Company registration number 13308065 (England and Wales)
KINGSWOOD MOBILITY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
KINGSWOOD MOBILITY GROUP LIMITED
COMPANY INFORMATION
Directors
J M Rolph
P J Williamson
M J Newbold
G C Whitehouse
(Appointed 23 August 2023)
Company number
13308065
Registered office
Browne Jacobson LLP (Cs)
Mowbray House
Castle Meadow Road
Nottingham
NG2 1BJ
Auditor
Morgan Berkeley Limited
Westgate Chambers
8a Elm Park Road
Pinner
Middlesex
HA5 3LA
Business address
Mercury House
Kingswood Road
Hampton Lovett
Droitwich Spa
WR9 0QH
Bankers
Barclays Bank Plc
One Snowhill, Snow Hill Queensway
Birmingham
B4 6GH
Clydesdale Bank Plc
136-138 New Street
Birmingham
B2 4QF
KINGSWOOD MOBILITY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 8
Independent auditor's report
9 - 11
Income statement
12
Group statement of comprehensive income
13
Group statement of financial position
14
Company statement of financial position
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 37
KINGSWOOD MOBILITY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -
The Directors present the strategic report for the year ended 28 February 2024.
Review of the business


Kingswood Mobility Group has over 27 years experience within the mobility sector. We have grown to become a market leader and strive to keep those with mobility issues independent and mobile in their own homes. We have developed our products to ensure home independence is sustained. Our customer service is at the forefront of our business with an emphasis on our core values; Integrity, Trust and Ethics.

As leaders within the mobility sector, we have six different brands, each providing innovative mobility solutions that really make a difference to people’s lives. The quality of our products and the high level of customer service provided, make our brands a market leader. These are as follows; Willowbrook, The Recliner Factory, Adjustable Bed Factory, Assistive Bathing, Easy2Bathe and AquaLift.

During the financial year a new 50,000 sq ft production facility was secured enabling us to relocate our previous furniture manufacturing sites to a new single state of the art factory within Grazebrook Industrial Park. The facility was developed and fitted out to our bespoke requirements and the move took place successfully across July and August 2023.

During the financial year a simplification of our company structure was undertaken to streamline processes and improve business efficiency. This involved the transfer of trade and assets of Erinstar Limited, Willowbrook Limited and Kingswood Corporation Limited to Ashley Anderson Limited allowing Ashley Anderson to focus on the manufacture and delivery of mobility furniture. A Transfer of Undertakings (Protection of Employment) or TUPE transfer took place to transfer the employment of all Erinstar Limited employees to Ashley Anderson Limited.

 

The simplification of the structure also involved the transfer of ownership of Ashley Anderson Limited and Assistive Bathing Limited to Kingswood Mobility Group Limited from Kingswood Corporation Limited. All transactions were effective as at 1 March 2023 the beginning of the financial year.

Results and performance

The Directors of Kingswood Mobility Group Limited are pleased to report that the Group has enjoyed another very successful year. The results of the Group, as set out on page 12, show a operating profit of £1.63m (2023: £2.65m). The business measures the KPI of EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation), which is reported as £7.16m (2023: £4.92m) for the year.

Business review

The mobility market is highly competitive, particularly in the retail and direct to consumer sector. The Group continues to differentiate itself by focusing on bespoke solutions, additional product features and benefits and outstanding customer service as demonstrated by continued high Trustpilot scores across all divisions.

The Group continues to invest in new product development, marketing and supply chain optimisation to ensure it remains competitive in the market.

The Group has benefited greatly from its investors LDC (Lloyds Development Capital) and with their support, the Group have made significant improvements in increasing factory capacity and strengthening the resilience of IT systems and infrastructure.

Strategy

The Group has implemented a strategic plan with customer service at the core. Key initiatives include Sales growth, Marketing, Operational Improvements, Strategic Procurement and Employee engagement.

The Group's success is dependent on the proper selection of pricing policies and ongoing management and sales team. In this market, the Group has continuously strived to consolidate its position by specialising in different categories of products of bespoke specifications so as to engage with the customers at various levels of affordability. The Group continues to consolidate its position and concentrate its efforts on achieving maximum growth in its existing market segments. Customer service remains a top priority.

KINGSWOOD MOBILITY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
Principal risks and uncertainties

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulations, legal and product standards is a high priority.

The Group has developed a framework for identifying risks by regular management meetings.

Financial Risks

The key financial risks faced by the business are as follows:

Interest rate risk

 

The Group is partially funded by loans on which interest is charged at a variable rate based on Bank of England (BoE) base rate. The Directors consider the exposure to fluctuations in the market interest rates as currently not significant given the Group’s financial arrangements.

Funding and liquidity

At 28 February 2024, the Group had cash balances of £12.09m (2023: £7.91m). Cash balances are held across all Group companies in current accounts to fund working capital with surplus funds held within a short term notice deposit account. The Directors consider the Group’s risk to be minimal given the funding facilities.

Supply chain risk

The Group’s supply chain is predominantly UK-based with minimal reliance on single suppliers. Covid-19 and challenges with the Suez Canal caused some supply chain challenges and freight cost volatility with shipments inbound from our single Far East supplier with steps put in place to minimise the risk. The Group maintains strong relationships with all key suppliers which is fundamental to ensure this risk is somewhat mitigated.

Inflationary risk

Inflation has emerged as a significant economic issue and is set to rise further with higher fuel costs coupled with increases in National Minimum Wage. Management will continue to monitor and assess the impact of these matters and take appropriate steps to ensure compliance with obligations whilst managing the impact on the cost base of the company.

Key performance indicators

The Directors monitor the progress of the Group by reference to the following KPI's:
2024 2023

Group turnover £41.6m £36.0m

Operating Profit £1.63m £2.65m

EBITDA - Note 1 £7.16m £4.92m

EBITDA margin 18.0% 14.0%

Note 1 - EBITDA reconciliation:
2024 2023

(Loss)/Profit before tax (£1.88m) £0.09m

Depreciation and Amortisation £4.61m £1.61m

Interest £3.65m £3.08m

Exceptional items - Note 2 £0.78m £0.14m

EBITDA £7.16m £4.92m

KINGSWOOD MOBILITY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

Note 2 - This includes the amounts disclosed within note 4 of the financial statements as defined by FRS 102 section 5 (extraordinary items) as well as internally defined exceptional costs incurred on behalf of the Group during the period.

S172 Statement

The Directors of Kingswood Mobility Group Limited recognise that clear interaction with key stakeholders is critical to the long-term success of the business in accordance with their duties detailed in section 172 of the Companies Act 2006, which are summarised as follows:

  1. The likely consequences of any decision in the long term

  2. The interest of the company’s employees;

  3. The need to foster the company’s relationships with suppliers, customers and others

  4. The impact of the company’s operations on the community and environment;

  5. The desirability of the company maintaining a reputation for high standards of business conduct; and

  6. The need to act fairly between member of the company.

The statements below set out how the Directors have had regard to each of these duties.

Long term decisions

The Board of Directors has a comprehensive understanding of the direct sales mobility market and the product range the Group offers. In line with the Group’s ethos and strategy the Group strives to continue to deliver high quality mobility solutions to enable our customers to remain independent and mobile.

All decisions of significance are discussed at the regular senior management team meetings as well as at the monthly Board meeting to consider any potential impact on the key stakeholders of the Group. This helps to ensure that informed and appropriate decisions are made at all times.

Employees

The Group values its employees highly and retention is a key focus of the business. This is evidenced by the engagement offered to employees via the monthly engagement meetings, support available through HR and third-party wellbeing providers and the long service a number of our employees have held at the company. In particular our senior management team has a combined 77 years of experience working within the Group.

The Group is a recognised employer in the local area and is focused on sustaining a talented workforce within a thriving British furniture industry. We collaborate with The Furniture Makers’ Charity for support on Education, Excellence and Welfare.

Customers

As a direct sales business serving typically the older demographic, the Directors recognise their responsibility to the Group’s customers. All key strategic and operational decisions include consideration of the impact on customer experience, product quality and value for money. To monitor this, management regularly review customer service feedback and scores via platforms such as TrustPilot. We work closely with Trading Standards and the Furniture and Home Improvement Ombudsman (‘FHIO’) to ensure our customers are treated fairly.

Suppliers

The Group works closely with a number of suppliers of manufacturing components, service partners and third-party manufacturers. The Group agrees terms and conditions for its business transactions with suppliers before orders are placed and payments are made in accordance with these obligations. Suppliers used by the Group are regularly reviewed by the senior management team to discuss performance, quality and price.

KINGSWOOD MOBILITY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -

Environment & Community

The Directors continue to develop clear targets for carbon reduction, including the monthly reporting of emissions output in Board meetings. The initiatives undertaken during the year can be seen within the Streamlined Energy and Carbon Reporting (SECR) disclosures made within the Directors’ Report.

The Directors consider the impact of the Group’s operations on the community. The Group fosters relationships within the local community and supports initiatives, such as donation of furniture to local community re-use enterprises and annual donations to local foodbanks and other local charities.

Reputation for high standards of business conduct

The Group maintains a reputation for high standards of business conduct through its core business ethos; Integrity, Trust and Ethics. The Directors ensure that these values and all stakeholders are considered as part of all key decision-making processes undertaken.

Need to act fairly between stakeholders of the company

The Directors understand the need to act fairly between stakeholders of the company. Each Director attends the monthly Board meetings, reviews monthly KPI updates and considers the strategic goals of the Group and its stakeholders.

This report was approved and authorised by the Board and signed on its behalf by:

G C Whitehouse
Director
5 September 2024
KINGSWOOD MOBILITY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
The Directors present their annual report and financial statements for the year ended 28 February 2024.
Principal activities

The principal activity of the group continued to be that of manufacturing and installing of electrically driven adjustable beds and riser recliner chairs, and installing bathlifts, as well as the installation of mobility showers and bathrooms.

Results and dividends

The results for the year are set out on page 12.

No ordinary dividends were paid (2023: £nil). The directors do not recommend payment of a further dividend (2023: £nil).

Directors

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

J M Rolph
P J Williamson
S A Thomas
(Resigned 5 July 2023)
M J Newbold
G C Whitehouse
(Appointed 23 August 2023)
Qualifying third party indemnity provisions

The Group has not made qualifying third party indemnity provisions for the benefit of its directors during the year.

Political & Charitable donations

The Group did not make any political donations in the current or prior year.

The Group, where possible, looks to donate to local charities and has an ongoing commitment to supporting charities in the local community.

Financial instruments
Treasury operations and financial instruments

The Group operates a treasury function which is responsible for managing the liquidity, interest and credit risks associated with the Group’s activities.

Liquidity risk

The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The Group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The Group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

KINGSWOOD MOBILITY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
Post balance sheet events

There have been no material adjusting or non-adjusting events since the financial year end.

Future developments

The Group has continued to invest in people and infrastructure during the year and will continue to in future periods. We are currently in the process of implementing a new Customer Relationship Management (‘CRM’) system.

Auditor

The auditor, Morgan Berkeley Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Streamlined energy and carbon reporting (SECR)

This SECR Disclosure represents our United Kingdom Carbon footprint across Scope 1, 2 and 3 emissions. It also includes an appropriate intensity metric, our total electricity, gas and transport energy usage, and a summary of the energy efficiency actions taken in the relevant financial year.

2024
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
197,615
- Electricity purchased
261,599
- Fuel consumed for transport
121,355
580,569
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
36.20
- Fuel consumed for owned transport
324.02
360.22
Scope 2 - indirect emissions
- Electricity purchased
55.55
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
3.08
Total gross emissions
418.85
Intensity ratio
Tonnes CO2e per £m of turnover
10.06
Reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines, used the GHG Reporting Protocol and have used the 2022 UK Government’s Conversion Factors for Company Reporting. The financial year ended 2024 is the first period whereby the data has been practical to obtain.

 

Intensity measurement

The chosen metric best reflects our business performance based on the nature of our business.

KINGSWOOD MOBILITY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
Energy efficiency actions undertaken in the period:
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:

 

 

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.

Strategic report

The company in accordance with Companies Act 2006, s414C(11) to set out in the Company’s strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the directors’ report. It has done in respect of financial instruments and the statements contained within the S172 statement.true

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.

KINGSWOOD MOBILITY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
Going concern

Management has considered the business landscape along with wider economic conditions and has determined the business to be a going concern.

The Board has undertaken a review of post year-end performance and forecasts which shows anticipated operating profits and positive cash reserves.

The Group is expected to continue generating positive cash flows for the foreseeable future. The Group had a strong cash balance at the end of the financial year, a healthy balance sheet and has generated healthy operating profits. The Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

This report was approved and authorised by the Board and signed on its behalf by:
G C Whitehouse
Director
5 September 2024
KINGSWOOD MOBILITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KINGSWOOD MOBILITY GROUP LIMITED
- 9 -
Opinion

We have audited the financial statements of Kingswood Mobility Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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:

KINGSWOOD MOBILITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSWOOD MOBILITY GROUP LIMITED
- 10 -
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.

The extent to which our procedures are Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We also considered laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

 

We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

 

KINGSWOOD MOBILITY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KINGSWOOD MOBILITY GROUP LIMITED
- 11 -

Our audit procedures in relation to fraud included but were not limited to:

 

 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

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.

Pierre Yat Keung Leong
For and on behalf of
5 September 2024
Morgan Berkeley Limited
Chartered Certified Accountants
Statutory Auditor
Westgate Chambers
8a Elm Park Road
Pinner
Middlesex
HA5 3LA
KINGSWOOD MOBILITY GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 12 -
2024
2023
Notes
£
£
Revenue
3
41,635,153
36,020,211
Cost of sales
(19,673,898)
(18,223,709)
Gross profit
21,961,255
17,796,502
Distribution costs
(9,868,704)
(8,620,237)
Administrative expenses
(6,095,262)
(5,093,842)
Goodwill amortisation
(4,395,823)
(1,430,382)
Other operating income
30,988
-
Operating profit
5
1,632,454
2,652,041
Investment income
9
130,201
512,189
Finance costs
10
(3,646,171)
(3,075,618)
(Loss)/profit before taxation
(1,883,516)
88,612
Tax on (loss)/profit
11
(1,373,331)
(513,623)
Loss for the financial year
(3,256,847)
(425,011)
Loss for the financial year is all attributable to the owners of the parent company.
KINGSWOOD MOBILITY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 13 -
2024
2023
£
£
Loss for the year
(3,256,847)
(425,011)
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(3,256,847)
(425,011)
Total comprehensive income for the year is all attributable to the owners of the parent company.
KINGSWOOD MOBILITY GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2024
28 February 2024
- 14 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
12
21,675,548
26,071,371
Other intangible assets
12
58,452
-
0
Total intangible assets
21,734,000
26,071,371
Property, plant and equipment
13
1,230,959
803,894
22,964,959
26,875,265
Current assets
Inventories
16
1,244,770
2,257,424
Trade and other receivables
17
1,601,471
2,144,610
Cash and cash equivalents
12,090,379
7,905,386
14,936,620
12,307,420
Current liabilities
18
(5,582,710)
(6,305,503)
Net current assets
9,353,910
6,001,917
Total assets less current liabilities
32,318,869
32,877,182
Non-current liabilities
19
(34,974,911)
(32,180,148)
Provisions for liabilities
Deferred tax liability
21
180,817
277,046
(180,817)
(277,046)
Net (liabilities)/assets
(2,836,859)
419,988
Equity
Called up share capital
23
2,358
2,358
Share premium account
256,454
256,454
Retained earnings
(3,095,671)
161,176
Total equity
(2,836,859)
419,988
The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
05 September 2024
G C Whitehouse
Director
Company registration number 13308065 (England and Wales)
KINGSWOOD MOBILITY GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2024
28 February 2024
- 15 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
14
40,574,671
39,368,669
Current assets
Trade and other receivables
17
631,777
543,923
Cash and cash equivalents
97,728
103,018
729,505
646,941
Current liabilities
18
(6,522,631)
(2,743,355)
Net current liabilities
(5,793,126)
(2,096,414)
Total assets less current liabilities
34,781,545
37,272,255
Non-current liabilities
19
(34,974,911)
(32,180,148)
Provisions for liabilities
Deferred tax liability
21
76,694
117,605
(76,694)
(117,605)
Net (liabilities)/assets
(270,060)
4,974,502
Equity
Called up share capital
23
2,358
2,358
Share premium account
256,454
256,454
Retained earnings
(528,872)
4,715,690
Total equity
(270,060)
4,974,502
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company's loss for the year was £5,244,562 (2023: £5,991,843 profit).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
05 September 2024
G C Whitehouse
Director
Company registration number 13308065 (England and Wales)
KINGSWOOD MOBILITY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 16 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 March 2022
2,233
249,804
586,187
838,224
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(425,011)
(425,011)
Issue of share capital
23
125
6,650
-
6,775
Balance at 28 February 2023
2,358
256,454
161,176
419,988
Year ended 28 February 2024:
Loss and total comprehensive income
-
-
(3,256,847)
(3,256,847)
Balance at 28 February 2024
2,358
256,454
(3,095,671)
(2,836,859)
KINGSWOOD MOBILITY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 17 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 March 2022
2,233
249,804
(1,276,154)
(1,024,117)
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
5,991,844
5,991,844
Issue of share capital
23
125
6,650
-
6,775
Balance at 28 February 2023
2,358
256,454
4,715,690
4,974,502
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
(5,244,562)
(5,244,562)
Balance at 28 February 2024
2,358
256,454
(528,872)
(270,060)
KINGSWOOD MOBILITY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
7,137,004
4,034,383
Interest paid
(3,646,171)
(3,075,618)
Income taxes paid
(1,295,655)
(654,835)
Net cash inflow from operating activities
2,195,178
303,930
Investing activities
Purchase of intangible assets
(59,142)
-
Purchase of property, plant and equipment
(679,964)
(451,937)
Proceeds from disposal of property, plant and equipment
48,806
25,792
Proceeds from disposal of subsidiaries, net of cash disposed
-
610,063
Interest received
293,844
41,769
Fair value loss/(gain) of derivatives
(163,643)
470,420
Net cash (used in)/generated from investing activities
(560,099)
696,107
Financing activities
Proceeds from issue of shares
-
6,775
Movement on Borrowings
3,119,692
2,132,491
Repayment of bank loans
(733,332)
(733,332)
Fair value loss/(gain) of derivatives
163,643
(470,420)
Net cash generated from financing activities
2,550,003
935,514
Net increase in cash and cash equivalents
4,185,082
1,935,551
Cash and cash equivalents at beginning of year
7,905,297
5,969,746
Cash and cash equivalents at end of year
12,090,379
7,905,297
Relating to:
Cash at bank and in hand
12,090,379
7,905,386
Bank overdrafts included in creditors payable within one year
-
(89)
KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 19 -
1
Accounting policies
Company information

Kingswood Mobility Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Browne Jacobson LLP (Cs), Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ. The principal place of business is Mercury House, Kingswood Road, Hampton Lovett, Droitwich Spa, WR9 0QH.

 

The Group consists of Kingswood Mobility 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.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.3
Basis of consolidation

The consolidated Group financial statements consist of the financial statements of the parent company Kingswood Mobility 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 28 February 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
Revenue

Turnover represents amounts receivable for rental income and management charges net of VAT and is recognised when entitled to the income.

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

1.6
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.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% straight line per annum
1.8
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
2-10% straight line per annum
Leasehold improvements
10% straight line per annum
Plant and equipment
20-25% straight line per annum
Fixtures, fittings & equipment
20-25% straight line per annum
Computer equipment
25% straight line per annum
Motor vehicles
25-33.3% straight line per annum

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 income statement.

1.9
Non-current investments

Equity investments are measured at cost.

 

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.

1.10
Impairment of non-current assets

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

 

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.

1.11
Inventories

Inventories 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 inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 22 -
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 statement of financial position 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 23 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.14
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 income statement 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.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 24 -
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 income statement, 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.

1.16
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 non-current 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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key areas 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.

 

 

 

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
2
Judgements and key areas of estimation uncertainty
(Continued)
- 25 -
Key area of estimation uncertainty

The directors have made judgements when determining the useful economic life of goodwill. Amortisation is recognised so as to write off the value of the assets over the life that economic benefit is expected to flow. During the period the UEL was re-assessed from 20 years to 10 years. See note 12 in the financial statements for a detailed disclosure of goodwill.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Sales and services of mobility products
41,635,153
35,988,452
Other income
-
31,759
41,635,153
36,020,211
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
41,635,153
36,020,211
2024
2023
£
£
Other revenue
Interest income
130,201
512,189
Gains on financial instruments measured at fair value through profit or loss
(163,643)
470,420
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item - factory relocation costs
265,872
-

The exceptional items related to costs incurred for the new factory site opened during the year. The move was completed in July 2023.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
217,915
176,803
Profit on disposal of property, plant and equipment
(13,822)
(20,990)
Amortisation of intangible assets
4,396,513
1,430,382
Operating lease charges
414,408
255,548
KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 26 -
6
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
21,500
17,500
Audit of the financial statements of the company's subsidiaries
43,000
42,250
64,500
59,750
For other services
Taxation and payroll compliance services
23,271
37,120
23,271
37,120
7
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
Directors
4
4
4
4
Sales
42
46
-
-
Warehouse
30
29
-
-
Manufacturing
66
66
-
-
Administration and accounts
46
45
-
-
Total
188
190
4
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,879,141
5,728,122
680,668
613,574
Social security costs
505,590
472,202
16,705
10,755
Pension costs
174,602
98,390
8,628
2,549
6,559,333
6,298,714
706,001
626,878
KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 27 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
512,340
468,352
Company pension contributions to defined contribution schemes
20,781
3,891
533,121
472,243
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above includes the following amounts, inclusive of Employers National Insurance, paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
280,151
225,117
9
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
293,844
41,769
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
(163,643)
470,420
Total income
130,201
512,189
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
293,844
41,769
Interest on financial assets measured at fair value through profit or loss
(163,643)
470,420
10
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,646,171
3,075,618
KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 28 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,194,703
315,943
Adjustments in respect of prior periods
274,857
(6,469)
Total current tax
1,469,560
309,474
Deferred tax
Origination and reversal of timing differences
(96,229)
204,149
Total tax charge
1,373,331
513,623

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

2024
2023
£
£
(Loss)/profit before taxation
(1,883,516)
88,612
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(470,879)
16,836
Tax effect of expenses that are not deductible in determining taxable profit
-
0
172,735
Tax effect of income not taxable in determining taxable profit
-
0
(4,900)
Gains not taxable
-
0
(88,468)
Adjustments in respect of prior years
284,109
-
0
Group relief
667,535
-
0
Permanent capital allowances in excess of depreciation
(110,160)
(52,032)
Amortisation on assets not qualifying for tax allowances
1,098,955
271,773
Under/(over) provided in prior years
-
0
(6,470)
Deferred tax
(96,229)
204,149
Taxation charge
1,373,331
513,623

In the budget on 3 March 2021, the UK Government announced an increase in the main UK corporation tax rate from 19% to 25% with effect from 1 April 2023. The change in rate was substantively enacted on 24 May 2023. Deferred tax has been calculated 25% which was the tax rate substantively enacted at 31 August 2023.

 

For accounting periods that straddle 1 April 2023, company profits/losses arising in an accounting period are apportioned between financial years in which the accounting period falls.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 29 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 March 2023
28,583,140
-
0
28,583,140
Additions
-
0
59,142
59,142
At 28 February 2024
28,583,140
59,142
28,642,282
Amortisation and impairment
At 1 March 2023
2,511,769
-
0
2,511,769
Amortisation charged for the year
4,395,823
690
4,396,513
At 28 February 2024
6,907,592
690
6,908,282
Carrying amount
At 28 February 2024
21,675,548
58,452
21,734,000
At 28 February 2023
26,071,371
-
0
26,071,371
The company had no intangible fixed assets at 28 February 2024 or 28 February 2023.

Software capitalised in the year relates to the development of a new CRM system.


On 30 September 2021, Kingswood Mobility Group Limited (formerly Kingswood Corporation Group Limited) acquired 100% of voting rights of Kingswood Corporation Ltd and its subsidiaries for a consideration of £39.97m. The net assets of £11.83m acquired comprised of assets of £18.50m and liabilities of £6.67m.

 

The amortisation charge is recognised within administrative costs in the profit and loss account.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 30 -
13
Property, plant and equipment
Group
Land and buildings Leasehold
Leasehold improvements
Plant and equipment
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 March 2023
490,709
34,367
505,321
466,472
50,516
380,103
1,927,488
Additions
496,756
-
0
20,795
162,413
-
0
-
0
679,964
Disposals
(35,552)
-
0
(14,394)
(6,222)
-
0
(87,334)
(143,502)
At 28 February 2024
951,913
34,367
511,722
622,663
50,516
292,769
2,463,950
Depreciation and impairment
At 1 March 2023
88,721
8,434
255,004
457,690
28,769
284,976
1,123,594
Depreciation charged in the year
62,507
3,437
49,946
25,802
9,294
66,929
217,915
Eliminated in respect of disposals
(16,662)
-
0
(7,152)
(5,214)
-
0
(79,490)
(108,518)
At 28 February 2024
134,566
11,871
297,798
478,278
38,063
272,415
1,232,991
Carrying amount
At 28 February 2024
817,347
22,496
213,924
144,385
12,453
20,354
1,230,959
At 28 February 2023
401,988
25,933
250,317
8,782
21,747
95,127
803,894
The company had no property, plant and equipment at 28 February 2024 or 28 February 2023.
KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
13
Property, plant and equipment
(Continued)
- 31 -

