Company registration number 02978626 (England and Wales)
PRONTO INDUSTRIAL PAINTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PRONTO INDUSTRIAL PAINTS LIMITED
COMPANY INFORMATION
Directors
D M Beckford
J A G Harris
L A Harris
Company number
02978626
Registered office
Stainsby Close
Holmewood Industrial Estate
Chesterfield
Derbyshire
S42 5UG
Auditor
Taylor Dawson Plumb Limited
22 Regent Street
Nottingham
NG1 5BQ
PRONTO INDUSTRIAL PAINTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9 - 10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
PRONTO INDUSTRIAL PAINTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
The group's principal activity continues to be that of a paint manufacturer.
The Directors consider that the financial key performance indicators for the business are: Turnover, Gross Profit Margin, Net Profit before Taxation and Net Assets.
The group continues to trade in the UK market and has continued its growth resulting in an increase in turnover of £1,516,357 (14.1%) in 2024 (2023: increase £863,951 (8.7%).
Despite continued pressure on costs, management were still able to maintain Gross Profit margins, which increased to 31.25% in the current year from 29.42% in 2023.
Overall group Administrative Expenditure and Distribution Costs increased from £3,001,829 to £3,357,515, but remained comparable with turnover at 27.4% (2023: 27.9%). Operating profit compared to the previous year was higher at £497,764 (2023: £183,294).
Profit before taxation takes into account interest payable of £123,708 (2023: £85,067), and also includes a revaluation loss on the investment property of £171,885 (2023: £Nil). Overall there was an increase in profit before taxation to £202,189 compared to £99,317 in 2023.
Other comprehensive income for the year totalled £908,336, representing property revaluations and provision for deferred tax. Total comprehensive income for the year after tax was £996,657 (£3,763). Net Assets of the group have increased from £3,860,089 last year to £4,340,146 as at 31 March 2024.
The benefits of acquiring nearby sites in 2019 is beginning to show through, with PP2 being utilized for a large toll manufacturing contract, expanding the range of capabilities the company can offer as it strives to become better known as the ‘Paint Makers Paint Maker’. A valuation carried out in 2024 has shown an asset increase of £898,951 which will be reviewed every 3-5 years with a formal valuation of all sites.
Even though there continues to be unforeseen challenges due to the conflict in Ukraine and global economic pressures, such as inflation, the Directors still anticipate that there will be continued growth in turnover in the forthcoming year, though pressure on margins remains and this suggests a similar net profit retained in the business.
Principal risks and uncertainties
We consider the key risks and uncertainties affecting the group to be the continued uncertainty in the global economy and competition in the market. We also recognise the impact which the conflict in Ukraine continues to have on the supply chain of the business and our service delivery.
In order to mitigate the risks and uncertainties, we continue to focus on customer service and taking an active role in our member Federations, both within UK and Europe.
EU CLP, REACH and UN GHS are continually monitored for any future impact on our product range, both for Pronto label and also our fast growing Private Label offering.
D M Beckford
Director
26 November 2024
PRONTO INDUSTRIAL PAINTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company and group continued to be that of a paint manufacturer.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £516,600. 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:
D M Beckford
J A G Harris
L A Harris
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
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.
PRONTO INDUSTRIAL PAINTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
On behalf of the board
D M Beckford
Director
26 November 2024
PRONTO INDUSTRIAL PAINTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRONTO INDUSTRIAL PAINTS LIMITED
- 4 -
Opinion
We have audited the financial statements of Pronto Industrial Paints 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PRONTO INDUSTRIAL PAINTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRONTO INDUSTRIAL PAINTS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the application of the Financial Reporting Standard 102 and the Companies Act 2006 together with compliance with UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
We assessed the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by considering the following:
The nature of the industry and the business performance.
Discussions with Directors and management and consideration of their policies and procedures for identifying non-compliance or detecting and responding to the risks of fraud.
Communication throughout the audit team to remain alert to indications of non-compliance throughout the audit.
