Company registration number SC193766 (Scotland)
TRAC INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TRAC INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
K R Stephen
K D Hawthorn
Secretary
K R Stephen
Company number
SC193766
Registered office
37 Albyn Place
Aberdeen
Aberdeen City
Scotland
AB10 1YN
Auditor
Azets Audit Services
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
Business address
3 Thistle Road
Dyce
Aberdeen
United Kingdom
AB21 0NN
TRAC INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 38
TRAC INTERNATIONAL 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 principal activities of the group during the year were the provision of engineering installation, inspection and maintenance services and the manufacture and repair of wireless infrastructure sharing solutions and RF filter systems.

 

The results for the year reflect a continuation of the challenging trading conditions being experienced across the group last year. We continued to be faced with a variety of different pressures; most notably supply chain disruption, project award delays and labour shortages. In addition, we saw significant raw material cost inflation.

Whilst none of the group companies were immune to the difficult trading environment, we have continued to invest across the various businesses and our team has continued to work hard and to innovate. We firmly believe that through the cycle, investment in our products and people will deliver significant benefits in the medium to longer term.

The group continues to have a strong balance sheet and good liquidity. Our highly skilled and committed workforce will continue to meet the demands of customers in the most efficient and cost-effective manner.

Our strategy is to concentrate on providing excellent customer service in the markets in which we operate. Constant focus on our cost base continues to benefit operating profits, margins and cash flow. We continue to seek opportunities to grow the business and believe that we are well placed to deliver consistent long-term growth for the group.

Principal risks and uncertainties

Competition

The group has a number of large customers with which it maintains very good working relationships. There are regular project management meetings which ensure all matters are addressed timeously and customer satisfaction is maintained.

 

Employees

The future success of the group depends on the skills and efforts of our employees and the ability to retain and develop these individuals. The group emphasises accountability and responsibility at the local level and encourages an entrepreneurial approach to running operations. The group constantly reviews its remuneration packages to make sure they remain competitive and also maintains development and succession planning programmes.

 

Suppliers

The group has a widespread supplier database due to its operations in multiple areas throughout the United Kingdom and abroad.

 

Regulation

Certain aspects of the group's activities mean that some employees can be exposed to hazardous environments. The group is committed to maintaining a safe working environment and a culture of zero tolerance to accidents. The group has in place quality and safety processes which are regularly audited by professional bodies and customers.

 

Apart from the above and the risks noted on page 2 the directors are not aware of any major risks or uncertainties facing the group with the Statement of Financial Position continuing to be strong.

Key performance indicators

The directors consider the key performance indicators of the business to be turnover 2024: £43.0m; (2023: £35.6m), operating loss 2024: £1.3m; (2023: £3.3m), operating loss % 2024: (2.9%); (2023: 9.1%), net assets 2024: £24.5m; (2023: £25.4m) and cash position 2024: £0.7m; (2023: £0.4m). The directors believe that there are no significant non-financial key performance indicators.

TRAC INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Other information and explanations

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

 

Interest rate risk

The group monitors interest rates closely in order to minimise the potential exposure risk it has to any interest rate movements.

 

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policies of regular conversion meets its objectives of managing exposure to currency risk. No financial instruments are in place to remove the effect of fluctuations in exchanges rates on the group.

 

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies 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. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Promoting the success of the group

The directors consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole in the decisions taken during the current year.

 

When making these decisions the directors have given regard to:

• The likely consequences of any decisions in the long-term;

• The interest of the group's employees;

• The need to foster the group's business relationships with suppliers, customers and others;

• The impact of the group's operations on the community and environment;

• The desirability of the group maintaining a reputation for high standards of business conduct; and

• The need to act fairly between shareholders of the parent company

 

The vast majority of stakeholder engagement is carried out by the directors.

 

The directors consider and discuss information from across the organisation to help it understand the impact of the group's operations, and the interests and views of our key stakeholders. They also review strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance.

 

As a result of these activities, the directors have an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.

On behalf of the board

K R Stephen
Director
23 December 2024
TRAC INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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

Results and dividends

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

Ordinary dividends were paid amounting to £1,000. The directors do not recommend payment of a further dividend.

Directors

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

K R Stephen
K D Hawthorn
Employee involvement

During the year, the policy of providing employees with information about the group has been continued through internal media methods where employees have also been encouraged to present their suggestions and views on the group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. Employees participate directly in the success of the business through the group's profit sharing schemes.

