Company registration number 10591880 (England and Wales)
MONE BROTHERS GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MONE BROTHERS GROUP LTD
COMPANY INFORMATION
Directors
Mr Michael Coleman
Ms Siobhan Coleman
Ms Fionnula Hegarty
Mr James Mone
Mr Kevin Mone
Company number
10591880
Registered office
Albert Road
Morley
Leeds
West Yorkshire
United Kingdom
LS27 8RU
Auditor
Henton & Co LLP
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
MONE BROTHERS GROUP LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11 - 12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
MONE BROTHERS GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Fair review of the business

Mone Brothers Group Ltd is the holding company for Mone Brothers Limited, Mone Brothers Excavations Limited, Mone Bros Civil Engineering Limited and Mone Brothers (Properties) Limited.

The principal activity of the business is the provision and transporting of recycled and primary aggregates, materials and waste services to the construction and utility market from our own waste transfer stations, land fill sites and quarries as well as third party sites.

The Group is reporting profit before tax of £946,622 (2022: £932,326).

The directors are pleased with the performance of the Group during the financial year and are content with the continued progress that has been achieved.

Principal risks and uncertainties

The Group operates in a highly competitive market. In order to maintain its market share and minimise the risk of market penetration from competitors, the business prides itself in the efficient service it provides to customers. This is delivered by a loyal, dedicated and experienced workforce. The directors continue to explore different avenues of business development, delivering further efficiencies to our existing operations and ensuring that the Group operates and maintains the most efficient plant and fleet available.

The Group operates within a range of regulatory requirements covering environmental and planning matters regarding quarrying, waste management, recycling and transport. A continuous programme of training is in place to ensure that our standards of compliance are always in line with current legislation.

The Group seeks to eliminate financial loss from the failure of its customers to honour their obligations. The credit worthiness of new customers is assessed prior to providing a credit account and the indebtedness of all customers is actively managed on a weekly basis to ensure prompt payment. In certain cases, the Group may consider insuring customers against default.

The Group is financed through existing working capital; an overdraft is available but has not been utilised. The Group enters into third party finance agreements for asset finance.

The Group's credit risk is primarily attributable to trade receivables. However, an extensive customer base reduces the impact of over exposure to any one customer default.

Development and performance

The Directors consider the operating profit for the year was satisfactory and that the Group achieved its targets for cash generation and control of its working capital.

The Group continues to work on the management of its operational performance and the management of costs and will endeavour to increase the performance from the capital employed thus improving financial returns and cash flows.

Key performance indicators

The Group uses the following key performance indicators to monitor and assess performance:

The balance sheet position, including financing facilities and cash resources available, is considered adequate for the needs of the Group in the foreseeable future.

MONE BROTHERS GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Future developments

The Directors are confident in the Group’s investment strategy and believe they have a robust financial base to continue to compete competitively in their current market, and that successful progress made to date can be further built upon.

On behalf of the board

Mr Michael Coleman
Director
19 November 2024
MONE BROTHERS GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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

Principal activities

The principal activity of the company is that of a parent holding company.

 

The principal activity of the group is the supply of plant equipment, building materials and recycling services to the construction industry.

Results and dividends

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

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr Michael Coleman
Ms Siobhan Coleman
Ms Fionnula Hegarty
Mr James Mone
Mr Kevin Mone
Auditor

Henton & Co LLP were appointed auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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. It has done so in respect of future developments.

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
Mr Michael Coleman
Director
19 November 2024
MONE BROTHERS GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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. They are 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.

MONE BROTHERS GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MONE BROTHERS GROUP LTD
- 5 -
Opinion

We have audited the financial statements of Mone Brothers Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MONE BROTHERS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MONE BROTHERS GROUP 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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

MONE BROTHERS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MONE BROTHERS GROUP LTD
- 7 -
Chris Howitt
For and on behalf of
19 November 2024
Henton & Co LLP
Chartered Accountants
Statutory Auditor
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
MONE BROTHERS GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,850,813
15,544,461
Cost of sales
(12,258,305)
(12,492,953)
Gross profit
4,592,508
3,051,508
Distribution costs
(19,171)
(19,962)
Administrative expenses
(3,187,232)
(1,958,046)
Other operating income
-
1,135
Operating profit
4
1,386,105
1,074,635
Interest receivable and similar income
6
158
-
0
Interest payable and similar expenses
7
(175,941)
(38,736)
Profit before taxation
1,210,322
1,035,899
Tax on profit
8
329,429
(96,777)
Profit for the financial year
1,539,751
939,122
Other comprehensive income
Tax relating to other comprehensive income
7,500
7,500
Total comprehensive income for the year
1,547,251
946,622
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

MONE BROTHERS GROUP LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
£
£
£
£
Fixed assets
Tangible assets
14,453,629
10,916,823
Investment property
74,003
74,003
14,527,632
10,990,826
Current assets
Stocks
469,408
618,487
Debtors
2,769,551
3,522,561
Cash at bank and in hand
1,196,830
1,234,945
4,435,789
5,375,993
Creditors: amounts falling due within one year
(4,549,345)
(4,893,214)
Net current (liabilities)/assets
(113,556)
482,779
Total assets less current liabilities
14,414,076
11,473,605
Creditors: amounts falling due after more than one year
(2,367,881)
(536,980)
Provisions for liabilities
Deferred tax liability
349,344
687,024
(349,344)
(687,024)
Net assets
11,696,851
10,249,601
Capital and reserves
Called up share capital
5
5
Share premium account
5,947
5,947
Revaluation reserve
2,381,935
2,466,935
Profit and loss reserves
9,308,964
7,776,714
Total equity
11,696,851
10,249,601

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

The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
19 November 2024
Mr Michael Coleman
Director
Company registration number 10591880 (England and Wales)
MONE BROTHERS GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
12,165
12,165
Current assets
Debtors
15
54,999
354,999
Cash at bank and in hand
6
6
55,005
355,005
Creditors: amounts falling due within one year
16
(12,165)
(312,165)
Net current assets
42,840
42,840
Net assets
55,005
55,005
Capital and reserves
Called up share capital
21
5
5
Profit and loss reserves
55,000
55,000
Total equity
55,005
55,005

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 £100,000 (2023 - £100,000 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
19 November 2024
Mr Michael Coleman
Director
Company registration number 10591880 (England and Wales)
MONE BROTHERS GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
5
5,947
2,551,935
4,930
6,840,162
9,402,979
Year ended 31 March 2023:
Profit for the year
-
-
-
-
939,122
939,122
Other comprehensive income:
Tax relating to other comprehensive income
-
-
7,500
-
-
0
7,500
Total comprehensive income for the year
-
-
7,500
-
939,122
946,622
Dividends
9
-
-
-
-
(100,000)
(100,000)
Transfers
-
-
(92,500)
-
92,500
-
Balance at 31 March 2023
5
5,947
2,466,935
-
0
7,776,714
10,249,601
MONE BROTHERS GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Share capital
Share premium account
Revaluation reserve
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
- 12 -
Year ended 31 March 2024:
Profit for the year
-
-
-
-
1,539,751
1,539,751
Other comprehensive income:
Tax relating to other comprehensive income
-
-
7,500
-
-
0
7,500
Total comprehensive income for the year
-
-
7,500
-
1,539,751
1,547,251
Dividends
9
-
-
-
-
(100,000)
(100,000)
Transfers
-
-
(92,500)
-
92,500
-
Balance at 31 March 2024
5
5,947
2,381,935
-
0
9,308,964
11,696,851
Check PY
5
5,947
2,466,935
4,930
7,771,784
10,249,601
Difference PY
-
-
-
(4,930)
4,930
-
Check CY
5
5,947
2,381,935
-
9,308,965
11,696,852
Difference CY
-
-
-
-
(1)
(1)
MONE BROTHERS GROUP 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
5
55,000
55,005
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
100,000
100,000
Dividends
9
-
(100,000)
(100,000)
Balance at 31 March 2023
5
55,000
55,005
Year ended 31 March 2024:
Profit and total comprehensive income
-
100,000
100,000
Dividends
9
-
(100,000)
(100,000)
Balance at 31 March 2024
5
55,000
55,005
MONE BROTHERS GROUP 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 operations
24
3,155,792
1,769,513
Interest paid
(175,941)
(38,736)
Income taxes (paid)/refunded
(2)
3
Net cash inflow from operating activities
2,979,849
1,730,780
Investing activities
Purchase of tangible fixed assets
(5,341,373)
(3,248,900)
Proceeds from disposal of tangible fixed assets
262,000
84,665
Proceeds from disposal of investment property
-
190,988
Interest received
158
-
0
Net cash used in investing activities
(5,079,215)
(2,973,247)
Financing activities
Payment of finance leases obligations
2,161,252
169,646
Dividends paid to equity shareholders
(100,000)
(100,000)
Net cash generated from financing activities
2,061,252
69,646
Net decrease in cash and cash equivalents
(38,114)
(1,172,821)
Cash and cash equivalents at beginning of year
1,234,945
2,271,599
Cash and cash equivalents at end of year
1,196,830
1,234,945
MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Mone Brothers Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Albert Road, Morley, Leeds, LS27 8RU.

 

The group consists of Mone Brothers Group 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. 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

The consolidated financial statements incorporate those of Mone Brothers Group Ltd. and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). The company's subsidiaries have been consolidated using the merger accounting method. Dormant subsidiaries have been excluded from the consolidation.

 

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.

 

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.

MONE BROTHERS GROUP 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 Mone Brothers Group Limited 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.

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for plant equipment, building materials, recycling services, civil engineering and rent receivable 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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
Tangible fixed assets

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

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

Freehold land and buildings
5% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% 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.

MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
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. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

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.

1.9
Impairment of fixed assets

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

 

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks include plant consumables, building materials and property held for development.

 

Plant consumables are held at cost, building materials are held at the lower of cost and net realisable value, and property held for development is held at cost less impairment.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.11
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.

1.12
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 measured at transaction price.

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 that are classified as debt, are recognised at transaction price.

 

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.

MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

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

1.13
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.

1.14
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.

Deferred tax

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

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.16
Retirement benefits

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

1.17
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 income on a straight line basis over the term of the relevant lease.

MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Plant equipment
3,263,751
3,009,138
Building materials
9,667,685
11,640,687
Rental income
98,306
72,414
Civil engineering
2,361,540
753,290
Development property
-
68,932
16,850,813
15,544,461
Analysis per statutory database
15,391,282
15,544,461
Statutory database analysis does not agree to the trial balance by:
1,459,531
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
1,699,250
1,710,601
Profit on disposal of tangible fixed assets
(156,683)
(53,047)
Profit on disposal of investment property
-
0
(190,988)
Operating lease charges
3,728,838
3,390,314
MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
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
Weekly
63
61
-
-
Salaried
22
16
5
5
Total
85
77
5
5

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,164,359
2,875,676
-
0
-
0
Social security costs
239,448
229,753
-
-
Pension costs
100,910
97,421
-
0
-
0
3,504,717
3,202,850
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
158
-
7
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
56,925
38,736
Other interest
119,016
-
Total finance costs
175,941
38,736
MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(329,429)
96,777

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

2024
2023
£
£
Profit before taxation
1,210,322
1,035,899
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
302,581
196,821
Tax effect of expenses that are not deductible in determining taxable profit
6,256
6,289
Unutilised tax losses carried forward
(138,311)
(8,523)
Effect of change in corporation tax rate
269,013
-
Group relief
-
0
(10,101)
Permanent capital allowances in excess of depreciation
-
(124,139)
Depreciation on assets not qualifying for tax allowances
54,525
33,860
Effect of revaluations of investments
-
0
(1,642)
Other non-reversing timing differences
(823,493)
3,358
Other permanent differences
-
0
1,162
Deferred tax adjustments in respect of prior years
-
0
(308)
Taxation (credit)/charge
(329,429)
96,777

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(7,500)
(7,500)
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
100,000
MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
5,948,690
10,461,657
256,660
77,937
473,371
17,218,315
Additions
7,614
5,257,129
16,121
30,509
30,000
5,341,373
Disposals
-
0
(540,500)
-
0
-
0
(61,743)
(602,243)
At 31 March 2024
5,956,304
15,178,286
272,781
108,446
441,628
21,957,445
Depreciation and impairment
At 1 April 2023
738,474
5,160,255
165,784
37,309
199,670
6,301,492
Depreciation charged in the year
218,095
1,370,779
24,118
17,229
69,029
1,699,250
Eliminated in respect of disposals
-
0
(449,528)
-
0
-
0
(47,398)
(496,926)
At 31 March 2024
956,569
6,081,506
189,902
54,538
221,301
7,503,816
Carrying amount
At 31 March 2024
4,999,735
9,096,780
82,879
53,908
220,327
14,453,629
At 31 March 2023
5,210,216
5,301,402
90,876
40,628
273,701
10,916,823
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
£
£
£
£
Plant and equipment
7,140,910
2,891,887
-
0
-
0

Land and buildings with a carrying amount of £3.490m were revalued in 2018 by Andrew Steel (RICS) of Michael Steel & Co, independent valuers not connected with the company on the basis of fair value. The effective date of the revaluation was 31 March 2018. On valuing the quarries/sand pits the reinstatement costs, potential to extend activities and in certain cases revisionary uses were considered when arriving at the fair value. On valuing sites with development potential assumptions were made on costs and ground conditions.

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

MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Tangible fixed assets
(Continued)
- 24 -
2024
2023
£
£
Group
Cost
1,951,033
1,951,033
Accumulated depreciation
(1,028,951)
(990,313)
Carrying value
922,082
960,720
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
74,003
-
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
12,165
12,165
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
12,165
Carrying amount
At 31 March 2024
12,165
At 31 March 2023
12,165
MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
13
Subsidiaries

These financial statements are separate company financial statements for 31 March 2023

.

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
East Street Builders Limited
England & Wales
Ordinary
100.00
Mone Bros. Civil Engineering Limited
Englad & Wales
Ordinary
100.00
Mone Brothers (Properties) Limited
England & Wales
Ordinary
100.00
Mone Brothers Excavations Limited
England & Wales
Ordinary
100.00
Mone Brothers Limited
England & Wales
Ordinary
100.00

The companies subsidiaries have been consolidated using the merger accounting method.

East Street Builders Limited has been excluded from the consolidation on the basis that the company is dormant.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
256,878
405,957
-
-
Finished goods and goods for resale
212,530
212,530
-
0
-
0
469,408
618,487
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,811,135
1,853,473
-
0
-
0
Amounts owed by group undertakings
754,886
790,785
54,999
354,999
Other debtors
36,537
679,430
-
0
-
0
Prepayments and accrued income
166,993
198,124
-
0
-
0
2,769,551
3,521,812
54,999
354,999
Amounts falling due after more than one year:
Deferred tax asset (note 19)
-
0
749
-
0
-
0
Total debtors
2,769,551
3,522,561
54,999
354,999
MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
1,229,921
899,570
-
0
-
0
Trade creditors
1,013,901
1,067,993
-
0
-
0
Amounts owed to group undertakings
754,886
790,786
-
0
-
0
Other taxation and social security
344,574
356,098
-
-
Other creditors
42,427
312,165
12,165
312,165
Accruals and deferred income
1,163,636
1,466,602
-
0
-
0
4,549,345
4,893,214
12,165
312,165
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
2,367,881
536,980
-
0
-
0
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,229,921
899,570
-
0
-
0
In two to five years
2,367,881
536,980
-
0
-
0
3,597,802
1,436,550
-
-

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 2-3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases are secured over the assets to which they relate.

MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
19
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
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
ACAs
1,534,996
1,052,954
-
749
Tax losses
(1,258,660)
(445,564)
-
-
Revaluations
71,909
79,410
-
-
Retirement benefit obligations
1,099
224
-
-
349,344
687,024
-
749
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
686,275
-
Credit to profit or loss
(336,931)
-
Liability at 31 March 2024
349,344
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,910
97,421

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.

21
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
5 Ordinary shares of £1 each
5
5
MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
22
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
780
780
-
-
Between two and five years
1,170
1,950
-
-
1,950
2,730
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
321,456
316,505
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,539,751
939,122
Adjustments for:
Taxation (credited)/charged
(329,429)
96,777
Finance costs
175,941
38,736
Investment income
(158)
-
0
Gain on disposal of tangible fixed assets
(156,683)
(53,047)
Gain on disposal of investment property
-
0
(190,988)
Depreciation and impairment of tangible fixed assets
1,699,250
1,710,601
Movements in working capital:
Decrease in stocks
149,079
278,935
Decrease/(increase) in debtors
752,261
(1,563,092)
(Decrease)/increase in creditors
(674,220)
512,466
Cash generated from operations
3,155,792
1,769,510
MONE BROTHERS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
25
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,234,945
(38,115)
1,196,830
Obligations under finance leases
(1,436,550)
(2,161,252)
(3,597,802)
(201,605)
(2,199,367)
(2,400,972)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mr Michael ColemanMs Siobhan ColemanMs Fionnula HegartyMr James MoneMr Kevin 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