FRESH START HOLDINGS (NW) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company Registration No. 07135162 (England and Wales)
FRESH START HOLDINGS (NW) LIMITED
COMPANY INFORMATION
Directors
Mr P S Rogers
Mr P Rogers
Mrs N J R McGrath
Secretary
Mrs N J R McGrath
Company number
07135162
Registered office
Scott House
114 Higher Green Lane
Astley
Manchester
M29 7JB
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
FRESH START HOLDINGS (NW) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
FRESH START HOLDINGS (NW) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activity and fair review of business

The principal activity of the group continued to be that of collection, recycling and disposal of commercial waste. The principal activity of the company remains that of a property holding company.

 

The results for the year show an increase in turnover of 17.2% from £17.6m to £20.6m. The group generated an operating profit for the year of £1,108k (2023: £996k). The group has net assets of £4.5m compared to £3.8m in the prior year.

 

The fiscal year ending 31 March 2024 was a good year for the group with sales growth and profit returning to pre-Covid levels for the full year. Fiscal year 2025 is potentially even better than 2024 with the first quarter forecast being ahead of budget in sales and profit.

 

The Board has decided to expand our business offerings into other industrial and commercial sectors in order to offer a broader range of services to our current and potential customers.

 

Again, as in previous years, our balance sheet and cash position are very strong.

Principal risks and uncertainties

As our market is local and all transactions are undertaken in sterling we are unaffected by currency volatility. The market however is very competitive and subject to strict environmental controls.

 

Our business reporting continues to develop to ensure we have more timely and reliable data to be able to react to and manage changes in our markets.

 

Management has considered the potential operational challenges posed by environmental regulations and the uncertainty surrounding the new Government. Both are being closely monitored and we will prepare for any relevant changes.

 

Financial risk management, objectives and policies

The group's principal financial instruments comprise invoice financing, bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the group's operations.

 

Due to the nature of the financial instruments used by the group there is no material exposure to price risk.

 

Trade debtors are managed in respect of credit and cash flow risk policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and to take advantage of early payment discounts where available.

Key performance indicators

Our principal key performance indicators measure gross margin, sales in value, debtor days and effective usage of fixed assets.

Future developments

The group has a strong balance sheet, cash position and a loyal customer base which has enabled us to continue to operate effectively.

FRESH START HOLDINGS (NW) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

Mrs N J R McGrath
Director
18 September 2024
FRESH START HOLDINGS (NW) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

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

Ordinary dividends were paid during the year amounting to £111,807 (2023: £92,124).

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 S Rogers
Mr P Rogers
Mrs N J R McGrath
Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed on 11 September 2024 as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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 so in respect of the group's and company's principal activity, financial risk management policies and future developments.

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs N J R McGrath
Director
18 September 2024
FRESH START HOLDINGS (NW) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

 

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

 

 

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

FRESH START HOLDINGS (NW) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRESH START HOLDINGS (NW) LIMITED
- 5 -
Opinion

We have audited the financial statements of Fresh Start Holdings (NW) 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:

FRESH START HOLDINGS (NW) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRESH START HOLDINGS (NW) LIMITED
- 6 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group and parent company.

The following laws and regulations were identified as being of significance to the group and parent company:

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the group and parent company complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries which may be indicative of fraud; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

FRESH START HOLDINGS (NW) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRESH START HOLDINGS (NW) LIMITED
- 7 -

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group's and parent company’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Andrew Moss BA FCA (Senior Statutory Auditor)
For and on behalf of DSG Audit
18 September 2024
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
FRESH START HOLDINGS (NW) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
20,583,999
17,566,656
Cost of sales
(13,853,165)
(12,000,556)
Gross profit
6,730,834
5,566,100
Administrative expenses
(5,608,947)
(4,569,765)
Operating profit
4
1,121,887
996,335
Interest receivable and similar income
7
32,331
10,781
Interest payable and similar expenses
9
(188,642)
(166,326)
Profit before taxation
965,576
840,790
Tax on profit
10
(312,145)
(148,086)
Profit for the financial year
24
653,431
692,704
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.

The notes on pages 14 to 29 form part of these financial statements.

FRESH START HOLDINGS (NW) LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
84,772
104,714
Other intangible assets
12
47,581
6,742
Total intangible assets
132,353
111,456
Tangible assets
14
4,836,755
3,808,578
4,969,108
3,920,034
Current assets
Debtors
16
3,520,171
2,908,517
Cash at bank and in hand
1,217,350
1,621,122
4,737,521
4,529,639
Creditors: amounts falling due within one year
17
(3,223,321)
(2,736,106)
Net current assets
1,514,200
1,793,533
Total assets less current liabilities
6,483,308
5,713,567
Creditors: amounts falling due after more than one year
19
(1,199,658)
(1,283,686)
Provisions for liabilities
Deferred tax liability
21
788,801
476,656
(788,801)
(476,656)
Net assets
4,494,849
3,953,225
Capital and reserves
Called up share capital
23
200
200
Share premium account
24
116,284
116,284
Profit and loss reserves
24
4,378,365
3,836,741
Total equity
4,494,849
3,953,225

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
18 September 2024
Mrs N J R McGrath
Director
Company registration number 07135162 (England and Wales)
FRESH START HOLDINGS (NW) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
572,154
586,982
Investments
13
116,384
116,384
688,538
703,366
Current assets
Debtors
16
100
100
Cash at bank and in hand
28,259
60,439
28,359
60,539
Creditors: amounts falling due within one year
17
(93,494)
(119,623)
Net current liabilities
(65,135)
(59,084)
Total assets less current liabilities
623,403
644,282
Creditors: amounts falling due after more than one year
19
(325,810)
(350,905)
Net assets
297,593
293,377
Capital and reserves
Called up share capital
23
200
200
Share premium account
24
116,284
116,284
Profit and loss reserves
24
181,109
176,893
Total equity
297,593
293,377

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 £116,023 (2023 - £105,123 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
18 September 2024
Mrs N J R McGrath
Director
Company registration number 07135162 (England and Wales)
FRESH START HOLDINGS (NW) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
200
116,284
3,236,161
3,352,645
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
692,704
692,704
Dividends
11
-
-
(92,124)
(92,124)
Balance at 31 March 2023
200
116,284
3,836,741
3,953,225
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
653,431
653,431
Dividends
11
-
-
(111,807)
(111,807)
Balance at 31 March 2024
200
116,284
4,378,365
4,494,849
FRESH START HOLDINGS (NW) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
200
116,284
163,894
280,378
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
105,123
105,123
Dividends
11
-
-
(92,124)
(92,124)
Balance at 31 March 2023
200
116,284
176,893
293,377
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
116,023
116,023
Dividends
11
-
-
(111,807)
(111,807)
Balance at 31 March 2024
200
116,284
181,109
297,593
FRESH START HOLDINGS (NW) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,885,082
1,528,617
Interest paid
(188,642)
(166,326)
Income taxes paid
(45,872)
(138,590)
Net cash inflow from operating activities
1,650,568
1,223,701
Investing activities
Purchase of intangible assets
(51,099)
(1,110)
Purchase of tangible fixed assets
(1,488,760)
(698,905)
Proceeds from disposal of tangible fixed assets
38,203
23,343
Interest received
32,331
10,781
Net cash used in investing activities
(1,469,325)
(665,891)
Financing activities
Repayment of bank loans
(173,376)
(172,811)
Payment of finance leases obligations
(299,832)
(308,513)
Dividends paid to equity shareholders
(111,807)
(92,124)
Net cash used in financing activities
(585,015)
(573,448)
Net decrease in cash and cash equivalents
(403,772)
(15,638)
Cash and cash equivalents at beginning of year
1,621,122
1,636,760
Cash and cash equivalents at end of year
1,217,350
1,621,122
FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Fresh Start Holdings (NW) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Scott House, 114 Higher Green Lane, Astley, Manchester, M29 7JB.

 

The group consists of Fresh Start Holdings (NW) Limited and all of its subsidiaries.

 

The principal activity of the company and group is disclosed in the strategic report.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

 

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.

FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Fresh Start Holdings (NW) Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

Management have prepared forecasts considering the current financial climate and factoring in the war in Ukraine on future operations. These forecasts indicate that the group and company will continue to trade profitably and generate cash over the period considered by them in their assessment of the appropriateness of adopting the going concern basis in the preparation of these financial statements. Management has concluded that any operational pressures caused directly by the war in Ukraine are unlikely to have a material impact on going concern. On this basis the directors consider it appropriate to prepare these financial statements on the going concern basis.

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.

 

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable.

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.

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

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
3 years straight line
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.

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

Freehold land and buildings
2% straight line
Leasehold land and buildings
Over lease term
Plant and equipment
10-12.5% straight line or over lease term
Fixtures and fittings
25% straight line
Motor vehicles
12.5% straight line or over lease term

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.

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation of tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Supply of services
20,583,999
17,566,656
2024
2023
£
£
Other revenue
Interest income
32,331
10,781

Turnover is generated in the UK.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
763,693
775,623
Depreciation of tangible fixed assets held under finance leases
154,395
258,908
Profit on disposal of tangible fixed assets
(13,207)
(1,293)
Amortisation of intangible assets
30,202
27,066
Operating lease charges
492,225
454,225
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
52
51
-
-
Distribution
72
67
-
-
Total
124
118
-
0
-
0
FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,771,645
4,139,362
-
0
-
0
Social security costs
477,389
401,322
-
-
Pension costs
204,222
104,395
-
0
-
0
5,453,256
4,645,079
-
0
-
0
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
6,390
5,750
Audit of the financial statements of the company's subsidiaries
5,775
5,500
12,165
11,250
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
32,331
10,781
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
38,544
33,435
Company pension contributions to defined contribution schemes
86,000
20,000
124,544
33,436

Remuneration of key management personnel is the same as directors remuneration.

FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
68,245
46,995
Interest on invoice finance arrangements
41,315
49,143
Interest on finance leases and hire purchase contracts
79,082
70,188
Total finance costs
188,642
166,326
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
45,867
Deferred tax
Origination and reversal of timing differences
312,145
102,219
Total tax charge
312,145
148,086

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
965,576
840,790
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
241,394
159,750
Tax effect of expenses that are not deductible in determining taxable profit
8,948
12,178
Permanent capital allowances in excess of depreciation
61,803
(23,842)
Taxation charge
312,145
148,086
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
111,807
92,124
FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023
199,422
73,808
273,230
Additions
-
0
51,099
51,099
At 31 March 2024
199,422
124,907
324,329
Amortisation and impairment
At 1 April 2023
94,708
67,066
161,774
Amortisation charged for the year
19,942
10,260
30,202
At 31 March 2024
114,650
77,326
191,976
Carrying amount
At 31 March 2024
84,772
47,581
132,353
At 31 March 2023
104,714
6,742
111,456
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
116,384
116,384
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
116,384
Carrying amount
At 31 March 2024
116,384
At 31 March 2023
116,384
FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
741,392
1,151,137
4,893,450
215,598
3,431,525
10,433,102
Additions
-
0
127,161
850,689
34,596
996,068
2,008,514
Disposals
-
0
-
0
(115,342)
-
0
(230,750)
(346,092)
At 31 March 2024
741,392
1,278,298
5,628,797
250,194
4,196,843
12,095,524
Depreciation and impairment
At 1 April 2023
154,410
673,927
3,095,873
174,173
2,526,141
6,624,524
Depreciation charged in the year
14,828
96,949
437,299
21,668
384,597
955,341
Eliminated in respect of disposals
-
0
-
0
(111,390)
-
0
(209,706)
(321,096)
At 31 March 2024
169,238
770,876
3,421,782
195,841
2,701,032
7,258,769
Carrying amount
At 31 March 2024
572,154
507,422
2,207,015
54,353
1,495,811
4,836,755
At 31 March 2023
586,982
477,210
1,797,577
41,425
905,384
3,808,578
Company
Freehold land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
741,392
Depreciation and impairment
At 1 April 2023
154,410
Depreciation charged in the year
14,828
At 31 March 2024
169,238
Carrying amount
At 31 March 2024
572,154
At 31 March 2023
586,982
FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 25 -

