Company Registration No. 14708078 (England and Wales)
SSPM HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 SEPTEMBER 2023
SSPM HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
SSPM HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr E M G Miles
(Appointed 6 March 2023)
Mr B Pidgeon
(Appointed 6 March 2023)
Mr S A Smith
(Appointed 6 March 2023)
Company number
14708078
Registered office
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Business address
Gemini House
Brunel Road
Church Road Industrial Estate
Salisbury
Wiltshire
United Kingdom
SP2 7PU
SSPM HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -

The directors present the strategic report for the Period ended 30 September 2023.

Fair review of the business

SSMP Holdings was incorporated as a vehicle for the management buyout of the Flowplant Group from the retiring owners. The management buyout was completed on 23rd June 2023, consideration for the purchase being £2,500,000. The consideration being satisfied via a mixture of cash (£800,000) and loan notes (£1,700,000).

The buyout brought about a change of senior management, but the fundamental direction of the business remains unchanged.

The group key performance indicators are turnover, operating profit (profit before interest and tax) and cash generation.

Turnover was £3,756,012 for the period from acquisition to the period end and operating profit was £808,187.

The Board of Directors monitor overheads very closely and will ensure that they are being matched with the anticipated level of demand, to ensure that profitability is maintained.

Consolidated net assets were £746,478. Investments have been made in product development and in the Group’s infrastructure, where the Directors believe this is for the benefit of the Group in the medium term.

Cash balances at the end of the period were £1,198,609.

The Directors are satisfied with the results for the period which were in line with expectations prior to acquisition.

Principal risks and uncertainties

The Group supplies product to several market sectors and the principal risk to volumes and therefore profitability, is the level of activity in the general economy.

The Group’s core business strategy is to develop products for new markets.

The prospects for the coming year suggest that external market conditions will continue to be challenging, but inflationary pressures have eased with price stability returning to most material costs and we continue to believe that the Group is well-placed to take advantage of opportunities as they arise.

On behalf of the board

Mr S A Smith
Director
5 September 2024
SSPM HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 3 -

The directors present their annual report and financial statements for the Period ended 30 September 2023.

Principal activities

The principal activity of the company is that of a holding company. The group is engaged in the manufacture of high pressure pumps and related equipment.

Results and dividends

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

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

Directors

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

Mr E M G Miles
(Appointed 6 March 2023)
Mr B Pidgeon
(Appointed 6 March 2023)
Mr S A Smith
(Appointed 6 March 2023)
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
Mr S A Smith
Director
5 September 2024
SSPM HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 4 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

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

We have audited the financial statements of SSPM Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the Period ended 30 September 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

SSPM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SSPM HOLDINGS LIMITED
- 6 -

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

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 directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

SSPM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SSPM HOLDINGS LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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.

Dean Pullen FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
9 September 2024
Office: Christchurch
SSPM HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 8 -
2023
ended
30 September
Notes
£
Turnover
3
3,756,012
Cost of sales
(2,635,625)
Gross profit
1,120,387
Administrative expenses
(312,200)
Operating profit
4
808,187
Interest receivable and similar income
7
449
Interest payable and similar expenses
8
(39,608)
Profit before taxation
769,028
Tax on profit
9
(23,533)
Profit for the financial Period
22
745,495
Profit for the financial Period is attributable to:
- Owners of the parent company
757,905
- Non-controlling interests
(12,410)
745,495
SSPM HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 9 -
2023
ended
30 September
£
Profit for the Period
745,495
Other comprehensive income
Currency translation gain taken to retained earnings
883
Total comprehensive income for the Period
746,378
Total comprehensive income for the Period is attributable to:
- Owners of the parent company
758,788
- Non-controlling interests
(12,410)
746,378
SSPM HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 10 -
Notes
£
£
Fixed assets
Tangible assets
11
1,039,693
Current assets
Stocks
14
4,603,654
Debtors
15
1,462,291
Cash at bank and in hand
1,198,609
7,264,554
Creditors: amounts falling due within one year
16
(6,232,769)
Net current assets
1,031,785
Total assets less current liabilities
2,071,478
Creditors: amounts falling due after more than one year
17
(1,325,000)
Net assets
746,478
Capital and reserves
Called up share capital
21
100
Profit and loss reserves
22
758,788
Equity attributable to owners of the parent company
758,888
Non-controlling interests
(12,410)
746,478
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:
05 September 2024
Mr S A Smith
Director
Company registration number 14708078 (England and Wales)
SSPM HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 11 -
Notes
£
£
Fixed assets
Investments
12
2,512,500
Current assets
-
Creditors: amounts falling due within one year
16
(1,219,572)
Net current liabilities
(1,219,572)
Total assets less current liabilities
1,292,928
Creditors: amounts falling due after more than one year
17
(1,325,000)
Net liabilities
(32,072)
Capital and reserves
Called up share capital
21
100
Profit and loss reserves
22
(32,172)
Total equity
(32,072)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £32,172.

