Company registration number 00615334 (England and Wales)
SOUTHERN TYRE CO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SOUTHERN TYRE CO LIMITED
COMPANY INFORMATION
Directors
J E D M Sattin
S A M Sattin
A M A Sattin
K A E Forder
J E L Sattin
J A J Forder
(Appointed 4 July 2023)
G Polack
(Appointed 4 July 2023)
F D Sattin
(Appointed 4 July 2023)
J E M Sattin
(Appointed 4 July 2023)
Company number
00615334
Registered office
Unit 7 Hackhurst Lane
Hackhurst Industrial Estate
Lower Dicker
Nr Hailsham
East Sussex
BN27 4BR
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
SOUTHERN TYRE CO LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
SOUTHERN TYRE CO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
As part of a restructuring of the Sattin family interests, Southern Tyre Co Limited became a subsidiary of Coalbrook Investments Limited on 13 July 2023.
Review of the business
The company's principal activities during the year was the sale of tyres to wholesale and retail markets and retail services. The business operated from twenty-four sites during the year, spread out across the south east of the United Kingdom, and is looking to expand into new areas.
2024 was another profitable year for the company, although there were many challenges to face. The company carefully monitored its plans to ensure it appropriately responded to the continually changing business environment, and has been able to exceed the profitability of the previous year and maintain a strong balance sheet.
The company monitors its operational running costs with focus being on operational productivity and continued focus on customer requirements and giving value for money, both wholesale and retail. The company has a policy of paying its suppliers promptly achieving over 99% within payment terms.
Principal risks and uncertainties
There will always be risk and uncertainty regarding the future performance of any business. The directors believe that the principal risks and uncertainties relate to world economic problems dating from as far back as 2008 exacerbated by Covid-19 and Brexit, and complicated by currency fluctuations and changes in government legislation and industry regulations.
Economic risk
The company's strategy continues to be to minimise costs, have cash reserves and bank facilities and to avoid exposure to unnecessary risks.
Currency risk
The company's policy is to hedge exposure to currency fluctuations on a short term basis by using short term foreign exchange forward contracts.
Legislative risk
In the UK and Europe tyres sold are required to be manufactured to EU standards. Failure to comply with changes in legislation and regulations can result in large fines and penalties. It is the company's policy to comply with legislation and closely monitor changes in legislation and regulations.
SOUTHERN TYRE CO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Key performance indicators
The key financial and other performance indicators during the year were as follows:
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Profit after tax excluding revaluation | | | |
Current assets as % of current liabilities | | | |
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Average number of employees | | | |
Other performance indicators
Gross margin percentage
Gross margin is the ratio of profit, after deduction of cost of goods sold, to sales, as a percentage. This varies with the mix between wholesale and retail, and different product lines.
Operating Profit
Cost of sales and administrative costs are analysed by expense type within cost centre and location and are measured against budgeted and previous year expenditure. The increase in operating profit of £262,000 8% is due to a combination of an increase in the gross profit and a smaller corresponding increase in administrative costs on last year.
Profit after tax
As a result of the above, profit after tax has increased by 19% on last year.
Liquidity ratios
The company’s “quick ratio” (current assets as a percentage of current liabilities) has slightly increase, showing good liquidity and ensuring sufficient funds are available for operations. The company operates strict controls on customer credit so minimising bad debt risk and this is borne out by the debtor days key performance indicator, which remains at under 30 days. The business also values its credit rating status and ensures that trade creditors are paid promptly, in line with payment terms.
SOUTHERN TYRE CO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Section 172 Statement
The directors of Southern Tyre Co Limited are required to act in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in so doing have regard, among other matters to:
The likely consequences of any decision in the long term;
The interests of the Company’s employees;
The need to foster the Company’s business relationships with suppliers, customers and others;
The impact of the Company’s operations on the community and the environment;
The desirability of the Company maintaining a reputation for high standards of business conduct; and
The need to act fairly as between members of the Company.
To achieve their duties under Section 172 the directors pride themselves in ensuring that the Company is properly financed so that going concern should never be an issue. There is a fair dividend policy that ensures that the shareholders are adequately rewarded and the company retains sufficient profits to maintain a healthy balance sheet.
The directors/shareholders are involved in the day to day running of the business and have a team of managers who report regularly and meet on a monthly basis and there are bonus schemes to incentivise the staff. The company scores well on their gender pay reporting.
Good supplier relationships are fostered by the directors and managers and the Company ensures that suppliers are paid within their terms. This is borne out in their Purchase Payment Reporting.
The Company continually reviews its pricing structure to ensure that the best deals are offered to their customers. The Company takes proactive steps by continually reviewing financial information.