The depreciation charge is recognised within administrative costs in the profit and loss account.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
40,574,671
39,368,669
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
39,368,669
Additions
1,206,002
At 28 February 2024
40,574,671
Carrying amount
At 28 February 2024
40,574,671
At 28 February 2023
39,368,669

The 100% share capital of Ashley Anderson Limited and Assistive Bathing Limited was transferred from Kingswood Corporation Limited to Kingswood Mobility Group Limited as of 3 March 2023.

 

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 32 -
15
Subsidiaries

Details of the company's subsidiaries at 28 February 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Kingswood Corporation Limited
Browne Jacobson LLP (Cs) Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ.
Holding company
Ordinary
100.00
Ashley Anderson Limited
Browne Jacobson LLP (Cs) Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ.
Manufacture and sale of mobility products
Ordinary
100.00
Assistive Bathing Limited
Browne Jacobson LLP (Cs) Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ.
Sale of mobility bathroom products
Ordinary
100.00
Erinstar Limited
Browne Jacobson LLP (Cs) Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ.
Non-trading company
Ordinary
100.00
Willowbrook Limited
Browne Jacobson LLP (Cs) Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ.
Non-trading company
Ordinary
100.00
Home Mobility Logistics Limited
Browne Jacobson LLP (Cs) Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ.
Dormant company
Ordinary
100.00
16
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,244,770
2,257,424
-
0
-
0

Inventories are stated after provisions of £52,470 (2023: £nil).

17
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
319,785
295,698
5,778
-
0
Corporation tax recoverable
101,506
41,399
-
0
-
0
Derivative financial instruments
306,777
470,420
306,777
470,420
Other receivables
603,881
1,077,497
125,321
71,870
Prepayments and accrued income
269,522
259,596
193,901
1,633
1,601,471
2,144,610
631,777
543,923

Trade debtors are stated after provisions for impairment of £70,000 (2023: £nil)

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 33 -
18
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
733,332
733,421
733,332
733,332
Trade payables
3,136,563
3,877,411
16,974
11,471
Amounts owed to group undertakings
-
0
-
0
5,597,594
1,922,229
Corporation tax payable
268,370
34,358
-
0
-
0
Other taxation and social security
154,103
493,904
-
-
Other payables
220,477
189,034
-
0
-
0
Accruals and deferred income
1,069,865
977,375
174,731
76,323
5,582,710
6,305,503
6,522,631
2,743,355

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

19
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
8,494,482
9,227,814
8,494,482
9,227,814
Other borrowings
20
26,072,026
22,952,334
26,072,026
22,952,334
Accruals and deferred income
408,403
-
0
408,403
-
0
34,974,911
32,180,148
34,974,911
32,180,148
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
26,813,758
23,875,159
26,813,758
23,875,159
20
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
9,227,814
9,961,146
9,227,814
9,961,146
Bank overdrafts
-
0
89
-
0
-
0
Other loans
26,072,026
22,952,334
26,072,026
22,952,334
35,299,840
32,913,569
35,299,840
32,913,480
Payable within one year
733,332
733,421
733,332
733,332
Payable after one year
34,566,508
32,180,148
34,566,508
32,180,148
KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
20
Borrowings
(Continued)
- 34 -

Loans and Borrowings

On 30 September 2021, finance facilities were entered into totalling £31,322,963.

The loans are secured by cross guarantees which include all assets in the Group.

Bank Loans are secured by way of fixed and floating charge over the assets or undertakings of the group.

Bank Loans

The Group’s Flex Business Loan with Clydesdale Bank Plc includes two tranches of £4.4m and £6.6m. The £6.6m accrues interest at the Bank of England base rate plus 4.25% margin. The £4.4m loan accrues interest at the Bank of England base rate plus 3.95% margin. The loans are due for full repayment in October 2027. As at 28 February 2024 the amount outstanding on these loans totalled £9,227,814.

Bank Loans are disclosed net of debt issue costs of £328,620 (2023: £420,324).

Loan Notes

On 30 September 2021, loan notes (unsecured redeemable loan notes) were issued totalling £20,322,963. These are split between various classes as noted below. All loan notes are listed on The International Stock Exchange. Unsecured loan notes carry a 12% interest rate and are repayable in full on 30 September 2028. Interest accrued across all these loan notes as at 28 February 2024 totalled £6,490,795 (2023: £3,498,973).

Investor loan notes A1 and A2 with a principal amount of £17,800,000 with interest accrued of £5,690,713 (2023: £3,065,571) were outstanding at the year end.

Vendor loan notes B1 and B2 with a principal amount of £1,977,776 with interest accrued of £627,192 (2023: £335,518) were outstanding at the year end.

Management loan notes C1 and C2 with a principal amount of £545,187 with interest accrued of £172,890 (2023: £97,884) were outstanding at the year end.

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
104,123
159,441
Investments
76,694
117,605
180,817
277,046
Liabilities
Liabilities
2024
2023
Company
£
£
Investments
76,694
117,605
KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
21
Deferred taxation
(Continued)
- 35 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
277,046
117,605
Credit to profit or loss
(85,718)
(40,911)
Transfer on disposal
(10,511)
-
Liability at 28 February 2024
180,817
76,694
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
174,602
98,390

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. There were £23,279 (2023: £24,549) outstanding contributions at the reporting date.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A1 Ordinary of 0.1p each
738,000
738,000
738
738
A2 Ordinary of 1p each
25,000
25,000
250
250
B Ordinary of 1p each
82,000
82,000
820
820
C1 Ordinary of 0.5p each
60,000
60,000
300
300
C2 Ordinary of 0.5p each
50,000
50,000
250
250
955,000
955,000
2,358
2,358

The above share classes were allotted during the period and all shares have income, capital and voting rights subject to various restrictions.

24
Financial commitments, guarantees and contingent liabilities

Cross guarantee and debenture is provided by the group companies for the borrowings of the company and all of its subsidiaries.

 

The security is a fixed charge over all fixed assets, both tangible and intangible, and a floating charge over all other assets.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 36 -
25
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
423,803
225,096
405,911
-
Between two and five years
1,413,942
286,298
1,411,764
-
In over five years
4,534,867
-
4,534,867
-
6,372,612
511,394
6,352,542
-
26
Related party transactions

Company

During the year a monitoring fee cost of £119,679 (2023: £106,691) was incurred from LDC (Lloyds Development Capital), a major shareholder.

An amount of £23.49m (2023: £20.87m) was owed to LDC as at the year end including interest of £5.69m (2023: £3.07m).

An amount of £209,078 (2023: £185,668) was owed to company director, JM Rolph as at the year end including interest of £50,339 (2023: £26,929). An amount of £508,998 (2023: £452,007) was owed to company director, PJ Williamson as at the year end including interest of £122,550 (2023: £65,559). An amount of £nil (2023: £58,620) was owed to previous company director SA Thomas as at the year end including interest of £nil (2023: £5,396).

 

These amounts are included within creditors falling due after more than one year.

