Company registration number 09889024 (England and Wales)
MELBA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MELBA GROUP LIMITED
COMPANY INFORMATION
Directors
Mr P L Harrison
Mr J G Dawson
Company number
09889024
Registered office
Stubbins Vale Mill
Stubbins Vale Road
Ramsbottom
Lancashire
England
BL0 0NT
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
MELBA GROUP LIMITED
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
Notes to the financial statements
13 - 28
MELBA GROUP LIMITED
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 Group's key financial and other performance indicators during the year were as follows:

 

 Particulars                                                                                             

Unit

2024

2023

 

 

 

 

Cash inflow(outflow) before financing                                                                                                                        

 

£M

 

2.67

 

2.34

EBITDA

£M

6.37

6.14

Return on capital employed

%

17.5

20.81

Principal risks and uncertainties

The Group considers the principal risks to its financial performance to be increased raw material prices from suppliers and a general downturn in construction work by utilitiy companies and civil engineering contractors. The Group has limited exposure to foreign currencies and generally contracts forward to mitigate the sudden movement in exchange rates.

 

The business's principal financial instruments comprise bank facilities, trade debtors and creditors and finance lease agreements. The main purpose of these instruments is to finance the continuing business operations.

 

Liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of factoring facilities at competitve floating rates of interest. Loans from financial institutions have fixed interest rates and monthly repayments. The business manages liquidity risk in this respect and in respect of finance leased assets by ensuring that there are sufficient funds available to meet amounts due.

 

Trade debtors are managed in respect of both credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding in respect of ageing and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts.

On behalf of the board

Mr P L Harrison
Director
25 September 2024
MELBA GROUP 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 continues to be the manufacture of plastic moulded products primarily for the traffic management market, but also a range of trade mouldings for other markets at home and abroad.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £100,000. 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 L Harrison
Mr J G Dawson
Research and development

The Group will continue its policy of investment in research and development in order to retain a competitive position in the market.

Future developments

The directors remain optimistic for the future. Order book activities are reviewed to ensure that future planned performance will continue. The directors aim to maintain a strategy to continue to improve performance and drive the business through targeted growth opportunities.

 

Since the year end the group has acquired a further site in Rossendale, Lancashire with which it aims to continue its expansion in future years.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr P L Harrison
Director
25 September 2024
MELBA GROUP LIMITED
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:

 

 

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.

MELBA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MELBA GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Melba Group Limited (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 and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MELBA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MELBA GROUP 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:

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.

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.

MELBA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MELBA GROUP LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

Helen Davies (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
25 September 2024
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
MELBA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
29,603,615
30,111,338
Cost of sales
(13,433,470)
(15,340,072)
Gross profit
16,170,145
14,771,266
Administrative expenses
(11,776,086)
(10,254,262)
Other operating income
88,183
-
Operating profit
4
4,482,242
4,517,004
Interest receivable and similar income
8
41,138
3,433
Interest payable and similar expenses
9
(86,682)
(158,967)
Profit before taxation
4,436,698
4,361,470
Tax on profit
10
(1,180,279)
(967,147)
Profit for the financial year
3,256,419
3,394,323
Profit 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.
MELBA GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,728,467
1,972,485
Tangible assets
13
15,039,852
14,898,569
16,768,319
16,871,054
Current assets
Stocks
16
2,930,769
3,311,531
Debtors
17
7,691,639
7,056,559
Cash at bank and in hand
3,253,946
1,717,166
13,876,354
12,085,256
Creditors: amounts falling due within one year
18
(5,070,485)
(4,890,839)
Net current assets
8,805,869
7,194,417
Total assets less current liabilities
25,574,188
24,065,471
Creditors: amounts falling due after more than one year
19
(510,429)
(2,299,869)
Provisions for liabilities
Deferred tax liability
22
2,487,223
2,345,485
(2,487,223)
(2,345,485)
Net assets
22,576,536
19,420,117
Capital and reserves
Called up share capital
25
7,715
7,715
Other reserves
7,653,981
7,653,981
Profit and loss reserves
14,914,840
11,758,421
Total equity
22,576,536
19,420,117
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
25 September 2024
Mr P L Harrison
Director
Company registration number 09889024 (England and Wales)
MELBA GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
8,681,000
8,681,000
Current assets
Debtors
17
909,717
909,717
Creditors: amounts falling due within one year
18
(1,911,004)
(1,911,004)
Net current liabilities
(1,001,287)
(1,001,287)
Net assets
7,679,713
7,679,713
Capital and reserves
Called up share capital
25
7,715
7,715
Other reserves
7,653,981
7,653,981
Profit and loss reserves
18,017
18,017
Total equity
7,679,713
7,679,713

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 £100,000 (2023 - £330,500 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
25 September 2024
Mr P L Harrison
Director
Company registration number 09889024 (England and Wales)
MELBA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
7,715
7,653,981
8,694,598
16,356,294
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
3,394,323
3,394,323
Dividends
11
-
-
(330,500)
(330,500)
Balance at 31 March 2023
7,715
7,653,981
11,758,421
19,420,117
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
3,256,419
3,256,419
Dividends
11
-
-
(100,000)
(100,000)
Balance at 31 March 2024
7,715
7,653,981
14,914,840
22,576,536
MELBA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
7,715
7,653,981
18,017
7,679,713
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
330,500
330,500
Dividends
11
-
-
(330,500)
(330,500)
Balance at 31 March 2023
7,715
7,653,981
18,017
7,679,713
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
100,000
100,000
Dividends
11
-
-
(100,000)
(100,000)
Balance at 31 March 2024
7,715
7,653,981
18,017
7,679,713
MELBA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
4,959,884
3,962,697
Interest paid
(86,682)
(158,967)
Income taxes paid
(450,000)
(349,369)
Net cash inflow from operating activities
4,423,202
3,454,361
Investing activities
Purchase of tangible fixed assets
(1,793,664)
(1,119,872)
Proceeds from disposal of tangible fixed assets
3,680
-
Interest received
41,138
3,433
Net cash used in investing activities
(1,748,846)
(1,116,439)
Financing activities
Repayment of bank loans
(187,500)
(174,725)
Payment of finance leases obligations
(850,076)
(1,042,675)
Dividends paid to equity shareholders
(100,000)
(330,500)
Net cash used in financing activities
(1,137,576)
(1,547,900)
Net increase in cash and cash equivalents
1,536,780
790,022
Cash and cash equivalents at beginning of year
1,717,166
927,144
Cash and cash equivalents at end of year
3,253,946
1,717,166
MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

Melba Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Stubbins Vale Mill, Stubbins Vale Road, Ramsbottom, Lancashsire, M33 2EU.

 

The group consists of Melba Group 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. The principal accounting policies adopted are set out below.

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

 

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.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Melba Group 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.

1.4
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.

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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

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

 

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

1.8
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.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -

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
Plant and equipment
6.67% straight line
Fixtures and fittings
10-25% 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.

1.9
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.

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

 

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

 

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

 

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

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

1.10
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).

1.11
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.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

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.

1.12
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.

1.13
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.

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.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.14
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.

1.15
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.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.16
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.

1.17
Retirement benefits

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

1.18
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.

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.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20
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.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
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.

The directors consider there to be no key sources of estimation uncertainty.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
23,363,853
24,239,773
Rest of the World
6,239,762
5,871,565
29,603,615
30,111,338
2024
2023
£
£
Other revenue
Interest income
41,138
3,433
Grants received
7,800
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
45,545
(25,238)
Research and development costs
54,593
54,389
Government grants
(7,800)
-
Depreciation of owned tangible fixed assets
1,445,363
1,085,441
Depreciation of tangible fixed assets held under finance leases
197,193
291,563
Loss on disposal of tangible fixed assets
6,145
-
Amortisation of intangible assets
244,018
244,018
Operating lease charges
67,460
128,030
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 its subsidiaries
30,250
27,500
MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
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
Production
175
177
-
-
Administration and support
34
31
2
2
Other departments
7
7
-
-
Total
216
215
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,939,855
6,581,376
-
0
-
0
Social security costs
841,174
666,149
-
-
Pension costs
159,363
149,798
-
0
-
0
8,940,392
7,397,323
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
722,019
417,030
Company pension contributions to defined contribution schemes
54,176
46,676
776,195
463,706
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
443,800
161,200
Company pension contributions to defined contribution schemes
30,000
30,000
MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
41,138
3,433
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
33,662
61,853
Interest on invoice finance arrangements
(26,086)
21,481
Interest on finance leases and hire purchase contracts
79,106
75,633
Total finance costs
86,682
158,967
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,038,541
378,832
Deferred tax
Origination and reversal of timing differences
141,738
588,315
Total tax charge
1,180,279
967,147

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
4,436,698
4,361,470
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,109,175
828,679
Tax effect of expenses that are not deductible in determining taxable profit
34,551
1,781
Tax effect of utilisation of tax losses not previously recognised
-
0
(362,441)
Permanent capital allowances in excess of depreciation
(166,189)
(135,551)
Amortisation on assets not qualifying for tax allowances
61,004
46,364
Deferred tax
141,738
588,315
Taxation charge
1,180,279
967,147
MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
330,500
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
3,660,279
Amortisation and impairment
At 1 April 2023
1,687,794
Amortisation charged for the year
244,018
At 31 March 2024
1,931,812
Carrying amount
At 31 March 2024
1,728,467
At 31 March 2023
1,972,485
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
2,897,025
21,832,766
258,470
69,469
25,057,730
Additions
84,947
1,582,700
-
0
126,017
1,793,664
Disposals
-
0
(2,668,203)
-
0
(45,899)
(2,714,102)
At 31 March 2024
2,981,972
20,747,263
258,470
149,587
24,137,292
Depreciation and impairment
At 1 April 2023
288,665
9,694,695
122,867
52,934
10,159,161
Depreciation charged in the year
38,794
1,580,908
12,175
10,679
1,642,556
Eliminated in respect of disposals
-
0
(2,668,203)
-
0
(36,074)
(2,704,277)
At 31 March 2024
327,459
8,607,400
135,042
27,539
9,097,440
Carrying amount
At 31 March 2024
2,654,513
12,139,863
123,428
122,048
15,039,852
At 31 March 2023
2,608,360
12,138,071
135,603
16,535
14,898,569
MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 23 -
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

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
£
£
£
£
Plant and equipment
2,117,968
3,187,300
-
0
-
0
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
8,681,000
8,681,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
8,681,000
Carrying amount
At 31 March 2024
8,681,000
At 31 March 2023
8,681,000
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Melba Products Holdings Limited
UK
Holding company
Ordinary
100.00
-
Melba Products Limited
UK
Manufacture of plastic traffic management products
Ordinary
0
100.00
Swintex Limited
UK
Dormant
Ordinary
0
100.00
Melbaswintex Limited
UK
Dormant
Ordinary
0
100.00

The registered office address for all the subsidiary undertakings is Stubbins Vale Mill, Stubbins Vale Road, Ramsbottom, Lancashire, England, BL0 0NT

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,962,993
1,995,108
-
-
Work in progress
374,963
756,590
-
-
Finished goods and goods for resale
592,813
559,833
-
0
-
0
2,930,769
3,311,531
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,697,974
6,520,682
-
0
-
0
Amounts owed by group undertakings
-
-
909,717
909,717
Other debtors
1,573,645
522,405
-
0
-
0
Prepayments and accrued income
420,020
13,472
-
0
-
0
7,691,639
7,056,559
909,717
909,717
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
1,057,722
187,500
-
0
-
0
Obligations under finance leases
21
718,928
837,286
-
0
-
0
Trade creditors
1,112,417
1,844,982
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,910,997
1,910,997
Corporation tax payable
842,888
254,347
-
0
-
0
Other taxation and social security
397,760
689,874
-
-
Government grants
23
69,099
76,899
-
0
-
0
Other creditors
132,905
218,461
7
7
Accruals and deferred income
738,766
781,490
-
0
-
0
5,070,485
4,890,839
1,911,004
1,911,004

There are fixed and floating charges over all assets in relation to invoice financing.

 

Obligations under finance leases in notes 18 and 19 are secured against plant and machinery shown in note 13.

 

The bank loan relating to the Commercial Mortgage Account has subsequently been settled in full and closed after year.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
1,057,722
-
0
-
0
Obligations under finance leases
21
510,429
1,242,147
-
0
-
0
510,429
2,299,869
-
-

Obligations under finance leases in notes 18 and 19 are secured against plant and machinery shown in note 13.

Amounts included above which fall due after five years are as follows:
Payable by instalments
-
120,222
-
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,057,722
1,245,222
-
0
-
0
Payable within one year
1,057,722
187,500
-
0
-
0
Payable after one year
-
0
1,057,722
-
0
-
0
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
718,928
837,286
-
0
-
0
In two to five years
510,429
1,242,147
-
0
-
0
1,229,357
2,079,433
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
22
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
2,523,717
2,347,830
Short term timing differences
(36,494)
(2,345)
2,487,223
2,345,485
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
2,345,485
-
Charge to profit or loss
141,738
-
Liability at 31 March 2024
2,487,223
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

23
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
69,099
76,899
-
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
159,363
149,798

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.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
7,715
7,715
7,715
7,715
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
890,000
-
-
-
27
Events after the reporting date

After the reporting date Melba has purchased land valued at £2,000,000 to support expansion of the business.

 

The bank loan relating to the Commercial Mortgage Account has subsequently been settled in full and closed after year.

28
Related party transactions

At 31 March 2024, balances of £2,782 (2023 - £500,000) were owed by close relations of a director, £455,176 (2023 - £279,715) by a company under the control of a close relation of a director and £26,267 (2023 - £11,447) by a company under the control of directors.

 

During the period ended 31 March 2024, total sales of £1,359,556 (2023 - £1,056,314) were made to a company under the control of a close relation of a director, and £277,874 (2023 - £237,644) to a company under the control of directors.

MELBA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,256,419
3,394,323
Adjustments for:
Taxation charged
1,180,279
967,147
Finance costs
86,682
158,967
Investment income
(41,138)
(3,433)
Loss on disposal of tangible fixed assets
6,145
-
Amortisation and impairment of intangible assets
244,018
244,018
Depreciation and impairment of tangible fixed assets
1,642,556
1,377,004
Movements in working capital:
Decrease in stocks
380,762
176,018
Increase in debtors
(635,080)
(831,239)
Decrease in creditors
(1,152,959)
(1,512,308)
Decrease in deferred income
(7,800)
(7,800)
Cash generated from operations
4,959,884
3,962,697
30
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,717,166
1,536,780
3,253,946
Borrowings excluding overdrafts
(1,245,222)
187,500
(1,057,722)
Obligations under finance leases
(2,079,433)
850,076
(1,229,357)
(1,607,489)
2,574,356
966,867
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210Mr P L HarrisonMr J G Dawsonfalsefalse09889024bus:Consolidated2023-04-012024-03-31098890242023-04-012024-03-3109889024bus:Director12023-04-012024-03-3109889024bus:Director22023-04-012024-03-3109889024bus:RegisteredOffice2023-04-012024-03-3109889024bus:Consolidated2024-03-31098890242024-03-3109889024bus:Consolidated2022-04-012023-03-31098890242022-04-012023-03-3109889024core:Goodwillbus:Consolidated2024-03-3109889024core:Goodwillbus:Consolidated2023-03-3109889024bus:Consolidated2023-03-3109889024core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-3109889024core:PlantMachinerybus:Consolidated2024-03-3109889024core:FurnitureFittingsbus:Consolidated2024-03-3109889024core:MotorVehiclesbus:Consolidated2024-03-3109889024core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3109889024core:PlantMachinerybus:Consolidated2023-03-3109889024core:FurnitureFittingsbus:Consolidated2023-03-3109889024core:MotorVehiclesbus:Consolidated2023-03-31098890242023-03-3109889024core:ShareCapitalbus:Consolidated2024-03-3109889024core:ShareCapitalbus:Consolidated2023-03-3109889024core:OtherMiscellaneousReservebus:Consolidated2024-03-3109889024core:OtherMiscellaneousReservebus:Consolidated2023-03-3109889024core:ShareCapital2024-03-3109889024core:ShareCapital2023-03-3109889024core:OtherMiscellaneousReserve2024-03-3109889024core:OtherMiscellaneousReserve2023-03-3109889024core:RetainedEarningsAccumulatedLosses2024-03-3109889024core:ShareCapitalbus:Consolidated2022-03-3109889024core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3109889024core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3109889024core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3109889024core:ShareCapital2022-03-3109889024core:RetainedEarningsAccumulatedLosses2022-03-3109889024core:RetainedEarningsAccumulatedLosses2023-03-3109889024bus:Consolidated2022-03-3109889024core:Goodwill2023-04-012024-03-3109889024core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3109889024core:PlantMachinery2023-04-012024-03-3109889024core:FurnitureFittings2023-04-012024-03-3109889024core:MotorVehicles2023-04-012024-03-3109889024core:UKTaxbus:Consolidated2023-04-012024-03-3109889024core:UKTaxbus:Consolidated2022-04-012023-03-3109889024bus:Consolidated12023-04-012024-03-3109889024bus:Consolidated12022-04-012023-03-3109889024bus:Consolidated22023-04-012024-03-3109889024bus:Consolidated22022-04-012023-03-3109889024core:Goodwillbus:Consolidated2023-03-3109889024core:Goodwillbus:Consolidated2023-04-012024-03-3109889024core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3109889024core:PlantMachinerybus:Consolidated2023-03-3109889024core:FurnitureFittingsbus:Consolidated2023-03-3109889024core:MotorVehiclesbus:Consolidated2023-03-3109889024bus:Consolidated2023-03-3109889024core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-04-012024-03-3109889024core:PlantMachinerybus:Consolidated2023-04-012024-03-3109889024core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3109889024core:MotorVehiclesbus:Consolidated2023-04-012024-03-3109889024core:PlantMachinery2024-03-3109889024core:PlantMachinery2023-03-3109889024core:Subsidiary12023-04-012024-03-3109889024core:Subsidiary22023-04-012024-03-3109889024core:Subsidiary32023-04-012024-03-3109889024core:Subsidiary42023-04-012024-03-310988902412023-04-012024-03-3109889024core:Subsidiary112023-04-012024-03-3109889024core:Subsidiary212023-04-012024-03-3109889024core:Subsidiary312023-04-012024-03-3109889024core:Subsidiary412023-04-012024-03-3109889024core:CurrentFinancialInstruments2024-03-3109889024core:CurrentFinancialInstruments2023-03-3109889024core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3109889024core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3109889024core:WithinOneYearbus:Consolidated2024-03-3109889024core:WithinOneYearbus:Consolidated2023-03-3109889024core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3109889024core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109889024core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3109889024core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3109889024core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3109889024core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3109889024core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3109889024core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3109889024core:Non-currentFinancialInstruments2024-03-3109889024core:Non-currentFinancialInstruments2023-03-3109889024core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3109889024core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3109889024core:WithinOneYear2024-03-3109889024core:WithinOneYear2023-03-3109889024core:BetweenTwoFiveYearsbus:Consolidated2024-03-3109889024core:BetweenTwoFiveYearsbus:Consolidated2023-03-3109889024core:BetweenTwoFiveYears2024-03-3109889024core:BetweenTwoFiveYears2023-03-3109889024bus:PrivateLimitedCompanyLtd2023-04-012024-03-3109889024bus:FRS1022023-04-012024-03-3109889024bus:Audited2023-04-012024-03-3109889024bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3109889024bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP