Company registration number 08443424 (England and Wales)
BRICE AGGREGATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
31 March 2024
BRICE AGGREGATES LIMITED
COMPANY INFORMATION
Directors
Simon Brice
Emma Brice
Oliver Brice
Secretary
Emma Brice
Company number
08443424
Registered office
Colemans Farm
Little Braxted Lane
Rivenhall End
Witham
Essex
CM8 3EX
Accountants
Scrutton Bland Limited
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
BRICE AGGREGATES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Statement of cash flows
7
Notes to the financial statements
8 - 14
BRICE AGGREGATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is sand and gravel extraction, haulage contractor, ready-mix concrete production and quarry development.

Directors

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

Simon Brice
Emma Brice
Oliver Brice
Small companies exemption

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

On behalf of the board
Simon Brice
Director
5 September 2024
BRICE AGGREGATES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BRICE AGGREGATES LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Brice Aggregates Limited for the year ended 31 March 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Brice Aggregates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Brice Aggregates Limited and state those matters that we have agreed to state to the board of directors of Brice Aggregates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Brice Aggregates Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Brice Aggregates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brice Aggregates Limited. You consider that Brice Aggregates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Brice Aggregates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Scrutton Bland Limited
5 September 2024
Chartered Accountants
820 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ
BRICE AGGREGATES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2024
2023
£
£
Turnover
10,805,804
7,700,720
Cost of sales
(5,482,939)
(5,559,169)
Gross profit
5,322,865
2,141,551
Administrative expenses
(2,790,887)
(1,594,464)
Other operating income
389,217
-
0
Operating profit
2,921,195
547,087
Interest receivable and similar income
795
120
Interest payable and similar expenses
(196,724)
(130,389)
Profit before taxation
2,725,266
416,818
Tax on profit
(624,129)
(98,090)
Profit for the financial year
2,101,137
318,728

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BRICE AGGREGATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
13,436,286
4,656,275
Current assets
Stocks
221,369
94,699
Debtors
6
3,219,163
1,274,054
Cash at bank and in hand
1,445,011
996,395
4,885,543
2,365,148
Creditors: amounts falling due within one year
7
(3,038,702)
(1,751,020)
Net current assets
1,846,841
614,128
Total assets less current liabilities
15,283,127
5,270,403
Creditors: amounts falling due after more than one year
8
(3,691,006)
(2,670,535)
Provisions for liabilities
Restoration provision
317,246
265,380
Deferred tax liability
2,805,492
692,469
(3,122,738)
(957,849)
Net assets
8,469,383
1,642,019
Capital and reserves
Called up share capital
100
100
Revaluation reserve
5,046,227
-
0
Profit and loss reserves
3,423,056
1,641,919
Total equity
8,469,383
1,642,019
BRICE AGGREGATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 5 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
Simon Brice
Director
Company Registration No. 08443424
BRICE AGGREGATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100
-
0
1,903,191
1,903,291
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
318,728
318,728
Dividends
-
-
(580,000)
(580,000)
Balance at 31 March 2023
100
-
0
1,641,919
1,642,019
Year ended 31 March 2024:
Profit
-
-
2,101,137
2,101,137
Other comprehensive income:
Revaluation of tangible fixed assets
-
6,570,213
-
6,570,213
Tax relating to other comprehensive income
-
(1,523,986)
-
0
(1,523,986)
Total comprehensive income
-
5,046,227
2,101,137
7,147,364
Dividends
-
-
(320,000)
(320,000)
Balance at 31 March 2024
100
5,046,227
3,423,056
8,469,383
BRICE AGGREGATES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
2
3,118,153
1,817,913
Interest paid
(196,724)
(130,389)
Income taxes paid
-
0
(107,839)
Net cash inflow from operating activities
2,921,429
1,579,685
Investing activities
Purchase of tangible fixed assets
(3,880,250)
(1,311,171)
Proceeds on disposal of tangible fixed assets
156,000
298,500
Interest received
795
120
Net cash used in investing activities
(3,723,455)
(1,012,551)
Financing activities
Repayment of loans
(128,632)
(130,248)
Payment of finance leases obligations
1,699,159
43,585
Dividends paid
(320,000)
(580,000)
Net cash generated from/(used in) financing activities
1,250,527
(666,663)
Net increase/(decrease) in cash and cash equivalents
448,501
(99,529)
Cash and cash equivalents at beginning of year
996,395
1,095,924
Cash and cash equivalents at end of year
1,444,896
996,395
Relating to:
Cash at bank and in hand
1,445,011
996,395
Bank overdrafts included in creditors payable within one year
(115)
-
0
BRICE AGGREGATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Company information

Brice Aggregates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Colemans Farm, Little Braxted Lane, Rivenhall End, Witham, Essex, CM8 3EX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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 on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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:

Quarry site
Based on tonnage sold
Plant and equipment
Mobile plant 5 years/fixed plant 10 years
Fixtures and fittings
15% Straight Line
Motor vehicles
20% Straight Line
Mineral Rights
Based on tonnage sold

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 credited or charged to profit or loss.

