
371,571
Cash and cash equivalents at beginning of year
371,571
-
0
Cash and cash equivalents at end of year
634,278
371,571
OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
1
Accounting policies
Company information

OVM Holdings Limited (“the company”) is a private limited company limited by shares domiciled and incorporated in England and Wales. The registered office is 19 Leyden Street, London, E1 7LE.

 

The group consists of OVM Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

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

 

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

 

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

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

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

EBITDA has increased from £827,974 to £3,312,819 in the year and as a result of the investments now being fully integrated the director is confident that the group will continue to generate cash from operations in 2024.

During the year ended 31 March 2023, the Group incurred a loss after tax from continuing operations of £398,132. The non-cash loss was a result of timing of investments and the requirement to write off consolidated goodwill over a relatively short 10 year period in line with acceptable accounting standards.

The Group had net liabilities of £320,771. Liabilities includes loans from related parties, which total approximately £652,201.

The related parties have confirmed that they will not seek repayment of the loans until sufficient funds are in place and the Group can afford the full settlement. The Group has been reliant on the continued financial support of the majority shareholder of subsidiaries companies and related parties.

The director has considered the Group’s subsidiaries budgets and forecasts, the most recent Group’s financial results and current cash resources which indicates that the Group has currently sufficient funds to fulfil its obligations to continue repaying its existing bank and other loans when due and to further the Group’s development and growth. At the time of approving the financial statements, the director has considered the availability and feasibility of the financial support described above and the most recent financial results of the Group. The director is of the opinion with the envisaged support and current financial results the Group has adequate resources to continue in operational existence for the foreseeable future . Therefore, the director has adopted the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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

 

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

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

Revenue from contracts for the provision of professional 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. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

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

1.7
Tangible fixed assets

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

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

Leasehold land and buildings
over the term of the lease
Plant and equipment
between 15% and 33.33% reducing balance method
Fixtures and fittings
between 15% and 33.33% reducing balance method
Motor vehicles
between 15% and 33.33% reducing balance method

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

1.8
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.

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -

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

 

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

 

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

 

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

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

1.9
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.

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

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.

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 22 -
1.17

Reporting period length

The prior year financial statements cover the period from incorporation on 9 September 2021 until 31 March 2022, a period of 6 months and 22 days.

2
Judgements and key sources of estimation uncertainty

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

 

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investments and goodwill

The entity has capitalised goodwill on the acquisition of the subsidiary companies and assigned a useful economic life of 10 years. This is considered an appropriate estimate based on the expected life of the asset.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation & Amortisation

The annual depreciation charge for the tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual value are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of assets.

Impairment of stock

The provision of stock is made based on the age of the stock and saleability.

Impairment of debtors

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating if the debtor, the ageing profile of debtors and historical experience.

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Printing, data printing and mail services
17,323,550
13,348,779
Timber-based products
8,669,841
135,407
Electrical installation
1,724,732
-
Sale of roofing materials
21,841,992
-
49,560,115
13,484,186
2023
2022
£
£
Other revenue
Interest income
9,444
-
Dividends received
-
1,123

All turnover is generated in the UK.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
2,027,155
300,626
Amortisation of intangible assets
1,071,115
315,099
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,000
-
For other services
All other non-audit services
4,000
54,546
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
162
68
1
1
OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
9,444
-
0
Income from fixed asset investments
Income from shares in group undertakings
-
0
1,123
Total income
9,444
1,123
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
187,874
119,658
Interest on finance leases and hire purchase contracts
14,606
24,012
Other interest
154,335
21
Total finance costs
356,815
143,691
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
344,743
12,522
Deferred tax
Origination and reversal of timing differences
(79,433)
(20,201)
Total tax charge/(credit)
265,310
(7,679)

