Company registration number 01361433 (England and Wales)
R.H. HALL (MICROWAVE) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
R.H. HALL (MICROWAVE) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 12
R.H. HALL (MICROWAVE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company in the year under review remains consistent in terms of being exclusive National Distributors of foodservice equipment for several key brands including our own Brands Hallco, Maestrowave, Rapidchef and iWave, we are also authorised national suppliers for most other leading brands of foodservice equipment to the hospitality industry.
Review of the business
The company continues to invest heavily into the entire business to develop and grow with a lot of attention and investment to our own sourced products including our fabrication manufacturing division providing bespoke build services to the catering industry as well as general fabrication services to all market sectors. Over the past year we have continued to diversify our business and put more attention into other sectors these being retail and government supply markets.
We continue to build on brand R H Hall work to our vision of being the leading foodservice solutions supplier and to drive innovation through home produced and bought in innovative foodservice equipment products on an exclusive basis. Our foodservice solutions approach continues to develop well, and we continue to increase and diversify our customer base adding to our portfolio many National acclaimed branded high street foods on the go stores. A one stop foodservice solution with innovation added in has great and unique appeal and we continue to drive this part of our business positively forward.
The continued investment into our state of the art in house development kitchen provides further added value plus a big point of difference and creates a great platform of opportunities to work with national food suppliers / development chefs in creating and developing menus with existing and potential customers using our equipment. Our attention to maintaining and improving our renowned sound, efficient and reliable customer service continues to be a real focus and target point.
This trading year continues to remain challenging given the difficult trading and economic conditions that our business and core market sectors continue to deal with. However, it has proven to be a positive trading year and back on track for future profitable trading.
We took an in-depth analysis to our overheads and the plan was to get these reduced to a more manageable level especially with the factory business as these overheads were just not manageable due to the rising high cost of rent and business rates plus services costs. Such planning was achieved, and we now have a positive stable platform to start rebuilding to profitability next trading year.
Our attention and planning are to remain focused with controlling our overheads, diversify, adapt, and look at concentrating our efforts towards markets that are more resilient and show signs of future growth. We have made some excellent in roads with our innovative iWave patient meal on demand solutions. This unique offering is gaining good pace, and we expect this solution to remain a core supply offering to our product portfolio over the next 12 months and beyond. We continue to concentrate on our core values and maintain the best service that we can to our customers.
Our continued attention and investment toward management and staff development, national and regional roadshows/exhibitions, advertising, and foodservice events will help us to remain at the forefront of our industry and ensuring that the strong momentum and R H Hall brand identity exposure continues to be well represented.
Our continued plan is to grow and develop the business positively and profitably with sound attention to R&D and our own IP and to maintain and build strong financial foundations and customer supporting services to aid our continued good future business growth plans. Year ending 2025 will be a progressive year albeit continue to be a challenge given the ongoing increases to interest rates / financial borrowings etc., but we are committed and confident that as we forge through these tough economic conditions, we will come out stronger having diversified into more resilient and emerging trading markets and adapted to meet such changes that need to be dealt with and positively.
R.H. HALL (MICROWAVE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties
Strategically, organisational wise and financially we are well placed to maximise business opportunities going forward and as it is hoped that once we finally get clear of the changes that Covid – 19 had imposed both with the positives and the negatives along with such continued economic pressures to deal with we can start to plan more strategically and invest more confidently for the mid and long term of the business.
The company is heavily reliant on the continued need of the food service equipment market to expand and upgrade its equipment. At present there is no significant movement in the market. Growth and development therefore can only be achieved by increasing market share and through innovation/added value which the company is working on. The directors believe the market is price sensitive however, innovative products and services can add good value to the market and help to grow the business profitability. The directors continue to monitor cost levels to ensure an adequate return is received. The company has and will continue to invest and explore food service innovation and added value to catering products and services throughout UK, European and worldwide markets with high attention to our own brands which continue to develop well.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R S Hall
K L Hall
T A Barry
(Appointed 1 April 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
R S Hall
Secretary
17 October 2024
R.H. HALL (MICROWAVE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,101,155
3,141,431
Current assets
Stocks
1,112,547
1,730,698
Debtors
6
1,272,565
1,503,703
Cash at bank and in hand
50,987
15,372
2,436,099
3,249,773
Creditors: amounts falling due within one year
7
(2,677,438)
(3,361,524)
Net current liabilities
(241,339)
(111,751)
Total assets less current liabilities
2,859,816
3,029,680
Creditors: amounts falling due after more than one year
8
(474,963)
(538,978)
Provisions for liabilities
(151,314)
(177,200)
Net assets
2,233,539
2,313,502
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
608,257
608,257
Profit and loss reserves
1,615,282
1,695,245
Total equity
2,233,539
2,313,502
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
R.H. HALL (MICROWAVE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
R S Hall
Director
Company Registration No. 01361433
R.H. HALL (MICROWAVE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
10,000
101,668
2,135,789
2,247,457
Year ended 31 March 2023:
Loss for the year
-
-
(290,544)
(290,544)
Other comprehensive income:
Revaluation of tangible fixed assets
-
506,589
-
506,589
Total comprehensive income for the year
-
506,589
(290,544)
216,045
Dividends
-
-
(150,000)
(150,000)
Balance at 31 March 2023
10,000
608,257
1,695,245
2,313,502
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
70,037
70,037
Dividends
-
-
(150,000)
(150,000)
Balance at 31 March 2024
10,000
608,257
1,615,282
2,233,539
R.H. HALL (MICROWAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Company information
R.H. Hall (Microwave) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hallco House, Beacon Court, Pitstone Green Business Park, Leighton Buzzard Bedfordshire, United Kingdom, LU7 9GY. The principal place of business is Hallco House, Beacon Court, Pitstone Green Business Park, Pitstone, Bedfordshire, United Kingdom, LU7 9GY.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax and adjusted for accrued revenue calculated by reference to the fair value of services performed up to the balance sheet date but not invoiced.
1.3
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
No depreciation charged - See below
Plant and machinery
At varying rates on cost
Motor vehicles
20% 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.
Freehold property is included in the balance sheet at a revalued amount which is not depreciated. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial Statements may give a true and fair view because current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
R.H. HALL (MICROWAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
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.
1.5
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.
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.
1.6
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.
1.7
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 balance sheet 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.
R.H. HALL (MICROWAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset 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.
R.H. HALL (MICROWAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Warranty/WEEE compliance provisions
The company gives warranties at the time of sale to purchasers of its products. Under the terms of the warranty given the company undertakes to make good by repair or replacement product defects arising during the period covered by the warranty. A provision is recognised in the financial statements for the best estimate of future costs of repairing/replacing under the warranty, products sold up to the balance sheet date.
A provision is also recognised in the financial statements for the best estimate of the future costs of the company's compliance with the WEEE Regulations in connection with products sold up to the balance sheet date.
1.11
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.
1.12
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.13
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.
In the opinion of the Directors, there are no specific key judgements or areas of estimation to disclose.
R.H. HALL (MICROWAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
3
Exceptional item
2024
2023
£
£
Expenditure
Exceptional costs
-
258,504
In the prior year, the company had a ten-year factory lease contract with a 5-year break clause and decided to use the 5-year break to serve notice and build an extension to its existing freehold premises to house the factory within a more manageable and cost-effective sized operation. The exceptional one-off cost incurred to get the company out of the factory lease was circa £250,000 and this value along with the already committed extension capital spend of circa £265,000 had a significant financial impact to the business for the prior year’s trading period.
4
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
31
36
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
3,048,000
778,179
3,826,179
Additions
10,039
10,039
Disposals
(40,423)
(40,423)
At 31 March 2024
3,048,000
747,795
3,795,795
Depreciation and impairment
At 1 April 2023
684,748
684,748
Depreciation charged in the year
16,629
16,629
Eliminated in respect of disposals
(6,737)
(6,737)
At 31 March 2024
694,640
694,640
Carrying amount
At 31 March 2024
3,048,000
53,155
3,101,155
At 31 March 2023
3,048,000
93,431
3,141,431
R.H. HALL (MICROWAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Tangible fixed assets
(Continued)
- 11 -
If freehold property were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
Cost: £2,441,541 (2023: £2,441,541)
Accumulated depreciation: £Nil (2023: £Nil)
Carrying value: £2,441,541 (2023: £2,441,541)
Freehold property was valued on an open market basis on 27 April 2023 by Aitchison Raffety Property Consultants. The directors consider this valuation to remain reasonable.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,057,722
1,246,634
Corporation tax recoverable
36,628
36,628
Other debtors
178,215
220,441
1,272,565
1,503,703
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,744,215
1,534,719
Trade creditors
631,825
1,191,819
Taxation and social security
145,018
91,414
Other creditors
156,380
543,572
2,677,438
3,361,524
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
474,963
538,978
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
221,483
102,852
R.H. HALL (MICROWAVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
76,255
75,603
Expenses in relation to other operating leases totalled £68,264 (2023: £51,863).
10
Related party transactions
Remuneration of key management personnel
2024
2023
£
£
Aggregate compensation
284,861
311,827
2024
2023
Amounts due to related parties
£
£
R H Hall, R S Hall and K L Hall
29,592
23,021
11
Parent company
The ultimate controlling party for the current and preceding year was R S Hall.
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