Company registration number 02380152 (England and Wales)
WHM PET GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 APRIL 2024
WHM PET GROUP LIMITED
COMPANY INFORMATION
Directors
S J Marriage
E Rudd
B Humble
J Smith
C S Peck
Secretary
K Asling
Company number
02380152
Registered office
Chelmer Mills
New Street
Chelmsford
CM1 1PN
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Business address
The Beeches
86 High Street
Holme Upon Spalding Moor
York
YO43 4AA
WHM PET GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
WHM PET GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 27 APRIL 2024
- 1 -
The directors present the strategic report and financial statements for the company for the 52 week period ended 27 April 2024 (2023: 53 week period ending 29 April 2023).
Review of the business
Whilst a challenging year in terms of profitability it was good to see the gross profit being up by £0.44m on the previous period allied to the gross profit percentage also being 2% up on the previous period at 21%, compared to 19%.
This improvement in gross profit percentage was primarily driven by good positions on raw material contracts.
The company generated turnover for the 52 week period of £34.49m compared to £35.86m in 53 weeks prior period. Taking into consideration the extra week of trading in the prior period the level of turnover has remained fairly consistent.
Production & distribution costs increased by £246k to £5.09m from £4.84m, an increase of 5%.This was driven by a substantial increase in energy costs driven by higher global energy prices. The company also implemented a new preventative maintenance plan and whilst this will improve production efficiency it has also increased machine maintenance costs by 5%.
Administration costs increased by £193k to £2.12m from £1.92m in the prior period. This was primarily driven by additional investments in marketing and IT.
The above activity resulted in an operating loss of £15k compared to a prior period loss of £27k. The result for the financial period after tax was a loss of £75k, compared to a prior year loss of £137k.
During the financial year the business invested in machinery for a new customer and concluded projects from previous periods. This resulted in capital expenditure of £315k.
The company's net assets have decreased by £75k to £3.70m from £3.77m, owing to the losses made in the year.
Stock decreased from £4.05m to £3.69m, a continuation of tighter controls over stock levels which has been a core focus throughout this year and the previous period.
Pleasingly debtors decreased by £200k , primarily driven by a decrease in trade debtors.
Creditors decreased from £6.5m to £5.9m. This was primarily due to a reduction in the amounts owed to group entities of £488k.
The cash balance at the period end has decreased from £194k at 29 April 2023 to £154k as at 27 April 2024.
WHM PET GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 2 -
Principal risks and uncertainties
Financial risk
The company's principal financial instruments comprise of bank balances, receivables finance facilities, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the business and to finance the company's operations.
The company is financed by a receivables financing facility. The facility is monitored regularly, and sufficient cash is retained to ensure that there are adequate funds for its operations.
Credit risk
Trade debtors are managed in respect of credit and cash flow risk by policies covering the credit offered to customers and the regular monitoring of amounts outstanding in terms of both time and credit limits. Further protection for the trade debtors is managed through a credit insurance facility.
Liquidity risk
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. This is achieved through close monitoring of the working capital requirements of the business and having in place sufficient banking facilities.
Currency risk
The business imports a substantial amount of products from throughout the world and therefore fluctuations in currency rates could have a significant impact on the financial results. To mitigate the risk, the company closely monitors its currency requirements and uses forward contracts to provide greater certainty and a level of price stability.
Competitor risk
The company operates in a highly competitive market place. To combat the constant threat from competitor pricing the company aims to focus on producing a high quality product and providing an efficient and customer friendly service.
The company also benefits from a number of close commercial relationships with both customers and suppliers, damage to which could have a negative impact on the business. The company works hard to manage and maintain these relationships in order to minimise any potential risk.
Commodity risk
The year saw a return to a more stable environment for commodity prices especially in the first half of the year but once gain global supply chains were disturbed again leading to an escalation in freight cost created by the side effects of geo-political issues, most notably in the Middle East and, most particularly, the Red Sea.
Transits from China and South Asia were tending to spend longer at sea as they traverse the Cape of Good Hope on their way to Europe and the UK.
Key performance indicators
The Board monitors closely profitability and cashflow. Particular focus Is given to customer profitability and also working capital management. All indicators of customer margin profitability, debtor and creditor days outstanding are on target.
Trade Debtors have increased over previous period by 6 days to 50 days from 44 days. This is simply due to customer mix.
The period has seen a drop in stock days from 48 days to 51 days, a fall of 3 days.
Trade Creditor days have increased over the previous period, in line with stock , to 56 days from 52 days, an increase of 4 days.
WHM PET GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 3 -
Future developments
Within the coming financial year, the business will continue to focus on Production efficiencies and also increased Marketing activities.
