Company registration number 12057480 (England and Wales)
ODDYNS HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ODDYNS HOLDINGS LTD
COMPANY INFORMATION
Director
S Stevens
Company number
12057480
Registered office
DSCO, The Tower
The Maltings
Hoe Lane
Ware
Hertfordshire
SG12 9LR
Auditor
The HHC Partnership Ltd
52 High Street
Pinner
Middlesex
HA5 5PW
Accountants
DSCO, The Tower
The Maltings
Hoe Lane
Ware
Hertfordshire
SG12 9LR
ODDYNS HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
ODDYNS HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

 

Oddyns Holdings Ltd is the majority shareholder and parent to City Brickwork (UK) Ltd, a leading brickwork sub-contractor in London and the south-east.

Review of the business

2023 - 24 continued to be another financially challenging year in a still very competitive market. In the last year we were fortunate enough to purchase and moved premises to new headquarters into a wonderful Grade 2 listed building. It is in a great location but unfortunately needed significant renovations and bringing up to date by future proofing it which all came at a cost to the company.

 

Future challenges undoubtedly await, with uncertainty dominating the outlook for the UK construction industry, even a potential slowdown. However, the pipeline of new work is strong, with new clients secured. This, combined with a healthy balance sheet, places the business in a strong position to move forward with cautious optimism.

Principal risks and uncertainties

The UK construction industry remains a challenging arena in which to operate. The outlook for the next 12 months is uncertain with output falling and predicted to fall further.

 

Margins are relatively low, and risk remains high, with a high rate of business failures.

 

Late payments remain endemic, and as the industry slows, clients adopt more aggressive contractual stances, whilst seeking to place more risk onto subcontractors.

 

These risks are managed by:

 

 

 

 

Key performance indicators

The Board and Senior Management of the business monitor the Key Performance Indicators (KPl's) regularly, comparing both actual and forecast performance to budget.

 

The primary financial KPl's are turnover, gross profit margins, cost ratios together with working capital metrics.

 

Group turnover increased by £15,589 from £17,396,047 in 2023 to £17,411,636 in 2024. Group gross profit has increased by £13,505 from £2,810,979 in 2023 to £2,824,484 in 2024, with the Group profits after tax decreasing by £1,038,991 from £1,867,344 in 2023 to £783,353 in 2024.

Future Performance

Oddyns Holdings Ltd is a financially robust and successful business. Our order books are on track to increase turnover again above last year's figures and are confident on increased profits in line with the investments made.

 

The group has also invested heavily in several new state of the art software systems and staff members to enhance and increase the performance of the company putting us in a fantastic position as one of the market leaders of brickwork subcontracting in London moving forward.

ODDYNS HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

S Stevens
Director
29 October 2024
ODDYNS HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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 a group holding company.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £480,000. 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:

S Stevens
Auditor

The auditor, , 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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
S Stevens
Director
29 October 2024
ODDYNS HOLDINGS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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.

ODDYNS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ODDYNS HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of Oddyns Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, 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:

ODDYNS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ODDYNS HOLDINGS LTD
- 6 -
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, 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 director determines 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 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 intends to liquidate the parent company or to cease operations, or has 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.

ODDYNS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ODDYNS HOLDINGS LTD
- 7 -

During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

We identified that the principal risks of non-compliance with laws and regulations related to compliance with Health & Safety Laws and Regulations.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Company Law, UK financial reporting standards, Tax and Pensions legislation, and distributable profits legislation.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. From the risk assessment we included appropriate audit procedures in response to such risks in our work, where relevant.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:

• inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

• enquiries with the same concerning any actual or potential litigation or claims;

• inspection of relevant legal correspondence;

• review of board minutes;

• testing the appropriateness of entries in the nominal ledger, including journal entries;

• reviewing transactions around the end of the reporting period;

• the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

• challenging assumptions made by management in their significant accounting estimates.

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.

Haydn Hughes
For and on behalf of
29 October 2024
The HHC Partnership Ltd
Chartered Accountants
Statutory Auditor
52 High Street
Pinner
Middlesex
HA5 5PW
ODDYNS HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,411,636
17,396,047
Cost of sales
(14,587,152)
(14,585,068)
Gross profit
2,824,484
2,810,979
Administrative expenses
(1,602,710)
(1,070,731)
Operating profit
4
1,221,774
1,740,248
Interest receivable and similar income
6
4,928
103,754
Interest payable and similar expenses
7
(24,847)
(117,439)
Profit before taxation
1,201,855
1,726,563
Tax on profit
8
(418,502)
140,781
Profit for the financial year
783,353
1,867,344
Profit for the financial year is all attributable to the owner of the parent company.
ODDYNS HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Profit for the year
783,353
1,867,344
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
783,353
1,867,344
Total comprehensive income for the year is all attributable to the owner of the parent company.
ODDYNS HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
13,860
27,312
Tangible assets
11
254,808
240,866
268,668
268,178
Current assets
Stocks
14
400,519
1,593,403
Debtors
16
6,465,722
5,255,835
Cash at bank and in hand
2,212,229
1,780,893
9,078,470
8,630,131
Creditors: amounts falling due within one year
18
(1,858,868)
(1,656,019)
Net current assets
7,219,602
6,974,112
Total assets less current liabilities
7,488,270
7,242,290
Provisions for liabilities
Provisions
19
365,000
432,766
Deferred tax liability
20
63,243
52,851
(428,243)
(485,617)
Net assets
7,060,027
6,756,673
Capital and reserves
Called up share capital
22
102
102
Share premium account
59,999
59,999
Profit and loss reserves
6,999,885
6,696,531
Equity attributable to owner of the parent company
7,059,986
6,756,632
Non-controlling interests
41
41
7,060,027
6,756,673