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:
05 September 2024
Mr S A Smith
Director
Company registration number 14708078 (England and Wales)
SSPM HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 6 March 2023
-
-
-
-
-
Period ended 30 September 2023:
Profit for the period
-
757,905
757,905
(12,410)
745,495
Other comprehensive income:
Currency translation differences
-
883
883
-
883
Total comprehensive income for the period
-
758,788
758,788
(12,410)
746,378
Issue of share capital
21
100
-
100
-
100
Balance at 30 September 2023
100
758,788
758,888
(12,410)
746,478
SSPM HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 6 March 2023
-
-
-
Period ended 30 September 2023:
Loss and total comprehensive income for the period
-
(32,172)
(32,172)
Issue of share capital
21
100
-
100
Balance at 30 September 2023
100
(32,172)
(32,072)
SSPM HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 14 -
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
793,238
Interest paid
(39,608)
Income taxes paid
(90,068)
Net cash inflow/(outflow) from operating activities
663,562
Investing activities
Purchase of business
603,000
Proceeds from disposal of tangible fixed assets
6,498
Interest received
449
Net cash generated from/(used in) investing activities
609,947
Financing activities
Proceeds from issue of shares
100
Repayment of borrowings
(75,000)
Net cash used in financing activities
(74,900)
Net increase in cash and cash equivalents
1,198,609
Cash and cash equivalents at beginning of Period
-
Cash and cash equivalents at end of Period
1,198,609
SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 15 -
1
Accounting policies
Company information

SSPM Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 10 Bridge Street, Christchurch, Dorset, United Kingdom, BH23 1EF. The business address is Gemini House, Brunel Road, Church Road Industrial Estate, Salisbury, Wiltshire, United Kingdom, SP2 7PU.

 

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

1.1
Reporting period

These financial statements represent the first trading period for SSPM Holdings Limited. The financial statements represent the company results for the period from incorporation of 6 March 2023 to 30 September 2023. The group results represent the period 23 June 2023 to 30 September 2023 being the date at which the company obtained control of its subsidiaries.

1.2
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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
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.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company SSPM 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 30 September 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.

1.5
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 directors acknowledge the net liability position of the parent company. However, given the company does not trade and has access to the distributable profits of the group as required, the going concern basis remains appropriate.

1.6
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.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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.

1.7
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:

Freehold land and buildings
50 years straight line
Plant and equipment
5 to 10 years straight line
Fixtures and fittings
5 to 10 years straight line
Motor vehicles
3 to 4 years straight line

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

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 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.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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
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.

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.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
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.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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
Retirement benefits

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

1.17
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.

1.18
Foreign exchange

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account. The assets and liabilities of the overseas subsidiary undertaking are translated at the closing exchange rates. The profit and loss account of that undertaking is consolidated at the average rate of exchange during the year. Gains and losses arising on these translations are taken to other comprehensive income.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 22 -
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.

Critical judgements

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

Negative goodwill

The directors have reviewed the negative goodwill generated on the acquisition of Flowplant Holdings Limited. In the opinion of the directors, the balance is not attributable to any non-monetary assets and has therefore been written down in full at the date of acquisition.

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.

Calculation of stock provision

The group maintains a stock provision in order to maintain stock at the lower of cost and net realisable value. The provision is reviewed on a regular basis. The group uses specific criteria to calculate stock provisions, but establishing the criteria requires significant judgement. The group estimates the required provision using two methods:

(a) by reviewing the sales data in the accounting system and comparing the expected annual consumption of the product lines against the stock holding of the product. Where slow-moving products are identified proportional provisions are made based on management judgement.

(b) by providing in full for specific product lines that management assess to be obsolete.

3
Turnover and other revenue
£
Turnover analysed by class of business
Sale of high pressure pumps and systems
3,618,497
Aftersale support and training
125,852
Plant and tool hire
11,663
3,756,012
SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
3
Turnover and other revenue
(Continued)
- 23 -
£
Turnover analysed by geographical market
United Kingdom
1,582,623
Europe
110,934
USA
2,062,455
3,756,012
£
Other revenue
Interest income
449
4
Operating profit
£
Operating profit for the period is stated after charging/(crediting):
Exchange losses
56,702
Depreciation of owned tangible fixed assets
18,245
Loss on disposal of tangible fixed assets
49,027
Release of negative goodwill
(818,330)
Operating lease charges
37,866
5
Auditor's remuneration
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
8,500
Audit of the financial statements of the company's subsidiaries
24,675
33,175
SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 24 -
6
Employees

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

Group
Company
Number
Number
Selling
12
-
Factory and distribution
37
-
Administration
7
-
Total
56
-
0

Their aggregate remuneration comprised:

Group
Company
£
£
Wages and salaries
844,985
-
0
Social security costs
83,440
-
Pension costs
21,894
-
0
950,319
-
0

The company has no employees other than the directors.

7
Interest receivable and similar income
£
Interest income
Interest on bank deposits
974
Interest receivable from group companies
(525)
Total income
449
SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 25 -
8
Interest payable and similar expenses
£
Interest on bank overdrafts and loans
7,436
Other interest on financial liabilities
32,172
Total finance costs
39,608
9
Taxation
£
Current tax
UK corporation tax on profits for the current period
21,456
Foreign current tax on profits for the current period
336
Total current tax
21,792
Deferred tax
Origination and reversal of timing differences
1,741
Total tax charge
23,533

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

£
Profit before taxation
769,028
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
192,257
Tax effect of expenses that are not deductible in determining taxable profit
35,858
Negative goodwill released
(204,582)
Taxation charge
23,533
SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 26 -
10
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 6 March 2023
-
0
Additions - business combinations
(818,330)
Negative goodwill released
818,330
At 30 September 2023
-
0
Amortisation and impairment
At 6 March 2023 and 30 September 2023
-
0
Carrying amount
At 30 September 2023
-
0
The company had no intangible fixed assets at 30 September 2023.
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 6 March 2023
-
0
-
0
-
0
-
0
-
0
Business combinations
889,791
27,096
43,286
156,307
1,116,480
Disposals
-
0
-
0
-
0
(55,525)
(55,525)
Exchange adjustments
(5,155)
2,138
-
0
-
0
(3,017)
At 30 September 2023
884,636
29,234
43,286
100,782
1,057,938
Depreciation and impairment
At 6 March 2023
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the Period
1,216
1,381
1,155
14,493
18,245
At 30 September 2023
1,216
1,381
1,155
14,493
18,245
Carrying amount
At 30 September 2023
883,420
27,853
42,131
86,289
1,039,693
The company had no tangible fixed assets at 30 September 2023.
SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 27 -
12
Fixed asset investments
Group
Company
Notes
£
£
Investments in subsidiaries
13
-
0
2,512,500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 6 March 2023
-
Additions
2,512,500
At 30 September 2023
2,512,500
Carrying amount
At 30 September 2023
2,512,500
13
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Aqua Hydraulics Limited
Rutland House,148 Edmund St, Birmingham, B3 2JF
Ordinary
-
100.00
Flowplant (Scotland) Limited
Rutland House,148 Edmund St, Birmingham, B3 2JF
Ordinary
-
100.00
Flowplant Group Limited
Rutland House,148 Edmund St, Birmingham, B3 2JF
Ordinary
-
100.00
Flowplant Holdings Limited
Rutland House,148 Edmund St, Birmingham, B3 2JF
Ordinary
100.00
-
Harben Inc
2010, Ronald Regan Boulevard, Atlanta, Georgia, 30,004
Ordinary
-
90.00
Harben Pumps (Scotland) Limited
Rutland House,148 Edmund St, Birmingham, B3 2JF
Ordinary
-
100.00

On 23rd June 2023 Flowplant Group Limited transferred 10% of its holding in Harben Inc to a company director for £nil consideration. Subject to agreed upon criteria, the director has an option to purchase an additional 15% of the shareholding of Harben Inc in 2026 for $225,000.

                        

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 28 -
14
Stocks
Group
Company
£
£
Work in progress
909,020
-
Finished goods and goods for resale
3,694,634
-
0
4,603,654
-
15
Debtors
Group
Company
Amounts falling due within one year:
£
£
Trade debtors
1,309,225
-
0
Other debtors
39,250
-
0
Prepayments and accrued income
109,838
-
0
1,458,313
-
Deferred tax asset (note 19)
3,978
-
0
1,462,291
-
16
Creditors: amounts falling due within one year
Group
Company
Notes
£
£
Other borrowings
18
300,000
300,000
Trade creditors
1,292,424
-
0
Amounts owed to group undertakings
-
0
911,825
Corporation tax payable
75,543
-
0
Other taxation and social security
163,916
-
Other creditors
3,951,834
-
0
Accruals and deferred income
449,052
7,747
6,232,769
1,219,572
SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 29 -
17
Creditors: amounts falling due after more than one year
Group
Company
Notes
£
£
Other borrowings
18
1,325,000
1,325,000
18
Loans and overdrafts
Group
Company
£
£
Other loans
1,625,000
1,625,000
Payable within one year
300,000
300,000
Payable after one year
1,325,000
1,325,000

Other loans represent loan notes issued to the previous shareholders of Flowplant Holdings Limited as part of the consideration for the acquisition of 100% of the issued share capital. Interest is payable on the outstanding balance at 2% above base rate.

19
Deferred taxation

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

Assets
Group
£
Accelerated capital allowances
3,978
The company has no deferred tax assets or liabilities.
SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
19
Deferred taxation
(Continued)
- 30 -
Group
Company
Movements in the Period:
£
£
Asset at 6 March 2023
-
-
Credit to profit or loss
(3,978)
-
Asset at 30 September 2023
(3,978)
-
20
Retirement benefit schemes
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
21,894

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.

Contributions amounting to £9,517 (2022 - £8,000) were payable to the fund and are included in creditors.

21
Share capital
Group and company
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
100
100
22
Reserves
Profit and loss reserves

The profit and loss account reflects cumulative profits and losses net of distributions to members.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 31 -
23
Acquisition of a business

On 23 June 2023 the group acquired 100 percent of the issued capital of Flowplant Holdings Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
366,480
750,000
1,116,480
Inventories
4,133,000
-
4,133,000
Trade and other receivables
1,000,030
-
1,000,030
Cash and cash equivalents
1,403,000
-
1,403,000
Trade and other payables
(4,192,180)
-
(4,192,180)
Tax liabilities
(152,000)
-
(152,000)
Deferred tax
10,000
-
10,000
Total identifiable net assets
2,568,330
750,000
3,318,330
Goodwill
(818,330)
Total consideration
2,500,000
The consideration was satisfied by:
£
Cash
800,000
Loan notes
1,700,000
2,500,000
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
3,756,012
Profit after tax
15,927

Negative goodwill was generated upon acquisition. This is not attributable to specific assets acquired and reflects an acquisition at under fair value due to specific sale requirements of the previous shareholders being met. Accordingly, negative goodwill has been written off in full at the date of acquisition.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 32 -
24
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
£
£
Within one year
77,077
-
Between two and five years
25,025
-
102,102
-
25
Related party transactions

The group has taken advantage of the exemption available under Section 33 of FRS 102 from disclosing the transactions with wholly-owned group companies.

 

Included within other creditors is a balance of £124,900 owing to the directors of the company. The loan is interest free and repayable on demand.

 

On 23rd June 2023 Flowplant Group Limited transferred 10% of its holding in Harben Inc to a company director for £nil consideration. Subject to agreed upon criteria, the director has an option to purchase an additional 15% of the shareholding of Harben Inc in 2026 for $225,000.

SSPM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 33 -
26
Cash generated from/(absorbed by) group operations
£
Profit for the Period after tax
745,495
Adjustments for:
Taxation charged
23,533
Finance costs
39,608
Investment income
(449)
Loss on disposal of tangible fixed assets
49,027
Depreciation and impairment of tangible fixed assets
18,245
Negative goodwill written off
(818,330)
Movements in working capital:
Increase in stocks
(470,654)
Increase in debtors
(458,283)
Increase in creditors
1,665,046
Cash generated from/(absorbed by) operations
793,238
27
Analysis of changes in net debt - group
6 March 2023
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
-
1,198,609
1,198,609
Borrowings excluding overdrafts
-
(1,625,000)
(1,625,000)
-
(426,391)
(426,391)
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