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

2023
2022
£
£
(Loss)/profit before taxation
(132,822)
69,681
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(33,206)
13,239
Tax effect of expenses that are not deductible in determining taxable profit
298,516
(19,553)
Transition adjustments
-
(1,365)
Taxation charge/(credit)
265,310
(7,679)
OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022
3,630,616
Additions
10,231,527
At 31 March 2023
13,862,143
Amortisation and impairment
At 1 April 2022
315,099
Amortisation charged for the year
1,071,115
At 31 March 2023
1,386,214
Carrying amount
At 31 March 2023
12,475,929
At 31 March 2022
3,315,517
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
561,622
4,411,542
66,737
39,310
5,079,211
Additions
-
0
2,519,282
-
0
-
0
2,519,282
Disposals
-
0
(62,475)
-
0
-
0
(62,475)
At 31 March 2023
561,622
6,868,349
66,737
39,310
7,536,018
Depreciation and impairment
At 1 April 2022
488,066
2,389,323
61,690
39,310
2,978,389
Depreciation charged in the year
31,389
1,994,298
1,468
-
0
2,027,155
Eliminated in respect of disposals
-
0
(41,528)
-
0
-
0
(41,528)
At 31 March 2023
519,455
4,342,093
63,158
39,310
4,964,016
Carrying amount
At 31 March 2023
42,167
2,526,256
3,579
-
0
2,572,002
At 31 March 2022
73,556
2,022,219
5,047
-
0
2,100,822
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.
OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,501
801
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
801
Additions
1,700
At 31 March 2023
2,501
Carrying amount
At 31 March 2023
2,501
At 31 March 2022
801
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Financial Data Management Holdings Limited
England & Wales
Holding investment
Ordinary
80.00
-
Financial Data Management Limited
England & Wales
Print, data printing and mailing
Ordinary
-
80.00
Shaw Pallets Group Limited
England & Wales
Holding investment
Ordinary
100.00
-
Shaw Pallet (Holdings) Limited
England & Wales
Activities of Head Offices
Ordinary
-
100.00
Shaw Pallet Limited
England & Wales
Manufacture of wooden containers
Ordinary
-
100.00
Permagroup Holdings Limited
England & Wales
Holding investment
Ordinary
80.00
-
Permagroup Limited
England & Wales
Wholesale of roofing materials
Ordinary
-
80.00
Permaroof (UK) Limited
England & Wales
Wholesale of roofing materials
Ordinary
-
80.00
Inverter Drive Systems Holdings Limited
England & Wales
Holding investment
Ordinary
90.00
-
Inverter Drive Systems Limited
England & Wales
Electrical installation
Ordinary
-
90.00
OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
6,967,487
880,381
-
-
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,864,395
7,339,123
-
0
-
0
Corporation tax recoverable
262,500
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
-
207,500
Other debtors
109,510
130,002
1
1
Prepayments and accrued income
1,150,679
1,158,979
-
0
-
0
9,387,084
8,628,104
1
207,501
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
720,000
-
Total debtors
9,387,084
8,628,104
720,001
207,501

Amounts owed by group undertakings are interest bearing and have a fixed date of repayment.

16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
966,490
649,317
-
0
-
0
Obligations under finance leases
19
317,973
302,595
-
0
-
0
Invoice Discounting
3,199,230
3,997,058
-
0
-
0
Trade creditors
6,229,505
2,325,877
-
0
-
0
Other taxation and social security
1,690,703
909,175
-
-
Other creditors
1,206,880
1,128,336
715,001
200,801
13,610,781
9,312,358
715,001
200,801

The bank loans and invoice discounting facility are secured by debentures from each of the underlying subsidiaries.

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
7,976,984
2,033,333
-
0
-
0
Obligations under finance leases
19
33,765
169,475
-
0
-
0
Other borrowings
18
652,501
6,583
-
0
-
0
Deferred consideration
9,847,303
3,381,635
-
0
-
0
18,510,553
5,591,026
-
-

There is £652,501 (2022: £6,583) included in other borrowings relating to advances provided by the Group majority shareholder. This loan is interest free and repayable on demand.

 

The bank loans, invoice discounting facility, deferred consideration and shareholder loans are secured by debentures from each of the underlying subsidiaries.

18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
8,943,474
2,682,650
-
0
-
0
Other loans
652,501
6,583
-
0
-
0
9,595,975
2,689,233
-
-
Payable within one year
966,490
649,317
-
0
-
0
Payable after one year
8,629,485
2,039,916
-
0
-
0
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
317,973
302,595
-
0
-
0
In two to five years
33,765
169,475
-
0
-
0
351,738
472,070
-
-

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. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
20
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
236,217
315,650
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
315,650
-
Credit to profit or loss
(79,433)
-
Liability at 31 March 2023
236,217
-

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
22
Operating lease commitments

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
86,400
86,400
-
-
Between two and five years
259,200
345,600
-
-
345,600
432,000
-
-
OVM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
23
Events after the reporting date

On 6 September 2023, a subsidiary undertaking of the company acquired the share capital of Shaw Timber (Holdings) Ltd and its subsidiary Shaw Timber Ltd.

 

On 21 November 2023, a subsidiary undertaking of the company acquired the share capital of Print Image Network Limited.

24
Related party transactions

The company has taken advantage of the exemption within FRS 102 and not reported transactions with subsidiary undertakings.

 

The director is considered to be the key management personnel.

25
Controlling party

The ultimate controlling party of OVM Holdings Limited is James Wooster, who owns 100% of the share capital.

