Company registration number SC028660 (Scotland)
FLEAR & THOMSON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FLEAR & THOMSON LIMITED
COMPANY INFORMATION
Directors
Mr P Buchanan
Mr S Buchanan
Mrs E Buchanan
Secretary
Mr P Buchanan
Company number
SC028660
Registered office
128-140 Pittencrieff Street
Dunfermline
KY12 8AN
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Business address
128-140 Pittencrieff Street
Dunfermline
KY12 8AN
Bankers
Bank of Scotland
1 Bothwell Street
Dunfermline
Fife
KY11 3AG
Solicitors
Stevenson & Marshall LLP
41 East Port
Dunfermline
Fife
KY12 7LG
FLEAR & THOMSON LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
13 - 26
FLEAR & THOMSON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Fair review of the business
The group is comprised of three Kia motor dealerships located in Dunfermline, Stirling and Perth. All three locations sell new and used motor vehicles and operate a service centre. The directors are satisfied with the results to March 2024. Turnover has increased by £8.6m from the previous year, an increase of 17.5%. This increase is due to increased trade in all three locations, most notably in the sale of hybrid and electric vehicles.
Principal risks and uncertainties
The directors have an appropriate risk management structure in place to identify and manage and mitigate business risk. Risk evaluation is carried out throughout the year and the directors are not aware of any such matters which may have a material impact on the group's financial position.
The principal risks and uncertainties facing the group are:
Supply Chain : There are currently longer lead times for deliveries of new vehicles although this has seen an improvement over the last twelve months. During H2 2024, there are a number of updated models being rolled out together with the launch of an all new EV . We continue to provide a wide range of both ICE and alternative fueled cars to the UK market. The directors are confident that our manufacturer partner will help to minimise this risk and ensure that future orders are delivered on schedule.
Cost Inflation : There are currently inflationary cost pressures across all areas but particularly affecting utilities and labour costs. The directors continue to monitor the overheads of the business.
Economic Risk : There are currently significant pressures on the economy, resulting in pressure on household budgets. This may suppress demand for vehicles in the future. The directors are closely monitoring the situation and currently have a strong forward order book.
Key performance indicators
2024
2023
Turnover
£63,576,608
£57,764,788
Gross Profit %
7.7%
8.73%
Operating Profit
£1,104,307
£1,737,974
Future developments
The group has invested in a full rebranding and development project during the year. The extensive refurbishment of the Stirling and Dunfermline showrooms was completed during 2024. Perth will be undertaken in due course. The directors are pleased with the changes and hope that the improvements will add to the overall customer experience when visiting the showrooms.
Looking to the future the directors are confident of the group’s continued growth in the coming financial year and look forward to the challenges ahead.
Mr P Buchanan
Director
16 September 2024
FLEAR & THOMSON LIMITED
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
The principal activity of the company and group continued to be that of buying and selling new and used cars, together with selling accessories and repairing vehicles.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £82,758. 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:
Mr P Buchanan
Mr S Buchanan
Mrs E Buchanan
Auditor
The auditor, Thomson Cooper, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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.
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.
FLEAR & THOMSON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
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 P Buchanan
Director
16 September 2024
FLEAR & THOMSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLEAR & THOMSON LIMITED
- 4 -
Opinion
We have audited the financial statements of Flear & Thomson Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, 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 profit 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.
FLEAR & THOMSON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEAR & THOMSON LIMITED
- 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the Group and the Company’s key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of revenue, tested a sample of journals to confirm they were appropriate, attended the year end stock count and reviewed areas of judgement for indicators of management bias to address these risks.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).
We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the group and the company.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
FLEAR & THOMSON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEAR & THOMSON LIMITED
- 6 -
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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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.
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.
Andrew Croxford (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
16 September 2024
FLEAR & THOMSON LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
63,576,608
57,764,788
Cost of sales
(58,678,995)
(52,719,237)
Gross profit
4,897,613
5,045,551
Administrative expenses
(3,791,355)
(3,316,026)
Other operating income
35,131
8,294
Operating profit
4
1,141,389
1,737,819
Interest receivable and similar income
8
323
221
Interest payable and similar expenses
9
(37,405)
(66)
Profit before taxation
1,104,307
1,737,974
Tax on profit
10
(290,226)
(350,484)
Profit for the financial year
814,081
1,387,490
Profit for the financial year is all attributable to the owners of the parent company.