1.4
Impairment of fixed assets

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

BRICE AGGREGATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -

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.

1.5
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.

1.6
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.

1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

BRICE AGGREGATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
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 company 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.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
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 company’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 when the company has 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.

BRICE AGGREGATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Under the terms of the planning consent obtained, the company is obliged to restore the site to a set standard. The accounts recognise a provision for future costs to be incurred based on gravel extracted in total at the balance sheet date. The restoration cost provision included in the accounts is based on the tonnage sold at a rate of 24p/tonne.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

BRICE AGGREGATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,101,137
318,728
Adjustments for:
Taxation charged
624,129
98,090
Finance costs
196,724
130,389
Investment income
(795)
(120)
Gain on disposal of tangible fixed assets
(88,857)
(158,276)
Depreciation and impairment of tangible fixed assets
1,603,309
1,247,318
Increase in provisions
51,866
44,533
Movements in working capital:
Increase in stocks
(126,670)
-
0
(Increase)/decrease in debtors
(1,945,109)
326,544
Increase/(decrease) in creditors
702,419
(189,293)
Cash generated from operations
3,118,153
1,817,913
3
Employees

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

2024
2023
Number
Number
Total
42
32
4
Analysis of changes in net debt
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
996,395
448,616
1,445,011
Bank overdrafts
-
0
(115)
(115)
996,395
448,501
1,444,896
Borrowings excluding overdrafts
(1,051,493)
128,632
(922,861)
Obligations under finance leases
(2,501,073)
(1,699,159)
(4,200,232)
(2,556,171)
(1,122,026)
(3,678,197)
BRICE AGGREGATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Mineral Rights
Total
£
£
£
£
Cost or valuation
At 1 April 2023
1,884,364
6,039,186
912,000
8,835,550
Additions
349,111
3,531,139
-
0
3,880,250
Disposals
-
0
(167,800)
-
0
(167,800)
Revaluation
-
0
-
0
6,088,000
6,088,000
At 31 March 2024
2,233,475
9,402,525
7,000,000
18,636,000
Depreciation and impairment
At 1 April 2023
654,318
3,121,580
403,377
4,179,275
Depreciation charged in the year
382,665
1,141,808
78,836
1,603,309
Eliminated in respect of disposals
-
0
(100,657)
-
0
(100,657)
Revaluation
-
0
-
0
(482,213)
(482,213)
At 31 March 2024
1,036,983
4,162,731
-
0
5,199,714
Carrying amount
At 31 March 2024
1,196,492
5,239,794
7,000,000
13,436,286
At 31 March 2023
1,230,046
2,917,606
508,623
4,656,275

On 28 March 2024 the mineral rights owned by the company were valued at a total of £7M by Savills (UK) Limited.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,209,469
1,147,766
Other debtors
1,009,694
126,288
3,219,163
1,274,054
BRICE AGGREGATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
138,779
117,437
Obligations under finance leases
1,293,423
764,594
Trade creditors
1,365,679
665,786
Corporation tax
35,092
-
0
Other taxation and social security
50,220
41,508
Other creditors
126,365
117,305
Accruals and deferred income
29,144
44,390
3,038,702
1,751,020
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
784,197
934,056
Obligations under finance leases
2,906,809
1,736,479
3,691,006
2,670,535

Bank loans shown in the accounts are secured against land owned personally by a director of the company.

Hire purchase liabilities are secured on the assets to which they relate.

9
Events after the reporting date

On 3 May 2024 Pomona Quarries Limited, a wholly owned subsidiary of Brice Aggregates Limited which was incorporated on 23 February 2024, acquired the property and assets of Needingworth Quarry from Hanson Quarry Products Europe Limited and Hanson Packed Products Limited.

Trading from these assets commenced on 7 May 2024. The first year accounts for Pomona Quarries Limited will be presented to 31 March 2025 for the accounting year 2024/25.

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