26
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(398,132)
77,360
Adjustments for:
Taxation charged/(credited)
265,310
(7,679)
Finance costs
356,815
143,691
Investment income
(9,444)
(1,123)
Amortisation and impairment of intangible assets
1,071,115
315,099
Depreciation and impairment of tangible fixed assets
2,027,155
300,626
Movements in working capital:
Increase in stocks
(6,087,106)
(880,381)
Increase in debtors
(496,480)
(8,628,104)
Increase in creditors
10,431,540
11,742,081
Cash generated from operations
7,160,773
3,061,570
27
Analysis of changes in net debt - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
371,571
262,707
634,278
Borrowings excluding overdrafts
(2,689,233)
(6,906,742)
(9,595,975)
Obligations under finance leases
(472,070)
120,332
(351,738)
(2,789,732)
(6,523,703)
(9,313,435)
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2024.200A Lewisfalsefalse13612105bus:Consolidated2022-04-012023-03-31136121052022-04-012023-03-3113612105bus:Director12022-04-012023-03-3113612105bus:RegisteredOffice2022-04-012023-03-3113612105bus:Consolidated2023-03-31136121052023-03-3113612105bus:Consolidated2021-09-092022-03-31136121052021-09-092022-03-3113612105core:Goodwillbus:Consolidated2023-03-3113612105core:Goodwillbus:Consolidated2022-03-3113612105bus:Consolidated2022-03-3113612105core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3113612105core:PlantMachinerybus:Consolidated2023-03-3113612105core:FurnitureFittingsbus:Consolidated2023-03-3113612105core:MotorVehiclesbus:Consolidated2023-03-3113612105core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-03-3113612105core:PlantMachinerybus:Consolidated2022-03-3113612105core:FurnitureFittingsbus:Consolidated2022-03-3113612105core:MotorVehiclesbus:Consolidated2022-03-3113612105core:ShareCapitalbus:Consolidated2023-03-3113612105core:ShareCapitalbus:Consolidated2022-03-3113612105core:ShareCapital2023-03-3113612105core:ShareCapital2022-03-3113612105core:RetainedEarningsAccumulatedLosses2023-03-3113612105core:ShareCapitalbus:Consolidated2021-09-0813612105core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-09-0813612105core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3113612105core:Non-controllingInterestsbus:Consolidated2022-03-3113612105core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3113612105core:Non-controllingInterestsbus:Consolidated2023-03-3113612105core:ShareCapital2021-09-0813612105core:RetainedEarningsAccumulatedLosses2021-09-0813612105core:RetainedEarningsAccumulatedLosses2022-03-31136121052022-03-3113612105core:ShareCapitalbus:Consolidated2021-09-092022-03-3113612105core:ShareCapital2021-09-092022-03-3113612105bus:Consolidated2021-09-0813612105core:Goodwill2022-04-012023-03-3113612105core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3113612105core:PlantMachinery2022-04-012023-03-3113612105core:FurnitureFittings2022-04-012023-03-3113612105core:MotorVehicles2022-04-012023-03-3113612105core:UKTaxbus:Consolidated2022-04-012023-03-3113612105core:UKTaxbus:Consolidated2021-09-092022-03-3113612105core:Goodwillbus:Consolidated2022-03-3113612105core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2022-04-012023-03-3113612105core:Goodwillbus:Consolidated2022-04-012023-03-3113612105core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-03-3113612105core:PlantMachinerybus:Consolidated2022-03-3113612105core:FurnitureFittingsbus:Consolidated2022-03-3113612105core:MotorVehiclesbus:Consolidated2022-03-3113612105bus:Consolidated2022-03-3113612105core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-04-012023-03-3113612105core:PlantMachinerybus:Consolidated2022-04-012023-03-3113612105core:FurnitureFittingsbus:Consolidated2022-04-012023-03-3113612105core:MotorVehiclesbus:Consolidated2022-04-012023-03-3113612105core:CurrentFinancialInstruments2023-03-3113612105core:CurrentFinancialInstruments2022-03-3113612105core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3113612105core:CurrentFinancialInstrumentsbus:Consolidated2022-03-3113612105core:WithinOneYearbus:Consolidated2023-03-3113612105core:WithinOneYearbus:Consolidated2022-03-3113612105core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113612105core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3113612105core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3113612105core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-03-3113612105core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3113612105core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3113612105core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3113612105core:Non-currentFinancialInstrumentsbus:Consolidated2022-03-3113612105core:Non-currentFinancialInstruments2023-03-3113612105core:Non-currentFinancialInstruments2022-03-3113612105core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3113612105core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-03-3113612105core:WithinOneYear2023-03-3113612105core:WithinOneYear2022-03-3113612105core:BetweenTwoFiveYearsbus:Consolidated2023-03-3113612105core:BetweenTwoFiveYearsbus:Consolidated2022-03-3113612105core:BetweenTwoFiveYears2023-03-3113612105core:BetweenTwoFiveYears2022-03-3113612105bus:PrivateLimitedCompanyLtd2022-04-012023-03-3113612105bus:FRS1022022-04-012023-03-3113612105bus:Audited2022-04-012023-03-3113612105bus:ConsolidatedGroupCompanyAccounts2022-04-012023-03-3113612105bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP