Company Registration No. SC021189 (Scotland)
JOHN G. RUSSELL (TRANSPORT) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
JOHN G. RUSSELL (TRANSPORT) LIMITED
COMPANY INFORMATION
Directors
W K Russell
A W Poulton
S J Wigfield
D Paterson
I M Russell
James G Russell
John G Russell
D Jones
R K Hannah
S J Smith
(Appointed 19 May 2023)
Secretary
S J Wigfield
Company number
SC021189
Registered office
Deanside Road
Hillington
Glasgow
United Kingdom
G52 4XB
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
JOHN G. RUSSELL (TRANSPORT) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Group profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14 - 15
Company balance sheet
16 - 17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 42
JOHN G. RUSSELL (TRANSPORT) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

 

Principal Activities and Business Review

 

The company and the group are principally engaged in:

 

· Road, rail and intermodal freight transport

· Bonded and general warehousing

· Primary and secondary distribution

· Contract packing

· Engineering services

· Container hire repair and refurbishing

· Self-storage

Fair review of the business

The group continues to focus on improving asset utilisation in road, rail and warehousing. Across the past 12 months demand across our core markets has remained stable, we have inserted price increases across all key customers to offset increase in cost base driven by inflation.

 

Strategy

Our principal business strategy remains the achievement of a consistently high quality, robust, sustainable and cost-effective logistics service to UK industry and the development of mutually beneficial, long term business partnerships. A focus on new business development supported by a philosophy of innovation, as a means of achieving long term prosperity, is an essential part of this strategy.

 

The group maintains key performance indicators as set out on page 2 around business growth and trading margins in addition to a suite of operational performance statistics that measure customer service, asset utilisation, driver and vehicle efficiencies; established with and monitored by our customers. Exceeding our customers' expectations is the overall standard set for the group's activities and the directors have every confidence that this standard will continue to be achieved.

 

Group Result

As a result of the focus on asset utilisation, the year saw a decrease in profit before tax to £8.1m (2023: £8.7m) on turnover of £87.5m (2023: £89m).

 

Capital Expenditure

The group continues to reinvest in regular fleet replacement. Asset investment was £8.6m (2023: £6.5m).

 

Principal risks and uncertainties

 

Liquidity & price risk

Liquidity risks are managed by regular forward projection of group performance and capital requirements and ensuring any requisite facilities are in place. Risk associated with input prices, including fuel, is reduced through long term procurement strategies and in collaboration with customers through pricing transparency. Consolidated borrowings and related costs are measured and managed against net assets and PBIT to achieve an optimum level of working capital.

 

Trade Credit

Credit risk is monitored by way of in-house credit control functions, regular outside credit checking and, where appropriate, credit insurance.

 

Financing

Financial instruments comprise: amounts receivable from customers; amounts payable to suppliers; short-term hire purchase asset finance; bank borrowing through overdraft and term loans; supplier financing. Currency, short term borrowings generally incur interest based on variable base rates with long term a mix of variable and fixed rates. Interest rate risk is not considered material to the fair value of current borrowings.

JOHN G. RUSSELL (TRANSPORT) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties (continued)

 

Fluctuations in currency exchange rates

The business risk arising from exposure to foreign currency fluctuations is regarded as low.

 

Pension Scheme funding

Our defined benefit scheme closed to future accruals in 2010. We had previously committed to funding the historical scheme deficit over a fixed period, however through a combination of high performing investments and funding commitments by JGR the scheme is now In surplus, therefore any ongoing additional contributions are at the discretion of the JGR board members in consultation with the trustees of the scheme. We do not anticipate that this will affect ongoing operations and business development. The company now maintains a defined contribution scheme, available for all employees.

Key performance indicators

Financial performance is measured in terms of sustainable sales and profit growth and an adequate return on capital employed being achieved from each business unit, in addition to the measurement of liquidity referred to above. Operational performance is measured accurately and closely with the latest fleet telematics, in terms of fuel efficiency, driver performance and time management, which also enhance the reporting of customer service performance, further tailored to each customer's expectations and subject to ongoing monitoring and review by both parties.

 

S172 Statement

The Board of John G Russell (Transport) Limited acknowledges its responsibility under section 172 (1) of the Companies Act 2006:

The act states that a director of a company must act in a way that he/she considers, 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 doing so have regard (amongst other matters) to various other stakeholder interests – below are the six key factors:

 

 

Stakeholder engagement

 

1. Shareholders

Shareholders provide funds that help us run and grow our business and they expect a sustainable return.

