Company registration number SC055532 (Scotland)
MACTAGGART, SCOTT & COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
MACTAGGART, SCOTT & COMPANY LIMITED
COMPANY INFORMATION
Directors
R G S Prenter
(Chairman)
W P Marsh
A Tuff
W L Milroy
G A Davidson
(Managing Director)
C G L Mann
S J Ritchie
A A W Waddell
(Appointed 01/05/2024)
M S Venman
(Appointed 01/05/2024)
Secretary
R G S Prenter
Company number
SC055532
Registered office
Hunter Avenue
Loanhead
Midlothian
EH20 9SP
Auditor
MHA
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
MACTAGGART, SCOTT & COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 29
MACTAGGART, SCOTT & COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report and financial statements for the year ended 30 April 2024.

Fair review of the business

The business increased turnover this year, up by 12.4% compared to the previous year. New orders of £43m were received in the year meanwhile there has been an increase in the average monthly number of persons employed during the year. The Company returned a profit in the year due to the strong sales performance.

We forecast that the order book will strengthen during next financial year with this work predominately UK based, and most importantly, continues being bid/contracted at current economic conditions.

The Company continues to invest in both R&D and capital expenditure in its production facilities, infrastructure and information technology. This is supported by training programmes across all skill sets from the Company Apprenticeship and Graduate Sponsorship Programmes to work related programmes throughout our established and skilled workforce.

A full actuarial valuation of the closed defined benefit pension scheme was carried out at 30 December 2021 and updated to 30 April 2024 by a qualified actuary. The company continues to contribute to the closed defined benefit pension scheme as per the current recovery plan.

MacTaggart Scott Australia Pty Limited, a wholly owned subsidiary of the Company, has performed well and remains a key supplier within the Australian defence industry.

 

Principal risks and uncertainties

Market Risk

The business is focussed on the design and manufacture of hydraulic, electro-hydraulic and mechanical handling equipment for the Naval Defence Industry in the UK and overseas defence markets. The main commercial risk is that customers delay or change their plans which in turn leads to capacity and utilisation challenges in engineering and production. The impact of such delays or changes on capacity plans is managed monthly through a formal Sales & Operations Planning process. Competition in our market is limited but price and lead time is increasingly becoming an important differentiator in securing new business.

Price Risk

The Company is reliant on certain raw materials in its manufacturing processes which are mainly expensive non-ferrous, copper and nickel based metals. The volatility of these markets can be high and can result in significant cost increases between the contract prices we bid, to the price we pay when these are purchased. To mitigate this risk, traditionally we look to agree long term pricing with our supply chain. However, in the current volatile market conditions our supply chain is unwilling to enter into long term pricing agreements. To minimise exposure, MacTaggart Scott is offering significantly reduced validity periods for all new bids to customers. Where possible we are negotiating fluctuation clauses within new contracts to cover any significant base price increases out with our control. The Company is also attempting to move from a traditional contracting model of a combined ‘Design & Build’ contract, to the less risky approach of an initial ‘Design’ contract followed later by a separate ‘Build’ contract once the design has been approved. While this is not always possible, we have had success in the UK with this approach.

Liquidity Risk

The Company's financial instruments comprise cash at bank, bank guarantees and short term liquid investments. The main purpose of these financial instruments is to provide adequate finance for the Company's operations.

MACTAGGART, SCOTT & COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Currency Risk

The Company aims to contract with overseas customers in GBP wherever possible. Whilst relatively small, the Company is, however, exposed to exchange rate risk which arises as a result of contracting with customers and suppliers in currencies other than sterling. It is the Company's policy to constantly monitor the level of currency exposure and to operate ‘natural hedging’ arrangements where possible. Where this is not possible, forward foreign currency hedging arrangements are utilised where the risk is deemed significant.

Business Continuity

The company has a Business Continuity Plan which is reviewed twice a year to ensure that risks are constantly updated and mitigation plans are still appropriate while keeping this relevant within the business.

Development and performance

The Company sets itself challenging financial targets to monitor, control and deliver performance for sustained financial stability.

Turnover represents the proportion of contract activity that is considered to have been completed in the year, together with sales of spares and other ancillary activities. All turnover is shown exclusive of VAT. Total turnover shows an increase of 12.4% on the previous year with 66% relating to the UK.

The profit before taxation represents profits generated, less losses, from the ordinary activities of the business. Contributions to the company defined contribution pension scheme are charged to the profit and loss account in the period to which they relate. Contributions payable to the Company’s closed defined benefit pension scheme are charged against the pension scheme liability. The pension charge is calculated on the basis of actuarial advice.

For the financial year to 30 April 2024, the Company returned a profit and is forecasting another profit before tax in the next financial year.

A dividend of £322,491 was declared from the Company’s wholly owned subsidiary MacTaggart Scott Australia Pty Limited.

Key performance indicators

The Board uses a range of financial and non-financial performance indicators to monitor the Company's performance benchmarking against objectives.

Health and Safety

The Board takes the health and safety of its employees very seriously and the Company has made considerable investment in this area. The Health and Safety Committee meet monthly to discuss all aspects of health and safety and drive continuous improvement.

 

Promoting the success of the company

The Board of Directors actively promotes the success of the Company, and acts in a way we consider, in good faith, that acknowledges and benefits stakeholders as a whole.

 

Employees

The Board fully recognises its responsibility to care for all employees and to grow and develop key skills. Employee numbers are in line with current capacity plans and remain under review in order to meet future order book needs.

 

We value our people and recognise their importance to the success of the Company. We are committed to providing a fulfilling, safe and enjoyable place to work that will help deliver both personal and business goals

 

Community & Environment

We understand our importance as an employer to the local community and our responsibility to the environment. We actively work to sponsor and support community projects and to minimise the impact our Business has on the environment.

 

 

MACTAGGART, SCOTT & COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

Investors

We are grateful for the continuing support of our shareholders and are committed to protecting and managing their investment in a responsible and sustainable way.

 

Customers

Our strategy is to build long term and valued customer relationships where we work to understand customer

requirements and then provide engineering excellence, product innovation and value for money.

 

Suppliers

Our supply chain is key to our success and therefore our strategy is to build long term ‘partnerships’ together with collaborative, ethical and sustainable working practices.

 

Government & Regulators

The Directors promote values we consider fundamental to our reputation, including honesty, integrity, respect for people and concern for the environment. MacTaggart Scott has a Code of Ethics which emphasises social and environmental responsibility. This code includes the Company’s compliance with the UK Bribery Act 2010 and the US Foreign Corrupt Practices Act 1977

 

By order of the board

R G S Prenter
Secretary
27 November 2024
MACTAGGART, SCOTT & COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The directors present their report and financial statements for the year ended 30 April 2024.
Principal activities
The company's principal activity during the year continued to be the design, manufacture, installation and support of hydraulic, electro-hydraulic and mechanical handling equipment for the Naval Defence Industry in both home and export defence markets.
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £448,320. 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:

R G S Prenter
W P Marsh
A Tuff
W L Milroy
G A Davidson
C G L Mann
S J Ritchie
G H W Waddell
(Deceased 23 November 2023)
A A W Waddell
(Appointed 1 May 2024)
M S Venman
(Appointed 1 May 2024)

Bill Marsh retired on 30 April 2024 following 27 years of service of which 16 years were as Managing Director. We would like to thank Bill for his dedication and massive contribution to transforming the business. We are delighted that Bill will continue his association with MacTaggart Scott as a non-executive director.

Gary Davidson was appointed Managing Director on 01 May 2024.

In accordance with the articles of association, R G S Prenter, A Tuff and S J Ritchie retire by rotation at the annual general meeting and, being eligible, offer themselves for re-election. In addition A A W Waddell and M S Venman were appointed in the year and retire at the annual general meeting and, being eligible, offer themselves for re-election.

It is with deep sorrow that we report that Mr Graham H W Waddell sadly died in November 2023. Mr Waddell provided great support and wise counsel to the board of directors and shareholders during his time as director. He will be very fondly remembered and greatly missed. A dear friend to us all.

Disabled persons

The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

MACTAGGART, SCOTT & COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Employee involvement

The company's policy is to consult and discuss with employees, through their representatives and at meetings, matters likely to affect employees' interests.

 

Information on matters of concern to employees is given through bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

Geoghegans resigned as auditors on 1 February 2024 following their merger with MHA, and MHA were appointed as auditors from that date. In accordance with the company's articles, a resolution proposing that MHA be reappointed as auditor of the company will be put to the Annual General Meeting.

Energy and carbon report

Energy consumption data in Kwh is obtained directly from billing data or by converting carbon fuels to Kwh using published conversion factors. The conversion of Kwh to Co2 emissions is calculated by reference to the UK Government's published conversion factors for company reporting.

 

The company consumed 5,868,262 Kwh (2023: 5,567,171) in the year to April 2024 with a resultant greenhouse gas emission of 1,146 tonnes of CO2 equivalent (2023: 1,089). The company generated turnover of £47,132,060 (2023: £41,921,808) in this period and the resultant energy measure is 24.32 tonnes of CO2 equivalent per £m (2023: 25.99). The company seeks to consistently improve energy efficiency and is regularly audited on our ISO14001 standards

We have followed the HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the June 2023 UK Government’s Conversion Factors for Company Reporting.

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MACTAGGART, SCOTT & COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

By order of the board
R G S Prenter
Secretary
27 November 2024
MACTAGGART, SCOTT & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACTAGGART, SCOTT & COMPANY LIMITED
- 7 -
Opinion

We have audited the financial statements of MacTaggart, Scott & Company Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

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:

 

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

MACTAGGART, SCOTT & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACTAGGART, SCOTT & COMPANY LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

 

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MACTAGGART, SCOTT & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACTAGGART, SCOTT & COMPANY LIMITED (CONTINUED)
- 9 -

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.

Iain Binnie
Senior Statutory Auditor
For and on behalf of MHA
27 November 2024
Chartered Accountants
Statutory Auditor
6 St Colme Street
Edinburgh
EH3 6AD
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
MACTAGGART, SCOTT & COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
47,132,060
41,921,808
Cost of sales
(38,921,240)
(32,243,001)
Gross profit
8,210,820
9,678,807
Distribution costs
(76,237)
(149,730)
Administrative expenses
(7,334,171)
(6,474,036)
Other operating income
208,008
285,734
Operating profit
4
1,008,420
3,340,775
Interest receivable and similar income
8
546,860
272,819
Interest payable and similar expenses
9
(29,394)
(44,048)
Profit before taxation
1,525,886
3,569,546
Tax on profit
10
(318,649)
(177,248)
Profit for the financial year
1,207,237
3,392,298

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MACTAGGART, SCOTT & COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
£
£
Profit for the year
1,207,237
3,392,298
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
(1,024,000)
183,000
Tax relating to other comprehensive income
-
0
(443,500)
Other comprehensive (loss)/ income for the year
(1,024,000)
(260,500)
Total comprehensive (loss)/income for the year
183,237
3,131,798
MACTAGGART, SCOTT & COMPANY LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
6,708,454
6,363,417
Investments
13
2
2
6,708,456
6,363,419
Current assets
Stocks
15
21,194,566
12,582,782
Debtors
16
13,806,432
12,093,299
Cash at bank and in hand
3,100,520
11,095,473
38,101,518
35,771,554
Creditors: amounts falling due within one year
17
(33,578,114)
(30,782,866)
Net current assets
4,523,404
4,988,688
Total assets less current liabilities
11,231,860
11,352,107
Creditors: amounts falling due after more than one year
18
(113,495)
(287,523)
Provisions for liabilities
Deferred tax liability
20
808,435
489,571
Defined benefit pension liability
21
-
0
-
0
(808,435)
(489,571)
Net assets
10,309,930
10,575,013
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
10,309,830
10,574,913
Total equity
10,309,930
10,575,013
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
R G S Prenter
Director
Company Registration No. SC055532
MACTAGGART, SCOTT & COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
7,443,115
7,443,215
Year ended 30 April 2023:
Profit
-
3,392,298
3,392,298
Other comprehensive income:
Actuarial gains on defined benefit plans
-
183,000
183,000
Tax relating to other comprehensive income
-
(443,500)
(443,500)
Total comprehensive income
-
3,131,798
3,131,798
Balance at 30 April 2023
100
10,574,913
10,575,013
Year ended 30 April 2024:
Profit
-
1,207,237
1,207,237
Other comprehensive income:
Actuarial loss on defined benefit plans
-
(1,024,000)
(1,024,000)
Total comprehensive income
-
183,237
183,237
Dividends
11
-
(448,320)
(448,320)
Balance at 30 April 2024
100
10,309,830
10,309,930
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

MacTaggart, Scott & Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Hunter Avenue, Loanhead, Midlothian, EH20 9SP.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

This 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:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The ultimate parent company is MacTaggart Scott (Holdings) Limited, a company registered in Scotland.

MacTaggart Scott (Holdings) Limited prepares group financial statements and copies can be obtained from Hunter Avenue, Loanhead, Midlothian, EH20 9SP.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the proportion of contract activity that is considered to have been completed once agreed milestones have been achieved. Contracts undertaken relate to the design, manufacture, installation and support of hydraulic, electro-hydraulic and mechanical handling equipment for the Naval Defence Industry. Turnover also consists of the sale of spares and other anciliary services. All turnover is shown exclusive of VAT.

MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Tangible fixed assets

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

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

Freehold land and buildings
2% straight line on buildings
Plant and machinery
16.6% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
33.3% straight line
Motor vehicles
25% straight line

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

 

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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

1.6
Stock and work in progress

Stock has been valued at the lower of cost and net realisable value in accordance with FRS 102. Work in progress on short term contracts is stated at cost, less provision for any foreseeable losses and progress payments received or receivable. Cost comprises direct labour, direct expenses and attributable overheads. In respect of long term contracts, profit is not taken unless agreed sub-divisions of these contracts are acknowledged as having been completed. Losses are provided for as soon as they arise.

1.7
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.

1.8
Financial instruments

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

 

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

 

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

Debtors

Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Creditors

Creditors with no stated interest rate payable within one year are recorded at transaction price.

 

All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable.

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.12
Retirement benefits

Contributions payable to the company's defined contribution pension scheme are charged to the profit and loss account in the period to which they relate.

 

Contributions payable to the company's defined benefit scheme are charged against the pension scheme liability in the financial statements. The pension charge is calculated on the basis of actuarial advice.

MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.13
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 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 lease asset are consumed.

1.14
Foreign exchange

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

1.15

Research and development

Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the assets and the ability to measure reliably the expenditure during development.

 

Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development the asset is tested for impairment annually.

2
Judgements and key sources of estimation uncertainty

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

 

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

MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
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 life of tangible assets

The company sets depreciation rates which reasonably reflect the probably economic life of an asset. The directors regularly review the policies for appropriateness. The directors also review of impairment when trigger events occur or annual as appropriate.

Revenue recognition

The company's revenue recognition policies are central to how the company values the work it has carried our in each financial period. The policies require forecasts to be made of the outcome of each long-term construction project which requires estimates to be made of both cost and income recognition on each contract. Cost forecasts include estimates of the final out-turn of each contract in addition to potential costs for maintenance and remedial work. Income forecasts include estimates for variations due to scope of work or potential customer claims, with judgements made as to the performance obligations within long term contracts. Estimates are reviewed regularly over the contract's life based on the latest available information and adjustments made where necessary.

Defined benefit pension scheme

The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty and year to year volatility. The directors rely on the experience and knowledge of the actuary when preparing the pension scheme figures. In determining the appropriate discount rate, the board considered the interest rates of corporate bonds in the respective currency with at least AA rating with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on publicly available mortality tables for the specific country and demographic. Future salary increases and pension increases are based on expected inflation rates.

3
Turnover
Geographical market
2024
2023
£
£
United Kingdom
31,182,923
21,817,766
Rest of the world
15,949,137
20,104,042
47,132,060
41,921,808
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(35,928)
(157,552)
Depreciation of owned tangible fixed assets
880,458
689,296
Depreciation of tangible fixed assets held under finance leases
222,079
165,497
Profit on disposal of tangible fixed assets
(25,386)
(20,615)
Operating lease charges
41,461
34,485
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 company
42,640
41,000
For other services
All other non-audit services
25,632
19,730
6
Employees

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

2024
2023
Number
Number
Office and management
179
160
Manufacturing and installation
209
202
Total
388
362

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
17,334,075
15,436,528
Social security costs
1,775,972
1,634,569
Pension costs
1,057,500
984,330
20,167,547
18,055,427
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,116,749
1,116,860
Company pension contributions to defined contribution schemes
80,460
76,416
1,197,209
1,193,276

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

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
260,319
240,670
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
200,369
53,217
Interest on the net defined benefit pension scheme
24,000
-
0
Total interest revenue
224,369
53,217
Income from fixed asset investments
Income from shares in group undertakings
322,491
219,602
Total income
546,860
272,819
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
29,394
13,048
Interest on the net defined benefit pension scheme
-
0
31,000
Total finance costs
29,394
44,048
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits/(losses) for the current period
(20,000)
(133,504)
Adjustments in respect of prior periods
105,332
68,580
Group tax relief
(85,547)
(20,576)
Total current tax
(215)
(85,500)
Deferred tax
Origination and reversal of timing differences
318,864
262,748
Total tax charge/(credit)
318,649
177,248

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
1,525,886
3,569,546
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
381,472
696,061
Tax effect of income not taxable in determining taxable profit
(80,623)
(42,807)
Adjustments in respect of prior years
105,332
68,580
Group relief
85,547
20,576
Receipt in respect of group relief
(85,547)
(20,576)
Surrender of tax losses for R&D credit refund
30,000
50,671
Research and development tax credit
(104,806)
(175,032)
Depreciation charged on assets ineligible for capital allowances
26,759
(74,301)
Amounts credited directly to statement of other comprehensive income
-
0
69,098
Adjustment for change of deferred tax rate
-
0
(362,469)
Movement in deferred tax not recognised
(39,485)
(52,553)
Tax charge/(credit)credit for the year
318,649
177,248

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
-
443,500
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
11
Dividends
2024
2023
£
£
Final paid
448,320
-
0
12
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
4,013,391
13,445,774
601,046
363,772
18,423,983
Additions
276,559
1,120,360
843
87,511
1,485,273
Disposals
-
0
(122,086)
-
0
(153,252)
(275,338)
At 30 April 2024
4,289,950
14,444,048
601,889
298,031
19,633,918
Depreciation and impairment
At 1 May 2023
1,198,213
10,060,347
565,894
236,112
12,060,566
Depreciation charged in the year
68,294
951,334
24,703
58,206
1,102,537
Eliminated in respect of disposals
-
0
(121,648)
-
0
(115,991)
(237,639)
At 30 April 2024
1,266,507
10,890,033
590,597
178,327
12,925,464
Carrying amount
At 30 April 2024
3,023,443
3,554,015
11,292
119,704
6,708,454
At 30 April 2023
2,815,178
3,385,427
35,152
127,660
6,363,417

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
549,407
764,936
Depreciation charge for the year in respect of leased assets
222,079
165,497
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
2
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2023 & 30 April 2024
2
Carrying amount
At 30 April 2024
2
At 30 April 2023
2
14
Subsidiaries
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
MacTaggart Scott Australia Pty Ltd
1
Engineering
Ordinary
100.00
MacTaggart Scott USA LLC
2
Engineering
Ordinary
100.00
Registered Office addresses:
1
Level 6, 211 Victoria Square, Adelaide SA 5000, Australia
2
2133 Upton Drive, Suite 126-192, Virginia Beach, VA 23454, USA
15
Stocks
2024
2023
£
£
Raw materials and consumables
10,670,005
10,181,119
Work in progress
28,466,041
17,477,928
Work in progress provisions
(15,543,688)
(12,345,366)
Payments received on account
(2,397,792)
(2,730,899)
21,194,566
12,582,782
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,089,047
10,385,990
Corporation tax recoverable
162,151
986,967
Amounts owed by group undertakings
132,931
74,862
Other debtors
211,403
218,711
Prepayments and accrued income
210,900
426,769
13,806,432
12,093,299
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
174,023
248,200
Payments received on account
25,061,370
22,724,477
Trade creditors
6,206,295
5,280,877
Taxation and social security
1,071,648
872,980
Other creditors
373,361
555,690
Accruals and deferred income
691,417
1,100,642
33,578,114
30,782,866
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
113,495
287,523
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
174,028
248,200
In two to five years
113,490
287,523
287,518
535,723

Finance lease payments represent rentals payable by the company 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
808,435
489,571
2024
Movements in the year:
£
Liability at 1 May 2023
489,571
Charge to profit or loss
318,864
Liability at 30 April 2024
808,435
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,057,500
984,330

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Retirement benefit schemes
(Continued)
- 26 -
Defined benefit schemes

The company operates a defined benefit plan in the UK. The scheme became closed on 30 June 2000. This is a separate trustee administered fund holding the pension plan assets to meet long term plan liabilities. A full actuarial valuation was carried out at 30 December 2021 and updated to 30 April 2024 by a qualified actuary, independent of the plan's sponsoring employer. The major assumptions used by the actuary are shown below.

 

The most recent actuarial valuation on 30 December 2021 showed a deficit of £10,702,000. The company has agreed with the trustees that it will aim to eliminate the deficit over a period of 2 years and 8 months from 1 April 2023 by the payment of annual contributions of £1,000,000. In addition, levies to the Pension Protection Fund, insurance premiums for death in service benefits and management and administration expenses are payable, or will be reimbursed where the plan has made the payment initially.

 

The main assumptions used in this valuation were:

 

a) Discount rates - Nominal Gilt Yield Curve plus 2.10% at each term pre retirement and Nominal Gilt Yield Curve post retirement

 

b) Rate of revaluation - CPI Inflation at each term subject to a maximum of 5.00% pa

 

c) Pension increases - Derived at each term using Black Scholes Methodology with a volatility assumption of 1.75%

 

Currently MacTaggart, Scott & Company Limited is making contributions based on the latest valuation which are considered sufficient to meet the current statutory funding objective while the scheme continues to operate as a closed fund.

2024
2023
Key assumptions
%
%
Discount rate
5.3
5.0
Inflation (RPI)
3.4
3.2
Inflation (CPI)
2.8
2.5
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
20.9
20.9
- Females
22.8
22.7
Retiring in 20 years
- Males
22.3
22.2
- Females
24.3
24.2
Amounts recognised in the profit and loss account
2024
2023
Costs/(income):
£
£
Net interest on net defined benefit liability/(asset)
(24,000)
31,000
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Retirement benefit schemes
(Continued)
- 27 -
Amounts recognised in other comprehensive income
2024
2023
Costs/(income):
£
£
Actual return on scheme assets
727,000
2,068,000
Less: calculated interest element
1,025,000
741,000
Return on scheme assets excluding interest income
1,752,000
2,809,000
Actuarial changes related to obligations
(431,000)
(3,722,000)
Changes in asset ceiling (excluding interest income)
(297,000)
730,000
Total costs/(income)
1,024,000
(183,000)

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

2024
2023
Liabilities/(assets):
£
£
Present value of defined benefit obligations
18,976,000
19,966,000
Fair value of plan assets
(19,446,000)
(20,696,000)
Surplus in scheme
(470,000)
(730,000)
Effect of asset ceiling
470,000
730,000
Total liability recognised
-
-
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 1 May 2023
19,966,000
Benefits paid
(1,523,000)
Actuarial gains and losses
(431,000)
Interest cost
964,000
At 30 April 2024
18,976,000
MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Retirement benefit schemes
(Continued)
- 28 -
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 May 2023
20,696,000
Interest income
1,025,000
Return on plan assets (excluding amounts included in net interest)
(1,752,000)
Benefits paid
(1,523,000)
Contributions by the employer
1,000,000
19,446,000
Effect of asset ceiling
(470,000)
At 30 April 2024
18,976,000

The actual return on plan assets was £727,000 (2023 - £2,068,000).

2024
2023
Fair value of plan assets
£
£
Debt instruments
9,769,000
10,158,000
Cash
183,000
250,000
Insured pensioners
9,494,000
10,288,000
19,446,000
20,696,000

None of the fair values of the assets shown above include any direct investments in the company's own financial instruments or any property occupied by, or other assets used by, the company.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
23
Contingent Liabilities

In the case of certain contracts it is a condition of the contract that the company's bankers give counter guarantees in respect of progress claims which are paid during the course of a contract. The value of guarantees payable at the year end amounted to £712,076 (2023: £1,0064,717).

MACTAGGART, SCOTT & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
24
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
16,500
50,745
Between two and five years
44,470
71,407
60,970
122,152
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
451,525
343,693
26
Related party transactions

The company has taken advantage of the exemption within the accounting standards from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

 

During the year the company provided goods and services amounting to £132,300 (2023: £132,300) and purchased goods and services amounting to £7,400 (2023: £43,573) from a fellow subsidiary of the parent undertaking.

 

At the year end the following balances were outstanding:

Trade debtor of £13,230 (2023: £13,230), amounts due from fellow subsidiary undertakings of £nil (2023: £74,862) and amounts due to fellow subsidiary undertakings of £1,296 (2023: £44,713).

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