The directors produce five year plans to ensure the succession of the business, taking into account the local environment and communities in which their sites operate.
J E D M Sattin
Director
26 November 2024
SOUTHERN TYRE CO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of the retail and distribution of tyres and fast fit services.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid during the year amounting to £13,941,000.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J E D M Sattin
S A M Sattin
A M A Sattin
K A E Forder
J E L Sattin
J A J Forder
(Appointed 4 July 2023)
G Polack
(Appointed 4 July 2023)
F D Sattin
(Appointed 4 July 2023)
J E M Sattin
(Appointed 4 July 2023)
Financial instruments
Liquidity risk
The company manages its cash requirements centrally to maximise interest income and minimise interest expense, whilst, ensuring that the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company does not have long term borrowings and therefore has no future interest rate exposure.
Credit risk
Investments of cash surpluses and derivative instruments are made through banks which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company's continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through regular operational meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given by management who seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. Most of the employees are rewarded by bonuses from the parts of the business in which they are employed and are aware of factors affecting the company's success.
SOUTHERN TYRE CO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Business relationships
An important part of the company's long term success is considered to be the need to regularly engage with all customers, potential customers and suppliers trying to match the needs of the customers and improving the service offered to them. The Company continually reviews its pricing structure to ensure that the best deals are offered to their customers. Good supplier relationships are fostered by the directors and managers and the Company ensures that suppliers are paid within their terms. This is borne out in their Purchase Payment Reporting.
Future developments
The directors aim to continue to maintain the management policies which have resulted in the company's continued growth over the last five years. The directors hope that the upcoming year will offer opportunities to improve services given to customers.
Auditor
The auditor, BK Plus Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the company was the member of a group at the end of this reporting period, it is not required under these regulations to report on its emissions, energy consumption or energy efficiency activities. As a subsidiary the energy and carbon disclosure will be included within the consolidated director's report.
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 company’s auditor 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 company’s auditor is aware of that information.
Going Concern
After considering the company's forecast for the next 12 months, the directors have a reasonable expectation that the company has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
On behalf of the board
J E D M Sattin
Director
26 November 2024
SOUTHERN TYRE CO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
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 company and of the profit or loss of the company 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 company and of the profit or loss of the company 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SOUTHERN TYRE CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SOUTHERN TYRE CO LIMITED
- 7 -
Opinion
We have audited the financial statements of Southern Tyre Co Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 31 March 2024 and of its profit for the period 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 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 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 period 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.
SOUTHERN TYRE CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SOUTHERN TYRE CO LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risk; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, where available;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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.
SOUTHERN TYRE CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SOUTHERN TYRE CO LIMITED
- 9 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Hession C.A.
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
26 November 2024
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
SOUTHERN TYRE CO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£'000
£'000
Turnover
3
61,698
56,929
Cost of sales
(39,089)
(37,731)
Gross profit
22,609
19,198
Administrative expenses
(19,126)
(16,235)
Other operating income
235
272
Operating profit
4
3,718
3,235
Interest receivable and similar income
8
61
21
Interest payable and similar expenses
9
(82)
(81)
Fair value gains and losses on investment properties
14
2,216
Profit before taxation
5,913
3,175
Tax on profit
10
(504)
(587)
Profit for the financial year
5,409
2,588
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SOUTHERN TYRE CO LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
8,519
16,252
Investment property
14
1,962
8,519
18,214
Current assets
Stocks
17
7,507
6,221
Debtors
18
10,167
7,748
Cash at bank and in hand
1,953
3,558
19,627
17,527
Creditors: amounts falling due within one year
19
(13,764)
(12,463)
Net current assets
5,863
5,064
Total assets less current liabilities
14,382
23,278
Provisions for liabilities
Deferred tax liability
20
339
703
(339)
(703)
Net assets
14,043
22,575
Capital and reserves
Called up share capital
22
450
450
Capital redemption reserve
45
45
Profit and loss reserves
13,548
22,080
Total equity
14,043
22,575
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:
J E D M Sattin
Director
Company registration number 00615334 (England and Wales)
SOUTHERN TYRE CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 April 2022
450
45
20,202
20,697
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
2,588
2,588
Dividends
11
-
-
(710)
(710)
Balance at 31 March 2023
450
45
22,080
22,575
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
5,409
5,409
Dividends
11
-
-
(13,941)
(13,941)
Balance at 31 March 2024
450
45
13,548
14,043
SOUTHERN TYRE CO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
26
1,915
4,467
Interest paid
(82)
(81)
Income taxes paid
(657)
(463)
Net cash inflow from operating activities
1,176
3,923
Investing activities
Purchase of tangible fixed assets
(4,038)
(2,855)
Proceeds on transfer of tangible fixed assets
15,137
89
Interest received
61
21
Net cash generated from/(used in) investing activities
11,160
(2,745)
Financing activities
Redemption of shares
45
Dividends paid
(13,941)
(710)
Net cash used in financing activities
(13,941)
(665)
Net (decrease)/increase in cash and cash equivalents
(1,605)
513
Cash and cash equivalents at beginning of year
3,558
3,091
Cash and cash equivalents at end of year
1,953
3,558
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Southern Tyre Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, Nr Hailsham, East Sussex, BN27 4BR.
Southern Tyre Co Limited became a subsidiary of Coalbrook Investments Limited on 13 July 2023.
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 £'000.
The company has taken advantage of the exemption under section 405 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
After considering the company's forecast for the next 12 months, the directors have a reasonable expectation that the company has adequate cash and resources to meet all requirements to continue in operational existence for the foreseeable future. This conclusion has been reached after considering all know risks. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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, if applicable, accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Goodwill has been completely amortised during the year. Acquired goodwill is difficult to accurately value. Goodwill has been entirely amortised during the year.
1.5
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.
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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.
Land and buildings freehold
No depreciation
Land and buildings short leasehold
Straight line over the life of the lease
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Commercial vehicles
33.3% straight line
No depreciation is provided in respect of freehold land and buildings as the company's policy of regular maintenance and repair ensures that the buildings remain at the same standard as that assessed at acquisition.
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 credited or charged to profit or loss.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.18
Dividends
Dividends unpaid at the balance sheet date are only recognised as a liability at that date to the extent that they are appropriately authorised and are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.
Investment Property Valuation
As described in note 14 to the financial statements, the directors consider that the cost is a reasonable indicator of fair value.
Stock Provision
A stock provision is applied based on the age and coverage of individual stock lines.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£'000
£'000
Turnover analysed by geographical market
Europe
61,698
56,929
2024
2023
£'000
£'000
Other revenue
Interest income
61
21
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Exchange gains
(83)
(12)
Depreciation of owned tangible fixed assets
877
641
Profit on disposal of tangible fixed assets
(64)
(62)
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 company
15
79
For other services
All other non-audit services
65
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Office and management
75
88
Sales
16
26
Warehouse, delivery and fitting
242
175
Total
333
289
Their aggregate remuneration comprised:
2024
2023
£'000
£'000
Wages and salaries
12,020
9,828
Social security costs
1,203
1,021
Pension costs
209
174
13,432
11,023
7
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
967
476
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
616
239
8
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Interest on bank deposits
61
21
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1
Other interest on financial liabilities
80
80
80
81
Other finance costs:
Other interest
2
82
81
10
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
439
511
Adjustments in respect of prior periods
(21)
Total current tax
439
490
Deferred tax
Origination and reversal of timing differences
65
97
Total tax charge
504
587
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 22 -
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
£'000
£'000
Profit before taxation
5,913
3,175
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,478
603
Tax effect of expenses that are not deductible in determining taxable profit
7
4
Gains not taxable
(553)
Permanent capital allowances in excess of depreciation
(48)
(85)
Under/(over) provided in prior years
(21)
Timing difference on depreciation in excess of capital allowances
64
98
Profit on sale of fixed assets
(16)
(12)
Deferred tax provision realised on assets transferred to parent
(428)
Taxation charge for the year
504
587
11
Dividends
2024
2023
£'000
£'000
Interim paid
13,941
710
12
Intangible fixed assets
Goodwill
£'000
Cost
At 1 April 2023 and 31 March 2024
174
Amortisation and impairment
At 1 April 2023 and 31 March 2024
174
Carrying amount
At 31 March 2024
At 31 March 2023
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
13
Tangible fixed assets
Land and buildings freehold
Land and buildings short leasehold
Plant and machinery
Fixtures, fittings & equipment
Commercial vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2023
14,978
136
607
43
2,175
17,939
Additions
2,689
199
23
1,127
4,038
Disposals
(475)
(475)
Revaluation
1,978
1,978
Transfers
(12,809)
(12,809)
At 31 March 2024
6,836
136
807
67
2,827
10,673
Depreciation and impairment
At 1 April 2023
135
386
36
1,130
1,688
Depreciation charged in the year
119
7
751
877
Eliminated in respect of disposals
(411)
(411)
At 31 March 2024
135
505
43
1,470
2,154
Carrying amount
At 31 March 2024
6,836
1
301
23
1,358
8,519
At 31 March 2023
14,977
-
221
7
1,045
16,252
14
Investment property
2024
£'000
Fair value
At 1 April 2023
1,962
Transfers
(2,200)
Net gains or losses through fair value adjustments
238
At 31 March 2024
Investment property comprises 12 flats and 8 garages. The investment properties were revalued by the directors in consultation with local experts and were then entirely transferred to the parent company in March 2024.