Operational and finance meetings are held with our shareholders, where we engage and exchange views. Formal chaired, minuted meetings are held monthly where strategic, operational and financial matters and reviewed and discussed, providing a platform for well-informed decision making.

 

2. Customers

Our customers are our lifeblood whom we value highly. They provide the opportunities which provides gainful employment for our people and a return for our shareholders. Service to our customers is of prime importance, and we systematically seek feedback on how we are performing. We have regular meetings with our customers and engage in customer surveys. We also interact with our customers through framework agreements, tenders and call orders.

 

3. Our people

Our people provide the external services to our customers and support each other in that common goal. We are passionate about nurturing a highly motivated, well-trained, team-orientated workforce. Health & safety is of paramount importance in our business.

JOHN G. RUSSELL (TRANSPORT) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Stakeholder enagement (continued)

4. Suppliers

We fully support the collaboration with our suppliers as it reduces the risk in our supply chain and strengthens the platform from which we provide a service to our customers.

 

The Board meet on a regular basis. Prior to Board meetings papers are circulated in respect of matters including, Health & Safety, HR, Operations, Commercial and Finance, amongst other matters. Board papers together with close day to day involvement with management and employees assist the Directors, individually and collectively, in discharging their broad duty but nevertheless single duty under section 172(1).

 

 

 

 

On behalf of the board

John G Russell
Director
26 November 2024
JOHN G. RUSSELL (TRANSPORT) 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 activities of the company and group are outlined within the strategic report.

Results and dividends

The profit for the year, after taxation, amounted to £5.7m (2023: £6.6m).

Ordinary dividends were paid amounting to £137,471 (2023: £264,368). The directors do not recommend payment of a further dividend.

 

Going Concern

The financial statements have been prepared on the going concern basis which the Directors believe to be appropriate for the following reasons.

 

The Directors have prepared cashflow forecast, these forecasts extend over the period in ending December 2025.The forecasts have been prepared with reference to latest actual trading results as well as seeking to model the impact of severe but plausible downside risks.

 

As described in note 28, the group has made a significant acquisition that has been funded by a combination of cash reserves and external debt. The group has entered into a combined debt facility of £20m, which consists of a £10m RCF and £10m term loan facility.

 

The directors consider that the Group and Company will continue to generate sufficient cash from its operating activities and have access to borrowing facilities to allow the Group and Company to meet its obligations as they fall due for a minimum period of 12 months from the date of approval of the financial statements. The financial statements are therefore prepared on a going concern basis.

Directors

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

W K Russell
A W Poulton
S J Wigfield
D Paterson
I M Russell
James G Russell
John G Russell
D Jones
R K Hannah
S J Smith
(Appointed 19 May 2023)
Employment of disabled persons

We accept applications for employment from disabled persons whose aptitudes meet the requirements of the job, with consideration given to special training or facility needs. Following employment, a career plan will be developed so as to maintain future opportunities for each disabled person. Similar arrangements, with suitable retraining, will be made for any employees who become disabled to allow them to perform work appropriate to their abilities.

JOHN G. RUSSELL (TRANSPORT) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Employee recruitment and engagement

In respect of advertising and applications for employment, we comply with the requirements of the Equality Act 2010. The group continues to invest in a blend of youth and experience to complement the existing teams within the business.

We recognise the benefits of an engaged workforce and will ensure employees have the correct levels of investment in terms of training, and suitable, flexible reward packages.

Events after the reporting date
During April 2024 the group has completed the acquisition of the trade and assets of Freightliner Ltd for £18m via its 100% owned subsidiary Russell Railroad Limited. The acquisition was funded by a combination of an additional term loan of £10 million with the remaining purchase price being funded through available cash resources.

The acquisition has is a strategic acquisition for future business development and takes advantage of synergies available in the container storage and transport industry. The Directors are aware that currently the business acquired (through an asset acquisition) has been loss making in the past and will drive down profits for the overall group in the near future and will require significant capital investment which the Directors are prepared and able to make.

The Group entered into a new debt facility with RBS for a £20m pound facility which consists of a £10m revolving credit facility  and a £10m terms loan which is repayable over 5 years in quarterly instalments.
Future developments

The group has chosen in accordance with Companies Act 2006, s.414C(11) to set out the group's strategic report information required by Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has been done so in respect of future developments.

