Company registration number 06822192 (England and Wales)
HERRCO COSMETICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
HERRCO COSMETICS LIMITED
COMPANY INFORMATION
Directors
Mr N K Herrmann
Mrs S Herrmann
Mr D Herrmann
Mr J G Wiley
Secretary
Mrs S Herrmann
Company number
06822192
Registered office
5 Broadway Drive
Halesworth
IP19 8QR
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Bankers
Barclays Bank PLC
67 High Street
Southwold
IP18 6DT
HERRCO COSMETICS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
HERRCO COSMETICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

 

Introduction

 

Herrco Cosmetics, a distinguished and eco-conscious manufacturer, excels in creating innovative cosmetic products for the beauty industry. Established in 1988, we have ascended to become leaders in innovation, manufacturing, and quality.

 

As a devoted family-owned enterprise, we take immense pride in our people-centric approach, heavily investing in our workforce, laboratories, and factory resources, driving our continuous development and growth.

 

We provide a comprehensive end-to-end service, collaborating closely with our clients to elevate their brands. Our cutting-edge formulation development and sustainable solutions give us a competitive edge in addressing the growing environmental concerns in our industry.

 

As a full-service provider, we specialize in the creation and formulation of product development. Our team of chemists, pioneers in innovation, is supported by top-notch manufacturing facilities that uphold the highest quality standards, ensuring timely and complete deliveries.

 

Renowned for crafting some of the industry's most acclaimed products, our formulations consistently win prestigious awards at leading cosmetics ceremonies. Our reputation for new product development is strong, with over 150 new products launched annually.

 

Business review

 

The first half of 2023 was notably impacted by the rising cost of living and increasing interest rates, which have been dampening consumer spending across our industry and beyond since late 2022. This reduced frequency of stock sell-through and order replenishments, subsequently affecting turnover.

 

Despite these challenges, we successfully retained our client base and concentrated on new business development to mitigate the overall impact of the market decline, thereby maintaining a strong market position.

 

Effective cost management during this period allowed us to preserve profit levels. Our team's resilience and the robustness of our capabilities enabled us to navigate this challenging time effectively, underscoring the successful execution of our core business model and strategic plans.

 

The company also made significant investments during this period in both infrastructure and machinery, which have increased our manufacturing capacity and technological capabilities. These improvements have enhanced outputs and achieved efficiency savings in energy and labour resources.

 

Our business boasts a substantial and promising pipeline of new ventures, combined with a stable existing client base. By leading in innovation and the development of the latest technologies and trends, we have positioned ourselves favourably for the upcoming financial year, which holds a very positive outlook.

Key performance indicators

The Board consider the key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and net profit as well as cashflow.

 

Measure

2024

2023

Turnover

£29.318m

£32.246m

Profit Before Taxation

£3.597m

£3.679m

Net (decrease)/increase in cash

£(352,643)

£2,491,889

 

HERRCO COSMETICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

 

Economic changes

 

Given the range of geopolitical and economic uncertainties in the UK and other markets, there are ongoing risks. To mitigate this risk, executive management closely monitors monthly revenue, cost performance, and market trends, and has action plans ready to respond to any significant or prolonged trading pressures. We continue to develop partnerships with like-minded businesses that have excellent governance and accreditations, helping us maintain a robust trading environment with secure supply chains and engaged partners.

 

 

Financial

 

The company’s financial assets and liabilities consist of trade debtors and creditors, bank balances, and stock.

 

The directors manage the company’s exposure to financial risk by researching the creditworthiness of customers and seeking advice from the company’s financial providers and other external advisors as needed. The company has no significant concentration of credit risk, as exposure is spread over a large number of customers.

 

The company has strict financial controls in place and focuses on optimizing cash flow through various financial mechanisms designed to maximize cash returns.

 

Employees

The company acknowledges the pivotal role employees play in our success. We empower them through comprehensive internal and external training and development programs, ensuring they possess the knowledge needed to excel in their roles and provide exceptional service to our customers. Our staff are our most valuable assets; we offer flexible working arrangements whenever possible, defined career development paths, and foster an inclusive, united team culture across our diverse workforce.

Future developments

Our leadership team, with its substantial experience, is committed to excellence, continually exceeding client expectations while ensuring strong financial performance and adherence to corporate and legal obligations.

 

We are also venturing into new market spaces that complement our existing operations, opening vast new opportunities for Herrco to grow.

 

Moreover, we are beginning to see significant returns from our investments in plant and machinery, which are reducing operating costs, energy consumption, and labour needs, while enhancing our capabilities and capacity for our clients.

 

These enhancements are set to continue over the next few years, with significant investments earmarked for advanced machinery, automation technologies, and the acquisition of land and construction of additional space and warehouses. This dedicated focus on cutting-edge equipment, automated processes, and expanded infrastructure will enable us to scale our business operations, driving efficiency, reducing operational costs, and increasing our production capacity to meet growing client demands.

 

On behalf of the board

Mr D Herrmann
Director
10 October 2024
HERRCO COSMETICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the manufacture of cosmetics.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,066,667. The directors do not recommend payment of a further dividend.

No preference dividends were paid.

Directors

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

Mr N K Herrmann
Mrs S Herrmann
Mr D Herrmann
Mr J G Wiley
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, Ensors Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

HERRCO COSMETICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
Mr D Herrmann
Mr J G Wiley
Director
Director
10 October 2024
HERRCO COSMETICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 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:

 

 

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.

HERRCO COSMETICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERRCO COSMETICS LIMITED
- 6 -
Opinion

We have audited the financial statements of Herrco Cosmetics Limited (the 'company') for the year ended 31 March 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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:

HERRCO COSMETICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERRCO COSMETICS 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:

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

HERRCO COSMETICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERRCO COSMETICS LIMITED (CONTINUED)
- 8 -
Malcolm McGready
Senior Statutory Auditor
For and on behalf of Ensors Accountants LLP
24 October 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
HERRCO COSMETICS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
29,318,321
32,246,179
Cost of sales
(22,848,799)
(26,031,144)
Gross profit
6,469,522
6,215,035
Administrative expenses
(2,987,630)
(2,463,140)
Operating profit
4
3,481,892
3,751,895
Interest receivable and similar income
7
240,500
23,247
Interest payable and similar expenses
8
(125,607)
(95,199)
Profit before taxation
3,596,785
3,679,943
Tax on profit
9
(333,365)
(779,826)
Profit for the financial year
3,263,420
2,900,117

The income statement has been prepared on the basis that all operations are continuing operations.

HERRCO COSMETICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
£
£
Profit for the year
3,263,420
2,900,117
Other comprehensive income
-
-
Total comprehensive income for the year
3,263,420
2,900,117
HERRCO COSMETICS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
4,199
4,199
Tangible assets
12
10,564,820
10,228,334
10,569,019
10,232,533
Current assets
Stocks
13
4,278,206
3,698,297
Debtors
14
6,385,751
6,061,414
Investments
15
4,048,761
-
0
Cash at bank and in hand
5,427,101
5,779,744
20,139,819
15,539,455
Creditors: amounts falling due within one year
16
(6,837,991)
(3,164,738)
Net current assets
13,301,828
12,374,717
Total assets less current liabilities
23,870,847
22,607,250
Creditors: amounts falling due after more than one year
17
(1,601,699)
(1,563,442)
Provisions for liabilities
Deferred tax liability
20
1,355,221
1,206,634
(1,355,221)
(1,206,634)
Net assets
20,913,927
19,837,174
Capital and reserves
Called up share capital
22
21,200
141,200
Capital redemption reserve
480,000
360,000
Profit and loss reserves
23
20,412,727
19,335,974
Total equity
20,913,927
19,837,174

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 10 October 2024 and are signed on its behalf by:
Mr D Herrmann
Mr J G Wiley
Director
Director
Company registration number 06822192 (England and Wales)
HERRCO COSMETICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
261,200
240,000
17,373,857
17,875,057
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
2,900,117
2,900,117
Dividends
10
-
-
(818,000)
(818,000)
Redemption of shares
22
(120,000)
120,000
(120,000)
(120,000)
Balance at 31 March 2023
141,200
360,000
19,335,974
19,837,174
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
3,263,420
3,263,420
Dividends
10
-
-
(2,066,667)
(2,066,667)
Redemption of shares
22
(120,000)
120,000
(120,000)
(120,000)
Balance at 31 March 2024
21,200
480,000
20,412,727
20,913,927
HERRCO COSMETICS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
6,337,507
5,730,672
Interest paid
(125,607)
(95,199)
Income taxes refunded/(paid)
530,629
(1,052,532)
Net cash inflow from operating activities
6,742,529
4,582,941
Investing activities
Purchase of tangible fixed assets
(1,311,384)
(1,965,026)
Proceeds from disposal of tangible fixed assets
75,629
9,417
Proceeds from disposal of investments
(4,048,761)
-
0
Interest received
240,500
23,247
Net cash used in investing activities
(5,044,016)
(1,932,362)
Financing activities
Redemption of shares
(120,000)
(120,000)
Repayment of bank loans
(183,015)
592,317
Payment of finance leases obligations
318,526
186,993
Dividends paid
(2,066,667)
(818,000)
Net cash used in financing activities
(2,051,156)
(158,690)
Net (decrease)/increase in cash and cash equivalents
(352,643)
2,491,889
Cash and cash equivalents at beginning of year
5,779,744
3,287,855
Cash and cash equivalents at end of year
5,427,101
5,779,744
HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Herrco Cosmetics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Broadway Drive, Halesworth, IP19 8QR. The company registration number is 06822192.

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. The principal accounting policies adopted are set out below.

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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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 (when goods are available for collection by the customer), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost , net of depreciation and any impairment losses.

HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -

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

Freehold land and buildings
Not depreciated
Leasehold land and buildings
10% per annum over ten years
Plant and equipment
20% per annum over five years; residual value 30% of cost
Motor vehicles
20% per annum over five years; residual value 30% of cost

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.

1.6
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.

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.

1.7
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.

1.8
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.

HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.9
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.

Current asset investments

Fixed term deposit accounts with a maturity date greater than 3 months and less than 12 months are inlcuded within current asset investments. Interest is accrued daily and the carrying amount is adjusted to reflect this at the financial year end.

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.

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

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.

1.10
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 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.

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

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
Retirement benefits

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

1.14
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.

1.15
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.

HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Manufacture of cosmetics
29,318,321
32,246,179
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
27,560,925
27,494,916
Rest of the World
1,757,396
4,751,263
29,318,321
32,246,179
2024
2023
£
£
Other revenue
Interest income
240,500
23,247
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,175
13,500
Depreciation of owned tangible fixed assets
728,984
628,604
Depreciation of tangible fixed assets held under finance leases
143,668
88,434
Loss on disposal of tangible fixed assets
26,617
-
Operating lease charges
310,096
325,665
5
Employees

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

2024
2023
Number
Number
Production
112
151
Administration
64
75
Total
176
226
HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,957,093
7,354,814
Social security costs
588,113
396,385
Pension costs
200,214
122,382
6,745,420
7,873,581
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
251,500
159,000
Company pension contributions to defined contribution schemes
15,717
10,800
267,217
169,800
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
130,991
131,186
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
230,028
23,247
Other interest income
10,472
-
0
Total income
240,500
23,247
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
230,028
23,247
HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
67,331
20,682
Other finance costs:
Interest on finance leases and hire purchase contracts
58,276
74,517
125,607
95,199
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
789,385
323,924
Benefit arising from a previously unrecognised tax loss or credit
(604,607)
(226,022)
Total current tax
184,778
97,902
Deferred tax
Origination and reversal of timing differences
148,587
681,924
Total tax charge
333,365
779,826

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
3,596,785
3,679,943
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
899,196
919,986
Tax effect of expenses that are not deductible in determining taxable profit
17,502
33,256
Permanent capital allowances in excess of depreciation
(454,948)
(489,595)
Research and development tax credit
(604,607)
(226,022)
Under/(over) provided in prior years
476,222
542,201
Taxation charge for the year
333,365
779,826
10
Dividends
2024
2023
£
£
Final paid
2,066,667
818,000
HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
11
Intangible fixed assets
£
Cost
At 1 April 2023 and 31 March 2024
4,199
Amortisation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
4,199
At 31 March 2023
4,199
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
2,505,657
3,168,607
10,070,138
137,288
15,881,690
Additions
85,989
2,500
1,198,795
24,100
1,311,384
Disposals
-
0
-
0
(309,793)
-
0
(309,793)
At 31 March 2024
2,591,646
3,171,107
10,959,140
161,388
16,883,281
Depreciation and impairment
At 1 April 2023
-
0
1,456,156
4,163,702
33,498
5,653,356
Depreciation charged in the year
-
0
216,734
638,571
17,347
872,652
Eliminated in respect of disposals
-
0
-
0
(207,547)
-
0
(207,547)
At 31 March 2024
-
0
1,672,890
4,594,726
50,845
6,318,461
Carrying amount
At 31 March 2024
2,591,646
1,498,217
6,364,414
110,543
10,564,820
At 31 March 2023
2,505,657
1,712,451
5,906,436
103,790
10,228,334

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
590,630
195,928
Motor vehicles
79,681
73,865
670,311
269,793

Included within plant and machinery are assets to the value of £1,563,802 (2023: £1,387,709) which are in the course of construction and therefore not depreciated in this period.

HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
13
Stocks
2024
2023
£
£
Raw materials and consumables
4,278,206
3,698,297

Included in cost of sales are stocks valued at £13,575,825 (2023: £15,806,251)

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,278,608
5,550,770
Corporation tax recoverable
-
0
400,393
Other debtors
2,059
3,300
Prepayments and accrued income
105,084
106,951
6,385,751
6,061,414
15
Current asset investments
2024
2023
£
£
Unlisted investments
4,048,761
-
0

This comprises of investments in fixed term deposit accounts with maturity dates greater than 3 months with an interest rate of 5.4% per annum.

16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18
217,094
206,438
Obligations under finance leases
19
219,919
133,321
Trade creditors
4,688,773
2,005,037
Corporation tax
315,014
-
0
Other taxation and social security
544,333
522,792
Other creditors
440,999
196,501
Accruals and deferred income
411,859
100,649
6,837,991
3,164,738
HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
1,027,191
1,220,862
Obligations under finance leases
19
556,713
324,785
Other creditors
17,795
17,795
1,601,699
1,563,442
18
Loans and overdrafts
2024
2023
£
£
Bank loans
1,244,285
1,427,300
Payable within one year
217,094
206,438
Payable after one year
1,027,191
1,220,862

The company bankers, Barclays Bank PLC have a charge over the Freehold Property (see note 12) being land at Cromwell Road, Beccles, Suffolk in support of a loan linked to the purchase of that land. At 31 March 2024 the loan balance amounted to £ 12,077 (2023: £47,321 ).

19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
219,919
139,228
In two to five years
556,713
318,878
776,632
458,106

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Obligations under finance leases are secured on the asset acquired through the related finance lease

 

HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,355,221
1,206,634
2024
Movements in the year:
£
Liability at 1 April 2023
1,206,634
Charge to profit or loss
148,587
Liability at 31 March 2024
1,355,221

The deferred tax liability set out above is expected to reverse within twelve months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
200,214
122,382

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.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
1,000
1,000
1,000
1,000
Ordinary 'B' shares of £1 each
100
100
100
100
Ordinary 'C' shares of £1 each
100
100
100
100
1,200
1,200
1,200
1,200
HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Share capital
(Continued)
- 26 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
21,200
140,000
21,200
140,000
Preference shares classified as equity
20,000
140,000
Preference shares classified as liabilities
1,200
-
21,200
140,000
Total equity share capital
21,200
141,200
23
Profit and loss reserves

Profit and loss reserves arise from profits and losses accumulated over prior periods and the current year net of dividends paid.

24
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
238,456
238,456
Between two and five years
898,490
1,009,816
In over five years
436,944
655,417
1,573,890
1,903,689
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
238,146
26
Contingent Liabilities

During the period under audit,a 3rd party companies instituted litigation against the Herrco Cosmetics Limited. The case is sub judice, at the time of signing the accounts. An estimate of the financial outcome of the litigation cannot be made.

HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
27
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent
2024
2023
£
£
Key management personnel
50,000
50,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
384,265
179,257
Other related parties
68,048
12,410
28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
3,263,420
2,900,117
Adjustments for:
Taxation charged
333,365
779,826
Finance costs
125,607
95,199
Investment income
(240,500)
(23,247)
Loss on disposal of tangible fixed assets
26,617
-
Depreciation and impairment of tangible fixed assets
872,652
717,038
Movements in working capital:
(Increase)/decrease in stocks
(579,909)
1,385,253
(Increase)/decrease in debtors
(724,732)
1,271,911
Increase/(decrease) in creditors
3,260,987
(1,395,425)
Cash generated from operations
6,337,507
5,730,672
29
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
5,779,744
(352,643)
5,427,101
Borrowings excluding overdrafts
(1,427,300)
183,015
(1,244,285)
Obligations under finance leases
(458,106)
(318,526)
(776,632)
3,894,338
(488,154)
3,406,184
HERRCO COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
30
Prior period adjustment

There were administrative expense line items that in the period ended 31 March 2023 were presented on the face of the income statement as distribution costs in error. This has been adjusted in the period ended 31 March 2024 . The misstatement has a nil effect on reported profits for the 2023 and 2024 periods .

Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.
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