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
832,371
1,289,804
-
0
-
0
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Fresh Start Waste Services Limited
Scott House 114 Higher Green Lane, Astley, Tyldesley, Manchester, M29 7JB
Collection and disposal of commercial waste
Ordinary
100.00
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,305,527
2,547,920
-
0
-
0
Other debtors
14,054
100
100
100
Prepayments
200,590
360,497
-
0
-
0
3,520,171
2,908,517
100
100
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
174,818
173,099
24,818
23,099
Obligations under finance leases
20
304,852
175,997
-
0
-
0
Trade creditors
1,350,899
1,325,339
121
-
0
Amounts owed to group undertakings
-
0
-
0
56,870
78,651
Corporation tax payable
-
0
45,872
-
0
6,527
Other taxation and social security
438,812
350,377
-
-
Other creditors
568,257
411,360
8,685
11,086
Accruals
385,683
254,062
3,000
260
3,223,321
2,736,106
93,494
119,623
FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
738,128
911,504
350,628
374,004
Payable within one year
174,818
173,099
24,818
23,099
Payable after one year
563,310
738,405
325,810
350,905

RBS holds a debenture over all assets of the company, has a third party guarantee up to £900,000 and holds a legal charge over the freehold property.

 

Included in the total group bank loans balance of £738,128 is £387,500 owed by Fresh Start Waste Services Limited. The bank loan is provided by Royal Bank of Scotland under the Coronavirus Business Interruption Loan Scheme (CBILS) which is a UK government backed loan scheme whereby the government provides a limited guarantee to the bank for 100% of the loan. The loan is repayable in 60 instalments commencing 12 months after the draw down date (November 2020). Interest is calculated at 2.34% per annum over Base Rate.

 

Also iincluded in the total group bank loans balance of £738,128 is £350,628 owed by Fresh Start Holdings (NW) Limited. The bank loan is provided by Royal Bank of Scotland. The loan is repayable in 60 instalments commencing 12 months after the draw down date (April 2020). Interest is calculated at 2.95% per annum over Base Rate.

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
563,310
738,405
325,810
350,905
Obligations under finance leases
20
636,348
545,281
-
0
-
0
1,199,658
1,283,686
325,810
350,905
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
304,852
175,997
-
0
-
0
In two to five years
636,348
545,281
-
0
-
0
941,200
721,278
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and equipment and motor vehicles. 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.

FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
788,801
476,656
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
476,656
-
Charge to profit or loss
312,145
-
Liability at 31 March 2024
788,801
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
204,222
104,395

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

Contributions totalling £24,663 (2023: £20,572) were payable to the scheme at the end of the year and are included in creditors.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200

The company has the following allotted, called-up and fully paid shares:

 

56 Ordinary A shares of £1 each

54 Ordinary B shares of £1 each

30 Ordinary C shares of £1 each

30 Ordinary D shares of £1 each

30 Ordinary E shares of £1 each

FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
24
Reserves
Share premium

The share premium reserve contains the premium arising on issue of equity shares.

Equity reserve

The profit and loss reserve represents cumulative profits and losses net of dividends and other adjustments.

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
347,318
327,272
-
-
Between two and five years
564,635
676,121
-
-
911,953
1,003,393
-
-
26
Directors' transactions

Included in other creditors is £8,685 (2023: £11,086) owed to certain directors. The loans are unsecured, repayable on demand and currently interest free.

27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
653,431
692,704
Adjustments for:
Taxation charged
312,145
148,086
Finance costs
188,642
166,326
Investment income
(32,331)
(10,781)
Gain on disposal of tangible fixed assets
(13,207)
(1,293)
Amortisation and impairment of intangible assets
30,202
27,066
Depreciation and impairment of tangible fixed assets
955,341
910,395
Movements in working capital:
Increase in debtors
(611,654)
(321,262)
Increase/(decrease) in creditors
402,513
(82,624)
Cash generated from operations
1,885,082
1,528,617
FRESH START HOLDINGS (NW) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
28
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
1,621,122
(403,772)
-
1,217,350
Borrowings excluding overdrafts
(911,504)
173,376
-
(738,128)
Obligations under finance leases
(721,278)
299,832
(519,754)
(941,200)
(11,660)
69,436
(519,754)
(461,978)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr P S RogersMr P RogersMrs N J R McGrathMrs N J R 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