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 29 October 2024
29 October 2024
S Stevens
Director
Company registration number 12057480 (England and Wales)
ODDYNS HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
80
80
Current assets
Debtors
16
2,421,978
2,141,845
Investments
17
1,850,787
2,135,217
Cash at bank and in hand
1,544,969
1,093,234
5,817,734
5,370,296
Creditors: amounts falling due within one year
18
(293,037)
(111,755)
Net current assets
5,524,697
5,258,541
Net assets
5,524,777
5,258,621
Capital and reserves
Called up share capital
22
102
102
Profit and loss reserves
5,524,675
5,258,519
Total equity
5,524,777
5,258,621

As permitted by s408 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 £746,155 (2023 - £2,102,040 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 29 October 2024
29 October 2024
S Stevens
Director
Company registration number 12057480 (England and Wales)
ODDYNS HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
102
59,999
5,326,687
5,386,788
41
5,386,829
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,867,344
1,867,344
-
1,867,344
Dividends
9
-
-
(497,500)
(497,500)
-
(497,500)
Balance at 31 March 2023
102
59,999
6,696,531
6,756,632
41
6,756,673
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
783,353
783,353
-
783,353
Dividends
9
-
-
(480,000)
(480,000)
-
(480,000)
Balance at 31 March 2024
102
59,999
6,999,885
7,059,986
41
7,060,027
ODDYNS HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
102
3,581,479
3,581,581
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
2,102,040
2,102,040
Dividends
9
-
(425,000)
(425,000)
Balance at 31 March 2023
102
5,258,519
5,258,621
Year ended 31 March 2024:
Profit and total comprehensive income
-
746,156
746,156
Dividends
9
-
(480,000)
(480,000)
Balance at 31 March 2024
102
5,524,675
5,524,777
ODDYNS HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
771,795
(819,408)
Interest paid
(24,846)
(117,439)
Income taxes refunded/(paid)
239,441
(251,196)
Net cash inflow/(outflow) from operating activities
986,390
(1,188,043)
Investing activities
Purchase of intangible assets
-
(40,764)
Purchase of tangible fixed assets
(98,178)
(104,533)
Proceeds from disposal of tangible fixed assets
-
56,500
Repayment of loans
18,196
(19,433)
Interest received
4,928
103,754
Net cash used in investing activities
(75,054)
(4,476)
Financing activities
Dividends paid to equity shareholders
(480,000)
(497,500)
Net cash used in financing activities
(480,000)
(497,500)
Net increase/(decrease) in cash and cash equivalents
431,336
(1,690,019)
Cash and cash equivalents at beginning of year
1,780,893
3,470,912
Cash and cash equivalents at end of year
2,212,229
1,780,893
ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Oddyns Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is DSCO, The Tower, The Maltings, Hoe Lane, Ware, Hertfordshire, SG12 9LR.

 

The group consists of Oddyns Holdings Ltd 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 under the historical cost convention. 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
Business combinations

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.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Oddyns Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
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.

1.5
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
33% on cost
1.8
Tangible fixed assets

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

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

Leasehold improvements
15% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance

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.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
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.

1.11
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.

1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Cash and cash equivalents

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

1.14
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.

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 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.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
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.

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 group's contractual obligations expire or are discharged or cancelled.

1.15
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.

1.16
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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.

1.17
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.18
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.

1.19
Retirement benefits

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

1.20
Leases

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.

1.21
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.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
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.

3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
4,928
103,754
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
7,500
7,500
Depreciation of owned tangible fixed assets
84,236
74,064
Profit on disposal of tangible fixed assets
-
(34,175)
Amortisation of intangible assets
13,452
13,452
Operating lease charges
103,100
53,120
5
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
14
20
-
0
-
0
ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
620,573
593,345
-
0
-
0
Social security costs
73,817
56,817
-
-
Pension costs
172,164
160,175
-
0
-
0
866,554
810,337
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
62
130
Interest receivable from group companies
-
0
103,624
Other interest income
4,866
-
Total income
4,928
103,754
7
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
-
0
117,339
Other interest on financial liabilities
9,005
100
Other interest
15,842
-
Total finance costs
24,847
117,439
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
321,145
59,130
Adjustments in respect of prior periods
86,966
(213,000)
Total current tax
408,111
(153,870)
Deferred tax
Origination and reversal of timing differences
10,391
13,089
Total tax charge/(credit)
418,502
(140,781)
ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Taxation
(Continued)
- 24 -

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

2024
2023
£
£
Profit before taxation
1,201,855
1,726,563
Expected tax charge based on the standard rate of corporation tax in the UK of 0% (2023: 19.00%)
-
328,047
Tax effect of expenses that are not deductible in determining taxable profit
18,957
21,207
Unutilised tax losses carried forward
-
0
(49,339)
Adjustments in respect of prior years
86,966
(213,000)
Permanent capital allowances in excess of depreciation
(7,945)
(2,860)
Research and development tax credit
-
0
(219,316)
Deferred tax adjustments in respect of prior years
18,184
(5,520)
Dividend income
(135,000)
-
Taxation credit
(18,838)
(140,781)
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
480,000
425,000
10
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2023 and 31 March 2024
40,764
Amortisation and impairment
At 1 April 2023
13,452
Amortisation charged for the year
13,452
At 31 March 2024
26,904
Carrying amount
At 31 March 2024
13,860
At 31 March 2023
27,312
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
-
0
209,166
-
0
23,820
279,248
512,234
Additions
32,398
6,650
2,324
14,811
41,995
98,178
At 31 March 2024
32,398
215,816
2,324
38,631
321,243
610,412
Depreciation and impairment
At 1 April 2023
-
0
141,105
-
0
18,420
111,843
271,368
Depreciation charged in the year
4,860
18,678
465
7,883
52,350
84,236
At 31 March 2024
4,860
159,783
465
26,303
164,193
355,604
Carrying amount
At 31 March 2024
27,538
56,033
1,859
12,328
157,050
254,808
At 31 March 2023
-
0
68,061
-
0
5,400
167,405
240,866
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
80
80
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
80
Carrying amount
At 31 March 2024
80
At 31 March 2023
80
13
Subsidiaries

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

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Subsidiaries
(Continued)
- 26 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
City Brickwork (UK) Limited
DSCO, The Tower, The Maltings, Hoe Lane, Ware,
Hertfordshire, SG12 9LR
Ordinary Shares
95.00
Heath Plant & Commercial Ltd
As Above
Ordinary Shares
100.00
City Mastic & Fire (UK) Ltd
As Above
Ordinary Shares
60.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
400,519
1,593,403
-
-
15
Construction contracts
Group
Company
2024
2023
2024
2023
£
£
£
£
Contracts in progress at the reporting date
Amounts recoverable on long term contracts
3,473,622
2,112,281
-
0
-
0
Retentions held by customers
1,421,598
1,589,573
-
-
ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
350,961
177,133
-
0
-
0
Amounts recoverable on long term contracts
3,473,622
2,112,281
-
0
-
0
Corporation tax recoverable
625
213,594
-
0
-
0
Amounts owed by group undertakings
-
-
584,899
197,500
Amounts owed by undertakings in which the company has a participating interest
542,929
952,195
529,929
952,195
Other debtors
786,879
1,553,913
342,150
992,150
Prepayments and accrued income
104,098
64,068
-
0
-
0
5,259,114
5,073,184
1,456,978
2,141,845
Amounts falling due after more than one year:
Trade debtors
241,608
182,651
-
0
-
0
Amounts owed by undertakings in which the company has a participating interest
965,000
-
965,000
-
1,206,608
182,651
965,000
-
Total debtors
6,465,722
5,255,835
2,421,978
2,141,845
17
Current asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loans to subsidiaries
13
-
0
-
0
1,850,787
2,135,217

A charge exists over the loan balance owed from City Brickwork (UK) Limited in favour of Oddyns Holdings Ltd. All transactions were carried out on an arms length basis and a commercial rate of interest is charged on the loan.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
713,394
977,790
-
0
-
0
Amounts owed to group undertakings
-
1
60
60
Corporation tax payable
493,712
59,130
68,684
23,349
Other taxation and social security
133,285
35,150
-
-
Other creditors
311,555
235,793
214,141
78,206
Accruals and deferred income
206,922
348,155
10,152
10,140
1,858,869
1,656,019
293,037
111,755
19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
365,000
432,766
-
-
Movements on provisions:
Group
£
At 1 April 2023 and 31 March 2024
365,000
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
63,243
52,851
The company has no deferred tax assets or liabilities.
ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
52,851
-
Charge to profit or loss
10,392
-
Liability at 31 March 2024
63,243
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,164
160,175

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.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
102
102
102
102
23
Controlling party

The ultimate controlling party is Mr S Stevens, the Director and sole shareholder of the company.

ODDYNS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
24
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
783,353
1,867,344
Adjustments for:
Taxation charged/(credited)
418,502
(140,781)
Finance costs
24,847
117,439
Investment income
(4,928)
(103,754)
Gain on disposal of tangible fixed assets
-
(34,175)
Amortisation and impairment of intangible assets
13,452
13,452
Depreciation and impairment of tangible fixed assets
84,236
74,064
Decrease in provisions
(67,766)
(318,000)
Movements in working capital:
Decrease/(increase) in stocks
1,192,884
(1,128,262)
Increase in debtors
(1,441,052)
(1,892,700)
(Decrease)/increase in creditors
(231,733)
725,965
Cash generated from/(absorbed by) operations
771,795
(819,408)
25
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,780,893
431,336
2,212,229
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