KINGSWOOD MOBILITY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 37 -
27
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(3,256,847)
(425,011)
Adjustments for:
Taxation charged
1,373,331
513,623
Finance costs
3,646,171
3,075,618
Investment income
(130,201)
(512,189)
Gain on disposal of property, plant and equipment
(13,822)
(20,990)
Amortisation and impairment of intangible assets
4,396,513
1,430,382
Depreciation and impairment of property, plant and equipment
217,915
176,803
Movements in working capital:
Decrease/(increase) in inventories
1,012,654
(293,941)
Decrease in trade and other receivables
439,603
436,272
Decrease in trade and other payables
(548,313)
(346,184)
Cash generated from operations
7,137,004
4,034,383
28
Analysis of changes in net debt - group
1 March 2023
Cash flows
28 February 2024
£
£
£
Cash at bank and in hand
7,905,386
4,184,993
12,090,379
Bank overdrafts
(89)
89
-
0
7,905,297
4,185,082
12,090,379
Borrowings excluding overdrafts
(32,913,480)
(2,386,360)
(35,299,840)
(25,008,183)
1,798,722
(23,209,461)
29
Analysis of changes in net debt - company
1 March 2023
Cash flows
28 February 2024
£
£
£
Cash at bank and in hand
103,018
(5,290)
97,728
Borrowings excluding overdrafts
(32,913,480)
(2,386,360)
(35,299,840)
(32,810,462)
(2,391,650)
(35,202,112)
2024-02-282023-03-01falseCCH SoftwareCCH Accounts Production 2024.200J M RolphP J WilliamsonS A ThomasM J NewboldG C Whitehousefalsefalse13308065bus:Consolidated2023-03-012024-02-28133080652023-03-012024-02-2813308065bus:Director12023-03-012024-02-2813308065bus:Director22023-03-012024-02-2813308065bus:Director42023-03-012024-02-2813308065bus:Director52023-03-012024-02-2813308065bus:Director32023-03-012024-02-2813308065bus:RegisteredOffice2023-03-012024-02-2813308065core:OtherMiscellaneousReserve2022-02-2813308065core:ShareCapitalbus:Consolidated2024-02-2813308065core:ShareCapitalbus:Consolidated2023-02-2813308065core:SharePremiumbus:Consolidated2024-02-2813308065core:SharePremiumbus:Consolidated2023-02-2813308065core:ShareCapital2024-02-2813308065core:ShareCapital2023-02-2813308065core:SharePremium2024-02-2813308065core:SharePremium2023-02-2813308065core:RetainedEarningsAccumulatedLosses2024-02-2813308065core:ShareCapitalbus:Consolidated2022-02-2813308065core:SharePremiumbus:Consolidated2022-02-28133080652022-02-2813308065core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-02-2813308065core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-02-2813308065core:ShareCapital2022-02-2813308065core:SharePremium2022-02-2813308065core:RetainedEarningsAccumulatedLosses2022-02-2813308065core:RetainedEarningsAccumulatedLosses2023-02-28133080652024-02-2813308065bus:Consolidated2024-02-2813308065bus:Consolidated2022-03-012023-02-28133080652022-03-012023-02-2813308065core:Goodwillbus:Consolidated2024-02-2813308065core:Goodwillbus:Consolidated2023-02-2813308065core:OtherResidualIntangibleAssetsbus:Consolidated2024-02-2813308065core:OtherResidualIntangibleAssetsbus:Consolidated2023-02-2813308065core:ComputerSoftwarebus:Consolidated2024-02-2813308065core:ComputerSoftwarebus:Consolidated2023-02-2813308065bus:Consolidated2023-02-2813308065core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-02-2813308065core:LeaseholdImprovementsbus:Consolidated2024-02-2813308065core:PlantMachinerybus:Consolidated2024-02-2813308065core:FurnitureFittingsbus:Consolidated2024-02-2813308065core:ComputerEquipmentbus:Consolidated2024-02-2813308065core:MotorVehiclesbus:Consolidated2024-02-2813308065core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-02-2813308065core:LeaseholdImprovementsbus:Consolidated2023-02-2813308065core:PlantMachinerybus:Consolidated2023-02-2813308065core:FurnitureFittingsbus:Consolidated2023-02-2813308065core:ComputerEquipmentbus:Consolidated2023-02-2813308065core:MotorVehiclesbus:Consolidated2023-02-28133080652023-02-2813308065core:ShareCapitalbus:Consolidated2022-03-012023-02-2813308065core:SharePremiumbus:Consolidated2022-03-012023-02-2813308065core:ShareCapital2022-03-012023-02-2813308065core:SharePremium2022-03-012023-02-2813308065bus:Consolidated12023-03-012024-02-2813308065bus:Consolidated12022-03-012023-02-2813308065bus:Consolidated2022-02-2813308065core:Goodwill2023-03-012024-02-2813308065core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2813308065core:ComputerSoftware2023-03-012024-02-2813308065core:LandBuildingscore:LongLeaseholdAssets2023-03-012024-02-2813308065core:LeaseholdImprovements2023-03-012024-02-2813308065core:PlantMachinery2023-03-012024-02-2813308065core:FurnitureFittings2023-03-012024-02-2813308065core:ComputerEquipment2023-03-012024-02-2813308065core:MotorVehicles2023-03-012024-02-2813308065core:UKTaxbus:Consolidated2023-03-012024-02-2813308065core:UKTaxbus:Consolidated2022-03-012023-02-2813308065bus:Consolidated22023-03-012024-02-2813308065bus:Consolidated22022-03-012023-02-2813308065bus:Consolidated32023-03-012024-02-2813308065bus:Consolidated32022-03-012023-02-2813308065bus:Consolidated42023-03-012024-02-2813308065bus:Consolidated42022-03-012023-02-2813308065core:Goodwillbus:Consolidated2023-02-2813308065core:ComputerSoftwarebus:Consolidated2023-02-2813308065bus:Consolidated2023-02-2813308065core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-03-012024-02-2813308065core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-03-012024-02-2813308065core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-03-012024-02-2813308065core:Goodwillbus:Consolidated2023-03-012024-02-2813308065core:ComputerSoftwarebus:Consolidated2023-03-012024-02-2813308065core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-02-2813308065core:LeaseholdImprovementsbus:Consolidated2023-02-2813308065core:PlantMachinerybus:Consolidated2023-02-2813308065core:FurnitureFittingsbus:Consolidated2023-02-2813308065core:ComputerEquipmentbus:Consolidated2023-02-2813308065core:MotorVehiclesbus:Consolidated2023-02-2813308065core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-012024-02-2813308065core:LeaseholdImprovementsbus:Consolidated2023-03-012024-02-2813308065core:PlantMachinerybus:Consolidated2023-03-012024-02-2813308065core:FurnitureFittingsbus:Consolidated2023-03-012024-02-2813308065core:ComputerEquipmentbus:Consolidated2023-03-012024-02-2813308065core:MotorVehiclesbus:Consolidated2023-03-012024-02-2813308065core:CurrentFinancialInstruments2024-02-2813308065core:CurrentFinancialInstruments2023-02-2813308065core:CurrentFinancialInstrumentsbus:Consolidated2024-02-2813308065core:CurrentFinancialInstrumentsbus:Consolidated2023-02-2813308065core:WithinOneYearbus:Consolidated2024-02-2813308065core:WithinOneYearbus:Consolidated2023-02-2813308065core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2813308065core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2813308065core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-02-2813308065core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-02-2813308065core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2813308065core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2813308065core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-02-2813308065core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-02-2813308065core:Non-currentFinancialInstrumentsbus:Consolidated2024-02-2813308065core:Non-currentFinancialInstrumentsbus:Consolidated2023-02-2813308065core:Non-currentFinancialInstruments2024-02-2813308065core:Non-currentFinancialInstruments2023-02-2813308065bus:PrivateLimitedCompanyLtd2023-03-012024-02-2813308065bus:FRS1022023-03-012024-02-2813308065bus:Audited2023-03-012024-02-2813308065bus:ConsolidatedGroupCompanyAccounts2023-03-012024-02-2813308065bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP