Company registration number 02643240 (England and Wales)
OLTEC GROUP HOLDING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
OLTEC GROUP HOLDING LTD
COMPANY INFORMATION
Director
O Cavaliere
Company number
02643240
Registered office
Oltec Group
208 Wigan Road
Hindley
Wigan
WN2 3BU
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
Oltec Group
208 Wigan Road
Hindley
Wigan
WN2 3BU
Bankers
National Westminster Bank plc
PO Box 68
4 Standishgate
Wigan
Lancashire
WN2 2EL
OLTEC GROUP HOLDING LTD
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
10
Notes to the financial statements
11 - 28
OLTEC GROUP HOLDING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Review of the business

The group has seen an increase in turnover from £11,470k to £12,444k, an increase of 8.5%.

 

The group's gross profit margin has increased in the year to 17.7% (2023: 16.8%) and administrative expenses have increased slightly as a percentage of turnover (13.3% in 2024 compared to 10.7% in 2023) due to both increased pension costs and investment in the group's operating structure to facilitate further growth. The above movements in turnover, gross profit margin and administrative expenses, all of which represent key performance indicators for the group, have resulted in a decrease in operating profit to £575k (2023: £702k).

 

The group's balance sheet has seen net assets increase to £2,989k and the director considers that the group is well-placed to explore new business opportunities in the market place.

 

The group has acquired complementary businesses over the past few years which has boosted the group's turnover and trading opportunities. The steps taken by the group have enabled it to continue to trade profitably in the current year.

Principal risks and uncertainties

Performance in this sector is affected by general market conditions and wider economic conditions in the facilities management sector. The facilities management sector has seen consistent pressure on margins. The board carries out regular reviews including assessments of competitor activities and customer behaviour.

 

The group finances its operations through a mixture of retained profits and, where necessary to fund expansion or capital expenditure programmes, through bank borrowings. The management's objectives are to retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due; to minimise the group's exposure to fluctuating interest rates when seeking new borrowings; and to match the repayment schedule of any borrowings or overdrafts with expected future cash flows expected to arise from the group's trading activities.

Environmental policy

The group recognises its corporate responsibility to carry out its operations whilst minimising its impact on the environment. The director's continued aim is to reduce waste wherever possible and comply with all environmental legislation.

Health and Safety

The group is committed to achieving high standards in health and safety management and strives to make its sites and offices safe environments for both its employees and customers alike.

On behalf of the board

O Cavaliere
Director
23 October 2024
OLTEC GROUP HOLDING LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of security and industrial cleaning services, with other activities being design and marketing services, electrical engineering services and additional facilities management services.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £82,105. The director does not recommend payment of a further dividend.

Director

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

O Cavaliere
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Future developments

The director anticipates that the group will continue to grow turnover and profitability in the coming year and will see the full benefit of the recent complementary business acquisitions made in the past few years.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

OLTEC GROUP HOLDING LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as the director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company and group is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as a director in order to make himself aware of all relevant audit information and to establish that the auditor of the company and group is aware of that information.

On behalf of the board
O Cavaliere
Director
23 October 2024
OLTEC GROUP HOLDING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLTEC GROUP HOLDING LTD
- 4 -
Opinion

We have audited the financial statements of Oltec Group Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director 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 director is 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:

OLTEC GROUP HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OLTEC GROUP HOLDING LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the Director's Responsibilities Statement included within the Director's Report, the director is 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 director is responsible for assessing the group's and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraud in revenue recognition.

OLTEC GROUP HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OLTEC GROUP HOLDING LTD
- 6 -

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Christopher Moss BSc F.C.A. (Senior Statutory Auditor)
For and on behalf of JS. Audit Limited
28 October 2024
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
OLTEC GROUP HOLDING LTD
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
12,443,942
11,470,422
Cost of sales
(10,247,162)
(9,540,775)
Gross profit
2,196,780
1,929,647
Administrative expenses
(1,657,025)
(1,228,038)
Other operating income
34,800
-
Operating profit
4
574,555
701,609
Interest receivable and similar income
8
33,228
38,099
Interest payable and similar expenses
9
(152,048)
(107,840)
Profit before taxation
455,735
631,868
Tax on profit
10
(157,172)
(127,623)
Profit for the financial year
298,563
504,245
Retained earnings brought forward
2,772,757
2,354,166
Dividends
11
(82,105)
(85,654)
Retained earnings carried forward
2,989,215
2,772,757
Profit for the financial year is all attributable to the owners of the parent company.

The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.

