Company Registration No. 01543957 (England and Wales)
BRITCOM INTERNATIONAL LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BRITCOM INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr C Urwin
Mr A P Day
Mr B Carmichael
Company number
01543957
Registered office
York Road
Market Weighton
York
YO43 3QX
Auditor
Fortus Audit LLP
Equinox House
Clifton Park
Shipton Road
York
YO30 5PA
Business address
York Road
Market Weighton
York
YO43 3QX
BRITCOM INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8 - 9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 27
BRITCOM INTERNATIONAL 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 Activities and Business Review

The principal activities of the company throughout the year were that of dealers in commercial vehicles, specialist engineering chassis modifications, trailer and body building and vehicle refurbishment.

 

Business Environment

 

The enclosed financial statements aim to present a balanced and comprehensive review of the developments and performance of the business and its’ financial position at the financial year end. The review is consistent with the size and structure of the business and the market sectors in which it operates. The review is written with an emphasis on presenting a balanced analysis in the context of the risks, uncertainties and opportunities the business faces.

 

The fall in turnover of 30% in 2023/24 was disappointing, as was the small net loss reported, although this was affected by a legal dispute with an electricity supplier, of which there is still a possibility to recover some of these monies owed during the current financial year. On the positive side, margins improved to 19.6% (2023 – 17%) and cash management was also good to allow us to run the whole year with a significant positive cash balance, therefore not requiring us to utilise any of the bank funding facilities we have available.

 

The two sides of the business performed with contrasting fortunes. The chassis engineering, bodybuilding and bodyshop departments recorded an increase in turnover of 45% against the previous year, whereas sales of used commercial vehicles fell by 46%. The unit sales decline was more noticeable in export markets than in the UK. These are trends we have seen in recent years due to economic conditions and structural market changes, but also our own strategic decisions. Inflationary wage pressures were also a contributing factor to the reduced performance levels.

 

Principal Risks and Uncertainties

We remain vulnerable to negative economic headwinds both in the UK and in our overseas markets. There is a feeling that this is an aspect of business that most companies will now just to have live with given we’ve seen a successive run of Brexit, COVID, the Ukraine war, Middle Eastern conflict and general political uncertainty spurred on by the elections in both the UK and USA in 2024.

 

There is a sense of optimism that the UK focused side of the business should benefit from a hopefully more stable government environment following the recent general election. Together with the reducing rate of inflation and gradual fall in interest rates, there should be a stimulus for clients to increase capital spending on their transportation requirements.

 

Our export markets, principally in Africa, bring their own uncertainties in terms of macro economic performance, currency risk, longer and more expensive shipping and increased competition locally, especially from new Chinese trucks.

 

Supply chains issue for vehicles and parts which we have seen in previous years do seem to have now settled down and returned to a semblance of normality.

Strategy

We are continuing to prioritise the UK market as we see this is where the greater long term rewards will be available. This is especially true of the engineering and bodyshop, but also from a used vehicle sales perspective. Over recent years, investment has been focused on these areas in all aspects and our marketing is being further tailored towards this aim. It is pleasing to note that our efforts in building long term relationships with both clients and suppliers are now bearing fruition. In particular, we are targeting sectors of the economy away from general transportation which may be less susceptible to economic fluctuations. Due to the skilled nature of the work, barriers to entry are also significantly higher for our vehicle engineering business, allowing us to better leverage our returns.

 

Whilst we feel that the used vehicle export market is probably in a long-term decline due to the reasons noted earlier, by streamlining our operation, we do feel that it should continue to offer us a reasonable rate of return assuming more stable economic conditions prevail.

 

Internally, the business continues to work on developing a strong management team below Board level, both in order to take advantage of current opportunities and secure its’ long term future. Staff development and retention is key, aided by competitive remuneration packages and personal development pathways. In the engineering side of the business, we continue to make use of the apprenticeship route as a source of skilled labour.

 

Future Outlook

 

2024/2025 feels like another year of consolidation as economic conditions only gradually improve and our new management structures bed in. However, going forward, the Board believes that we have chosen the correct strategy to concentrate more on our UK operation and that this will be reflected in the performance in coming years. The continued close management of our working capital requirements and strong balance sheet also provides us with confidence in our ability to take advantage of new opportunities when they arise.

 

We are also increasingly aware of the need to assess our environmental responsibilities and we are actively considering a number of projects to assist with this.

 

BRITCOM INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

Mr C Urwin
Director
19 September 2024
BRITCOM INTERNATIONAL 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 pages 8 to 9. The future developments of the company are disclosed in the Strategic Report.