FLEAR & THOMSON LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,466,072
956,237
Investment property
13
140,000
140,000
1,606,072
1,096,237
Current assets
Stocks
16
5,564,541
5,298,730
Debtors
17
2,709,280
2,379,009
Cash at bank and in hand
3,634,489
3,141,094
11,908,310
10,818,833
Creditors: amounts falling due within one year
18
(7,012,445)
(6,103,357)
Net current assets
4,895,865
4,715,476
Total assets less current liabilities
6,501,937
5,811,713
Creditors: amounts falling due after more than one year
19
(369,482)
(467,350)
Provisions for liabilities
Deferred tax liability
21
143,064
86,295
(143,064)
(86,295)
Net assets
5,989,391
5,258,068
Capital and reserves
Called up share capital
23
10,000
10,000
Revaluation reserve
484,666
490,898
Profit and loss reserves
5,494,725
4,757,170
Total equity
5,989,391
5,258,068
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
Mr P Buchanan
Mr S Buchanan
Director
Director
Company registration number SC028660 (Scotland)
FLEAR & THOMSON LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,126,801
868,137
Investment properties
13
140,000
140,000
Investments
14
200
200
1,267,001
1,008,337
Current assets
Stocks
16
2,149,694
1,988,655
Debtors
17
2,192,647
2,217,405
Cash at bank and in hand
2,166,810
1,479,714
6,509,151
5,685,774
Creditors: amounts falling due within one year
18
(4,001,467)
(3,205,429)
Net current assets
2,507,684
2,480,345
Total assets less current liabilities
3,774,685
3,488,682
Creditors: amounts falling due after more than one year
19
(369,482)
(467,350)
Provisions for liabilities
Deferred tax liability
21
95,670
65,935
(95,670)
(65,935)
Net assets
3,309,533
2,955,397
Capital and reserves
Called up share capital
23
10,000
10,000
Revaluation reserve
484,666
490,898
Profit and loss reserves
2,814,867
2,454,499
Total equity
3,309,533
2,955,397
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £436,894 (2023 - £555,266 profit).
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
Mr P Buchanan
Mr S Buchanan
Director
Director
Company Registration No. SC028660
FLEAR & THOMSON LIMITED
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
10,000
510,784
3,434,502
3,955,286
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,387,490
1,387,490
Dividends
11
-
-
(84,708)
(84,708)
Transfers
-
(19,886)
19,886
-
Balance at 31 March 2023
10,000
490,898
4,757,170
5,258,068
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
814,081
814,081
Dividends
11
-
-
(82,758)
(82,758)
Transfers
-
(6,232)
6,232
-
Balance at 31 March 2024
10,000
484,666
5,494,725
5,989,391
FLEAR & THOMSON LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
1,644,975
(170,451)
Interest paid
(37,405)
(66)
Income taxes paid
(328,046)
(560,656)
Net cash inflow/(outflow) from operating activities
1,279,524
(731,173)
Investing activities
Purchase of tangible fixed assets
(634,685)
(37,663)
Interest received
323
221
Net cash used in investing activities
(634,362)
(37,442)
Financing activities
Proceeds of new bank loans
-
507,500
Repayment of bank loans
(69,009)
-
Dividends paid to equity shareholders
(82,758)
(84,708)
Net cash (used in)/generated from financing activities
(151,767)
422,792
Net increase/(decrease) in cash and cash equivalents
493,395
(345,823)
Cash and cash equivalents at beginning of year
3,141,094
3,486,917
Cash and cash equivalents at end of year
3,634,489
3,141,094
FLEAR & THOMSON LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
1,305,125
(1,053,624)
Interest paid
(37,405)
(66)
Income taxes paid
(141,002)
(206,916)
Net cash inflow/(outflow) from operating activities
1,126,718
(1,260,606)
Investing activities
Purchase of tangible fixed assets
(288,178)
(11,421)
Interest received
323
221
Net cash used in investing activities
(287,855)
(11,200)
Financing activities
Proceeds of new bank loans
-
507,500
Repayment of bank loans
(69,009)
-
Dividends paid to equity shareholders
(82,758)
(84,708)
Net cash (used in)/generated from financing activities
(151,767)
422,792
Net increase/(decrease) in cash and cash equivalents
687,096
(849,014)
Cash and cash equivalents at beginning of year
1,479,714
2,328,728
Cash and cash equivalents at end of year
2,166,810
1,479,714
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information
Flear & Thomson Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 128 - 140 Pittencrieff Street, Dunfermline, Fife, KY12 8AN.