Post reporting date events

In accordance with normal practice, fixed assets acquired post year end and fixed assets purchased during the year are considered by management for financing by the company’s lender of choice in line with the existing facility in place at the year end. Subsequent to the year end £659,026 of finance has been received.

Future developments

The directors do not foresee any changes in the group's activities in the immediate future.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Greenhouse gas emissions, energy consumption and energy efficiency action

We fully recognise our responsibility to protect the environment and we have a strong environmental policy, objectives and guidelines in place which we review and update regularly. The group complies with all regulations covering the processing and disposal of toxic & non-toxic waste, and uses qualified licensed contractors for the collection and disposal of waste where appropriate. We make every effort to keep our neighbours in the local community safe from any potential harm caused by our activities by closely managing our emissions and waste.

The following disclosures only cover TRAC International Limited, TRAC Engineering Limited, TRAC Energy Limited and Radio Design Limited as these are the entities within the group that are above the reporting thresholds in their own right. The data published covers the financial year from 1 April 2023 to the 31 March 2024.

UK energy use

During the reporting period, the group used a total of 3,645,949 kWh of energy and emitted a total of 2,426 tonnes of CO2e which is categorised as follows:

 

2024

2024

2023 (restated)

2023 (restated)

 

kWh

t CO2e

kWh

t CO2e

Gas combustion

1,249,089

281

1,360,830

338

Electricity

463,003

96

751,218

147

Diesel

1,933,857

2,049

1,880,425

2,245

Total

3,645,949

2,426

3,992,473

2,730

 

TRAC INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Energy efficiency action

We continuously review our energy consumption to identify ways in which we can reduce the level of our greenhouse gas emissions. Most lighting has been replaced with LED lighting and we have purchased our first electric vehicles. We also participate in an electric car salary sacrifice scheme under which the employee sacrifices a part of their salary and we lease an electric car for them.

Intensity ratio and methodologies

Due to the diversity of the work conducted by the group across many areas, emissions intensity ratios have been calculated based on turnover (per £1m) only.

For the year ended 31 March 2024 there were 2,426 t CO2e giving a ratio of 56.52 (2023 restated: 76.71) t CO2e per £1m of turnover.

The information in this energy use statement is based on our Streamlined Energy and Carbon Reporting (SECR).

Disclosure of information in the strategic report

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

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.

Employment of disabled persons

 

The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions to provide training and career development and promotion to disabled employees wherever appropriate.

 

Research and development

 

The group continues to invest in research and development. This has resulted in improvements to the group's products which will benefit the group in the medium to long term. Where appropriate development costs in respect of the improvements have been capitalised in the balance sheet.

On behalf of the board
K R Stephen
Director
23 December 2024
TRAC INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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

 

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

 

 

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

TRAC INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRAC INTERNATIONAL LIMITED
- 6 -
Opinion

We have audited the financial statements of TRAC International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

TRAC INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRAC INTERNATIONAL LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

TRAC INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRAC INTERNATIONAL LIMITED
- 8 -