Ordinary dividends were paid amounting to £85,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr C Urwin
Mr K Moor
(Resigned 31 March 2024)
Mr A P Day
Mr B Carmichael
Auditor

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

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.

Disclosure of information in the 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 principal activities of the group.

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.

BRITCOM INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
Mr C Urwin
Director
19 September 2024
BRITCOM INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITCOM INTERNATIONAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Britcom International 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 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:

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:

BRITCOM INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITCOM INTERNATIONAL LIMITED
- 6 -
Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit, in respect to fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud and obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

Our approach was as follows:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

BRITCOM INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITCOM INTERNATIONAL LIMITED
- 7 -
Frances Howard FCA (Senior Statutory Auditor)
For on and behalf of Fortus Audit LLP
19 September 2024
Chartered Accountants
Statutory Auditor
Equinox House
Clifton Park
Shipton Road
York
YO30 5PA
BRITCOM INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
13,567,263
-
13,567,263
19,338,965
190,396
19,529,361
Cost of sales
(10,906,201)
-
(10,906,201)
(16,019,672)
(192,324)
(16,211,996)
Gross profit
2,661,062
-
2,661,062
3,319,293
(1,928)
3,317,365
Administrative expenses
(2,863,535)
-
(2,863,535)
(2,964,292)
(98,616)
(3,062,908)
Other operating income
1,987
-
1,987
1,398
-
1,398
Operating (loss)/profit
4
(200,486)
-
(200,486)
356,399
(100,544)
255,855
Interest receivable and similar income
8
67,880
-
67,880
46,091
-
46,091
Interest payable and similar expenses
9
-
-
-
(1,388)
-
(1,388)
(Loss)/profit before taxation
(132,606)
-
(132,606)
401,102
(100,544)
300,558
Tax on (loss)/profit
10
65,151
-
65,151
(62,369)
-
(62,369)
(Loss)/profit for the financial year
23
(67,455)
-
(67,455)
338,733
(100,544)
238,189
Other comprehensive income
Currency translation differences
-
0
6,410
Total comprehensive income for the year
(67,455)
244,599
BRITCOM INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
- 9 -
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(67,455)
243,211
- Non-controlling interests
-
(5,022)
(67,455)
238,189
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(67,455)
249,172
- Non-controlling interests
-
(4,573)
(67,455)
244,599

The notes on pages 15 to 27 form part of these financial statements.

BRITCOM INTERNATIONAL LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
22,220
-
0
Tangible assets
14
6,229,821
6,306,358
6,252,041
6,306,358
Current assets
Stocks
17
3,081,319
3,422,945
Debtors
18
1,044,938
1,469,954
Cash at bank and in hand
1,106,904
1,013,769
5,233,161
5,906,668
Creditors: amounts falling due within one year
19
(1,352,278)
(1,861,738)
Net current assets
3,880,883
4,044,930
Total assets less current liabilities
10,132,924
10,351,288
Provisions for liabilities
Deferred tax liability
20
38,592
104,501
(38,592)
(104,501)
Net assets
10,094,332
10,246,787
Capital and reserves
Called up share capital
22
67,275
67,275
Share premium account
23
81,000
81,000
Capital redemption reserve
23
76,725
76,725
Profit and loss reserves
23
9,869,332
10,021,787
Total equity
10,094,332
10,246,787

The notes on pages 15 to 27 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr C Urwin
Director
Company registration number 01543957 (England and Wales)
BRITCOM INTERNATIONAL LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
22,220
-
0
Tangible assets
14
5,586,547
5,667,099
Investments
15
100
100
5,608,867
5,667,199
Current assets
Stocks
17
3,081,319
3,422,945
Debtors
18
1,687,044
2,108,632
Cash at bank and in hand
1,106,414
1,012,698
5,874,777
6,544,275
Creditors: amounts falling due within one year
19
(1,350,988)
(1,860,523)
Net current assets
4,523,789
4,683,752
Total assets less current liabilities
10,132,656
10,350,951
Provisions for liabilities
Deferred tax liability
20
38,592
104,501
(38,592)
(104,501)
Net assets
10,094,064
10,246,450
Capital and reserves
Called up share capital
22
67,275
67,275
Share premium account
23
81,000
81,000
Capital redemption reserve
23
76,725
76,725
Profit and loss reserves
23
9,869,064
10,021,450
Total equity
10,094,064
10,246,450