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
15
Subsidiaries
The company's subsidiary undertakings, listed below, are non trading. Parent company loan balances equal to the issued share capital. The directors do not consider the subsidiary undertakings to be material for the purpose of giving a true and fair view and the subsidiaries have therefore not been included in consolidated accounts, as permitted by section 405 of the Companies Act 2006.
These financial statements are separate company financial statements for Southern Tyre Co Limited.
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
South England Tyre Service Ltd
Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, East Sussex. BN27 4BR
Dormant
Ordinary
100.00
Tyreco Trading Company Limited
Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, East Sussex. BN27 4BR
Dormant
Ordinary
100.00
16
Financial instruments
The company has purchases with suppliers that deal in foreign currencies. In order to minimise exposure to currency risk the company takes out short term foreign exchange forward contracts. These contracts mature between one and three months.
Hedging arrangements
The company takes out forward currency contracts to partially cover currency risks on assets and liabilities denominated in foreign currencies. Outstanding at the year end:
£1,220,000 (2022 £750,000) less than 3 months.
17
Stocks
2024
2023
£'000
£'000
Finished goods and goods for resale
7,507
6,221
18
Debtors
2024
2023
Amounts falling due within one year:
£'000
£'000
Trade debtors
4,688
4,055
Amounts owed by group undertakings
5,205
Other debtors
11
3,444
Prepayments and accrued income
263
249
10,167
7,748
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
19
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Trade creditors
5,309
4,581
Corporation tax
492
281
Other taxation and social security
1,127
980
Other creditors
4,489
4,372
Accruals and deferred income
2,347
2,249
13,764
12,463
20
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£'000
£'000
ACAs
339
274
Rolled over gains
-
429
339
703
2024
Movements in the year:
£'000
Liability at 1 April 2023
703
Charge to profit or loss
64
Other
(428)
Liability at 31 March 2024
339
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
209
174
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
22
Share capital
2024
2023
£'000
£'000
Ordinary share capital
Authorised
500,000 ordinary 'A' shares of £1 each
500
500
500,000 ordinary 'B' shares of £1 each
500
500
1,000
1,000
Issued and fully paid
225,000 ordinary 'A' shares of £1 each
225
225
225,000 ordinary 'B' shares of £1 each
225
225
450
450
'A' and 'B' shares rank pari passu in all respects except that each class of share shall exclusively be offered to members within their own class on issue and that the holders of each class of share shall alone be entitled to vote in relation to the election or removal of the equivalent class of director.
23
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£'000
£'000
Within one year
47,500
47,500
Between two and five years
190,000
81,620
237,500
129,120
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Services received
Rent payable
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Entities over which the entity has control, joint control or significant influence
278
693
95
104
The directors consider rents paid by the company to related parties during the year were at a market rate; and amounts payable for services received were charged on an arms length basis.
The amounts outstanding are unsecured and will be settled in cash.
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Related party transactions
(Continued)
- 27 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£'000
£'000
Entities over which the entity has control, joint control or significant influence
15
15
Key management personnel
4,474
4,357
The loan balance outstanding with key management personnel is unsecured, interest free and repayable on demand.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£'000
£'000
Entities over which the entity has control, joint control or significant influence
5,205
3,437
25
Ultimate controlling party
The ultimate parent company is Coalbrook Investments Limited, a company incorporated in England and Wales. The financial statements for this company can be found at their registered office at Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, Nr Hailsham, East Sussex BN27 4BR.
Coalbrook Investments Limited prepares group financial statements.
26
Cash generated from operations
2024
2023
£'000
£'000
Profit for the year after tax
5,409
2,588
Adjustments for:
Taxation charged
504
587
Finance costs
82
81
Investment income
(61)
(21)
Gain on disposal of tangible fixed assets
(64)
(62)
Fair value gains and losses on investment properties
(2,216)
-
Depreciation and impairment of tangible fixed assets
877
641
Movements in working capital:
(Increase)/decrease in stocks
(1,286)
767
(Increase) in debtors
(2,419)
(416)
Increase in creditors
1,090
301
Cash generated from operations
1,916
4,466
SOUTHERN TYRE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
27
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£'000
£'000
£'000
Cash at bank and in hand
3,558
(1,605)
1,953
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