BRODIE HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company registration number SC706476 (Scotland)
BRODIE HOLDINGS LTD
COMPANY INFORMATION
Directors
Mrs Debbie Hilferty
Mr Gerry Hilferty
Mr Benjamin Ackroyd
(Appointed 15 February 2024)
Mr Robert Taylor
(Appointed 15 February 2024)
Company number
SC706476
Registered office
Bonnyton Rail Depot
Bonnyton Industrial Estate
Munro Place
Kilmarnock
Ayrshire
KA1 2NP
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Business address
Caledonia Works
23 West Langlands Street
Kilmarnock
Ayrshire
KA1 2PY
Bankers
Virgin Money
30 The Foregate
Kilmarnock
Ayrshire
KA1 1JH
Solicitors
Freeths Scotland LLP
1st Floor 1
Atlantic Quay
1 Robertson Street
Glasgow
G2 8JB
BRODIE HOLDINGS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 27
BRODIE HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
|
The directors have acknowledged that it has been a challenging year and this is reflected in the financial performance. During the year the owners were approached by Porterbrook to sell a 49% stake in the Group and were pleased to report that the deal was completed in February 2024. Looking forward, activity levels have picked up significantly through 2024 which is very encouraging and as such the outlook is very positive. |
Principal risks and uncertainties
The directors have assessed the main risk facing the group as being competition from other companies within the industry. The directors believes that the reputation of the group and the quality of service provided will mitigate this risk.
Key performance indicators
Revenue and EBITDA are the key performance indicators used by the directors to manage the business. Other indicators are used in the daily operations of the business but are ultimately used to drive revenue and EBITDA.
2024 2023 2022
Revenue £6,905,479 £7,011,019 £8,005,356
EBITDA £ (130,367) £ (17,066) £ 459,022
Other information and explanations
The group is committed to investing in its people and assets to continue to grow and utilise the opportunity that a second depot has created.
Mr Gerry Hilferty
Director
8 August 2024
BRODIE HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
In the year under review, the group operated as a provider of design, overhaul, manufacture, construction, and general engineering solutions primarily to the railway industry. The group was also involved in the rental of commercial premises.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs Debbie Hilferty
Mr Gerry Hilferty
Mr Benjamin Ackroyd
(Appointed 15 February 2024)
Mr Robert Taylor
(Appointed 15 February 2024)
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Gerry Hilferty
Director
8 August 2024
BRODIE HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BRODIE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRODIE HOLDINGS LTD
- 4 -
Opinion
We have audited the financial statements of Brodie Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BRODIE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRODIE HOLDINGS LTD
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;
Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BRODIE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRODIE HOLDINGS LTD
- 6 -
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.
Stephen Bargh CA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd
8 August 2024
Accountants
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
BRODIE HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
6,905,479
7,011,019
Cost of sales
(3,345,126)
(3,113,889)
Gross profit
3,560,353
3,897,130
Administrative expenses
(3,999,345)
(4,161,732)
Other operating income
5,000
-
Operating loss
4
(433,992)
(264,602)
Interest receivable and similar income
6
337
Interest payable and similar expenses
7
(59,875)
(2,043)
Loss before taxation
(493,867)
(266,308)
Tax on loss
8
97,079
60,123
Loss for the financial year
(396,788)
(206,185)
Other comprehensive income
Revaluation of tangible fixed assets
572,657
Tax relating to other comprehensive income
(125,985)
Total comprehensive income for the year
49,884
(206,185)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BRODIE HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,584,498
2,589,084
Current assets
Stocks
14
445,782
508,889
Debtors
15
577,203
1,326,917
1,022,985
1,835,806
Creditors: amounts falling due within one year
16
(1,614,024)
(2,497,070)
Net current liabilities
(591,039)
(661,264)
Total assets less current liabilities
1,993,459
1,927,820
Creditors: amounts falling due after more than one year
17
(10,959)
(24,110)
Provisions for liabilities
Deferred tax liability
20
185,809
156,903
(185,809)
(156,903)
Net assets
1,796,691
1,746,807
Capital and reserves
Called up share capital
22
202
202
Revaluation reserve
446,672
Profit and loss reserves
1,349,817
1,746,605
Total equity
1,796,691
1,746,807
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
08 August 2024
Mr Gerry Hilferty
Director
Company registration number SC706476 (Scotland)
BRODIE HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
101
101
Current assets
Debtors
15
100
1,710
Creditors: amounts falling due within one year
16
(2,682)
(1)
Net current (liabilities)/assets
(2,582)
1,709
Net (liabilities)/assets
(2,481)
1,810
Capital and reserves
Called up share capital
22
202
202
Profit and loss reserves
(2,683)
1,608
Total equity
(2,481)
1,810
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 £4,291 (2023 - £716,608 profit).