The notes on pages 15 to 27 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £67,386 (2023 - £311,866 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr C Urwin
Director
Company registration number 01543957 (England and Wales)
BRITCOM INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2022
90,000
81,000
54,000
12,437,615
12,662,615
7,137
12,669,752
Year ended 31 March 2023:
Profit for the year
-
-
-
243,211
243,211
(5,022)
238,189
Other comprehensive income:
-
Currency translation differences on overseas subsidiaries
-
-
-
6,410
6,410
-
6,410
Amounts attributable to non-controlling interests
-
-
-
(449)
(449)
449
-
Total comprehensive income for the year
-
-
-
249,172
249,172
(4,573)
244,599
Own shares acquired
-
-
-
(2,665,000)
(2,665,000)
-
(2,665,000)
Reduction of shares
22
(22,725)
-
-
-
(22,725)
-
(22,725)
Other movements
-
-
22,725
-
22,725
(2,564)
20,161
Balance at 31 March 2023
67,275
81,000
76,725
10,021,787
10,246,787
-
0
10,246,787
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
(67,455)
(67,455)
-
(67,455)
Dividends
12
-
-
-
(85,000)
(85,000)
-
(85,000)
Balance at 31 March 2024
67,275
81,000
76,725
9,869,332
10,094,332
-
0
10,094,332
BRITCOM INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
90,000
81,000
54,000
12,374,584
12,599,584
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
311,866
311,866
Own shares acquired
-
-
-
(2,665,000)
(2,665,000)
Reduction of shares
22
(22,725)
-
-
-
(22,725)
Other movements
-
-
22,725
-
22,725
Balance at 31 March 2023
67,275
81,000
76,725
10,021,450
10,246,450
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
(67,386)
(67,386)
Dividends
12
-
-
-
(85,000)
(85,000)
Balance at 31 March 2024
67,275
81,000
76,725
9,869,064
10,094,064

The notes on pages 15 to 27 form part of these financial statements.

BRITCOM INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
301,691
(315,733)
Interest paid
-
0
(1,388)
Income taxes paid
(47,721)
(59,024)
Net cash inflow/(outflow) from operating activities
253,970
(376,145)
Investing activities
Purchase of intangible assets
(25,000)
-
Purchase of tangible fixed assets
(153,515)
(379,426)
Proceeds from disposal of tangible fixed assets
34,800
75,787
Interest received
67,880
46,091
Net cash used in investing activities
(75,835)
(257,548)
Financing activities
Purchase of treasury shares
-
0
(2,665,000)
Repayment of bank loans
-
(436,364)
Settlement of non-controlling interest equity balance
-
(2,564)
Dividends paid to equity shareholders
(85,000)
-
0
Net cash used in financing activities
(85,000)
(3,103,928)
Net increase/(decrease) in cash and cash equivalents
93,135
(3,737,621)
Cash and cash equivalents at beginning of year
1,013,769
4,744,980
Effect of foreign exchange rates
-
0
6,410
Cash and cash equivalents at end of year
1,106,904
1,013,769

The notes on pages 15 to 27 form part of these financial statements.

BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Britcom International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is York Road, Market Weighton, York, YO43 3QX.

 

The group consists of Britcom International 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 group.

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
Basis of consolidation

The consolidated financial statements incorporate those of Britcom International Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

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.

1.3
Going concern

At the time of approving the financial statements, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

The company's turnover represents the value, excluding value added tax, of contracts for the sale of commercial vehicles and heavy plant and equipment. Turnover includes those contracts where there is a right to economic benefit through performance. Where the right to economic benefit is dependent on contract terms outside the company's control being fulfilled, turnover is recognised when such terms have been complied with. Deposits received are not recognised as turnover because performance has not taken place.

1.5
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.

BRITCOM INTERNATIONAL LIMITED
NOTES TO THE 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:

Company database
3 years straight line
1.6
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 property
2% reducing balance
Plant and machinery
25% straight line and 25% reducing balance
Fixtures, fittings and computers
20% straight line and 10-33% reducing balance
Motor vehicles
25% straight line and 25% reducing balance

Freehold land is not depreciated.

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.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment.

1.10
Cash at bank and in hand

Cash at bank and in hand 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.

BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

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

 

Financial instruments are recognised in the group's 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are measured at fair value.

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.

Other financial liabilities

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

The financial statements have been prepared with early application of the FRS 102 Triennial Review 2017 amendments in full.

1.12
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.

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.

1.13
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.

 

1.14
Retirement benefits

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

 

 

 

BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.15
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.

1.16
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
13,567,263
19,529,361
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,973,407
11,089,184
Middle and Far East
275,591
1,698,940
The Americas and Australasia
644,104
784,343
Africa
3,674,161
5,956,894
13,567,263
19,529,361
2024
2023
£
£
Other revenue
Interest income
67,880
46,091
Commissions received
1,987
1,398
BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
334
(140)
Depreciation of owned tangible fixed assets
228,646
224,391
Profit on disposal of tangible fixed assets
(33,394)
(58,758)
Amortisation of intangible assets
2,780
-
Operating lease charges
49,711
53,754

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £334 (2023 - £140).

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,875
6,188
For other services
All other non-audit services
3,000
3,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
45
38
45
38
Administration staff
19
20
20
20
Total
64
58
65
58

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,878,521
2,680,755
2,878,521
2,664,903
Social security costs
318,026
325,751
318,026
325,751
Pension costs
66,988
59,991
66,988
59,991
3,263,535
3,066,497
3,263,535
3,050,645
BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
389,127
635,628
Company pension contributions to defined contribution schemes
13,084
14,405
402,211
650,033

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
127,826
170,835
Company pension contributions to defined contribution schemes
9,121
9,121
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
67,880
46,091
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
1,388
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
46,963
Adjustments in respect of prior periods
758
-
0
Total current tax
758
46,963
Deferred tax
Origination and reversal of timing differences
(65,909)
16,567
Previously unrecognised tax loss, tax credit or timing difference
-
0
(1,161)
Total deferred tax
(65,909)
15,406
Total tax (credit)/charge
(65,151)
62,369
BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 21 -

The actual (credit)/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
(132,606)
300,558
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(33,152)
57,106
Tax effect of expenses that are not deductible in determining taxable profit
3,088
5,429
Tax effect of utilisation of tax losses not previously recognised
(16,039)
-
0
Unutilised tax losses carried forward
18
-
0
Change in unrecognised deferred tax assets
-
0
30,163
Depreciation on assets not qualifying for tax allowances
(19,066)
(16,980)
Effect of overseas tax rates
-
0
(11,059)
Under/(over) provided in prior years
-
0
(1,161)
Deferred tax adjustments in respect of prior years
-
0
(1,129)
Taxation (credit)/charge
(65,151)
62,369
11
Discontinued operations

A wholly owned subsidiary of the parent company ceased trading on 31 July 2022 and was subsequently liquidated

12
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
A ordinary shares
Final paid
1.26
-
85,000
-
13
Intangible fixed assets
Group
Company database
£
Cost
At 1 April 2023
-
0
Additions
25,000
At 31 March 2024
25,000
Amortisation and impairment
At 1 April 2023
-
0
Amortisation charged for the year
2,780
At 31 March 2024
2,780
BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Intangible fixed assets
(Continued)
- 22 -
Carrying amount
At 31 March 2024
22,220
At 31 March 2023
-
0
Company
Company database
£
Cost
At 1 April 2023
-
0
Additions
25,000
At 31 March 2024
25,000
Amortisation and impairment
At 1 April 2023
-
0
Amortisation charged for the year
2,780
At 31 March 2024
2,780
Carrying amount
At 31 March 2024
22,220
At 31 March 2023
-
0
14
Tangible fixed assets
Group
Freehold property
Plant and machinery
Fixtures, fittings and computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
7,479,347
480,147
105,645
175,550
8,240,689
Additions
19,913
105,757
25,593
2,252
153,515
Disposals
-
0
(66,150)
(24,419)
(53,250)
(143,819)
At 31 March 2024
7,499,260
519,754
106,819
124,552
8,250,385
Depreciation
At 1 April 2023
1,470,811
282,381
85,972
95,167
1,934,331
Depreciation charged in the year
98,696
88,890
16,657
24,403
228,646
Eliminated in respect of disposals
-
0
(64,746)
(24,418)
(53,249)
(142,413)
At 31 March 2024
1,569,507
306,525
78,211
66,321
2,020,564
Carrying amount
At 31 March 2024
5,929,753
213,229
28,608
58,231
6,229,821
At 31 March 2023
6,008,536
197,766
19,673
80,383
6,306,358
BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 23 -
Company
Freehold property
Plant and machinery
Fixtures, fittings and computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
6,840,088
480,147
105,645
175,550
7,601,430
Additions
15,898
105,757
25,593
2,252
149,500
Disposals
-
0
(66,150)
(24,419)
(53,250)
(143,819)
At 31 March 2024
6,855,986
519,754
106,819
124,552
7,607,111
Depreciation
At 1 April 2023
1,470,811
282,381
85,972
95,167
1,934,331
Depreciation charged in the year
98,696
88,890
16,657
24,403
228,646
Eliminated in respect of disposals
-
0
(64,746)
(24,418)
(53,249)
(142,413)
At 31 March 2024
1,569,507
306,525
78,211
66,321
2,020,564
Carrying amount
At 31 March 2024
5,286,479
213,229
28,608
58,231
5,586,547
At 31 March 2023
5,369,277
197,766
19,673
80,383
5,667,099

Included in freehold property for the group and the company is non-depreciable land with a cost of £1,099,542.