OLTEC GROUP HOLDING LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,154,215
1,331,868
Tangible assets
13
594,256
179,412
Investment properties
14
2,023,850
2,023,850
3,772,321
3,535,130
Current assets
Debtors falling due after more than one year
17
685,969
643,542
Debtors falling due within one year
17
2,436,891
2,450,528
Cash at bank and in hand
223,820
164,770
3,346,680
3,258,840
Creditors: amounts falling due within one year
18
(3,486,332)
(3,239,613)
Net current (liabilities)/assets
(139,652)
19,227
Total assets less current liabilities
3,632,669
3,554,357
Creditors: amounts falling due after more than one year
19
(600,952)
(764,547)
Provisions for liabilities
22
(42,402)
(16,953)
Net assets
2,989,315
2,772,857
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
2,989,215
2,772,757
Total equity
2,989,315
2,772,857
The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
23 October 2024
O Cavaliere
Director
OLTEC GROUP HOLDING LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
95,380
119,225
Investment properties
14
2,023,850
2,023,850
Investments
15
3,138,887
3,198,887
5,258,117
5,341,962
Current assets
Debtors falling due after more than one year
17
685,969
643,542
Debtors falling due within one year
17
-
0
66,502
Cash at bank and in hand
36,610
14,597
722,579
724,641
Creditors: amounts falling due within one year
18
(1,048,289)
(1,028,885)
Net current liabilities
(325,710)
(304,244)
Total assets less current liabilities
4,932,407
5,037,718
Creditors: amounts falling due after more than one year
19
(3,145,201)
(3,250,635)
Net assets
1,787,206
1,787,083
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
1,787,106
1,786,983
Total equity
1,787,206
1,787,083

As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £82,228 (2023 - £237,999 profit).

The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
23 October 2024
O Cavaliere
Director
Company Registration No. 02643240
OLTEC GROUP HOLDING LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,510,566
522,746
Interest paid
(152,048)
(107,840)
Income taxes paid
(180,650)
(111,871)
Net cash inflow from operating activities
1,177,868
303,035
Investing activities
Purchase of business
-
(92,930)
Purchase of tangible fixed assets
(540,741)
(45,749)
Proceeds on disposal of tangible fixed assets
34,966
3,824
Interest received
33,228
38,099
Net cash used in investing activities
(472,547)
(96,756)
Financing activities
Repayment of bank loans
(133,765)
(152,577)
Payment of finance leases obligations
(41,287)
(15,161)
Dividends paid to equity shareholders
(82,105)
(85,654)
Net cash used in financing activities
(257,157)
(253,392)
Net increase/(decrease) in cash and cash equivalents
448,164
(47,113)
Cash and cash equivalents at beginning of year
(801,807)
(754,694)
Cash and cash equivalents at end of year
(353,643)
(801,807)
Relating to:
Cash at bank and in hand
223,820
164,770
Bank overdrafts included in creditors payable within one year
(577,463)
(966,577)
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Oltec Group Holding Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Oltec Group, 208 Wigan Road, Hindley, Wigan, WN2 3BU.

 

The group consists of Oltec Group Holding Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared on the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Oltec Group Holding Ltd and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover shown in the profit and loss account represents the total value of security and facilities management services and electrical services delivered during the year, at selling price excluding value added tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years for goodwill arising on consolidation and ten years for the purchased goodwill.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

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

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

Leasehold improvements
10% per annum on a straight line basis
Plant and machinery
33% per annum on a reducing balance basis
Fixtures and fittings & equipment
25% per annum on a straight line basis and 15% on a reducing balance basis
Motor vehicles
25% per annum on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.8
Fixed asset investments

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

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

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
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 group 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 group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the 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 if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet 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 leased 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.

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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. The critical estimates made by the director in preparing these financial statements relate to the useful economic life of tangible fixed assets and goodwill as well as the fair value of the investment properties. The director has reviewed the economic life of tangible fixed assets based on past experience in order to arrive at appropriate depreciation rates, as disclosed in Note 1.6, to ensure that the related assets are included in the balance sheet at appropriate amounts. The useful economic life of goodwill is deemed to be either 10 years, or 20 years where the director considers it to be capable of continued measurement by reference to a review of the profitability and expected future cash flows of the acquired business over an extended useful economic life. The director has reviewed the fair values of the investment properties at the balance sheet date and considers them to be fairly stated, as disclosed in Note 14.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Security services
9,687,923
9,480,965
Cleaning services
1,703,401
1,444,754
Rental income
107,573
115,949
Electrical contracting
945,045
428,754
12,443,942
11,470,422
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,443,942
11,470,422
2024
2023
£
£
Other revenue
Interest income
33,228
38,099
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
67,112
64,885
Depreciation of tangible fixed assets held under finance leases
27,816
32,364
(Profit)/loss on disposal of tangible fixed assets
(3,997)
221
Amortisation of intangible assets
117,653
116,700
Rental charges
34,112
30,284
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
13,400
12,950
For other services
All other non-audit services
7,950
7,950
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and administration
34
22
-
-
General operatives
371
370
-
-
405
392
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,403,508
7,445,026
-
0
-
0
Social security costs
511,998
527,864
-
-
Pension costs
316,286
143,971
-
0
-
0
8,231,792
8,116,861
-
0
-
0
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
7
Director's remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
180,000
-

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: Nil).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
33,228
38,099
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
99,874
70,368
Interest on invoice finance arrangements
47,346
32,605
Interest on finance leases and hire purchase contracts
4,828
4,867
Total finance costs
152,048
107,840
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
131,376
160,404
Adjustments in respect of prior periods
347
(2,459)
Total current tax
131,723
157,945
Deferred tax
Origination and reversal of timing differences
25,449
(30,322)
Total tax charge
157,172
127,623
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 19 -

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
455,735
631,868
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
113,934
120,055
Tax effect of expenses that are not deductible in determining taxable profit
9,257
7,696
Adjustments in respect of prior years
347
(2,459)
Permanent capital allowances in excess of depreciation
-
0
5,843
Depreciation on assets not qualifying for tax allowances
4,221
-
Amortisation on assets not qualifying for tax allowances
29,413
22,173
Other adjustments
-
0
(25,685)
Taxation charge
157,172
127,623

An increase in the UK corporation tax rate from 19% to 25% (which applied from 1 April 2023) was announced in the Chancellor’s Budget of 3 March 2021. Deferred tax has been calculated at this rate.

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
82,105
85,654
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023
2,615,070
Adjustment re contingent consideration
(60,000)
At 31 March 2024
2,555,070
Amortisation and impairment
At 1 April 2023
1,283,202
Amortisation charged for the year
117,653
At 31 March 2024
1,400,855
Carrying amount
At 31 March 2024
1,154,215
At 31 March 2023
1,331,868
Company
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
238,450
Amortisation and impairment
At 1 April 2023
119,225
Amortisation charged for the year
23,845
At 31 March 2024
143,070
Carrying amount
At 31 March 2024
95,380
At 31 March 2023
119,225

The amortisation charge has been included within administrative expenses in the statement of income and retained earnings.

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
13
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Fixtures and fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
-
0
418,084
497,197
144,272
1,059,553
Additions
449,397
621
2,028
88,695
540,741
Disposals
-
0
-
0
(817)
(40,520)
(41,337)
At 31 March 2024
449,397
418,705
498,408
192,447
1,558,957
Depreciation and impairment
At 1 April 2023
-
0
344,315
483,023
52,803
880,141
Depreciation charged in the year
17,275
19,473
4,095
54,085
94,928
Eliminated in respect of disposals
-
0
-
0
(74)
(10,294)
(10,368)
At 31 March 2024
17,275
363,788
487,044
96,594
964,701
Carrying amount
At 31 March 2024
432,122
54,917
11,364
95,853
594,256
At 31 March 2023
-
0
73,769
14,174
91,469
179,412
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
45,291
85,191
-
0
-
0

The depreciation charge has been included within administrative expenses during the year.