The group consists of Flear & Thomson Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Flear & Thomson Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.3
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 have considered a period of 12 months from the date of approval of the financial statements.
1.4
Turnover
Turnover represents amounts receivable for the sale of new and used cars, together with selling accesories and repairing vehicles, net of VAT. Income is recognised on delivery of the service or goods.
1.5
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.
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
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 on buildings
Leasehold improvements
10% - 20% straight line
Plant and equipment
20% straight line
Fixtures and fittings
15% - 20% straight line
Computers
25% - 33 1/3% 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.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
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.
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.
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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.
1.9
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.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
Following a review, the directors are of the opinion that there were no significant judgements and estimates required in the preparation of the financial statements.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of new and used cars and servicing of vehicles
63,576,608
57,764,788
2024
2023
£
£
Turnover analysed by geographical market
UK Sales
63,576,608
57,764,788
2024
2023
£
£
Other revenue
Interest income
323
221
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
124,850
60,626
Operating lease charges
28,113
19,408
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,500
11,300
Audit of the financial statements of the company's subsidiaries
19,500
19,300
34,000
30,600
6
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
67
62
28
28
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,913,594
1,680,018
822,084
785,780
Social security costs
253,351
204,030
130,695
101,052
Pension costs
57,149
50,030
29,282
26,570
2,224,094
1,934,078
982,061
913,402
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
58,440
58,440
Company pension contributions to defined contribution schemes
12,000
12,000
70,440
70,440
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
323
221
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
37,405
66
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
227,005
325,788
Adjustments in respect of prior periods
6,452
Total current tax
233,457
325,788
Deferred tax
Origination and reversal of timing differences
56,769
24,696
Total tax charge
290,226
350,484
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,104,307
1,737,974
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
276,077
330,215
Tax effect of expenses that are not deductible in determining taxable profit
930
Adjustments in respect of prior years
6,452
Permanent capital allowances in excess of depreciation
-
(2,396)
Depreciation on assets not qualifying for tax allowances
14,203
2,283
Deferred tax adjustments in respect of prior years
(6,506)
Deferred tax on property revaluations
13,654
Change in deferred tax rate
5,798
Taxation charge
290,226
350,484
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
82,758
84,708
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
870,000
44,871
171,078
67,424
92,489
1,245,862
Additions
128,278
185,265
17,144
291,375
12,623
634,685
At 31 March 2024
998,278
230,136
188,222
358,799
105,112
1,880,547
Depreciation and impairment
At 1 April 2023
12,014
29,708
125,510
60,218
62,175
289,625
Depreciation charged in the year
14,580
42,231
16,187
37,491
14,361
124,850
At 31 March 2024
26,594
71,939
141,695
97,711
76,536
414,475
Carrying amount
At 31 March 2024
971,684
158,197
46,527
261,088
28,576
1,466,072
At 31 March 2023
857,986
15,163
45,568
7,206
30,314
956,237
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
870,000
67,561
49,604
49,489
1,036,654
Additions
128,278
8,714
145,252
5,934
288,178
At 31 March 2024
998,278
76,275
194,856
55,423
1,324,832
Depreciation and impairment
At 1 April 2023
12,014
63,720
49,604
43,179
168,517
Depreciation charged in the year
14,580
(411)
12,343
3,002
29,514
At 31 March 2024
26,594
63,309
61,947
46,181
198,031
Carrying amount
At 31 March 2024
971,684
12,966
132,909
9,242
1,126,801
At 31 March 2023
857,986
3,841
6,310
868,137
Land and buildings with a carrying amount of £870,000 were revalued at 31 March 2022 by DM Hall LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The carrying amount of the Land and buildings on an historical cost basis amounts to £306,915 (2023 - £178,637).
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
140,000
140,000
The investment property was transferred from Flear and Thomson (Leslie) Limited, a former subsidiary company, on 31 March 2010. The investment property was originally revalued at 31 December 2006 by the directors at £140,000 on an open market value basis, and in the opinion of the directors that remains a fair valuation as at 31 March 2024.
No tax liability would arise if the property was sold at its current valuation, as indexation would result in there being no taxation charge. The carrying amount of the investment property on an historical cost basis amounts to £71,836.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
200
Carrying amount
At 31 March 2024
200
At 31 March 2023
200
15
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
Flear & Thomson (Stirling) Limited
128-140 Pittencrieff Street, Dunfermline, KY12 8AN
Ordinary
100.00
Flear & Thomson (Perth) Limited
128-140 Pittencrieff Street, Dunfermline, KY12 8AN
Ordinary
100.00
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
46,641
52,549
10,433
15,459
Finished goods and goods for resale
5,517,900
5,246,181
2,139,261
1,973,196
5,564,541
5,298,730
2,149,694
1,988,655
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,131,681
1,931,269
1,027,217
1,307,018
Amounts owed by group undertakings
-
-
842,366
722,482
Prepayments and accrued income
577,599
447,740
323,064
187,905
2,709,280
2,379,009
2,192,647
2,217,405
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
69,009
40,150
69,009
40,150
Trade creditors
6,222,291
5,347,486
3,660,263
2,639,260
Amounts owed to group undertakings
278,539
Corporation tax payable
94,442
189,031
46,605
66,954
Other taxation and social security
129,399
99,426
86,056
66,353
Other creditors
76,897
146,075
22,232
32,623
Accruals and deferred income
420,407
281,189
117,302
81,550
7,012,445
6,103,357
4,001,467
3,205,429
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
369,482
467,350
369,482
467,350
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
438,491
507,500
438,491
507,500
Payable within one year
69,009
40,150
69,009
40,150
Payable after one year
369,482
467,350
369,482
467,350
The long-term loan is secured by a bond and floating charge over the whole of the company's property and undertaking along with a first ranking standard security over the land and buildings at 128-138 Pittencrieff Street, Dunfermline, KY12 8AN.
The loan is repayable over six years at an interest rate of 2.85% over base rate.
21
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
86,173
29,404
Revaluation of land and buildings
56,891
56,891
143,064
86,295
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
38,779
9,044
Revaluation of land and buildings
56,891
56,891
95,670
65,935
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
86,295
65,935
Charge to profit or loss
56,769
29,735
Liability at 31 March 2024
143,064
95,670
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Deferred taxation
(Continued)
- 24 -
The deferred tax liability on accelerated capital allowances set out above is expected to reverse within 3 years. The deferred tax liability on the property revaluation will not reverse until the property is sold or on any subsequent revaluation of the property.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,149
50,030
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.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10,000
10,000
10,000
10,000
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
2024
2023
2024
2023
£
£
£
£
Within one year
180,000
175,000
-
-
Between two and five years
367,500
549,166
-
-
547,500
724,166
-
-
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
25
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
814,081
1,387,490
Adjustments for:
Taxation charged
290,226
350,484
Finance costs
37,405
66
Investment income
(323)
(221)
Depreciation and impairment of tangible fixed assets
124,850
60,626
Movements in working capital:
(Increase)/decrease in stocks
(265,811)
6,882
Increase in debtors
(330,271)
(1,174,565)
Increase/(decrease) in creditors
974,818
(801,213)
Cash generated from/(absorbed by) operations
1,644,975
(170,451)
26
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
436,894
555,265
Adjustments for:
Taxation charged
150,388
149,732
Finance costs
37,405
66
Investment income
(323)
(221)
Depreciation and impairment of tangible fixed assets
29,514
19,502
Movements in working capital:
(Increase)/decrease in stocks
(161,039)
54,869
Decrease/(increase) in debtors
24,758
(627,298)
Increase/(decrease) in creditors
787,528
(1,205,539)
Cash generated from/(absorbed by) operations
1,305,125
(1,053,624)
27
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,141,094
493,395
3,634,489
Borrowings excluding overdrafts
(507,500)
69,009
(438,491)
2,633,594
562,404
3,195,998
FLEAR & THOMSON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
28
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,479,714
687,096
2,166,810
Borrowings excluding overdrafts
(507,500)
69,009
(438,491)
972,214
756,105
1,728,319
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