Auditor

In accordance with the company's articles, a resolution proposing that Johnston Carmichael LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

The group’s greenhouse gas emissions and energy consumption for the year are as follows:

Group emissions in tonnes of CO2e

2024

2023

Scope 1

18,046

19,574

Scope 2

566

548

Intensity ratio

96.94

104.81

kWh

5,690,305

7,788,834

The group's intensity ratio above is tonnes of CO2e per 100,000km.

 

Methodology: Road diesel (trucks, vans and cars) and off-road (plant) gas-oil consumption comprise the majority of the energy consumption compared to buildings and other plant and electricity.

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.

JOHN G. RUSSELL (TRANSPORT) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
On behalf of the board
John G Russell
Director
26 November 2024
JOHN G. RUSSELL (TRANSPORT) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JOHN G. RUSSELL (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHN G. RUSSELL (TRANSPORT) LIMITED
- 8 -
Opinion

We have audited the financial statements of John G. Russell (Transport) Limited (‘the parent company’), and its subsidiaries (‘the group) for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, Company Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

We have nothing to report in this regard.

JOHN G. RUSSELL (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN G. RUSSELL (TRANSPORT) LIMITED
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

Matters on which we are required to report by exception

In the light of our 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 and the directors' report.

 

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

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit is considered capable of detecting irregularities, including fraud

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:

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

JOHN G. RUSSELL (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN G. RUSSELL (TRANSPORT) LIMITED
- 10 -

Extent to which the audit is considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and parent company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

We gained an understanding of how the group is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the group’s and parent company’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

JOHN G. RUSSELL (TRANSPORT) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN G. RUSSELL (TRANSPORT) LIMITED
- 11 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Hamilton (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
26 November 2024
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
JOHN G. RUSSELL (TRANSPORT) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
87,523,665
88,951,573
Other operating income
35,663
35,312
Staff costs
6
(33,878,047)
(31,080,890)
Other operating charges
(45,406,513)
(48,896,514)
Operating profit
4
8,274,768
9,009,481
Interest payable and similar expenses
8
(158,704)
(353,185)
Profit before taxation
8,116,064
8,656,296
Tax on profit
9
(2,370,409)
(2,070,763)
Profit for the financial year
25
5,745,655
6,585,533
Profit for the financial year is all attributable to the owners of the parent company.
JOHN G. RUSSELL (TRANSPORT) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
£
£
Profit for the year
5,745,655
6,585,533
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
(514,000)
7,173,000
Tax relating to other comprehensive income
128,500
(1,793,250)
Other comprehensive income for the year
(385,500)
5,379,750
Total comprehensive income for the year
5,360,155
11,965,283
Total comprehensive income for the year is all attributable to the owners of the parent company.
JOHN G. RUSSELL (TRANSPORT) LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
41,409,973
40,099,819
Investments
12
51,790
51,790
41,461,763
40,151,609
Current assets
Stocks
14
723,127
477,745
Debtors
15
25,772,084
23,647,664
Cash at bank and in hand
19,915,422
15,100,887
46,410,633
39,226,296
Creditors: amounts falling due within one year
16
(14,857,322)
(15,151,246)
Net current assets
31,553,311
24,075,050
Total assets less current liabilities
73,015,074
64,226,659
Creditors: amounts falling due after more than one year
17
(4,145,655)
(2,049,924)
Provisions for liabilities
Provisions
20
120,978
-
0
Deferred tax liability
21
6,324,475
4,882,790
(6,445,453)
(4,882,790)
Government grants
22
(324,040)
(359,703)
Net assets excluding pension surplus
62,099,926
56,934,242
Defined benefit pension surplus
23
1,824,000
1,767,000
Net assets
63,923,926
58,701,242
Capital and reserves
Called up share capital
24
40,300
40,300
Other reserves
25
1,610,164
1,610,164
Profit and loss reserves
25
62,273,462
57,050,778
Total equity
63,923,926
58,701,242
JOHN G. RUSSELL (TRANSPORT) LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 26 December 2024 and are signed on its behalf by:
26 December 2024
John G Russell
Director
JOHN G. RUSSELL (TRANSPORT) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 16 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
24,629,833
25,030,199
Investments
12
275,090
275,090
24,904,923
25,305,289
Current assets
Stocks
14
24,409
96,752
Debtors
15
13,389,414
13,455,185
Cash at bank and in hand
13,536,859
8,915,018
26,950,682
22,466,955
Creditors: amounts falling due within one year
16
(8,852,991)
(9,891,639)
Net current assets
18,097,691
12,575,316
Total assets less current liabilities
43,002,614
37,880,605
Creditors: amounts falling due after more than one year
17
(2,298,338)
(971,182)
Provisions for liabilities
Provisions
20
120,978
-
0
Deferred tax liability
21
3,680,409
2,948,522
(3,801,387)
(2,948,522)
Government grants
22
(324,040)
(359,703)
Net assets excluding pension surplus
36,578,849
33,601,198
Defined benefit pension surplus
23
1,824,000
1,767,000
Net assets
38,402,849
35,368,198
Capital and reserves
Called up share capital
24
40,300
40,300
Profit and loss reserves
25
38,362,549
35,327,898
Total equity
38,402,849
35,368,198

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 £3,557,622 (2023: £3,479,498 profit).

JOHN G. RUSSELL (TRANSPORT) LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 17 -
The financial statements were approved by the board of directors and authorised for issue on 26 December 2024 and are signed on its behalf by:
26 December 2024
John G Russell
Director
Company Registration No. SC021189
JOHN G. RUSSELL (TRANSPORT) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
40,300
1,610,164
45,349,863
47,000,327
Year ended 31 March 2023:
Profit for the year
-
-
6,585,533
6,585,533
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
7,173,000
7,173,000
Tax relating to other comprehensive income
-
-
(1,793,250)
(1,793,250)
Total comprehensive income for the year
-
-
11,965,283
11,965,283
Dividends
10
-
-
(264,368)
(264,368)
Balance at 31 March 2023
40,300
1,610,164
57,050,778
58,701,242
Year ended 31 March 2024:
Profit for the year
-
-
5,745,655
5,745,655
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
(514,000)
(514,000)
Tax relating to other comprehensive income
-
-
128,500
128,500
Total comprehensive income for the year
-
-
5,360,155
5,360,155
Dividends
10
-
-
(137,471)
(137,471)
Balance at 31 March 2024
40,300
1,610,164
62,273,462
63,923,926
JOHN G. RUSSELL (TRANSPORT) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
40,300
26,733,018
26,773,318
Year ended 31 March 2023:
Profit for the year
-
3,479,498
3,479,498
Other comprehensive income:
Actuarial gains on defined benefit plans
-
7,173,000
7,173,000
Tax relating to other comprehensive income
-
(1,793,250)
(1,793,250)
Total comprehensive income for the year
-
8,859,248
8,859,248
Dividends
10
-
(264,368)
(264,368)
Balance at 31 March 2023
40,300
35,327,898
35,368,198
Year ended 31 March 2024:
Profit for the year
-
3,557,622
3,557,622
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(514,000)
(514,000)
Tax relating to other comprehensive income
-
128,500
128,500
Total comprehensive income for the year
-
3,172,122
3,172,122
Dividends
10
-
(137,471)
(137,471)
Balance at 31 March 2024
40,300
38,362,549
38,402,849
JOHN G. RUSSELL (TRANSPORT) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
10,231,558
9,299,826
Interest paid
(249,704)
(200,185)
Income taxes paid
(288,054)
(1,845,307)
Net cash inflow from operating activities
9,693,800
7,254,334
Investing activities
Purchase of tangible fixed assets
(8,632,871)
(6,458,004)
Proceeds on disposal of tangible fixed assets
2,036,963
374,813
Net cash used in investing activities
(6,595,908)
(6,083,191)
Financing activities
Repayment of bank loans
(1,000,000)
(2,932,405)
Payment of finance leases obligations
2,854,114
647,583
Dividends paid to equity shareholders
(137,471)
(264,368)
Net cash generated from/(used in) financing activities
1,716,643
(2,549,190)
Net increase/(decrease) in cash and cash equivalents
4,814,535
(1,378,047)
Cash and cash equivalents at beginning of year
15,100,887
16,478,934
Cash and cash equivalents at end of year
19,915,422
15,100,887
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
1
Accounting policies
Company information

John G. Russell (Transport) Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Deanside Road, Hillington, Glasgow, United Kingdom, G52 4XB.

 

The group consists of John G. Russell (Transport) Limited and all of its subsidiaries, see note 13.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements where applicable:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company John G. Russell (Transport) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.3
Going concern

The financial statements have been prepared on the going concern basis which the Directors believe to be appropriate for the following reasons.

 

The Directors have prepared cashflow forecast, these forecasts extend over the period in ending December 2025.The forecasts have been prepared with reference to latest actual trading results as well as seeking to model the impact of severe but plausible downside risks.

 

As described in note 28, the group has made a significant acquisition that has been funded by a combination of cash reserves and external debt. The group has entered into a combined debt facility of £20m, which consists of a £10m RCF and £10m term loan facility.

 

The directors consider that the Group and Company will continue to generate sufficient cash from its operating activities and have access to borrowing facilities to allow the Group and Company to meet its obligations as they fall due for a minimum period of 12 months from the date of approval of the financial statements. The financial statements are therefore prepared on a going concern basis.

 

1.4
Turnover

Turnover relates to income from road freight transport and associated services and is recognised on the occurrence of a critical event, such as delivery of goods or as the services are provided.

 

Turnover is included at the fair value of the consideration received or receivable, 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.

1.5
Tangible fixed assets

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

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

Freehold land and buildings
2 - 10% straight line
Leasehold land and buildings
Period of lease
Plant and equipment
10 - 33% straight line
Motor vehicles
10 - 33% straight line
Lease containers
10 - 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
1.7
Impairment of fixed assets

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

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.

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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include certain 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.

Impairment of financial assets

Financial assets 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 the profit and loss account.

 

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 the profit and loss account.

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
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.

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
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
Provisions

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

 

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

1.14
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

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

Defined benefit scheme
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 26 -

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in the profit and loss account as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to the profit and loss account in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18
Foreign exchange

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

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
2
Judgements and key sources of estimation uncertainty

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

 

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

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.

Defined benefit pension scheme

The present value of defined benefit pension obligations is determined using actuarial valuations. These valuations involve making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuations, the underlying assumptions and the longer-term nature of these plans, these estimates are subject to significant uncertainty. In determining the appropriate assumptions to apply, the directors consult with qualified and independent actuaries as well as consider publicly available data.

 

More information on the defined benefit surplus at the reporting date is outlined at note 23.

Useful lives of tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions and projected disposal values.

 

The carrying value of tangible fixed assets and depreciation charged in the year are outlined at note 11.

3
Turnover and other revenue

The whole of the group's turnover is attributable to road, rail and intermodal freight transport as well as warehousing aand related activities. These all arose within the United Kingdom.

 

An analysis of other significant revenue is outlined below.

2024
2023
£
£
Other significant revenue
Grants received
35,663
35,312

 

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(35,663)
(35,312)
Depreciation of owned tangible fixed assets
5,124,432
5,225,070
Depreciation of tangible fixed assets held under finance leases
982,031
611,715
Profit on disposal of tangible fixed assets
(820,709)
(98,066)
Operating lease charges
680,289
732,218
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
39,700
30,856
Audit of the financial statements of the company's subsidiaries
22,300
17,819
62,000
48,675
For other services
Taxation compliance services
10,785
5,088
All other non-audit services
6,750
9,088
17,535
14,176
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
Drivers
273
271
130
134
Warehouse and yard handlers
206
202
118
117
Engineering
58
60
-
-
Office
166
160
122
120
Total
703
693
370
371
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 29 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
29,519,980
27,060,312
14,482,640
13,795,953
Social security costs
3,285,426
3,064,533
1,603,440
1,543,549
Pension costs
1,072,641
956,045
563,434
523,498
33,878,047
31,080,890
16,649,514
15,863,000

Further information on pension contributions can be found at note 23.

7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
795,573
694,127
Company pension contributions to defined contribution schemes
75,915
75,104
871,488
769,231

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

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
141,100
141,366
Company pension contributions to defined contribution schemes
14,110
25,328
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
24,304
140,725
Interest on finance leases and hire purchase contracts
225,061
59,460
Net interest on the net defined benefit asset/(liability)
(91,000)
153,000
Other interest
339
-
Total finance costs
158,704
353,185
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
769,951
686,877
Adjustments in respect of prior periods
30,273
(9,634)
Total current tax
800,224
677,243
Deferred tax
Origination and reversal of timing differences
1,609,072
1,027,833
Changes in tax rates
-
0
324,579
Adjustment in respect of prior periods
(38,887)
41,108
Total deferred tax
1,570,185
1,393,520
Total tax charge
2,370,409
2,070,763

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
8,116,064
8,656,296
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
2,029,016
1,644,696
Tax effect of expenses that are not deductible in determining taxable profit
64,160
38,260
Adjustments in respect of prior years
30,273
(9,634)
Effect of change in corporation tax rate
-
324,579
Double tax relief
(1,492)
-
0
Other permanent differences
(8,916)
(6,709)
Deferred tax adjustments in respect of prior years
(38,887)
41,108
Fixed asset differences
415,535
38,463
Other tax adjustments, reliefs and transfers
(176,499)
-
Other chargeable gains
57,219
-
Taxation charge
2,370,409
2,070,763
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 31 -

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:
Actuarial differences recognised as other comprehensive income
(128,500)
1,793,250

A change in the UK Corporation tax rate to 25%, from 19%, took effect from 1 April 2023. Deferred tax has been calculated at 25%.

10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
137,471
264,368
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
38,581,984
13,185,431
50,036,745
101,804,160
Additions
291,915
750,315
7,590,641
8,632,871
Disposals
(899,134)
(134,253)
(3,744,404)
(4,777,791)
At 31 March 2024
37,974,765
13,801,493
53,882,982
105,659,240
Depreciation and impairment
At 1 April 2023
19,448,342
10,055,171
32,200,828
61,704,341
Depreciation charged in the year
1,570,826
698,776
3,836,861
6,106,463
Eliminated in respect of disposals
(5,131)
(130,047)
(3,426,359)
(3,561,537)
At 31 March 2024
21,014,037
10,623,900
32,611,330
64,249,267
Carrying amount
At 31 March 2024
16,960,728
3,177,593
21,271,652
41,409,973
At 31 March 2023
19,133,642
3,130,260
17,835,917
40,099,819
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Tangible fixed assets
(Continued)
- 32 -
Company
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
34,107,447
10,538,657
17,088,909
61,735,013
Additions
117,549
601,615
3,374,888
4,094,052
Disposals
(899,134)
(48,200)
(1,647,734)
(2,595,068)
At 31 March 2024
33,325,862
11,092,072
18,816,063
63,233,997
Depreciation and impairment
At 1 April 2023
17,208,655
7,954,041
11,542,118
36,704,814
Depreciation charged in the year
1,455,805
545,800
1,426,309
3,427,914
Eliminated in respect of disposals
(5,131)
(44,148)
(1,479,285)
(1,528,564)
At 31 March 2024
18,659,329
8,455,693
11,489,142
38,604,164
Carrying amount
At 31 March 2024
14,666,533
2,636,379
7,326,921
24,629,833
At 31 March 2023
16,898,792
2,584,616
5,546,791
25,030,199

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
£
£
£
£
Motor vehicles
8,201,155
6,171,478
3,520,550
2,367,143

Within Freehold land and buildings is a property with a carrying value of £652,739 (2023: £630,545) which is leased to a third party. The current carrying value represents the fair value of the property.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
223,300
223,300
Unlisted investments
51,790
51,790
51,790
51,790
51,790
51,790
275,090
275,090
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023 and 31 March 2024
51,790
Carrying amount
At 31 March 2024
51,790
At 31 March 2023
51,790
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023 and 31 March 2024
223,300
51,790
275,090
Carrying amount
At 31 March 2024
223,300
51,790
275,090
At 31 March 2023
223,300
51,790
275,090
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
13
Subsidiaries