Extent to which the audit was 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Matthew Allan (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 December 2024
Chartered Accountants
Statutory Auditor
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
TRAC INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
43,023,814
35,597,270
Cost of sales
(33,046,320)
(28,372,971)
Gross profit
9,977,494
7,224,299
Administrative expenses
(11,320,932)
(10,620,767)
Other operating income
90,923
141,972
Operating loss
4
(1,252,515)
(3,254,496)
Interest receivable and similar income
8
35,378
29,107
Interest payable and similar expenses
9
(33,820)
(14,117)
Loss before taxation
(1,250,957)
(3,239,506)
Tax on loss
10
260,519
968,958
Loss for the financial year
(990,438)
(2,270,548)
Other comprehensive income
Currency translation gain taken to retained earnings
64,458
2,301
Total comprehensive income for the year
(925,980)
(2,268,247)
Loss for the financial year is attributable to:
- Owners of the parent company
(484,186)
(1,073,667)
- Non-controlling interests
(506,252)
(1,196,881)
(990,438)
(2,270,548)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(419,728)
(1,071,366)
- Non-controlling interests
(506,252)
(1,196,881)
(925,980)
(2,268,247)
TRAC INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
2,901,441
3,118,279
Tangible assets
13
5,196,681
5,703,769
Investment property
14
366,769
-
0
Investments
15
66,174
47,433
8,531,065
8,869,481
Current assets
Stocks
18
8,748,270
9,576,563
Debtors
20
16,204,306
13,368,180
Cash at bank and in hand
737,946
359,568
25,690,522
23,304,311
Creditors: amounts falling due within one year
21
(9,012,321)
(5,722,319)
Net current assets
16,678,201
17,581,992
Total assets less current liabilities
25,209,266
26,451,473
Creditors: amounts falling due after more than one year
22
(286,789)
(445,072)
Provisions for liabilities
Deferred tax liability
25
446,859
603,803
(446,859)
(603,803)
Net assets
24,475,618
25,402,598
Capital and reserves
Called up share capital
27
50,000
50,000
Profit and loss reserves
15,744,492
16,165,220
Equity attributable to owners of the parent company
15,794,492
16,215,220
Non-controlling interests
8,681,126
9,187,378
24,475,618
25,402,598
The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
23 December 2024
K R Stephen
Director
Company registration number SC193766 (Scotland)
TRAC INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,881,741
2,304,910
Investment property
14
366,769
-
0
Investments
15
2,030
2,030
2,250,540
2,306,940
Current assets
Debtors
20
4,281,961
3,461,503
Cash at bank and in hand
10,473
30,304
4,292,434
3,491,807
Creditors: amounts falling due within one year
21
(2,801,866)
(1,556,835)
Net current assets
1,490,568
1,934,972
Total assets less current liabilities
3,741,108
4,241,912
Creditors: amounts falling due after more than one year
22
-
(325,138)
Net assets
3,741,108
3,916,774
Capital and reserves
Called up share capital
27
50,000
50,000
Profit and loss reserves
3,691,108
3,866,774
Total equity
3,741,108
3,916,774

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £174,666 (2023 - £138,874 profit).

The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
23 December 2024
K R Stephen
Director
Company registration number SC193766 (Scotland)
TRAC INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
50,000
17,238,586
17,288,586
10,384,259
27,672,845
Year ended 31 March 2023:
Loss for the year
-
(1,073,667)
(1,073,667)
(1,196,881)
(2,270,548)
Other comprehensive income:
Currency translation differences
-
2,301
2,301
-
2,301
Total comprehensive income
-
(1,071,366)
(1,071,366)
(1,196,881)
(2,268,247)
Dividends
11
-
(2,000)
(2,000)
-
(2,000)
Balance at 31 March 2023
50,000
16,165,220
16,215,220
9,187,378
25,402,598
Year ended 31 March 2024:
Loss for the year
-
(484,186)
(484,186)
(506,252)
(990,438)
Other comprehensive income:
Currency translation differences
-
64,458
64,458
-
64,458
Total comprehensive income
-
(419,728)
(419,728)
(506,252)
(925,980)
Dividends
11
-
(1,000)
(1,000)
-
(1,000)
Balance at 31 March 2024
50,000
15,744,492
15,794,492
8,681,126
24,475,618
TRAC INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
50,000
3,729,900
3,779,900
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
138,874
138,874
Dividends
11
-
(2,000)
(2,000)
Balance at 31 March 2023
50,000
3,866,774
3,916,774
Year ended 31 March 2024:
Profit and total comprehensive income
-
(174,666)
(174,666)
Dividends
11
-
(1,000)
(1,000)
Balance at 31 March 2024
50,000
3,691,108
3,741,108
TRAC INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
1,125,085
901,896
Interest paid
(33,820)
(14,117)
Income taxes refunded
520,402
69,403
Net cash inflow from operating activities
1,611,667
957,182
Investing activities
Purchase of intangible assets
(856,765)
(855,816)
Purchase of tangible fixed assets
(1,328,140)
(787,002)
Proceeds from disposal of tangible fixed assets
731,414
948,964
Purchase of investments
(18,741)
(1,706)
Interest received
35,378
29,107
Net cash used in investing activities
(1,436,854)
(666,453)
Financing activities
Repayment of bank loans
(61,529)
(58,572)
Proceeds from finance lease contracts
325,886
-
Payment of finance leases obligations
(142,289)
(223,274)
Dividends paid to equity shareholders
(1,000)
(2,000)
Net cash generated from/(used in) financing activities
121,068
(283,846)
Net increase in cash and cash equivalents
295,881
6,883
Cash and cash equivalents at beginning of year
359,568
343,139
Effect of foreign exchange rates
82,497
9,546
Cash and cash equivalents at end of year
737,946
359,568
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

TRAC International Limited (“the company”) is a private limited company incorporated in Scotland. The registered office is 37 Albyn Place, Aberdeen, Aberdeen City, Scotland, AB10 1YN.

 

The group consists of TRAC International Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TRAC International Limited together with all entities controlled by the parent company (its subsidiaries, other than those excluded per note 16) and the group’s share of its interests in joint ventures and associates.

 

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

 

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

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

1.4
Going concern

As part of their consideration of going concern the directors have reviewed the group's future cash flow forecasts and profit projections which are based on internal information and recent experience. Given the global political and economic uncertainty it is difficult to estimate with precision the impact on the group's prospective financial performance.

 

Based on their assessment of the group's prospects and viability the directors have formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that cast doubt on the company's going concern status and that there is a reasonable expectation that the group has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. The directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing its financial statements.

1.5
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Research and development expenditure

All research expenditure is charged to the profit & loss account in the period in which it is incurred. Development expenditure is charged to the profit & loss account in the period in which it is incurred unless it relates to the development of a new product and it is incurred after the technical feasibility and commercial viability of the product has been proven, the development costs can be measured reliably, future economic benefits are probable and the group intends to and has sufficient resources to complete the development and to use or sell the asset. Any such capitalised development expenditure is amortised on a straight-line basis so that it is charged to the profit & loss account over the expected life of the resulting product.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development and patent costs
10 to 25% straight line
1.8
Tangible fixed assets

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

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
Not depreciated
Buildings
2% straight line
Tenant improvements
Straight line over the term of the lease
Office and store equipment
10% to 50% straight line
Motor vehicles
20% straight line

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

1.9
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.

 

1.10
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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

1.12
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are 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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.15
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.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.17
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.

1.18
Retirement benefits

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

1.19
Leases

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

 

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.

1.20
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.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
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.

Useful economic lives of tangible and intangible fixed assets

The annual depreciation charge for tangible assets and amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Recognition of deferred tax asset

The group makes an estimate that there will be sufficient profits made in the future to utilise unused tax losses. This assessment requires managements judgements and assumptions based on forecasted operating results, business plans and available tax planning opportunities.

Property valuation

At each reporting end date, the company reviews the carrying amounts of its property 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).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
28,341,064
10,248,537
Rendering of services
14,682,750
25,348,733
43,023,814
35,597,270
2024
2023
£
£
Turnover analysed by geographical market
UK
32,425,514
29,658,046
Overseas
10,598,300
5,939,224
43,023,814
35,597,270
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 23 -
2024
2023
£
£
Other revenue
Interest income
35,378
29,107
Other operating income
-
141,972
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
84,040
48,232
Research and development costs
220,764
245,986
Depreciation of owned tangible fixed assets
998,577
1,053,198
Depreciation of tangible fixed assets held under finance leases
48,655
45,028
Profit on disposal of tangible fixed assets
(328,226)
(123,644)
Amortisation of intangible assets
1,073,603
1,181,705
Operating lease charges
320,648
351,316
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
25,200
22,750
Audit of the financial statements of the company's subsidiaries
82,450
74,350
107,650
97,100
For other services
Taxation compliance services
16,300
13,050
All other non-audit services
13,000
11,275
29,300
24,325
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
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
Number of management and administrative staff
134
114
23
20
Number of operations staff
219
236
-
-
Total
353
350
23
20

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
18,359,568
18,087,032
757,326
625,826
Social security costs
2,054,064
2,060,692
74,936
66,424
Pension costs
688,778
610,086
65,504
57,762
21,102,410
20,757,810
897,766
750,012
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
100,522
97,526
Company pension contributions to defined contribution schemes
24,687
24,109
125,209
121,635

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
7,067
85
Other interest income
28,311
29,022
Total income
35,378
29,107
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
22,954
2,406
Interest on finance leases and hire purchase contracts
10,866
11,091
Other interest
-
620
Total finance costs
33,820
14,117
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(102,061)
(446,414)
Adjustments in respect of prior periods
-
0
(92)
Total UK current tax
(102,061)
(446,506)
Foreign current tax on profits for the current period
13,731
23,868
Total current tax
(88,330)
(422,638)
Deferred tax
Origination and reversal of timing differences
(172,189)
(546,320)
Total tax credit
(260,519)
(968,958)
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 26 -

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

2024
2023
£
£
Loss before taxation
(1,250,957)
(3,239,506)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(312,739)
(615,506)
Tax effect of expenses that are not deductible in determining taxable profit
46,558
30,223
Tax effect of income not taxable in determining taxable profit
-
0
(27)
Tax effect of utilisation of tax losses not previously recognised
-
0
1
Change in unrecognised deferred tax assets
42,651
(65,513)
Adjustments in respect of prior years
-
0
(92)
Effect of change in corporation tax rate
(88,692)
(105,834)
Permanent capital allowances in excess of depreciation
9,488
(27,495)
Research and development tax credit
310,439
151,725
Other permanent differences
(2,595)
6,631
Effect of overseas tax rates
4,279
(4,127)
Deferred tax adjustments in respect of prior years
155
-
0
Additional deduction for R&D expenditure
(274,733)
(362,089)
Foreign tax suffered
13,731
23,867
Foreign PE exemption
(1,272)
(722)
Chargeable losses
(7,789)
-
Taxation credit
(260,519)
(968,958)

The main rate of corporation tax increased from 19% to 25% on 1 April 2023. This increase in rate will have an impact on the company’s future tax charges. The company’s deferred tax balances as at 31 December 2023 have been calculated based on the rate of 25%.

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,000
2,000
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
12
Intangible fixed assets
Group
Development and patent costs
£
Cost
At 1 April 2023
6,908,700
Additions - internally developed
856,765
Disposals
(1,368,546)
At 31 March 2024
6,396,919
Amortisation and impairment
At 1 April 2023
3,790,421
Amortisation charged for the year
1,073,603
Disposals
(1,368,546)
At 31 March 2024
3,495,478
Carrying amount
At 31 March 2024
2,901,441
At 31 March 2023
3,118,279
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
13
Tangible fixed assets
Group
Land and buildings
Tenant improvements
Office and store equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
2,353,912
939,966
9,810,569
853,997
13,958,444
Additions
-
0
4,862
1,129,100
194,178
1,328,140
Disposals
-
0
-
0
(842,595)
(231,984)
(1,074,579)
Transfer to investment property
(424,970)
-
0
-
0
-
0
(424,970)
Exchange adjustments
-
0
(5,692)
(42,027)
(1,231)
(48,950)
At 31 March 2024
1,928,942
939,136
10,055,047
814,960
13,738,085
Depreciation and impairment
At 1 April 2023
154,906
475,521
7,209,099
415,149
8,254,675
Depreciation charged in the year
24,294
63,663
788,581
170,694
1,047,232
Eliminated in respect of disposals
-
0
-
0
(518,077)
(153,314)
(671,391)
Transfer to investment property
(58,201)
-
0
-
0
-
0
(58,201)
Exchange adjustments
-
0
(2,829)
(27,019)
(1,063)
(30,911)
At 31 March 2024
120,999
536,355
7,452,584
431,466
8,541,404
Carrying amount
At 31 March 2024
1,807,943
402,781
2,602,463
383,494
5,196,681
At 31 March 2023
2,199,006
464,445
2,601,470
438,848
5,703,769
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 29 -
Company
Land and buildings
Office and store equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
2,353,912
83,815
218,161
2,655,888
Additions
-
0
10,645
-
0
10,645
Disposals
-
0
-
0
(52,190)
(52,190)
Transfer to investment property
(424,970)
-
0
-
0
(424,970)
At 31 March 2024
1,928,942
94,460
165,971
2,189,373
Depreciation and impairment
At 1 April 2023
154,906
62,927
133,145
350,978
Depreciation charged in the year
24,294
7,526
29,725
61,545
Eliminated in respect of disposals
-
0
-
0
(46,690)
(46,690)
Transfer to investment property
(58,201)
-
0
-
0
(58,201)
At 31 March 2024
120,999
70,453
116,180
307,632
Carrying amount
At 31 March 2024
1,807,943
24,007
49,791
1,881,741
At 31 March 2023
2,199,006
20,888
85,016
2,304,910

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
£
£
£
£
Office and store equipment
238,186
152,630
-
0
-
0
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023
-
-
Transfers from owner-occupied property
366,769
366,769
At 31 March 2024
366,769
366,769

Investment property comprises of both land and buildings. The directors are of the opinion that the value of the land and buildings remain at a fair value of £366,769, taking into account current local market conditions.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
2,030
2,030
Unlisted investments
66,174
47,433
-
0
-
0
66,174
47,433
2,030
2,030
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023
47,433
Additions
18,741
At 31 March 2024
66,174
Carrying amount
At 31 March 2024
66,174
At 31 March 2023
47,433
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
2,030
Carrying amount
At 31 March 2024
2,030
At 31 March 2023
2,030

TRAC HLM Limited and TRAC Engineering Limited were entitled to exemption from audit for the year ended 31 March 2024 under section 479A of the Companies Act 2006 relating to subsidiary companies. TRAC International Limited has provided a guarantee for the subsidiary's liabilities at 31 March 2024 in accordance with the terms of the Act.

 

 

 

 

 

 

 

 

 

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
16
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
TRAC Engineering Limited
1
Ordinary
100.00
-
TRAC Energy Limited
1
Ordinary
51.00
-
TRAC HLM Limited
1
Ordinary
100.00
-
Radio Design Limited
1
Ordinary
51.70
-
TRAC Oil & Gas Limited (dormant)
1
Ordinary
100.00
-
TRAC Oil & Gas PTY Ltd (dormant)
2
Ordinary
0
51.00
TRAC Petroleo e Gas Ltda
3
Ordinary
0
51.00
TRAC Oil & Gas Limited (Ghana)
4
Ordinary
0
51.00
Radio Design OY
5
Ordinary
0
51.70
Radio Design India Private Limited
6
Ordinary
0
51.70

Registered office addresses (all UK unless otherwise indicated):

1
37 Albyn Place, Aberdeen, United Kingdom, AB10 1YN
2
Unit 5, 48 Hardey Road, Belmont, Perth, WA 6104, Australia
3
Rue Itacolomi, 213, Quadra G, Iote 21, CEP:27977-340, Cabiunas-Macae-RJ, Brazil
4
1st Floor, Air Burkina Sales Office, Osu Re, Dr Esther Ocloo St, Ghana
5
Kaarnatie 27, 90530 Oulu, Finland
6
Plot 168, Sector-4, IMT Manesar, Gurugram, Harayana, 122052, India

Radio Design OYs financial statements for the year ended 31 March 2024 are not included in the consolidation due to it not being material to the group. The company's aggregate amount of capital and reserves at 31 March 2024 was (£14,212) (2023: (£15,192)). The company's profit for the year was £559 (2023: £62 profit).

 

TRAC Oil and Gas Limited (Ghana) financial statements for the year ended 31 March 2024 are not included in the consolidation due to its immateriality. The company's amount of capital and reserves at 31 March 2024 was £3,055 (2023: £3,055) and the company's profit for the year was £Nil (2023: £Nil).

17
Joint ventures

Details of joint ventures at 31 March 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
TRAC Oil & Gas Services Ghana Limited
HSE No ADP Block 1 Office No 5 Free Zone Enclave Tema Kpone Katamansc PO Box CE12034 Tema Ghana
Ordinary
90.00
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
7,952,264
8,633,113
-
-
Finished goods and goods for resale
796,006
943,450
-
0
-
0
8,748,270
9,576,563
-
-
19
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
13,731,219
11,036,475
n/a
n/a
Equity instruments measured at cost less impairment
66,174
47,433
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
8,340,943
5,212,278
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
9,993,412
7,624,685
2,549
13,604
Corporation tax recoverable
574,936
998,900
-
0
-
0
Amounts owed by group undertakings
-
-
2,296,329
1,455,141
Amounts owed by undertakings in which the group has a participating interest
528,297
514,452
-
-
Other debtors
2,471,564
2,537,770
1,792,674
1,801,634
Prepayments and accrued income
2,208,166
1,279,687
190,409
191,124
15,776,375
12,955,494
4,281,961
3,461,503
Amounts falling due after more than one year:
Deferred tax asset (note 25)
427,931
412,686
-
0
-
0
Total debtors
16,204,306
13,368,180
4,281,961
3,461,503

Amounts owed by group undertakings and undertakings where the group has a participating interest are unsecured, interest free, have no fixed date of repayment and are repayable upon demand.

 

Amounts owed by shareholders of £1,352,903 (2023: £1,348,724) are included within other debtors. Interest is charged at a commercial rate on this loan and there are no set repayment terms.

21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
23
322,421
58,812
322,421
58,812
Obligations under finance leases
24
107,413
75,490
-
0
-
0
Trade creditors
4,573,982
2,271,787
199,870
142,029
Amounts owed to group undertakings
-
0
-
0
927,106
-
0
Corporation tax payable
8,108
-
0
1,411
693
Other taxation and social security
950,059
955,113
336,175
296,377
Other creditors
2,306,324
1,895,474
943,926
1,012,597
Accruals and deferred income
744,014
465,643
70,957
46,327
9,012,321
5,722,319
2,801,866
1,556,835

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
-
0
325,138
-
0
325,138
Obligations under finance leases
24
151,674
-
0
-
0
-
0
Other creditors
135,115
119,934
-
0
-
0
286,789
445,072
-
325,138
23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
322,421
383,950
322,421
383,950
Payable within one year
322,421
58,812
322,421
58,812
Payable after one year
-
0
325,138
-
0
325,138

Amounts of £322,421 is payable within one year are secured by a fixed charge over property held by the group. This contains a negative pledge and is subject to interest of 2.45% above base and was repaid in May 2024.

24
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
121,997
79,646
-
0
-
0
In two to five years
166,258
-
0
-
0
-
0
288,255
79,646
-
-
Less: future finance charges
(29,168)
(4,156)
-
0
-
0
259,087
75,490
-
0
-
0

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

TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
25
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Fixed asset timing differences
1,181,321
1,191,570
131,517
54,157
Losses and other deductions
(650,267)
(505,462)
274,443
324,396
Short term timing differences
(15,392)
(13,502)
21,971
34,133
Other deductions
(68,803)
(68,803)
-
-
446,859
603,803
427,931
412,686
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
(191,117)
-
Credit to profit or loss
172,189
-
Liability at 31 March 2024
(18,928)
-
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
688,778
610,086

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.

 

As at the reporting date, amounts payable of £132,678 (2023: £114,042) had not been paid over to the schemes.

 

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
5,000,000
5,000,000
50,000
50,000
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
28
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
293,860
321,831
-
-
Between two and five years
789,638
1,112,094
-
-
In over five years
-
130,887
-
-
1,083,498
1,564,812
-
-
Lessor

The operating leases represent leases of properties and land to third parties.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
41,044
-
41,044
-
Between two and five years
140,000
-
140,000
-
In over five years
50,055
-
50,055
-
231,099
-
231,099
-
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
26,719
-
-
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
688,316
559,623
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
2024
2023
£
£
Group
Entities over which the group has control, joint control or significant influence
71,569
14,890
Management charges
Donations
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
-
-
299,793
143,292
Company
Entities over which the entity has control, joint control or significant influence
864,254
725,689
-
-
Other related parties
-
-
3,230
75,629

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Company
Entities over which the company has control, joint control or significant influence
449,973
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
528,297
514,452
TRAC INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
30
Related party transactions
(Continued)
- 38 -
Company
Entities over which the company has control, joint control or significant influence
2,296,329
1,162,072
Other related parties
1,352,903
1,348,724
31
Ultimate controlling party

TRAC International Limited is controlled by D H Hawthorn who owns 100% of the company's issued share capital.

32
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(990,438)
(2,270,548)
Adjustments for:
Taxation credited
(260,519)
(968,958)
Finance costs
33,820
14,117
Investment income
(35,378)
(29,107)
Gain on disposal of tangible fixed assets
(328,226)
(123,644)
Amortisation and impairment of intangible assets
1,073,603
1,181,705
Depreciation and impairment of tangible fixed assets
1,047,232
1,098,226
Movements in working capital:
Decrease in stocks
828,293
1,269,791
(Increase)/decrease in debtors
(3,244,865)
1,006,825
Increase/(decrease) in creditors
3,001,563
(276,511)
Cash generated from operations
1,125,085
901,896
33
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
Exchange rate movements
31 March 2024
£
£
£
£
Cash at bank and in hand
359,568
295,881
82,497
737,946
Borrowings excluding overdrafts
(383,950)
61,529
-
(322,421)
Obligations under finance leases
(75,490)
(183,597)
-
(259,087)
(99,872)
173,813
82,497
156,438
34
Events after the reporting date

In accordance with normal practice, fixed assets acquired post year end and fixed assets purchased during the year are considered by management for financing by the company’s lender of choice in line with the existing facility in place at the year end. Subsequent to the year end £659,026 of finance has been received.