Based on the results of our risk assessment we designed our audit procedures to identify fraud and non compliance with such laws and regulations identified above.
We reviewed the disclosures in the financial statements and tested to supporting documentation.
We considered the risk of fraud through management override of controls and, in response, we incorporated testing of manual journals throughout our audit approach and assessed whether judgements made in making accounting estimates were indicative of potential bias.
We performed analytical procedures to identify any unusual or unexpected trends or relationships that may indicate risks of material misstatement due to fraud.
We made enquiries into management of any actual and potential litigation and claims.
PRONTO INDUSTRIAL PAINTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRONTO INDUSTRIAL PAINTS LIMITED
- 6 -
There are inherent limitations in the audit procedures described above and therefore there is a risk that we
will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Where instances of non-compliance with laws and regulations are not closely linked to events and transactions within the financial statements, then we are less likely to become aware of these. In addition, the risk is increased regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, omission or misrepresentation.
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.
Other matters which we are required to address
Throughout the financial statements comparative figures are unaudited.
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.
Sara Dawson (Senior Statutory Auditor)
For and on behalf of
26 November 2024
Taylor Dawson Plumb Limited
Chartered Accountants
Statutory Auditor
22 Regent Street
Nottingham
NG1 5BQ
PRONTO INDUSTRIAL PAINTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
4
12,258,325
10,741,968
Cost of sales
(8,427,646)
(7,581,445)
Gross profit
3,830,679
3,160,523
Distribution costs
(141,326)
(73,247)
Administrative expenses
(3,216,189)
(2,928,582)
Other operating income
24,600
24,600
Operating profit
5
497,764
183,294
Interest receivable and similar income
8
18
1,090
Interest payable and similar expenses
9
(123,708)
(85,067)
Gain (Loss) on revaluation of investment property
10
(171,885)
-
Profit before taxation
202,189
99,317
Tax on profit
11
(113,868)
(68,457)
Profit for the financial year
88,321
30,860
Other comprehensive income
Gain (Loss) on revaluation of property
1,070,836
Tax relating to other comprehensive income
(162,500)
(27,097)
Total comprehensive income for the year
996,657
3,763
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 notes on pages 14 to 29 form part of these financial statements.
PRONTO INDUSTRIAL PAINTS LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
68,217
Tangible assets
14
4,476,584
3,281,000
Investment property
15
725,000
896,885
5,201,584
4,246,102
Current assets
Stocks
18
1,837,312
1,893,598
Debtors
19
2,397,155
1,984,065
Cash at bank and in hand
123,351
28,089
4,357,818
3,905,752
Creditors: amounts falling due within one year
20
(3,350,876)
(2,552,906)
Net current assets
1,006,942
1,352,846
Total assets less current liabilities
6,208,526
5,598,948
Creditors: amounts falling due after more than one year
21
(1,408,701)
(1,483,191)
Provisions for liabilities
Deferred tax liability
24
459,679
255,668
(459,679)
(255,668)
Net assets
4,340,146
3,860,089
Capital and reserves
Called up share capital
26
35,001
35,001
Revaluation reserve
27
835,486
277,750
Profit and loss reserves
3,469,659
3,547,338
Total equity
4,340,146
3,860,089
The notes on pages 14 to 29 form part of these financial statements.
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 26 November 2024 and are signed on its behalf by:
26 November 2024
D M Beckford
J A G Harris
Director
Director
Company registration number 02978626 (England and Wales)
PRONTO INDUSTRIAL PAINTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,476,584
1,931,000
Investment property
15
725,000
896,885
Investments
16
1,602,489
1,602,489
4,804,073
4,430,374
Current assets
Stocks
18
1,837,312
1,893,598
Debtors
19
2,397,155
1,984,065
Cash at bank and in hand
123,345
28,083
4,357,812
3,905,746
Creditors: amounts falling due within one year
20
(3,515,007)
(2,717,037)
Net current assets
842,805
1,188,709
Total assets less current liabilities
5,646,878
5,619,083
Creditors: amounts falling due after more than one year
21
(1,408,701)
(1,483,191)
Provisions for liabilities
Deferred tax liability
24
184,274
142,763
(184,274)
(142,763)
Net assets
4,053,903
3,993,129
Capital and reserves
Called up share capital
26
35,001
35,001
Revaluation reserve
27
347,986
277,750
Profit and loss reserves
3,670,916
3,680,378
Total equity
4,053,903
3,993,129
The notes on pages 14 to 29 form part of these financial statements.
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 £328,423 (2023 - £99,077 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
PRONTO INDUSTRIAL PAINTS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 10 -
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
D M Beckford
J A G Harris
Director
Director
Company registration number 02978626 (England and Wales)
PRONTO INDUSTRIAL PAINTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
35,001
281,135
3,957,040
4,273,176
Year ended 31 March 2023:
Profit for the year
-
-
30,860
30,860
Other comprehensive income:
Tax relating to other comprehensive income
-
(27,097)
(27,097)
Total comprehensive income
-
-
3,763
3,763
Dividends
12
-
-
(416,850)
(416,850)
Transfers
-
(3,385)
3,385
-
Balance at 31 March 2023
35,001
277,750
3,547,338
3,860,089
Year ended 31 March 2024:
Profit for the year
-
-
88,321
88,321
Other comprehensive income:
Gain (Loss) on revaluation of property
-
-
1,070,836
1,070,836
Tax relating to other comprehensive income
-
(162,500)
(162,500)
Total comprehensive income
-
-
996,657
996,657
Dividends
12
-
-
(516,600)
(516,600)
Transfers
-
557,736
(557,736)
-
Balance at 31 March 2024
35,001
835,486
3,469,659
4,340,146
The notes on pages 14 to 29 form part of these financial statements.
PRONTO INDUSTRIAL PAINTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
35,001
281,135
3,994,766
4,310,902
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
99,077
99,077
Dividends
12
-
-
(416,850)
(416,850)
Transfers
-
(3,385)
3,385
-
Balance at 31 March 2023
35,001
277,750
3,680,378
3,993,129
Year ended 31 March 2024:
Profit for the year
-
-
328,423
328,423
Other comprehensive income:
Gain (Loss) on revaluation of investment property
-
-
248,951
248,951
Total comprehensive income
-
-
577,374
577,374
Dividends
12
-
-
(516,600)
(516,600)
Transfers
-
70,236
(70,236)
-
Balance at 31 March 2024
35,001
347,986
3,670,916
4,053,903
The notes on pages 14 to 29 form part of these financial statements.
PRONTO INDUSTRIAL PAINTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,242,920
634,110
Interest paid
(123,708)
(85,067)
Income taxes paid
(60,899)
(146,450)
Net cash inflow from operating activities
1,058,313
402,593
Investing activities
Purchase of tangible fixed assets
(113,097)
(72,466)
Proceeds from disposal of tangible fixed assets
6,000
15,283
Interest received
18
1,090
Net cash used in investing activities
(107,079)
(56,093)
Financing activities
Repayment of bank loans
(163,931)
(159,208)
Payment of finance leases obligations
(105,465)
97,778
Dividends paid to equity shareholders
(516,600)
(416,850)
Net cash used in financing activities
(785,996)
(478,280)
Net increase/(decrease) in cash and cash equivalents
165,238
(131,780)
Cash and cash equivalents at beginning of year
(557,135)
(425,355)
Cash and cash equivalents at end of year
(391,897)
(557,135)
Relating to:
Cash at bank and in hand
123,351
28,089
Bank overdrafts included in creditors payable within one year
(515,248)
(585,224)
The notes on pages 14 to 29 form part of these financial statements.
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Pronto Industrial Paints Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Stainsby Close, Holmewood Industrial Estate, Chesterfield, Derbyshire, S42 5UG.
The group consists of Pronto Industrial Paints 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 under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
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.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Pronto Industrial Paints 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 except for Eden Properties Chesterfield Limited whose accounts are made up to 28 February 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.
1.4
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.
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Revenue is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on dispatch of the goods.
1.6
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.
1.7
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
Fair value
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
As at 31 March 2024 the company adopted a new accounting policy to recognise Freehold land and buildings at fair value.
1.8
Investment property
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.
Property rented to a group entity is accounted for at fair value with changes in fair value recognised in profit or loss.
1.9
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Other investments, which represent a minority investment in an unlisted company, are held at cost less any impairment, as there is no readily available fair value.
1.10
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Cost is calculated using the average cost method.
1.11
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.12
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.
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.
1.13
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.14
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged to the profit and loss account as incurred.
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2
Change in accounting policy
During the year ended 31 March 2024, the company decided to adopt the revaluation model for freehold land and buildings. It was determined that given the nature of the freehold land and buildings, fair value was more accurately measurable using this method rather than the previous cost model.
As a result of the change the accumulated depreciation at 31 March 2024 of £243,317 has been adjusted through the revaluation reserve. There has been no impact on the accounts for previous periods.
3
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.
Carrying value of stock:
When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated future sales of goods for resale and usage of consumables. The stock provision is deducted from the total stock reported in note 18.
Valuation of properties
When calculating the value of properties, management considers the nature and condition of the property, as well as applying assumptions about the value of similar properties sold within the area, when arriving at the value of the property at the year end.
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,258,325
10,741,968
2024
2023
£
£
Other revenue
Interest income
18
1,090
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(18,731)
2,210
Fees payable to the group's auditor for the audit of the group's financial statements
8,250
-
Depreciation of owned tangible fixed assets
136,887
168,737
Depreciation of tangible fixed assets held under finance leases
96,709
70,133
Loss/(profit) on disposal of tangible fixed assets
318
(994)
Amortisation of intangible assets
68,217
68,217
Operating lease charges
69,420
42,723
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
3
3
Administrative
9
9
9
9
Production
31
29
31
29
Total
43
41
43
41
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,478,604
1,376,617
1,478,604
1,376,617
Social security costs
162,105
154,961
162,105
154,961
Pension costs
112,651
103,392
112,651
103,392
1,753,360
1,634,970
1,753,360
1,634,970
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
206,041
204,830
Company pension contributions to defined contribution schemes
21,845
21,845
227,886
226,675
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 19 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
73,230
73,026
Company pension contributions to defined contribution schemes
9,960
9,960
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
18
1,090
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
110,887
78,069
Interest on finance leases and hire purchase contracts
12,821
6,998
Total finance costs
123,708
85,067
10
Other Gains or Losses
2024
2023
£
£
Changes in the fair value of investment properties
(171,885)
-
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
72,358
60,900
Adjustments in respect of prior periods
(1)
(269)
Total current tax
72,357
60,631
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
2024
2023
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
41,511
(26,437)
Changes in tax rates
34,263
Total deferred tax
41,511
7,826
Total tax charge
113,868
68,457
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
202,189
99,317
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
50,547
18,870
Tax effect of expenses that are not deductible in determining taxable profit
882
643
Depreciation on assets not qualifying for tax allowances
3,936
3,243
Amortisation on assets not qualifying for tax allowances
17,054
12,962
Under/(over) provided in prior years
(1)
(269)
Depreciation greater (less than) capital allowances
(43,033)
25,183
Deferred taxation charge
41,511
7,825
Revaluation of investment property
42,972
Taxation charge
113,868
68,457
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:
Gain (Loss) on revaluation of property
162,500
27,097
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
516,600
416,850
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
341,086
Amortisation and impairment
At 1 April 2023
272,869
Amortisation charged for the year
68,217
At 31 March 2024
341,086
Carrying amount
At 31 March 2024
At 31 March 2023
68,217
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
14
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
2,822,481
2,348,684
14,920
58,640
644,568
5,889,293
Additions
49,288
918
314,456
364,662
Disposals
(68,750)
(68,750)
Revaluation
827,519
827,519
At 31 March 2024
3,650,000
2,397,972
14,920
59,558
890,274
7,012,724
Depreciation and impairment
At 1 April 2023
227,575
1,844,669
14,590
50,022
471,437
2,608,293
Depreciation charged in the year
15,742
129,280
82
2,365
86,127
233,596
Eliminated in respect of disposals
(62,432)
(62,432)
Revaluation
(243,317)
(243,317)
At 31 March 2024
1,973,949
14,672
52,387
495,132
2,536,140
Carrying amount
At 31 March 2024
3,650,000
424,023
248
7,171
395,142
4,476,584
At 31 March 2023
2,594,906
504,015
330
8,618
173,131
3,281,000
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 22 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
1,472,481
2,348,684
14,920
58,640
644,568
4,539,293
Additions
49,288
918
314,456
364,662
Disposals
(68,750)
(68,750)
Revaluation
177,519
177,519
At 31 March 2024
1,650,000
2,397,972
14,920
59,558
890,274
5,012,724
Depreciation and impairment
At 1 April 2023
227,575
1,844,669
14,590
50,022
471,437
2,608,293
Depreciation charged in the year
15,742
129,280
82
2,365
86,127
233,596
Eliminated in respect of disposals
(62,432)
(62,432)
Revaluation
(243,317)
(243,317)
At 31 March 2024
1,973,949
14,672
52,387
495,132
2,536,140
Carrying amount
At 31 March 2024
1,650,000
424,023
248
7,171
395,142
2,476,584
At 31 March 2023
1,244,906
504,015
330
8,618
173,131
1,931,000
The carrying value of land and buildings comprises:
Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
3,650,000
2,594,906
1,650,000
1,244,906
Included in cost or valuation of land and buildings above is freehold land of £174,277 (2023: £153,823) which is not depreciated.
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
110,162
146,883
110,162
146,883
Motor vehicles
317,987
63,519
317,987
63,519
428,149
210,402
428,149
210,402
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 23 -
The fair value of the property has been arrived at on the basis of a professional valuation carried out by Sanderson Weatherall on 21 August 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Subsequently the directors have used this professional valuation, together with a review of conditions existing at 31 March 2024, to arrive at a valuation of the property as at 31 March 2024.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold land and buildings
2024
2023
£
£
Group
Cost
1,943,879
1,943,879
Accumulated depreciation
(199,834)
(187,121)
Carrying value
1,744,045
1,756,758
Company
Cost
1,130,129
1,130,129
Accumulated depreciation
(199,834)
(187,121)
Carrying value
930,295
943,008
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023
896,885
896,885
Net gains or losses through fair value adjustments
(171,885)
(171,885)
At 31 March 2024
725,000
725,000
The fair value of the investment property has been arrived at on the basis of a professional valuation carried out by Sanderson Weatherall on 21 August 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Subsequently the directors have used this professional valuation, together with a review of conditions existing at 31 March 2024, to arrive at a valuation of the property as at 31 March 2024.
