Company registration number 00471310 (England and Wales)
DAVRO STEEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DAVRO STEEL LIMITED
COMPANY INFORMATION
Directors
Mr M C Noel
Mr G Anthony
Mrs C M Evans
Miss A J Roberts
Mr R J Evans
Secretary
Mr S A Evans
Company number
00471310
Registered office
Unit 9, Hayes Trading Estate
Hingley Road
Halesowen
West Midlands
United Kingdom
B63 2RR
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
DAVRO STEEL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
4 - 6
Directors' responsibilities statement
3
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 29
DAVRO STEEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Review of the business

The directors are pleased to present the review of the business for the year ended 31 March 2024 and of the position of the company at the end of the year. The intention is to portray a balanced and comprehensive summary of the development and performance of the company consistent with the size and relatively uncomplicated nature of the business against the background of any risks and uncertainties that may exist. In doing so, the directors have taken into account only such facts and circumstances of which they are aware at the date of this report.

 

There has been no change in the principal activity.

 

The company operates out of its main site in Halesowen.

 

In 2023/24 total revenues fell back by just over 24%, of this 20% was due to global downward pressure on steel prices, the remaining 4% due to the industrial construction industry contracting. To offset this reduction continued investments in productivity, combined with previous streamlining of costs, enabling a reasonable trading result. Sustained profitability in future years is expected.

 

Principal risks and uncertainties

The main risks and uncertainties for the business relate to the volatility of material prices.

 

The company undertakes regular reviews of the principle risks facing the business and, wherever possible, processes are put in place to monitor and minimise such risks.

 

The Directors give the highest priority to the safety and welfare of our colleagues and the public. We continue to strive to achieve a reduction in accidents and the severity of those accidents through promotion of safe working practices and awareness.

 

The company continues to hold relevant quality and environmental standards of ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018.

 

Efforts continue across the company to reduce its environmental impact. During the year, the company started an ongoing project to monitor and reduce its Co2 emissions with the assistance of a third-party consulting company. The work undertaken involves constant power monitoring on all major machines as well as the introduction of an integrated carbon reduction system. The company has also begun work on devising their strategy and goals to decarbonise their operations on a global scale.

 

 

Key performance indicators

The key objective of the company is to achieve growth in operating profit, through focus on Gross Margin expansion and improved cost control. The company is committed to delivering the highest standards of customer service and to continuous improvement in all aspects of the business.

The key financial performance indicators of the company are turnover and operating profit.

 

 

2024

2023

 

 

 

Turnover

91,786,233

120,851,740

 

 

 

Operating profit

1,261.424

2,565,809

 

 

 

 

 

DAVRO STEEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Promoting the success of the company

The directors' overarching duty is to promote the success of the company for the benefit of its shareholders, with consideration of stakeholders' interests, as set out in section 172. The board regards a well governed business as essential for the successful delivery of its principal activity.

 

The directors are aware of their duty under section 172 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

 

a) the likely consequences of any decision in the long term;

b) the interests of the company's employees;

c) the need to foster the company's business relationships with suppliers, customers and others;

d) the impact of the company's operations on the community and the environment;

e) the desirability of the company maintaining a reputation for high standards of business conduct; and

f) the need to act fairly as between members of the company.

 

From the perspective of the board, the matters that it is responsible for under section 172 have been considered to an appropriate extent by the board in relation to this entity. The board has also considered relevant matters where appropriate.

 

Decision Making

 

To be able to respond to the changing economic environment in general and the steel industry in particular, the board of directors engages regularly with other key Davro officers and relevant third parties. Management information is prepared monthly, and comparisons made to both prior year performance and budgets. A relevant monthly commentary is also prepared and reviewed.

 

Employee Engagement

 

The Company's employees are fundamental to the success of the business. The company aims to be a responsible employer in its approach to the pay and benefits of employees. The health, safety and well-being of its employees is one of the primary considerations in the way the company conducts its business. Regular reviews of all company policies and procedures are undertaken and updated where applicable.

 

Business Relationships

 

The Company is fully committed in its approach to all business relationships, including employees, customers, suppliers and other key third parties alike. All interactions are conducted ethically and professionally underpinned by relevant company policies and procedures.

On behalf of the board

Miss A J Roberts
Director
30 July 2024
DAVRO STEEL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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:

 

 

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.

DAVRO STEEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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 was that of metal processing and steel stockholding.

Results and dividends

The results for the year are set out on page 10.

An interim dividend of £8 per share was paid on the 2 August 2023 in respect of Ordinary £1 shares and A Ordinary £1 shares. The total distribution of dividends for the year ended 31st March 2024 is £232,992.

Directors

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

Mr M C Noel
Mr G Anthony
Mrs C M Evans
Miss A J Roberts
Mr R J Evans
Qualifying third party indemnity provisions

The Company has purchased and maintained throughout the financial year directors' and officers' liability insurance in respect of itself and its directors.

Supplier payment policy

The company agrees payment terms with suppliers at the time they enter into binding purchase contracts for the supply of goods and services. The company seeks to abide by these payment terms whenever they are satisfied that the supplier has provided the goods or services in accordance with the agreed terms and conditions.

Financial instruments
Financial Risk Factors

The Company is exposed to a variety of financial risks and undertakes regular reviews to identify such risks and wherever possible put processes in place to mitigate such risks.

 

Liquidity risk

Liquidity risk arises from the Company's management of working capital and the finance charges on its debt instruments. It is the risk that the company will encounter difficulty in meeting its financial obligations as they fall due.

 

The company prepares rolling monthly cash flow forecasts. Actual cash and debt positions along with available facilities and headroom are reported daily. Monthly targets are set regarding debtors and creditors. The financial statements have been prepared using the going concern basis as the financial forecasts support the assumption that the company will be able to meet its obligations when they fall due.

Interest Rate risk factors

The Company's liabilities include Invoice Financing at 2.05% above Base Rate. The company considers that the current interest rate risk is adequately covered through operating profit without resorting to any financial instruments.

DAVRO STEEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Foreign currency risk

The Company has limited exposure to foreign exchange rate fluctuations, as the majority of high value transactions are conducted in Sterling.

 

The company enters into forward foreign exchange contracts in order to mitigate any foreign exchange rate fluctuations.

Credit Risk

The Company manages credit risk to customers by selecting and working with credit worthy customers and having close control and follow up of payment terms. The Company has a number of long-term trading relationships and contracts in place with a number of key customers and suppliers. Adequate credit insurance arrangements are also entered into in respect of the majority of trade debtors.

Price risk

The company may be exposed to price risk arising from decreases in prices. This is a combination of currency risk, price risk and market risks. Market risk is closely monitored by the management using the available market information and appropriate valuation methods.

 

 

Other risks

 

The company maintains appropriate insurance cover for its critical business resource, for Business Interruption and associated events and has a robust Business Continuity Plan to deal with the consequences of such contingencies.

Research and development

The company continues to improve processes as part of the performance of daily activities. It seeks to achieve improvements in the cost, quality and service to customers and to strengthen performance through the evolution of systems, standards and machinery.

Post reporting date events

An interim dividend of £4 per share on the Ordinary £1 shares and the 'A' Ordinary £1 shares was paid on 12 April 2024.

Future developments

The directors remain optimistic about the future prospects of the company.

Independent Auditors

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

Disclosure in the strategic report

Information with respect to the business review, performance and principal risks are disclosed within the strategic review as opposed to the directors report in accordance with S414C(11).

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.

DAVRO STEEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
On behalf of the board
Miss A J Roberts
Director
30 July 2024
DAVRO STEEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVRO STEEL LIMITED
- 7 -
Opinion

We have audited the financial statements of Davro Steel Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, 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:

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 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.

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:

DAVRO STEEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVRO STEEL LIMITED (CONTINUED)
- 8 -
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:

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.

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

 

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

 

 

 

DAVRO STEEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVRO STEEL LIMITED (CONTINUED)
- 9 -

 

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 a Report of the Auditors 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.

Christopher Hession C.A.
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
30 July 2024
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
DAVRO STEEL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
91,786,233
120,851,740
Cost of sales
(84,510,626)
(109,612,838)
Gross profit
7,275,607
11,238,902
Distribution costs
(1,824,768)
(2,051,343)
Administrative expenses
(4,401,025)
(6,781,591)
Other operating income
211,610
159,841
Operating profit
4
1,261,424
2,565,809
Interest receivable and similar income
8
109,998
-
0
Interest payable and similar expenses
9
(114,064)
(245,524)
Profit before taxation
1,257,358
2,320,285
Tax on profit
10
(403,842)
(508,649)
Profit for the financial year
853,516
1,811,636

The profit and loss account has been prepared on the basis that all operations are continuing operations.

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

DAVRO STEEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
£
£
Profit for the year
853,516
1,811,636
Other comprehensive income
-
-
Total comprehensive income for the year
853,516
1,811,636

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

DAVRO STEEL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,034,013
5,190,218
Current assets
Stocks
13
4,484,273
8,109,162
Debtors
14
24,704,736
27,536,927
Cash at bank and in hand
504,267
650,324
29,693,276
36,296,413
Creditors: amounts falling due within one year
15
(23,233,187)
(30,462,798)
Net current assets
6,460,089
5,833,615
Total assets less current liabilities
11,494,102
11,023,833
Creditors: amounts falling due after more than one year
16
(175,762)
(381,041)
Provisions for liabilities
Deferred tax liability
18
850,785
795,761
(850,785)
(795,761)
Net assets
10,467,555
9,847,031
Capital and reserves
Called up share capital
20
29,124
29,124
Revaluation reserve
386,959
391,165
Profit and loss reserves
10,051,472
9,426,742
Total equity
10,467,555
9,847,031

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

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr R J Evans
Director
Company registration number 00471310 (England and Wales)
DAVRO STEEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
29,124
395,371
7,727,396
8,151,891
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,811,636
1,811,636
Dividends
11
-
-
(116,496)
(116,496)
Transfers
-
(4,206)
4,206
-
Balance at 31 March 2023
29,124
391,165
9,426,742
9,847,031
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
853,516
853,516
Dividends
11
-
-
(232,992)
(232,992)
Transfers
-
(4,206)
4,206
-
Balance at 31 March 2024
29,124
386,959
10,051,472
10,467,555

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

DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Davro Steel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Hayes Trading Estate, Hingley Road, Halesowen, West Midlands, United Kingdom, B63 2RR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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:

 

 

The financial statements of the company are consolidated in the financial statements of Ricol Holdings Limited. These consolidated financial statements are available from its registered office, Unit 9, Hayes Trading Estate, Hingley Road, Halesowen, West Midlands, B63 2RR.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Directors believe that the going concern basis is appropriate after review of historical financial information showing profits and positive cash flows. The balance sheet is currently in a positive net asset and current net asset position. Future forecasts show profits and positive cash flow.

DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

 

Revenue

 

Sales are recognised at the fair value of the consideration receivable or received and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and valued added taxes.

 

The Company recognises revenue when

 

•    The significant risks and rewards of ownership have been transferred to the buyer;

•    The Company retains no continuing control over the goods;

•    The revenue value reliably reflects the commercial agreement made with the customer;

•    The Company expects the full value of the goods to be remitted;

•    The Buyer accepts invoicing of any undelivered, contracted for tonnes, at the end of a contractual

call-off period

 

Sale of Goods – B2B

 

The company manufactures and sells a range of slit steel coils and cut-to-length products. The range is bespoke to the individual customer, subject to the requirements set out in the customer’s purchase order. The sales price and delivery / call-off period is agreed at the negotiation of the customer purchase order. Sales are recognised either on the physical delivery of the goods, or the agreed written acceptance of the customer that undelivered, contracted for tonnes, may be invoiced in line with the contract at the end of the call-off period. Any rebate/discount amounts agreed as part of the commercial negotiations are accounted for as the contract progresses. Currently, no volume rebates exist outside these parameters. Sales are normally made with an insured credit term of 60 days, end of month. The element of financing is deemed immaterial and is disregarded in the measurement of revenue.

 

Sale of Services – B2B

 

The Company offers recoiling, slitting and cut-to-length services for a minority of its customers. Revenue is recognised in the accounting period in which the services are undertaken. The method of measurement is based on the tonnage processed.

 

Transfer of Title

 

Transfer of the title of the goods occurs either when the slit coils have been delivered to the location specified by the customer and invoiced or the call off period per the sales T&C’s has lapsed, the undelivered tonnes have been agreed with the customer and invoiced for delivery at a later date.

 

1.4
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 provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property
20% on cost and 2% on revaluation/nil on freehold land
Short leasehold
Lease term
Plant and equipment
10% reducing balance/3-20 years on cost
Fixtures and fittings
33% on cost and 20% on reducing balance
Motor vehicles
20% on cost
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

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

The company has taken advantage of FRS102 transitional provision to retain the previous revaluation as deemed cost.

1.5
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.

1.6
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.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition and related production overheads.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.8
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.

DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.9
Financial assets and liabilities
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, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

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.

DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
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.

1.12
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.

1.13
Pension costs and other post-retirement benefits

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

1.14
Hire purchase and leasing commitments
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
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.

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 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.

Valuation of stock

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes apportioned labour and overhead in bringing the stock to its present location and condition.

DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
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.

Provision for stock

Stock is reviewed on an ongoing basis and provision is made where the directors are of an opinion that specific items are slow moving and requiring write down. As at the year end the directors have no material concerns over the recoverability of the company's stock balance in note 14.

Tangible fixed assets and depreciation

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty in making this assessment.

Recoverability of trade debtors

The determination of whether trade debtors should be impaired requires the estimation of the expected cash flows and the relevant age of the debtors.

3
Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
90,389,649
119,884,104
Europe
1,396,584
967,636
91,786,233
120,851,740
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
26,106
(350,419)
Government grants
(23,500)
(23,500)
Depreciation of owned tangible fixed assets
544,368
862,136
Depreciation of tangible fixed assets held under finance leases
117,965
117,965
Operating lease charges
258,533
283,659
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
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 company
20,000
20,000
For other services
All other non-audit services
2,000
2,000
6
Employees

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

2024
2023
Number
Number
Production staff
19
19
Office and management
13
13
Total
32
32

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,935,913
1,351,386
Social security costs
369,535
155,572
Pension costs
108,935
108,249
3,414,383
1,615,207
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,959,877
220,746
Company pension contributions to defined contribution schemes
60,826
53,925
2,020,703
274,671
The number of directors to whom retirement benefits were accruing was as follows:
Money purchase schemes
5
5
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
767,953
93,638
Company pension contributions to defined contribution schemes
10,000
8,730
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
109,998
-
0
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
520
228,338
Interest payable to group undertakings
99,065
-
0
Interest on finance leases and hire purchase contracts
14,479
17,186
114,064
245,524
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
306,430
470,682
Adjustments in respect of prior periods
42,388
-
0
Total current tax
348,818
470,682
Deferred tax
Origination and reversal of timing differences
55,024
37,967
Total tax charge
403,842
508,649
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 23 -

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

2024
2023
£
£
Profit before taxation
1,257,358
2,320,285
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
314,340
440,854
Tax effect of expenses that are not deductible in determining taxable profit
5,901
5,226
Adjustments in respect of prior years
42,388
-
0
Depreciation on assets not qualifying for tax allowances
41,213
79,003
Deferred tax adjustments in respect of prior years
-
0
9,112
Effect of capital allowances superdeduction
-
0
(25,546)
Taxation charge for the year
403,842
508,649
11
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£8
£4
£
£
Ordinary shares
Interim paid
116,496.00
58,248.00
116,496
58,248
'A' Ordinary shares
Interim paid
116,496.00
58,248.00
116,496
58,248
Total dividends
Interim paid
232,992
116,496
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
12
Tangible fixed assets
Freehold property
Short leasehold
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
771,898
1,379,883
8,073,801
246,720
120,659
10,592,961
Additions
23,519
60,557
302,518
-
0
119,534
506,128
At 31 March 2024
795,417
1,440,440
8,376,319
246,720
240,193
11,099,089
Depreciation and impairment
At 1 April 2023
217,739
1,166,691
3,805,061
207,364
5,888
5,402,743
Depreciation charged in the year
31,567
223,950
369,809
11,286
25,721
662,333
At 31 March 2024
249,306
1,390,641
4,174,870
218,650
31,609
6,065,076
Carrying amount
At 31 March 2024
546,111
49,799
4,201,449
28,070
208,584
5,034,013
At 31 March 2023
554,159
213,192
4,268,740
39,356
114,771
5,190,218

The carrying value of land and buildings comprises:

2024
2023
£
£
Freehold
546,111
554,159
Short leasehold
49,799
213,192
595,910
767,351

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
2,097,196
2,215,160

Land and buildings with a carrying amount of £20,000 were revalued in 2009.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 25 -
Freehold land and buildings
2024
2023
£
£
Cost
347,113
323,594
Accumulated depreciation
(187,961)
(160,600)
Carrying value
159,152
162,994
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,484,273
8,109,162

Stock recognised in cost of sales during the year as an expense was £83,287,616 (2023 - £108,444,861)

An impairment loss of £407,467 (2023 - £396,753) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,350,299
23,729,252
Other debtors
5,201,181
3,683,528
Prepayments and accrued income
153,256
124,147
24,704,736
27,536,927
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
205,279
199,303
Trade creditors
20,800,987
26,950,913
Amounts owed to group undertakings
1,864,183
2,597,318
Corporation tax
60,296
290,682
Other taxation and social security
168,051
96,618
Other creditors
27,319
24,862
Accruals and deferred income
107,072
303,102
23,233,187
30,462,798
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Creditors: amounts falling due within one year
(Continued)
- 26 -

Included in trade creditors is £1,703,995 (2023 - £1,703,995) which is unable to be paid as a a result of sanctions imposed.

 

The amount due to group undertakings is unsecured and repayable on demand. Interest is payable at 5% per annum.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
175,762
381,041
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
205,279
199,303
In two to five years
175,762
381,041
381,041
580,344

The obligations under finance leases are secured by a charge over the assets to which the liability relates.

18
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
850,785
795,761
2024
Movements in the year:
£
Liability at 1 April 2023
795,761
Charge to profit or loss
55,024
Liability at 31 March 2024
850,785
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,935
108,249

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
14,562
14,562
14,562
14,562
'A' Ordinary shares of £1 each
14,562
14,562
14,562
14,562
29,124
29,124
29,124
29,124

Ordinary shares

 

Each share is entitled to one vote in any circumstances.

Each share is entitled pari pasu to dividend payments or any other distribution.

Each share is entitled pari pasu to participate in a distribution arising from a winding up of the company.

 

 

'A' Ordinary shares

 

Each share is entitled to one vote at any meeting of the A ordinary shareholders concerning the rights and liabilities of such A shareholders.

21
Operating lease commitments
Lessee

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
129,994
304,352
Between two and five years
43,816
128,992
173,810
433,344
DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
4,295
66,500
23
Events after the reporting date

An interim dividend of £4 per share on the Ordinary £1 shares and the 'A' Ordinary £1 shares was paid on 12 April 2024.

 

The company enters into forward currency contracts to mitigate exchange rate risk for certain foreign currency creditors. At 31 March 2024, the outstanding contracts all mature within 3 months of the year end.

 

The company is committed to buy US$5,096,000 to obtain sterling equivalent of £4,058,659 (2023 - $5,433,500 £4,535,477).

24
Related party transactions
Transactions with related parties

During the year the company had the following transactions with its parent company:

 

Management charges payable £85,807 (2023: £305,385)

 

Commission payable £Nil (2023: £3,411,000)

 

Interest payable £99,065 (2023: £Nil).

 

Davro Steel Limited has a common Director with a customer. The Director is employed by Davro Steel Limited with his day to day time being spent performing a role at the customer, the full salary and expenses relating to this is recharged in full to the customer. No bad debt provisions are in place at the year end nor have been written off in the year with the customer. Amount of transactions and outstanding balances are deemed to be highly commercially sensitive therefore management have taken the decision not to disclose.

 

 

 

 

 

 

2024
2023
Amounts due to related parties
£
£
Ricol Holdings Limited
1,864,183
2,597,318
Protec Enamel LImited
871
6,965
25
Directors' transactions

Dividends totalling £22,072 (2023 - £11,036) were paid in the year in respect of shares held by the company's directors.

DAVRO STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
26
Ultimate controlling party

Ricol Holdings Limited, being the immediate and ultimate parent company, prepares consolidated group financial statements incorporating the results of the company.

 

The registered office address of Ricol Holdings Limited is Unit 9, Hayes Trading Estate, Hingley Road, Halesowen, West Midlands, B63 2RR.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Ricol Holdings Limited
Smallest group
Ricol Holdings Limited
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100Mr M C NoelMr G AnthonyMrs C M EvansMiss A J RobertsMr R J EvansMr S A Evansfalsefalse004713102023-04-012024-03-3100471310bus:Director12023-04-012024-03-3100471310bus:Director22023-04-012024-03-3100471310bus:Director32023-04-012024-03-3100471310bus:Director42023-04-012024-03-3100471310bus:Director52023-04-012024-03-3100471310bus:CompanySecretary12023-04-012024-03-3100471310bus:RegisteredOffice2023-04-012024-03-31004713102024-03-31004713102022-04-012023-03-3100471310core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100471310core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31004713102023-03-3100471310core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3100471310core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3100471310core:PlantMachinery2024-03-3100471310core:FurnitureFittings2024-03-3100471310core:MotorVehicles2024-03-3100471310core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100471310core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3100471310core:PlantMachinery2023-03-3100471310core:FurnitureFittings2023-03-3100471310core:MotorVehicles2023-03-3100471310core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3100471310core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100471310core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3100471310core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3100471310core:CurrentFinancialInstruments2024-03-3100471310core:CurrentFinancialInstruments2023-03-3100471310core:ShareCapital2024-03-3100471310core:ShareCapital2023-03-3100471310core:RevaluationReserve2024-03-3100471310core:RevaluationReserve2023-03-3100471310core:RetainedEarningsAccumulatedLosses2024-03-3100471310core:RetainedEarningsAccumulatedLosses2023-03-3100471310core:ShareCapital2022-03-3100471310core:RevaluationReserve2022-03-3100471310core:RetainedEarningsAccumulatedLosses2022-03-3100471310core:ShareCapitalOrdinaryShares2024-03-3100471310core:ShareCapitalOrdinaryShares2023-03-3100471310core:RevaluationReserve2022-04-012023-03-3100471310core:RevaluationReserve2023-04-012024-03-3100471310core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3100471310core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3100471310core:PlantMachinery2023-04-012024-03-3100471310core:FurnitureFittings2023-04-012024-03-3100471310core:MotorVehicles2023-04-012024-03-3100471310core:UKTax2023-04-012024-03-3100471310core:UKTax2022-04-012023-03-310047131012023-04-012024-03-310047131012022-04-012023-03-310047131022023-04-012024-03-310047131022022-04-012023-03-3100471310bus:OrdinaryShareClass12023-04-012024-03-3100471310bus:OrdinaryShareClass12022-04-012023-03-3100471310bus:OrdinaryShareClass22023-04-012024-03-3100471310bus:OrdinaryShareClass22022-04-012023-03-3100471310core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100471310core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3100471310core:PlantMachinery2023-03-3100471310core:FurnitureFittings2023-03-3100471310core:MotorVehicles2023-03-31004713102023-03-3100471310core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3100471310core:LandBuildingscore:ShortLeaseholdAssets2024-03-3100471310core:LandBuildingscore:ShortLeaseholdAssets2023-03-3100471310core:Non-currentFinancialInstruments2024-03-3100471310core:Non-currentFinancialInstruments2023-03-3100471310core:WithinOneYear2024-03-3100471310core:WithinOneYear2023-03-3100471310core:BetweenTwoFiveYears2024-03-3100471310core:BetweenTwoFiveYears2023-03-3100471310bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100471310bus:FRS1022023-04-012024-03-3100471310bus:Audited2023-04-012024-03-3100471310bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP