LV PARENT COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2024
Company Registration No. 14700083 (England and Wales)
LV PARENT COMPANY LIMITED
COMPANY INFORMATION
Directors
J Ashe
P Ventre
T Ventre
M Ventre
Company number
14700083
Registered office
Laker House
North Road
Ellesmere Port
CH65 1BA
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
LV PARENT COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
LV PARENT COMPANY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 MARCH 2024
- 1 -

The directors present the strategic report for the period ended 30 March 2024.

Review of the business

The business of the group is project and maintenance work for the power, pharmaceutical and process industries. During this period, we have focused our business in line with the second year of our strategic business plan 2022-27. This has allowed us to focus on our specific strategies which are both measurable and achievable, which has helped achieve the main point of our plan. We continue to work with key customers while also developing new routes to market.

Principal risks and uncertainties

The Directors consider the principal risks and uncertainties faced by the group are in the following categories.

 

 

 

 

 

 

 

Internal Controls

The directors are responsible for the group’s systems of internal controls and for reviewing its effectiveness. Our internal control system is designed to manage, rather than eliminate the risks of failure to achieve our business objectives and can only provide reasonable and not absolute assurance against misstatement or loss. Our Risk Register is assessed monthly.

 

The directors prepare regular cash flow forecasts to review liquidity requirements for the next twelve months and beyond. The plan/forecasts are updated on a regular basis.

 

Going concern statement

The directors believe that it is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the group will have adequate resources to continue in operation for at least twelve months from the signing date of these consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 

The group’s operating profits have increased by 28.5% in the period, this has placed us in a strong position to move forward into the next financial year.

 

Our forecasts for the next 12 months show a solid trading position moving forward with a good order book and strong cash position.

LV PARENT COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 2 -
Key performance indicators
Period ended
Period ended
30 March
1 April
2024
2023
£000's
£000's
Turnover
21,508
17,342
Operating profit
1,598
1,245
Profit after tax
1,153
992
Shareholder funds
2,975
2,350

The group's operating profits have increased by 28.5% from the previous period, so with a good order book, strong cash position and established client base the group expects to continue to trade profitably during the next financial period. We will continue to invest in our workforce and key technologies, which we see as paramount to our business and key to successful growth, efficiency, and client satisfaction.

On behalf of the board

M Ventre
Director
26 November 2024
LV PARENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the period ended 30 March 2024.

Principal activities

The principal activity of the group during the period was the design, fabrication and installation of process and service pipework, mechanical plant and associated equipment.

Results and dividends

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

Directors

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

J Ashe
P Ventre
T Ventre
M Ventre
C Ventre (Deceased)
(Resigned 6 August 2023)
Financial risk management objectives and policies
Treasury policies

The group finances its activities through bank borrowings. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the group's operating activities. The group does not enter into interest rate swaps and does not trade in financial instruments.

Liquidity risk

The group seeks to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets. The group's funding strategy is to maintain a balance between continuity of funding and flexibility through use of overdrafts, loans and finance leases.

Interest rate risk

The group's policy is to manage its cost of borrowing using variable rate debt. At 30 March 2024 100% (2023: 100%) of the group's borrowings were at variable rate.

Foreign currency risk

The group has no operations outside the United Kingdom and has no exposure to foreign currencies.

Credit risk

The risk of financial loss due to a counterparty's failure to honour its obligations arise principally in relation to transactions where the group provides goods and services.

 

Group policies are aimed at minimising such losses, and require that credit terms are only granted to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored to ensure that the group's exposure to bad debts in minimised.

Price risk

The group does not seek to hedge any transactions and no trading in derivative financial instruments is undertaken.

Future developments

Future developments are detailed in the Strategic Report on page 1.

LV PARENT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 4 -
Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed on 11 September 2024 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.

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.

On behalf of the board
M Ventre
Director
26 November 2024
LV PARENT COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 MARCH 2024
- 5 -

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

 

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

LV PARENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LV PARENT COMPANY LIMITED
- 6 -
Opinion

We have audited the financial statements of LV Parent Company Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 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 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:

LV PARENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LV PARENT COMPANY LIMITED
- 7 -
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.

LV PARENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LV PARENT COMPANY LIMITED
- 8 -

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.

 

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. 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 group and parent company.

 

The following laws and regulations were identified as being of significance to the group and parent company:

 

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the group and parent company complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries which may be indicative of fraud; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group and parent company's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Andrew Moss BA FCA
For and on behalf of
26 November 2024
DSG Audit
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
LV PARENT COMPANY LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 MARCH 2024
- 9 -
Period
Period
ended
ended
30 March
1 April
2024
2023
Notes
£'000
£'000
Turnover
3
21,508
17,342
Cost of sales
(16,862)
(13,567)
Gross profit
4,646
3,775
Administrative expenses
(3,048)
(2,530)
Operating profit
4
1,598
1,245
Interest receivable and similar income
8
33
-
0
Interest payable and similar expenses
9
(16)
(16)
Profit before taxation
1,615
1,229
Tax on profit
10
(462)
(237)
Profit for the financial period
24
1,153
992
Profit for the financial period is all attributable to the owners of the parent company.
LV PARENT COMPANY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 MARCH 2024
- 10 -
Period
Period
ended
ended
30 March
1 April
2024
2023
£'000
£'000
Profit for the period
1,153
992
Other comprehensive income
Revaluation of tangible fixed assets
831
-
0
Total comprehensive income for the period
1,984
992
Total comprehensive income for the period is all attributable to the owners of the parent company.
LV PARENT COMPANY LIMITED
GROUP BALANCE SHEET
AS AT 30 MARCH 2024
30 March 2024
- 11 -
30 March 2024
1 April 2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
348
551
Current assets
Stocks
16
53
47
Debtors
17
5,075
2,717
Cash at bank and in hand
2,307
1,940
7,435
4,704
Creditors: amounts falling due within one year
18
(4,755)
(2,845)
Net current assets
2,680
1,859
Total assets less current liabilities
3,028
2,410
Creditors: amounts falling due after more than one year
19
-
(28)
Provisions for liabilities
Deferred tax liability
22
53
32
(53)
(32)
Net assets
2,975
2,350
Capital and reserves
Called up share capital
23
-
0
-
0
Share premium account
24
6,000
-
0
Other reserves
24
(5,846)
-
0
Profit and loss reserves
24
2,821
2,350
Total equity
2,975
2,350
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
M Ventre
Director
Company registration number 14700083 (England and Wales)
LV PARENT COMPANY LIMITED
COMPANY BALANCE SHEET
AS AT 30 MARCH 2024
30 March 2024
- 12 -
30 March 2024
1 April 2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
14
6,000
-
0
Current assets
Debtors
17
152
-
0
Creditors: amounts falling due within one year
18
(152)
-
Net current assets
-
-
Net assets
6,000
-
Capital and reserves
Called up share capital
23
-
0
-
0
Share premium account
24
6,000
-
0
Total equity
6,000
-

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 £152,162 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
M Ventre
Director
Company registration number 14700083 (England and Wales)
LV PARENT COMPANY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 27 March 2022
-
0
-
0
-
0
-
1,488
1,488
Period ended 1 April 2023:
Profit and total comprehensive income
-
-
-
-
992
992
Dividends
11
-
-
-
-
(130)
(130)
Balance at 1 April 2023
-
0
-
0
-
0
-
2,350
2,350
Period ended 30 March 2024:
Profit for the period
-
-
-
-
1,153
1,153
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
831
-
-
831
Total comprehensive income
-
-
831
-
1,153
1,984
Issue of share capital
23
-
0
6,000
-
-
-
6,000
Dividends and distributions
11
-
-
-
-
(1,513)
(1,513)
Transfers
-
-
(831)
-
831
-
Other movements
-
-
-
(5,846)
-
(5,846)
Balance at 30 March 2024
-
0
6,000
-
0
(5,846)
2,821
2,975
LV PARENT COMPANY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 27 March 2022
-
0
-
0
-
0
-
Period ended 1 April 2023:
Profit and total comprehensive income for the period
-
-
-
-
0
Balance at 1 April 2023
-
0
-
0
-
0
-
Period ended 30 March 2024:
Profit and total comprehensive income
-
-
152
152
Issue of share capital
23
-
0
6,000
-
6,000
Dividends
11
-
-
(152)
(152)
Balance at 30 March 2024
-
0
6,000
-
0
6,000
LV PARENT COMPANY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 MARCH 2024
- 15 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
29
1,340
530
Interest paid
(16)
(16)
Income taxes paid
(406)
(83)
Net cash inflow from operating activities
918
431
Investing activities
Purchase of tangible fixed assets
(157)
(226)
Proceeds from disposal of tangible fixed assets
1,200
7
Repayment of loans
(3)
5
Interest received
33
-
0
Net cash generated from/(used in) investing activities
1,073
(214)
Financing activities
Repayment of bank loans
(111)
(83)
Dividends paid to equity shareholders and distributions
(1,513)
(130)
Net cash used in financing activities
(1,624)
(213)
Net increase in cash and cash equivalents
367
4
Cash and cash equivalents at beginning of period
1,940
1,936
Cash and cash equivalents at end of period
2,307
1,940
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2024
- 16 -
1
Accounting policies
Company information

LV Parent Company Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Laker House, North Road, Ellesmere Port, CH65 1BA.

 

The group consists of LV Parent Company Limited and all of its subsidiaries.

1.1
Reporting period

The annual financial statements are compiled for the period to 30 March 2024 being the closest Saturday to the 31 March 2024 accounting reference date.

1.2
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 £'000.

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:

 

1.3
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.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company LV Parent Company Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 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.

1.5
Going concern

The group financial statements have been prepared on a going concern basis, which assumes the group will have sufficient funds to continue to pay its debts as and when they fall due and thus continue to trade for a period of not less than 12 months from the date of signing these financial statements. In making their assessment the directors have reviewed and considered the expected performance across the group’s key contracts using their understanding of expected revenue and costings. They have also taken into consideration the timing of when key debts fall due and the impact these have upon expected cash flows.

 

Having due consideration of the above, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and so the accounts are prepared on a going concern basis.

1.6
Turnover

Turnover is taken into account progressively and in accordance with UK applicable accounting standards relating to long term contracts.

 

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the period end date, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the period in which they are first foreseen. In accordance with FRS 102, the balance of payments on account in excess of amounts matched with turnover and offset against long term balances, is classified as payments on account and separately disclosed within creditors.

 

Turnover in respect of daywork represents the invoiced value of work done during the period stated net of value added tax.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

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.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

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% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line

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

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.

1.10
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.

 

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.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value after making allowance for obsolete and slow-moving items. Cost includes all direct costs and an appropriate apportion of fixed and variable overheads.

 

Work in progress is stated at cost of direct materials and labour plus attributable overheads based on the anticipated normal level of activity, less provision for any know or anticipated losses.

1.12
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.13
Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties.

 

Financial assets that are measured at cos and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

 

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.

1.14
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.

1.15
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.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
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.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impaired assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit rating, and experience of recovery.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Detemining WIP valuations

WIP is valued at direct cost and uplifted to cover associated production overheads and this is based on normal activity levels within the business. Profit is only recognised within WIP when the contract is significantly completed, this ensures minimum risk of overstatement of asset values. Similarly any potential losses on a contract are recognised as soon as the directors are aware of this.

Determining WIP valuations

The group establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of receivables, past experience of recoverability, and the credit profile of individual or groups of customers.

Detemining residual values and useful economic lives of tangible fixed assets

The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about the future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technical innovation, product life cycles and maintenance programmes.

 

Judgement is applied by management when determining the residual values for tangible fixed assets. When determining the residual value, management aim to assess the amount that the group would currently obtain for the disposal of the asset if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

3
Turnover and other revenue
2024
2023
£'000
£'000
Turnover analysed by class of business
Contracts
7,234
5,516
Daywork
14,274
11,826
21,508
17,342
2024
2023
£'000
£'000
Turnover analysed by geographical market
United Kingdom
21,508
17,342
2024
2023
£'000
£'000
Other revenue
Interest income
33
-
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 22 -
4
Operating profit
2024
2023
£'000
£'000
Operating profit for the period is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
143
129
Loss/(profit) on disposal of tangible fixed assets
1
(7)
Operating lease charges
97
91
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
3
2
Audit of the financial statements of the company's subsidiaries
18
15
21
17
For other services
Other taxation services
3
2
All other non-audit services
1
1
4
3

Auditor's fees for the group are borne by subsidiary undertaking, Laker Vent Engineering Limited.

6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Installation staff
150
142
-
-
Office and management staff
31
31
-
-
Total
181
173
-
0
-
0
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Wages and salaries
10,476
8,627
-
0
-
0
Social security costs
1,087
877
-
-
Pension costs
431
492
-
0
-
0
11,994
9,996
-
0
-
0
7
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
560
426
Company pension contributions to defined contribution schemes
224
318
784
744
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
127
145
Company pension contributions to defined contribution schemes
10
4

The number of directors for whom retirement benefits are accruing under defined contribution schemes amount to 5 (2023 - 5).

8
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Interest on bank deposits
33
-
0
9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest on bank overdrafts and loans
16
16
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 24 -
10
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
443
241
Adjustments in respect of prior periods
(2)
-
0
Total current tax
441
241
Deferred tax
Origination and reversal of timing differences
21
(4)
Total tax charge
462
237

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

2024
2023
£'000
£'000
Profit before taxation
1,615
1,229
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
404
234
Tax effect of expenses that are not deductible in determining taxable profit
58
(2)
Other differences leading to an increase in the tax charge
-
0
5
Taxation charge
462
237
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£'000
£'000
Final paid
152
-
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 25 -
12
Intangible fixed assets
Group
Goodwill
£'000
Cost
At 2 April 2023
7
Disposals
(7)
At 30 March 2024
-
0
Amortisation and impairment
At 2 April 2023
7
Disposals
(7)
At 30 March 2024
-
0
Carrying amount
At 30 March 2024
-
0
At 1 April 2023
-
0
The company had no intangible fixed assets at 30 March 2024 or 1 April 2023.
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 2 April 2023
499
748
304
176
1,727
Additions
-
0
130
27
-
0
157
Disposals
(1,200)
(34)
(32)
(12)
(1,278)
Revaluation
701
-
0
-
0
-
0
701
At 30 March 2024
-
0
844
299
164
1,307
Depreciation and impairment
At 2 April 2023
283
630
202
61
1,176
Depreciation charged in the period
-
0
64
38
41
143
Eliminated in respect of disposals
-
0
(33)
(32)
(12)
(77)
Revaluation
(283)
-
0
-
0
-
0
(283)
At 30 March 2024
-
0
661
208
90
959
Carrying amount
At 30 March 2024
-
0
183
91
74
348
At 1 April 2023
216
118
102
115
551
The company had no tangible fixed assets at 30 March 2024 or 1 April 2023.
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 26 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
15
-
0
-
0
6,000
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 2 April 2023
-
Additions
6,000
At 30 March 2024
6,000
Carrying amount
At 30 March 2024
6,000
At 1 April 2023
-
15
Subsidiaries

Details of the company's subsidiaries at 30 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
LV Engineering Limited
Laker House, North Road, Ellesmere Port, South Wirral, CH65 1BA
Ordinary
100.00
Laker Vent Engineering Limited
Laker House, North Road, Ellesmere Port, South Wirral, CH65 1BA
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Work in progress
53
47
-
-
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 27 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
4,982
2,542
-
0
-
0
Amounts owed by group undertakings
-
-
152
-
Other debtors
4
-
-
0
-
0
Prepayments and accrued income
89
175
-
0
-
0
5,075
2,717
152
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Bank loans
20
-
0
83
-
0
-
0
Payments received on account
1,973
400
-
0
-
0
Trade creditors
879
1,011
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
152
-
0
Corporation tax payable
276
241
-
0
-
0
Other taxation and social security
883
411
-
-
Other creditors
294
351
-
0
-
0
Accruals and deferred income
450
348
-
0
-
0
4,755
2,845
152
-
0

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
20
-
0
28
-
0
-
0
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Bank loans
-
0
111
-
0
-
0
Payable within one year
-
0
83
-
0
-
0
Payable after one year
-
0
28
-
0
-
0
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
20
Loans and overdrafts
(Continued)
- 28 -

Bank facilities are secured by way of a legal charge over the freehold property at Laker House, North Road, Ellesmere Port, a debenture on the bank's standard form dated 26 May 2023, and a cross guarantee between group companies Laker Vent Engineering Limited, LV Engineering Limited, and LV Parent Company Limited, and Next Property Holding Company Limited which is under common control.

The bank loan was provided by Barclays Bank Plc under the Coronavirus Business Interruption Loan Scheme and was repaid in full during the year.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
431
492

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
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
£'000
£'000
Accelerated capital allowances
77
75
Retirement benefit obligations
(24)
(43)
53
32
Group
Company
2024
2024
Movements in the period:
£'000
£'000
Liability at 2 April 2023
32
-
Charge to profit or loss
21
-
Liability at 30 March 2024
53
-

The net deferred tax liabilities set out above are not expected to reverse within the next 12 months.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 29 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary D Shares of 1p each
6,530
-
-
-
Ordinary E Shares of 1p each
6,530
-
-
-
Ordinary F Shares of 1p each
6,530
-
-
-
19,590
-
-
-

All shares rank pari passu and carry rights to attend, speak and vote at meetings of the group.

24
Reserves
Share premium

The share premium reserve contains the premium arising on issue of equity shares.

Equity reserve

The profit and loss reserve represents cumulative profits or losses net of dividends and other adjustments.

Other reserves

Other reserves represents the merger reserve created on the group reorganisation.

25
Financial commitments, guarantees and contingent liabilities

A company within the group has indemnified its bankers in respect of a bonds, guarantees, and indemnities facility to the value of £150,000.

26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Within one year
110
122
-
-
Between two and five years
56
110
-
-
166
232
-
-
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2024
- 30 -
27
Related party transactions
Transactions with related parties

Included within other debtors are directors' loan accounts due from T Ventre of £3,000 (2023: £nil). Included within other creditors are directors' loan accounts due to P Ventre of £1,050 (2023: £2,000). No interest is charged on these loans.

 

The maximum overdrawn balances for T Ventre and P Ventre during the period were £8,000 and £nil respectively.

 

The company has taken advantage of the exemption in FRS102 section 33 not to disclose transactions with other wholly owned members of the group.

28
Controlling party
There is no one controlling party of the group and company.
29
Cash generated from group operations
2024
2023
£'000
£'000
Profit for the period after tax
1,153
992
Adjustments for:
Taxation charged
462
237
Finance costs
16
16
Investment income
(33)
-
0
Loss/(gain) on disposal of tangible fixed assets
1
(7)
Depreciation and impairment of tangible fixed assets
143
129
Movements in working capital:
Increase in stocks
(6)
(10)
Increase in debtors
(2,355)
(326)
Increase/(decrease) in creditors
1,959
(501)
Cash generated from operations
1,340
530
30
Analysis of changes in net funds - group
2 April 2023
Cash flows
30 March 2024
£'000
£'000
£'000
Cash at bank and in hand
1,940
367
2,307
Borrowings excluding overdrafts
(111)
111
-
1,829
478
2,307
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