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
1,602,489
1,602,489
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
1,602,489
Carrying amount
At 31 March 2024
1,602,489
At 31 March 2023
1,602,489
17
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Pronto Industrial Paints (Scotland) Limited
1
Dormant
Ordinary
100.00
Silverhouse Group Limited
1
Dormant
Ordinary
100.00
Pronto Paints Limited
1
Dormant
Ordinary
100.00
Pronto Paints (South) Limited
1
Dormant
Ordinary
100.00
Pronto Paints (Scotland) Limited
1
Dormant
Ordinary
100.00
Eden Properties Chesterfield Limited
1
Property investment
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Stainsby Close, Holmewood Industrial Estate, Chesterfield, Derbyshire, S42 5UG
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,722,521
1,773,598
1,722,521
1,773,598
Finished goods and goods for resale
114,791
120,000
114,791
120,000
1,837,312
1,893,598
1,837,312
1,893,598
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,296,545
1,904,265
2,296,545
1,904,265
Other debtors
16,893
15,498
16,893
15,498
Prepayments and accrued income
83,717
64,302
83,717
64,302
2,397,155
1,984,065
2,397,155
1,984,065
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
696,582
760,212
696,582
760,212
Obligations under finance leases
23
130,100
79,787
130,100
79,787
Trade creditors
1,910,600
1,425,040
1,910,600
1,425,040
Amounts owed to group undertakings
164,131
164,131
Corporation tax payable
72,358
60,900
72,358
60,900
Other taxation and social security
217,364
138,989
217,364
138,989
Other creditors
159,614
41,318
159,614
41,318
Accruals and deferred income
164,258
46,660
164,258
46,660
3,350,876
2,552,906
3,515,007
2,717,037
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
1,201,287
1,371,564
1,201,287
1,371,564
Obligations under finance leases
23
207,414
111,627
207,414
111,627
1,408,701
1,483,191
1,408,701
1,483,191
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,382,621
1,546,552
1,382,621
1,546,552
Bank overdrafts
515,248
585,224
515,248
585,224
1,897,869
2,131,776
1,897,869
2,131,776
Payable within one year
696,582
760,212
696,582
760,212
Payable after one year
1,201,287
1,371,564
1,201,287
1,371,564
Bank loans are secured on some of the land and freehold properties.
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
130,100
79,787
130,100
79,787
In two to five years
207,414
111,627
207,414
111,627
337,514
191,414
337,514
191,414
Amounts owed under finance leases are secured on the asset to which it relates.
24
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
184,274
142,763
Investment property
275,405
112,905
459,679
255,668
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Deferred taxation
(Continued)
- 27 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
184,274
142,763
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
255,668
142,763
Charge to profit or loss
204,011
41,511
Liability at 31 March 2024
459,679
184,274
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances and an investment property revaluation that are expected to mature within the same period.
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
112,651
103,392
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.
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
35,000
35,000
35,000
35,000
Ordinary B of £1 each
1
1
1
1
35,001
35,001
35,001
35,001
27
Revaluation reserve
The revaluation reserve represents the non distributable fair value uplift on the investment property and freehold property less the associated deferred taxation liability.
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
28
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
85,586
50,840
85,586
50,840
Between two and five years
90,545
60,748
90,545
60,748
176,131
111,588
176,131
111,588
29
Directors' transactions
Dividends totalling £516,600 (2023 - £416,850) were paid in the year in respect of shares held by the company's directors.
30
Controlling party
Pronto Industrial Paints Limited is controlled by the directors by virtue of their shareholdings.
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
88,321
30,860
Adjustments for:
Taxation charged
113,868
68,457
Finance costs
123,708
85,067
Investment income
(18)
(1,090)
Loss/(gain) on disposal of tangible fixed assets
318
(994)
Fair value loss on investment properties
171,885
Amortisation and impairment of intangible assets
68,217
68,217
Depreciation and impairment of tangible fixed assets
233,596
238,870
Movements in working capital:
Decrease/(increase) in stocks
56,286
(206,892)
(Increase)/decrease in debtors
(413,090)
439,115
Increase/(decrease) in creditors
799,829
(87,500)
Cash generated from operations
1,242,920
634,110
PRONTO INDUSTRIAL PAINTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
32
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
28,089
95,262
-
123,351
Bank overdrafts
(585,224)
69,976
-
(515,248)
(557,135)
165,238
-
(391,897)
Borrowings excluding overdrafts
(1,546,552)
163,931
-
(1,382,621)
Obligations under finance leases
(191,414)
105,465
(251,565)
(337,514)
(2,295,101)
434,634
(251,565)
(2,112,032)
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