2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityK D HawthornK D HawthornK R StephenfalsefalseSC193766bus:Consolidated2023-04-012024-03-31SC1937662023-04-012024-03-31SC193766bus:CompanySecretaryDirector12023-04-012024-03-31SC193766bus:Director12023-04-012024-03-31SC193766bus:CompanySecretary12023-04-012024-03-31SC193766bus:Director22023-04-012024-03-31SC193766bus:RegisteredOffice2023-04-012024-03-31SC193766bus:Consolidated2024-03-31SC1937662024-03-31SC193766bus:Consolidated2022-04-012023-03-31SC1937662022-04-012023-03-31SC193766core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-04-012024-03-31SC193766core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-04-012023-03-31SC193766core:OtherResidualIntangibleAssetsbus:Consolidated2024-03-31SC193766core:OtherResidualIntangibleAssetsbus:Consolidated2023-03-31SC193766core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2024-03-31SC193766core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-03-31SC193766bus:Consolidated2023-03-31SC1937662023-03-31SC193766core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-31SC193766core:LeaseholdImprovementsbus:Consolidated2024-03-31SC193766core:PlantMachinerybus:Consolidated2024-03-31SC193766core:MotorVehiclesbus:Consolidated2024-03-31SC193766core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-31SC193766core:LeaseholdImprovementsbus:Consolidated2023-03-31SC193766core:PlantMachinerybus:Consolidated2023-03-31SC193766core:MotorVehiclesbus:Consolidated2023-03-31SC193766core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-31SC193766core:PlantMachinery2024-03-31SC193766core:MotorVehicles2024-03-31SC193766core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-31SC193766core:PlantMachinery2023-03-31SC193766core:MotorVehicles2023-03-31SC193766core:ShareCapitalbus:Consolidated2024-03-31SC193766core:ShareCapitalbus:Consolidated2023-03-31SC193766core:ShareCapital2024-03-31SC193766core:ShareCapital2023-03-31SC193766core:RetainedEarningsAccumulatedLosses2024-03-31SC193766core:ShareCapitalbus:Consolidated2022-03-31SC193766core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-31SC193766core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-31SC193766core:Non-controllingInterestsbus:Consolidated2023-03-31SC193766core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-31SC193766core:Non-controllingInterestsbus:Consolidated2024-03-31SC193766core:ShareCapital2022-03-31SC193766core:RetainedEarningsAccumulatedLosses2022-03-31SC193766core:RetainedEarningsAccumulatedLosses2023-03-31SC193766bus:Consolidated2022-03-31SC193766core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-31SC193766core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-31SC193766core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-31SC193766core:LeaseholdImprovements2023-04-012024-03-31SC193766core:PlantMachinery2023-04-012024-03-31SC193766core:MotorVehicles2023-04-012024-03-31SC193766core:UKTaxbus:Consolidated2023-04-012024-03-31SC193766core:UKTaxbus:Consolidated2022-04-012023-03-31SC193766core:ForeignTaxbus:Consolidated2023-04-012024-03-31SC193766core:ForeignTaxbus:Consolidated2022-04-012023-03-31SC193766bus:Consolidated12023-04-012024-03-31SC193766bus:Consolidated12022-04-012023-03-31SC193766bus:Consolidated22023-04-012024-03-31SC193766bus:Consolidated22022-04-012023-03-31SC193766bus:Consolidated32023-04-012024-03-31SC193766bus:Consolidated32022-04-012023-03-31SC193766core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-03-31SC193766core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-04-012024-03-31SC193766core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-04-012024-03-31SC193766core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-31SC193766core:LeaseholdImprovementsbus:Consolidated2023-03-31SC193766core:PlantMachinerybus:Consolidated2023-03-31SC193766core:MotorVehiclesbus:Consolidated2023-03-31SC193766bus:Consolidated2023-03-31SC193766core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-31SC193766core:PlantMachinery2023-03-31SC193766core:MotorVehicles2023-03-31SC1937662023-03-31SC193766core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-04-012024-03-31SC193766core:LeaseholdImprovementsbus:Consolidated2023-04-012024-03-31SC193766core:PlantMachinerybus:Consolidated2023-04-012024-03-31SC193766core:MotorVehiclesbus:Consolidated2023-04-012024-03-31SC193766core:UnlistedNon-exchangeTradedbus:Consolidated2024-03-31SC193766core:UnlistedNon-exchangeTradedbus:Consolidated2023-03-31SC193766core:UnlistedNon-exchangeTraded2024-03-31SC193766core:UnlistedNon-exchangeTraded2023-03-31SC193766core:Subsidiary12023-04-012024-03-31SC193766core:Subsidiary22023-04-012024-03-31SC193766core:Subsidiary32023-04-012024-03-31SC193766core:Subsidiary42023-04-012024-03-31SC193766core:Subsidiary52023-04-012024-03-31SC193766core:Subsidiary62023-04-012024-03-31SC193766core:Subsidiary72023-04-012024-03-31SC193766core:Subsidiary82023-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