14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
2,023,850
2,023,850

Investment properties comprise commercial properties. The fair value of the investment properties has been arrived at on the basis of valuations carried out by both independent external valuers and the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
3,138,887
3,198,887
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
3,198,887
Adjustment re contingent consideration
(60,000)
At 31 March 2024
3,138,887
Carrying amount
At 31 March 2024
3,138,887
At 31 March 2023
3,198,887
16
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Casa Lettings Limited
England and Wales
Real Estate agency
Ordinary
100.00
-
Aire Valley Cleaning Services Ltd
England and Wales
Non-trading
Ordinary
100.00
-
Oltec Group Trading Ltd
England and Wales
Security and contract cleaning
Ordinary "A" and Ordinary "B"
100.00
-
24 Hour Nationwide FM Services Limited
England and Wales
Security and contract cleaning
Ordinary
100.00
-
24 Hour Cleaning Limited
England and Wales
Non-trading
Ordinary
-
100.00
24 Hour Services Limited
England and Wales
Non-trading
Ordinary
100.00
-
Your Castle Caretakers Ltd
England and Wales
Non-trading
Ordinary
100.00
-
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,272,723
2,160,700
-
0
-
0
Amounts owed by group undertakings
1,798
1,798
-
-
Other debtors
126,523
184,194
-
0
66,502
Prepayments and accrued income
35,847
103,836
-
0
-
0
2,436,891
2,450,528
-
66,502
Amounts falling due after more than one year:
Other debtors
685,969
643,542
685,969
643,542
Total debtors
3,122,860
3,094,070
685,969
710,044
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
717,463
1,111,577
140,000
145,000
Obligations under finance leases
21
29,872
36,329
-
0
-
0
Trade creditors
633,796
469,869
13,224
-
0
Amounts owed to group undertakings
-
0
-
0
750,238
745,238
Corporation tax payable
118,578
167,505
7,704
18,539
Other taxation and social security
859,147
789,471
3,977
3,719
Other creditors
688,019
619,905
133,146
116,124
Accruals and deferred income
439,457
44,957
-
0
265
3,486,332
3,239,613
1,048,289
1,028,885
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
589,830
718,595
589,830
718,595
Obligations under finance leases
21
11,122
45,952
-
0
-
0
Other borrowings
20
-
0
-
0
2,555,371
2,532,040
600,952
764,547
3,145,201
3,250,635
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Creditors: amounts falling due after more than one year
(Continued)
- 24 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
176,666
343,831
176,666
343,831
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
729,830
863,595
729,830
863,595
Bank overdrafts
577,463
966,577
-
0
-
0
Other loans
-
0
-
0
2,555,371
2,532,040
1,307,293
1,830,172
3,285,201
3,395,635
Payable within one year
717,463
1,111,577
140,000
145,000
Payable after one year
589,830
718,595
3,145,201
3,250,635

The bank loan and overdrafts are secured by an unscheduled mortgage debenture incorporating a fixed and floating charge over all current and future assets of the group. Included within bank overdrafts is an invoice discounting creditor of £577,463 (2023: £966,577), which is secured solely on the book debts of the group.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
29,872
36,329
-
0
-
0
In two to five years
11,122
45,952
-
0
-
0
40,994
82,281
-
-

Finance lease payments represent rentals payable by the company or group 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 4 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 upon the assets to which they relate.

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Accelerated capital allowances
42,402
16,953
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
16,953
-
Charge to profit or loss
25,449
-
Liability at 31 March 2024
42,402
-

The deferred tax liability set out above is expected to reverse within 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
316,286
143,971

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
25
Profit and loss reserves

Profit and loss reserves relate to the accumulated profits up to the balance sheet date which have not been distributed.

OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
72,000
-
-
-
Between two and five years
288,000
-
-
-
In over five years
510,000
-
-
-
870,000
-
-
-
27
Financial commitments, guarantees and contingent liabilities

There is a cross guarantee between Oltec Group Holding Limited and Oltec Group Trading Limited in favour of the group's bankers. The company's maximum potential liability at 31 March 2024 was £Nil (2023: £Nil).

28
Related party transactions
Transactions with related parties

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

Interest income
Interest income
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities under common control
32,427
32,247
15,000
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities under common control
779,299
736,872
Company
Entities under common control
685,969
643,542
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
29
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
O Cavaliere - Loan account
3.25
66,502
78,000
801
(232,105)
(86,802)
66,502
78,000
801
(232,105)
(86,802)
30
Control

The company is under the control of OC Investments Limited, a company registered in the Isle of Man. The company is ultimately owned by the OC Trust which holds 100% of the ordinary share capital in OC Investments Limited. The directors consider there to be no ultimate controlling party.

31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
298,563
504,245
Adjustments for:
Taxation charged
157,172
127,623
Finance costs
152,048
107,840
Investment income
(33,228)
(38,099)
(Gain)/loss on disposal of tangible fixed assets
(3,997)
221
Amortisation and impairment of intangible assets
117,653
116,700
Depreciation and impairment of tangible fixed assets
94,928
97,249
Movements in working capital:
Increase in debtors
(28,790)
(69,990)
Increase/(decrease) in creditors
756,217
(323,043)
Cash generated from operations
1,510,566
522,746
OLTEC GROUP HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
32
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
164,770
59,050
223,820
Bank overdrafts
(966,577)
389,114
(577,463)
(801,807)
448,164
(353,643)
Borrowings excluding overdrafts
(863,595)
133,765
(729,830)
Obligations under finance leases
(82,281)
41,287
(40,994)
(1,747,683)
623,216
(1,124,467)
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