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
Carntyne Transport Company Limited
440 Petershill Road, Springburn, Glasgow, G21 4AA
Road Haulage
Ordinary
100.00
R.D. Spittal Limited
Deanside Road, Hillington, Glasgow, G52 4XB
Dormant
Ordinary
100.00
Deanside Transit Limited
Deanside Road, Hillington, Glasgow, G52 4XB
Dormant
Ordinary
100.00
Storage Services (Leith) Limited
C/O Russell Deanside Road, Hillington, Glasgow, G52 4XB
Dormant
Ordinary
100.00
Russell Railroad Limited
Deanside Road, Hillington, Glasgow, G52 4XB
Dormant
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
633,639
426,651
12,009
96,752
Work in progress
89,488
51,094
12,400
-
723,127
477,745
24,409
96,752
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
23,116,448
21,471,782
10,992,048
11,452,463
Corporation tax recoverable
-
0
359,694
151,840
116,860
Amounts owed by group undertakings
-
-
520,634
370,715
Other debtors
770,286
256,699
770,286
256,699
Prepayments and accrued income
1,885,350
1,559,489
954,606
1,258,448
25,772,084
23,647,664
13,389,414
13,455,185
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
250,000
1,000,000
250,000
1,000,000
Obligations under finance leases
19
2,360,367
1,851,984
1,099,210
676,422
Trade creditors
4,703,196
4,625,862
2,093,271
2,635,527
Amounts owed to group undertakings
-
0
-
0
347,573
223,944
Corporation tax payable
152,476
-
0
-
0
-
0
Other taxation and social security
2,354,434
2,652,441
573,301
1,027,542
Other creditors
748,602
736,088
647,384
677,246
Accruals and deferred income
4,288,247
4,284,871
3,842,252
3,650,958
14,857,322
15,151,246
8,852,991
9,891,639

Amounts due to fellow group undertakings are interest free and payable on demand.

 

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

 

Bank loans were repaid in their entirety post year end.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
250,000
-
0
250,000
Obligations under finance leases
19
4,145,655
1,799,924
2,298,338
721,182
4,145,655
2,049,924
2,298,338
971,182

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

18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
250,000
1,250,000
250,000
1,250,000
Payable within one year
250,000
1,000,000
250,000
1,000,000
Payable after one year
-
0
250,000
-
0
250,000

Bank loans and overdrafts are subject to a standard security and a bond and floating charge over the assets of the company and group.

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,360,270
1,851,984
1,099,114
676,422
In two to five years
4,145,752
1,799,924
2,298,434
721,182
6,506,022
3,651,908
3,397,548
1,397,604

Finance lease payments represent rentals payable by the company or group for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidation provision
120,978
-
120,978
-
Movements on provisions:
Dilapidation provision
Group
£
Additional provisions in the year
120,978
Company
£
Additional provisions in the year
120,978
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
21
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
4,388,187
2,988,399
Rolled over gains
1,502,403
1,491,533
Retirement benefit obligations
-
1,793,250
Short term timing differences
433,885
(1,390,392)
6,324,475
4,882,790
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,734,472
1,047,077
Rolled over gains
1,502,403
1,491,533
Retirement benefit obligations
-
1,793,250
Short term timing differences
443,534
(1,383,338)
3,680,409
2,948,522
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
4,882,790
2,948,522
Charge to profit or loss
1,570,185
860,387
Credit to other comprehensive income
(128,500)
(128,500)
Liability at 31 March 2024
6,324,475
3,680,409

Short term timing differences outlined above are expected to reverse within 12 months.

22
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
324,040
359,703
324,040
359,703
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 38 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,072,641
956,045

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.

 

Contributions totalling £98,132 (2023: £187,448) were payable to the fund at the reporting date.

Defined benefit scheme - group and company

The company operates a defined benefit scheme for qualifying employees.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out as at 31 March 2024 by Broadstone, independent and qualified actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

 

Details of the key assumptions and closing liability are outlined below.

2024
2023
Key assumptions
%
%
Discount rate
4.70
4.55
RPI inflation
3.25
3.25
CPI inflation
2.85
2.55
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
21.3
19.5
- Females
23.7
21.9
Retiring in 20 years
- Males
22.2
20.4
- Females
24.8
23.0
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Retirement benefit schemes
(Continued)
- 39 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

Group and company
2024
2023
£
£
Present value of defined benefit obligations
21,711,000
20,490,000
Fair value of plan assets
(23,535,000)
(22,257,000)
Surplus in scheme
(1,824,000)
(1,767,000)
Total asset recognised
(1,824,000)
(1,767,000)
Group and company
2024
2023

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit asset/(liability)
(91,000)
153,000
Group and company
2024
2023

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(1,716,000)
330,000
Less: calculated interest element
1,003,000
633,000
Return on scheme assets excluding interest income
(713,000)
963,000
Actuarial changes related to obligations
1,227,000
(8,136,000)
Total income
514,000
(7,173,000)
Group and company
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2023
20,490,000
Benefits paid
(918,000)
Actuarial gains and losses
1,227,000
Interest cost
912,000
At 31 March 2024
21,711,000
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Retirement benefit schemes
(Continued)
- 40 -
Group and company
2024

The defined benefit obligations arise from plans funded as follows:

£
Wholly unfunded obligations
-
Wholly or partly funded obligations
21,711,000
21,711,000
Group and company
2024

Movements in the fair value of plan assets

£
Fair value of assets at 1 April 2023
22,257,000
Interest income
1,003,000
Return on plan assets (excluding amounts included in net interest)
713,000
Benefits paid
(918,000)
Contributions by the employer
480,000
At 31 March 2024
23,535,000

The actual return on plan assets was a loss of £1,716,000 (2023: £330,000 gain).

Group and company
2024
2023

Fair value of plan assets at the reporting period end

£
£
Equity instruments
16,702,000
14,734,000
Debt instruments
3,072,000
2,479,000
Property
321,000
1,270,000
Cash
790,000
833,000
Other
2,650,000
2,941,000
23,535,000
22,257,000

The surplus of £1,824,000 (2023: £1,767,000) on the defined benefit pension scheme has been recognised on the basis that the company has an unconditional right to receive any surplus funds held by the scheme once all its obligations have been met in a wind-up event.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
40,300
40,300
40,300
40,300
JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 41 -
25
Reserves
Profit and loss reserves

The profit and loss reserve includes all current and prior period retained profits and losses.

 

Other reserves

Other reserves contain pre acquisition reserves.

26
Financial commitments, guarantees and contingent liabilities

The company has unlimited cross-guarantees with its subsidiary undertakings.

 

In March 2010, the company granted its defined benefit pension scheme, the John G. Russell (Transport) Ltd 1989 Retirement Benefit Scheme, a partial security against the scheme's future obligations, in the form of a contingent asset over freehold property at Ward Park Road, Cumbernauld, valued at around £900,000.

27
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
1,332,621
1,193,679
457,078
276,500
Between two and five years
601,491
1,653,735
396,799
573,500
In over five years
1,005,240
1,061,740
1,005,240
1,061,740
2,939,352
3,909,154
1,859,117
1,911,740
28
Events after the reporting date

During April 2024 the group has completed the acquisition of the trade and assets of Freightliner Ltd for £18m via its 100% owned subsidiary Russell Railroad Limited. The acquisition was funded by a combination of an additional term loan of £10 million with the remaining purchase price being funded through available cash resources.

 

The acquisition has is a strategic acquisition for future business development and takes advantage of synergies available in the container storage and transport industry. The Directors are aware that currently the business acquired (through an asset acquisition) has been loss making in the past and will drive down profits for the overall group in the near future and will require significant capital investment which the Directors are prepared and able to make.

 

The Group entered into a new debt facility with RBS for a £20m pound facility which consists of a £10m revolving credit facility and a £10m terms loan which is repayable over 5 years in quarterly instalments.

29
Related party transactions

The company has taken advantage of the disclosure exemptions available under Section 33 of FRS 102 whereby it has not disclosed transactions entered into with any wholly-owned entity of the group.

JOHN G. RUSSELL (TRANSPORT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 42 -
30
Controlling party

The company is controlled by Mr J G Russell, together with his wife Mrs I M Russell.

31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
5,745,655
6,585,533
Adjustments for:
Taxation charged
2,370,409
2,070,763
Finance costs
158,704
353,185
Gain on disposal of tangible fixed assets
(820,709)
(98,066)
Depreciation and impairment of tangible fixed assets
6,106,463
5,836,785
Pension scheme non-cash movement
(480,000)
(600,000)
Increase in provisions
120,978
-
Decrease in deferred income
(35,663)
(35,312)
Movements in working capital:
Increase in stocks
(245,382)
(101,413)
Increase in debtors
(2,484,114)
(4,813,208)
(Decrease)/increase in creditors
(204,783)
101,559
Cash generated from operations
10,231,558
9,299,826
32
Analysis of changes in net funds - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
15,100,887
4,814,535
-
19,915,422
Borrowings excluding overdrafts
(1,250,000)
1,000,000
-
(250,000)
Obligations under finance leases
(3,651,908)
(400,827)
(2,453,287)
(6,506,022)
10,198,979
5,413,708
(2,453,287)
13,159,400
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