 

Included in freehold property for the company is non-depreciable land with a cost of £460,283.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
100
100

 

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
100
Carrying amount
At 31 March 2024
100
At 31 March 2023
100
BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
16
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Britcom Developments Limited
UK
Development of building projects
Ordinary
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
202,152
241,837
202,152
241,837
Finished goods and goods for resale
2,879,167
3,181,108
2,879,167
3,181,108
3,081,319
3,422,945
3,081,319
3,422,945
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
896,356
1,280,284
896,356
1,280,284
Amounts owed by group undertakings
-
-
642,106
638,678
Other debtors
18,746
75,998
18,746
75,998
Prepayments and accrued income
129,836
113,672
129,836
113,672
1,044,938
1,469,954
1,687,044
2,108,632
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
860,955
862,521
859,740
861,306
Amounts owed to group undertakings
75
-
0
-
0
-
0
Corporation tax payable
-
0
46,963
-
0
46,963
Other taxation and social security
82,455
105,521
82,455
105,521
Other creditors
8,116
57,142
8,116
57,142
Accruals and deferred income
400,677
789,591
400,677
789,591
1,352,278
1,861,738
1,350,988
1,860,523
BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
63,865
104,501
Tax losses
(25,273)
-
38,592
104,501
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
63,865
104,501
Tax losses
(25,273)
-
38,592
104,501
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
104,501
104,501
Credit to profit or loss
(65,909)
(65,909)
Liability at 31 March 2024
38,592
38,592
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,988
59,991

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.

BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
A ordinary shares of £1 each
3,737,500
3,737,500
3,737,500
3,737,500
B ordinary shares of £1 each
1,255,000
1,255,000
1,255,000
1,255,000
C ordinary shares of £1 each
7,500
7,500
7,500
7,500
5,000,000
5,000,000
5,000,000
5,000,000
Issued and fully paid
A ordinary shares of £1 each
67,275
67,275
67,275
67,275

The company has three classes of ordinary share with no right to fixed income. Each share carries one vote.

 

A purchase of own shares was undertaken during the previous year in respect of B ordinary and C ordinary shares. These classes of shares were cancelled following the transaction.

23
Reserves
Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve

The reserve records the nominal value of shares repurchased by the company.

Profit and loss reserves

This reserve records retained earnings and accumulated losses and is distributable.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
37,243
10,427
37,243
10,427
Between two and five years
52,763
16,125
52,763
16,125
90,006
26,552
90,006
26,552
25
Related party transactions
Transactions with related parties

The company is controlled by Mr C Urwin, a director, by virtue of his shareholding.

 

There is no trading relationship between the company and Britcom Developments Limited.

During the previous year, £15,000 was paid to Mrs V Urwin following the purchase of own shares.

BRITCOM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
25
Related party transactions
(Continued)
- 27 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Group companies
642,106
638,678
26
Controlling party

The group is controlled by a director, Mr C Urwin, by virtue of his shareholding in the parent company.

27
Directors' transactions

During the previous year, £2,612,500 was paid to P Mercer following the purchase of own shares.

28
Cash generated from/(absorbed by) group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(67,455)
238,189
Adjustments for:
Taxation (credited)/charged
(65,151)
62,369
Finance costs
-
0
1,388
Investment income
(67,880)
(46,091)
Gain on disposal of tangible fixed assets
(33,394)
(58,758)
Amortisation and impairment of intangible assets
2,780
-
Depreciation and impairment of tangible fixed assets
228,646
224,391
Movements in working capital:
Decrease/(increase) in stocks
341,626
(576,153)
Decrease/(increase) in debtors
425,016
(284,858)
(Decrease)/increase in creditors
(462,497)
123,790
Cash generated from/(absorbed by) operations
301,691
(315,733)
29
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,013,769
93,135
1,106,904
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr C UrwinMr K MoorMr A P DayMr B 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