These abbreviated accounts have been prepared in accordance with the special provisions in section 445(3) of the Companies Act 2006 relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
08 August 2024
Mr Gerry Hilferty
Director
Company registration number SC706476 (Scotland)
BRODIE HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100
2,667,790
2,667,890
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(206,185)
(206,185)
Issue of share capital
22
102
-
-
102
Dividends
9
-
-
(715,000)
(715,000)
Balance at 31 March 2023
202
1,746,605
1,746,807
Year ended 31 March 2024:
Loss for the year
-
-
(396,788)
(396,788)
Other comprehensive income:
Revaluation of tangible fixed assets
-
572,657
-
572,657
Tax relating to other comprehensive income
-
(125,985)
(125,985)
Total comprehensive income
-
446,672
(396,788)
49,884
Balance at 31 March 2024
202
446,672
1,349,817
1,796,691
BRODIE HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
100
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
716,608
716,608
Issue of share capital
22
102
-
102
Dividends
9
-
(715,000)
(715,000)
Balance at 31 March 2023
202
1,608
1,810
Year ended 31 March 2024:
Profit and total comprehensive income
-
(4,291)
(4,291)
Balance at 31 March 2024
202
(2,683)
(2,481)
BRODIE HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(99,462)
(1,542)
Interest paid
(59,875)
(2,043)
Income taxes refunded/(paid)
44,855
(38,084)
Net cash outflow from operating activities
(114,482)
(41,669)
Investing activities
Purchase of tangible fixed assets
(19,917)
(342,677)
Proceeds from disposal of tangible fixed assets
293,535
100,583
Interest received
337
Net cash generated from/(used in) investing activities
273,618
(241,757)
Financing activities
Proceeds from issue of shares
-
102
Payment of finance leases obligations
(13,151)
20,976
Dividends paid to equity shareholders
(715,000)
Net cash used in financing activities
(13,151)
(693,922)
Net increase/(decrease) in cash and cash equivalents
145,985
(977,348)
Cash and cash equivalents at beginning of year
(265,103)
712,245
Cash and cash equivalents at end of year
(119,118)
(265,103)
Relating to:
Bank overdrafts included in creditors payable within one year
(119,118)
(265,103)
BRODIE HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(5,102)
Investing activities
Dividends received
720,000
Net cash (used in)/generated from investing activities
-
720,000
Financing activities
Proceeds from issue of shares
-
102
Dividends paid to equity shareholders
-
(715,000)
Net cash used in financing activities
-
(714,898)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Brodie Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Bonnyton Rail Depot, Bonnyton Industrial Estate, Munro Place, Kilmarnock, Ayrshire, KA1 2NP.
The group consists of Brodie Holdings Ltd and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Brodie Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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.
Revenue from contracts 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 are recoverable.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
25% Straight Line
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
2% Straight Line
Leasehold land and buildings
2%, 10% and 25% Reducing Balance
Plant and equipment
10% and 25% Reducing Balance
Fixtures, fittings and equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
In the parent company financial statements, investments in subsidiaries 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.
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
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.
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.
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
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.
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.
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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.
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.
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
6,905,479
7,011,019
2024
2023
£
£
Other revenue
Interest income
-
337
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
(135)
(33)
Fees payable to the group's auditor for the audit of the group's financial statements
4,220
3,392
Depreciation of owned tangible fixed assets
334,572
319,761
Depreciation of tangible fixed assets held under finance leases
-
4,930
Profit on disposal of tangible fixed assets
(30,947)
(77,155)
Operating lease charges
375,656
356,406
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
58
67
-
-
Administration staff
24
24
-
-
Directors
2
2
-
-
Total
84
93
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,677,310
3,593,986
Social security costs
386,882
369,607
-
-
Pension costs
128,604
131,376
4,192,796
4,094,969
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
337
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
14,039
755
Other finance costs:
Interest on finance leases and hire purchase contracts
-
494
Other interest
45,836
794
Total finance costs
59,875
2,043
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(44,861)
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(97,079)
(15,262)
Total tax credit
(97,079)
(60,123)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(493,867)
(266,308)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(123,467)
(50,599)
Tax effect of expenses that are not deductible in determining taxable profit
10,327
4,658
Unutilised tax losses carried forward
1,073
644
Adjustments in respect of prior years
(21,550)
Effect of change in corporation tax rate
1,397
(3,663)
Depreciation on assets not qualifying for tax allowances
13,170
10,419
Other permanent differences
421
(32)
Taxation credit
(97,079)
(60,123)
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
125,985
-
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
715,000
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
10
Intangible fixed assets
Group
Development costs
£
Cost
At 1 April 2023 and 31 March 2024
133,185
Amortisation and impairment
At 1 April 2023 and 31 March 2024
133,185
Carrying amount
At 31 March 2024
At 31 March 2023
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
1,038,500
1,801,606
1,230,474
154,540
513,489
4,738,609
Additions
3,902
16,015
19,917
Disposals
(38,000)
(269,127)
(6,885)
(349,304)
(663,316)
Revaluation
496,500
496,500
At 31 March 2024
1,535,000
1,763,606
961,347
151,557
180,200
4,591,710
Depreciation and impairment
At 1 April 2023
55,387
937,164
822,601
138,567
195,806
2,149,525
Depreciation charged in the year
20,770
51,936
189,020
11,778
61,068
334,572
Eliminated in respect of disposals
(31,670)
(229,108)
(6,885)
(133,065)
(400,728)
Revaluation
(76,157)
(76,157)
At 31 March 2024
957,430
782,513
143,460
123,809
2,007,212
Carrying amount
At 31 March 2024
1,535,000
806,176
178,834
8,097
56,391
2,584,498
At 31 March 2023
983,113
864,442
407,873
15,973
317,683
2,589,084
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Tangible fixed assets
(Continued)
- 23 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
55,870
73,945
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
101
101
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
101
Carrying amount
At 31 March 2024
101
At 31 March 2023
101
13
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Brodie Engineering Limited
Bonnyton Rail Depot, Bonnyton Industrial Estate, Munro Place, Kilmarnock, KA1 2NP
Ordinary shares
100.00
Brodie Properties Limited
As above
Ordinary shares
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
445,782
508,889
-
-
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
290,344
557,898
Gross amounts owed by contract customers
72,947
438,220
Corporation tax recoverable
342
45,197
Amounts owed by group undertakings
(2,681)
-
-
1,610
Other debtors
100
100
100
100
Prepayments and accrued income
216,151
285,502
577,203
1,326,917
100
1,710
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
119,118
265,103
Obligations under finance leases
19
13,151
13,151
Payments received on account
364,638
466,151
Trade creditors
292,336
350,244
Amounts owed to group undertakings
(2,682)
2,682
1
Other taxation and social security
415,419
141,791
-
-
Other creditors
303,136
1,100,230
Accruals and deferred income
108,908
160,400
1,614,024
2,497,070
2,682
1
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
10,959
24,110
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
119,118
265,103
Payable within one year
119,118
265,103
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18
Loans and overdrafts
(Continued)
- 25 -
The bank overdraft is secured by floating charges and standard security over the property owned by the company.
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
13,151
13,151
In two to five years
10,959
24,110
24,110
37,261
-
-
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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Obligations under finance leases are secured over the assets to which they relate.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
59,824
156,903
Revaluations
125,985
-
185,809
156,903
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
156,903
-
Credit to profit or loss
(97,079)
-
Charge to other comprehensive income
125,985
-
Liability at 31 March 2024
185,809
-
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
128,604
131,376
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.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
202
202
202
202
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
35,000
35,000
-
-
Between two and five years
140,000
140,000
-
-
In over five years
1,134,583
1,169,583
-
-
1,309,583
1,344,583
-
-
24
Related party transactions
Included within 'Other creditors' falling due within one year is an amount due to a company related by virtue of common control of £Nil (2023: £935,720). The amount is interest free and has no fixed terms for repayment.
25
Directors' transactions
Dividends totalling £0 (2023 - £715,000) were paid in the year from group companies in respect of shares held by the directors.
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
26
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(396,788)
(206,185)
Adjustments for:
Taxation credited
(97,079)
(60,123)
Finance costs
59,875
2,043
Investment income
(337)
Gain on disposal of tangible fixed assets
(30,947)
(77,155)
Depreciation and impairment of tangible fixed assets
334,572
324,691
Movements in working capital:
Decrease/(increase) in stocks
63,107
(107,431)
Decrease/(increase) in debtors
704,859
(204,966)
(Decrease)/increase in creditors
(737,061)
327,921
Cash absorbed by operations
(99,462)
(1,542)
27
Cash absorbed by operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(4,291)
716,608
Adjustments for:
Investment income
(720,000)
Movements in working capital:
Decrease/(increase) in debtors
1,610
(1,610)
Increase/(decrease) in creditors
2,681
(100)
Cash absorbed by operations
-
(5,102)
28
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Bank overdrafts
(265,103)
145,985
(119,118)
Obligations under finance leases
(37,261)
13,151
(24,110)
(302,364)
159,136
(143,228)
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