Health and safety
The directors' aim is to continually Improve health and safety standards for the company and its staff. To assist this process the company employs the services of health and safety management specialists.
B Humble
Director
11 October 2024
WHM PET GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 27 APRIL 2024
- 4 -
The directors present their annual report and financial statements for the Period ended 27 April 2024.
Principal activities
The principal activity of the company continued to be that of trading goods used principally in the production of animal and pet foods.
Results and dividends
The results for the Period are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
S J Marriage
E Rudd
B Humble
J Smith
C S Peck
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 company’s auditor 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 company’s auditor 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
B Humble
Director
11 October 2024
WHM PET GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 27 APRIL 2024
- 5 -
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WHM PET GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHM PET GROUP LIMITED
- 6 -
Opinion
We have audited the financial statements of WHM Pet Group Limited (the 'company') for the Period ended 27 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 27 April 2024 and of its loss for the Period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
WHM PET GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHM PET GROUP LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 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 auditor’s explanation of its audit response will depend on the risks identified but may include:
Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
WHM PET GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHM PET GROUP LIMITED (CONTINUED)
- 8 -
Barry Gostling
Senior Statutory Auditor
For and on behalf of Ensors Accountants LLP
15 October 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
WHM PET GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 APRIL 2024
- 9 -
Period ended
Period ended
27 April
29 April
2024
2023
Notes
£
£
Turnover
3
34,489,640
35,858,245
Cost of sales
(27,405,551)
(29,215,233)
Gross profit
7,084,089
6,643,012
Distribution costs
(5,088,609)
(4,843,021)
Administrative expenses
(2,116,222)
(1,923,605)
Other operating income
105,587
96,652
Operating loss
4
(15,155)
(26,962)
Interest payable and similar charges
7
(137,998)
(217,039)
Fair value gains and losses on foreign exchange contracts
(2,045)
38,579
Loss before taxation
(155,198)
(205,422)
Tax on loss
8
80,305
68,542
Loss for the financial Period
(74,893)
(136,880)
The income statement has been prepared on the basis that all operations are continuing operations.
WHM PET GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
27 APRIL 2024
27 April 2024
- 10 -
27 April 2024
29 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,940,836
2,310,535
Current assets
Stocks
11
3,689,885
4,050,373
Debtors
12
4,403,181
4,600,888
Cash at bank and in hand
154,210
194,312
8,247,276
8,845,573
Creditors: amounts falling due within one year
13
(5,868,745)
(6,498,000)
Net current assets
2,378,531
2,347,573
Total assets less current liabilities
4,319,367
4,658,108
Creditors: amounts falling due after more than one year
14
(396,237)
(579,780)
Provisions for liabilities
Deferred tax liability
17
226,033
306,338
(226,033)
(306,338)
Net assets
3,697,097
3,771,990
Capital and reserves
Called up share capital
20
33,329
33,329
Share premium account
21
75,590
75,590
Profit and loss reserves
22
3,588,178
3,663,071
Total equity
3,697,097
3,771,990
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 11 October 2024 and are signed on its behalf by:
S J Marriage
E Rudd
Director
Director
Company registration number 02380152 (England and Wales)
WHM PET GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 APRIL 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 24 April 2022
33,329
75,590
3,799,951
3,908,870
Period ended 29 April 2023:
Loss and total comprehensive income
-
-
(136,880)
(136,880)
Balance at 29 April 2023
33,329
75,590
3,663,071
3,771,990
Period ended 27 April 2024:
Loss and total comprehensive income
-
-
(74,893)
(74,893)
Balance at 27 April 2024
33,329
75,590
3,588,178
3,697,097
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 APRIL 2024
- 12 -
1
Accounting policies
Company information
WHM Pet Group Limited (formerly Berry Ingredients Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Chelmer Mills, New Street, Chelmsford, CM1 1PN.
1.1
Reporting period
The financial statements are drawn up for the 52 weeks to 27 April 2024 ('the financial period') and the comparative period is the 53 weeks to 29 April 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of W & H Marriage & Sons Limited. These consolidated financial statements are available from its registered office, Chelmer Mills, New Street, Chelmsford, Essex, CM1 1PN.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet all liabilities as they fall due, for a period of at least 12 months from the approval of the financial statements. In arriving at this conclusion, the directors have prepared detailed forecast models to April 2025. true
After the balance sheet date, the Company is experiencing sales at a lower level that previous period but at significantly higher margins. The Directors have acted in terms of the company's cost base and also secured additional customers. The business is in a good position In terms of working capital.
The Directors are of the opinion it is appropriate for the financial statements to be prepared on the going concern basis.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms. These contract terms can include retrospective rebates and discounts which are recognised within cost of sales.
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.
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:
Trademarks & brands
Over a 10 year period
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:
Leasehold improvements
33% straight line
Plant and equipment
20 - 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company 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.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
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.
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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 statement of financial position 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 leases asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.18
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 company’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stock
Stocks and work in progress are stated at the lower of cost and net realisable value. Net realisable value is determined by management based on historical experience with similar items as well as anticipation of future changes which may affect the value, such as changes in the economic environment. Additionally, management make regular assessments of provisions for obsolete and slow moving items to determine their reasonableness and make adjustments as necessary. At the period end a provision of £229,640 (2023: £126,992) for obsolete and slow moving stock was included within stocks.
Deferred tax
In accordance with FRS 102, deferred tax arising from the fair value gains and losses on foreign currency forward contracts has been recognised in the statement of comprehensive income for the period ended 27 April 2024. Management have given consideration to the expected timing and reversal of deferred tax balances in arriving at the rate utilised to measure the deferred tax arising.
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.
Useful lives of property, plant and equipment
The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of the company's assets are determined by management at the time the asset is acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. See note 9 for the depreciation charged by category of asset.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
34,489,640
35,858,245
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
34,489,640
35,858,245
2024
2023
£
£
Other revenue
Grants received
105,587
96,652
4
Operating loss
2024
2023
Operating loss for the period is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(128,347)
99,784
Government grants
(105,587)
(96,652)
Fees payable to the company's auditor for the audit of the company's financial statements
54,650
41,250
Depreciation of owned tangible fixed assets
508,354
431,353
Depreciation of tangible fixed assets held under finance leases
127,846
108,350
Loss/(profit) on disposal of tangible fixed assets
4,613
(26,607)
Operating lease charges
104,930
103,817
5
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Administration
6
6
Production
68
74
Sales and distribution
11
10
Total
85
90
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
5
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,036,377
2,933,886
Social security costs
312,532
324,484
Pension costs
56,279
56,286
3,405,188
3,314,656
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
462,237
446,699
Company pension contributions to defined contribution schemes
5,283
5,283
467,520
451,982
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
111,560
108,387
Company pension contributions to defined contribution schemes
1,321
1,321
7
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
35,838
30,710
Interest on bank overdrafts and other loans
102,160
186,329
137,998
217,039
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(80,305)
(68,542)
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
8
Taxation
(Continued)
- 21 -
The actual credit for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(155,198)
(205,422)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
(38,800)
(40,037)
Tax effect of expenses that are not deductible in determining taxable profit
347
(6,748)
Tax effect of income not taxable in determining taxable profit
(26,397)
Adjustments in respect of prior years
(25,210)
(213)
Fixed asset differences
(6,542)
Adjustment to losses
9,645
Other tax adjustments, relief and transfers
110
49
Remeasurement of deferred tax for changes in rates
(15,051)
Taxation credit for the period
(80,305)
(68,542)
9
Tangible fixed assets
Leasehold improvements
Plant and equipment
Total
£
£
£
Cost
At 30 April 2023
8,159
3,705,028
3,713,187
Additions
315,167
315,167
Disposals
(75,613)
(75,613)
At 27 April 2024
8,159
3,944,582
3,952,741
Depreciation and impairment
At 30 April 2023
8,159
1,394,493
1,402,652
Depreciation charged in the Period
636,200
636,200
Eliminated in respect of disposals
(26,947)
(26,947)
At 27 April 2024
8,159
2,003,746
2,011,905
Carrying amount
At 27 April 2024
1,940,836
1,940,836
At 29 April 2023
2,310,535
2,310,535
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
9
Tangible fixed assets
(Continued)
- 22 -
Included within plant and equipment are assets to the value of £100,225 (2023: £414,167) which are in the course of construction and therefore not depreciated in this period.
Included within the net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contract. The depreciation charge in respect of such assets amounted to £127,846 (2023: £108,350) for the period.
2024
2023
£
£
Plant and equipment
268,444
351,290
10
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
38,579
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
2,045
-
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
10
Financial instruments
(Continued)
- 23 -
The company's policy is to eliminate the majority of its currency exposure by the use of facilities which have contractually fixed rates and time periods in which the currency must be purchased. Individual contracts are for 30 day periods and provide cover for the period from 28 April to 28 June 2024.
At the period the total carrying amount of outstanding foreign exchange forward contracts that the company has committed to are as follows:
2024
2023
£
£
Euros
258,067
795,517
US Dollars
579,135
1,097,545
837,202
1,893,062
The contracts are valued based on available market data. The company does not adopt hedge accounting for forward exchange contracts, consequently fair value gains and losses are recognised in profit or loss.
11
Stocks
2024
2023
£
£
Raw materials and consumables
1,822,058
2,758,078
Work in progress
15,162
52,499
Finished goods and goods for resale
1,852,665
1,239,796
3,689,885
4,050,373
At the period end a provision of £229,640, (2023: 126,992) for obsolete and slow moving stock was included within stocks.
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,752,021
4,235,890
Corporation tax recoverable
23,097
Amounts owed by group undertakings
6,957
Derivative financial instruments
-
38,579
Other debtors
500,319
58,808
Prepayments and accrued income
150,841
237,557
4,403,181
4,600,888
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 24 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
638,766
Obligations under finance leases
16
106,115
99,461
Trade creditors
4,671,789
4,065,094
Amounts owed to group undertakings
301,297
789,325
Corporation tax
45,107
Other taxation and social security
14,562
12,725
Derivative financial instruments
2,045
Other creditors
262,287
291,810
Accruals and deferred income
465,543
600,819
5,868,745
6,498,000
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
272,239
335,644
Deferred income
18
123,998
244,136
396,237
579,780
15
Loans and overdrafts
2024
2023
£
£
Receivables finance facility
638,766
Payable within one year
638,766
The bank overdraft and the receivables finance facility are annual facilities which are subject to review at various dates during 2024. They are secured by a floating charge on the eligible book debts of the company and are repayable on demand. As at 27 April 2024 the facility was in credit and therefore disclosed within other debtors.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 25 -
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
136,135
115,227
In two to five years
311,791
359,195
In over five years
26,718
447,926
501,140
Less: future finance charges
(69,572)
(66,035)
378,354
435,105
Obligations under finance leases were secured on the related assets and incurred finance charges. In the period to 27 April 2024 the finance lease payments represented rentals payable by the company for certain items of plant and machinery,
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
243,755
343,319
Tax losses
(9,408)
(34,260)
Short term timing differences
(8,314)
(2,721)
226,033
306,338
2024
Movements in the Period:
£
Liability at 30 April 2023
306,338
Credit to profit or loss
(80,305)
Liability at 27 April 2024
226,033
18
Deferred income
2024
2023
£
£
Other deferred income
123,998
244,136
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 26 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
56,279
56,286
WHM Pet Group Limited forms part of the W &H Marriage & Sons Limited Group Personal Pension Scheme. This is a defined contribution pension scheme, with the assets of the scheme held separately from those of the company in an independently administered fund.
The company also operates a scheme under the Government's Pension Auto Enrolment Legislation. Contributions totalling £14,562 (2023: 12,725) were payable to the fund at the period end and are included in other taxes and social security,
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
33,329 of £1 each
33,329
33,329
33,329
33,329
21
Share premium account
2024
2023
£
£
At the beginning and end of the Period
75,590
75,590
22
Profit and loss reserves
2024
2023
£
£
At the beginning of the Period
3,663,071
3,799,951
Loss for the Period
(74,893)
(136,880)
At the end of the Period
3,588,178
3,663,071
23
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
103,929
104,930
Between two and five years
309,192
393,329
In over five years
19,792
413,121
518,051
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 27 -
24
Related party transactions
Remuneration of key management personnel
Loans totalling £nil (2023 : £60,000) from directors are included within other creditors. No interest has been accrued on these loans.
Transactions with related parties
During the Period the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
28,926
225,513
657,570
Related entities in which a director has control, joint control or significant influence
2,245,543
27,286
2,164,917
655,731
Key management personnel
3,898
3,586
Other related parties are made up of entities which are related through common directors and close family members of the directors.
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,569
486,237
Entities over which the entity has control, joint control or significant influence
299,728
299,728
Related entities in which a director has control, joint control or significant influence
166,563
216,495
Key management personnel
54
757
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
6,955
Related entities in which a director has control, joint control or significant influence
10,923
2,857
During the year rent was paid of £25,000 (2023 : £20,000) to Marriages Discretionary Trust who owns the company office. Marriages Discretionary Trust is a related party through the trustees who are also directors of the company. There are amounts outstanding at the year totalling £2,083 (2023 : £2,083). The balance is included within trade creditors.
At the beginning of the period the Company had outstanding amounts totalling £250,000 in respect of a loan from a group company. This was repaid in full during the period. Interest on this loan amounted to £38,462.
WHM PET GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 APRIL 2024
- 28 -
25
Ultimate controlling party
The directors consider both the immediate and ultimate parent company to be W & H Marriage & Sons Limited. W & H Marriage & Sons Limited is the largest and smallest group for which consolidated accounts including WHM Pet Group Limited are prepared. In the opinion of the directors there is no ultimate controlling party.
Copies of W & H Marriage & Sons Limited financial statements have been filed at Companies House, and can be obtained from the group's Registered Office at Chelmer Mills, New Street, Chelmsford, Essex, CM1 1PN.
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