Company registration number 07320150 (England and Wales)
HALL & WATTS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
HALL & WATTS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J Hoskins
Mr A Thakkar
Company number
07320150
Registered office
Unit A3, Merlin Centre
Acrewood Way
St Albans
Herts
AL4 0JY
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
Barclays Bank Plc
22-24 Upper Marlborough Road
St Albans
Hertfordshire
AL1 3AL
HALL & WATTS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
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
Company statement of cash flows
15
Notes to the financial statements
16 - 29
HALL & WATTS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Review of the business

Turnover for the year ended 30 April 2024 amounted to £8.5m (2023: £8.5m). The operating profit amounted to £808k (2023: £217k).

 

The directors consider the results at the year end to be satisfactory and intend to pursue strategies that would enhance the growth of the group and result in improved performance.

 

Review of the business and future developments

 

The Group's key financial and other performance indicators during the year were as follows:

 

     2024 2023

     £     £

Turnover     8,576,435     8,504,573

Operating profit          808,301 217,976

Profit after tax         585,689 166,659

Shareholders' funds     6,915,441     6.345,927

Average number of employees     27      27

    

The Group's strategy is that of laying the foundation for long-term sustainable growth through recruiting in-house specialist teams with appropriate skills for the development of industry leading software and hardware for military applications.

 

The Board believes that the framework established by the above strategy should enable the Group to achieve a growth in turnover in the coming year. In particular the Group currently has substantial volume of business in hand in all areas of its business.

 

The Board believe that it is now in a position to see growth in its Turnover and Profits in the coming years and the establishment of the Group as a leading player in the world market in its field.

 

The Group is committed to continue the ongoing development of its product and to remain at the forefront of changes in technology delivering quality and value to its customers.

 

Markets

 

The Group customers are primarily state defence authorities and companies in the military applications sector in UK,US, EU, Australasia, Middle East and East and Central African markets.

 

Financial instruments

 

The group's policy is to finance its operations on a medium term basis from retained profits, inter company borrowings, shareholder loans and bank facilities. Overdraft facilities are utilised for short term financing requirements.

 

The financial instruments utilised by the group are borrowings, short term cash deposits and items such as trade creditors which arise directly from operations. Borrowing and deposit facilities are on a floating basis. The group's policy is not to trade in financial instruments.

HALL & WATTS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are reviewed by the directors and appropriate processes are put in place to monitor and mitigate them. The key risks affecting the group are set out below.

 

Business Risk

 

The Group is reliant on defence spending and with government authorities being primary customers any reduction in budgets could have an impact on the Group.

 

The Group's business being geographically spread across the world market however limits the degree of operational and financial risks to an extent.

 

Every so often state budget allocations are withdrawn and this may result in orders being delayed and/or cancelled.This may result in the Group's profit for a particular year being reduced.

 

Currency risk

 

The international nature of the Group's businesses exposes it to currency risk. The group buys in Swiss francs and Canadian dollars and manages the risk by allowing for movements in currency in its mark up and margins.

 

As the supply line is generally short the risk attributed to currency fluctuation is therefore limited and well covered in the built in margins.

 

Where the supply line is long the company would generally cover for the fluctuation in the currency in its contract and thus mitigate its exposure.

 

Future developments

The directors aim to continue with the management policies which has resulted in the group's steady growth in recent years.

The outlook for 2025 is reasonably encouraging with the directors being optimistic that the current performance can be maintained.

On behalf of the board

Mr A Thakkar
Director
29 November 2024
HALL & WATTS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of development, manufacture and sale of software as well as hardware for fire control systems and radio controlled devises for military application. The group's activity also involves the development manufacture and sale of mechanical and opto-electronic instruments.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. 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:

Mr J Hoskins
Mr A Thakkar
Auditor

The auditors, KLSA LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

On behalf of the board
Mr A Thakkar
Director
29 November 2024
HALL & WATTS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

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.

HALL & WATTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HALL & WATTS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Hall & Watts Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as going concern.

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:

HALL & WATTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HALL & WATTS HOLDINGS LIMITED
- 6 -
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.

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

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We also considered potential fraud drivers: including financial or other pressures, opportunity, override of controls and personal or corporate motivations. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing journals, evaluating the business rationale of significant transactions outside the normal course of business and validating the appropriateness of internal controls and significant accounting estimations based on our fraud risk criteria;

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

HALL & WATTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HALL & WATTS HOLDINGS LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•    agreeing financial statement disclosures to underlying supporting documentation;

•    enquiring of management as to actual and potential litigation and claims.

We obtained understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the financial reporting framework, tax regulations in the jurisdictions in which the company operates.

 

Based on this understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: making enquiries of management, those responsible for legal and compliance procedures and reviewing other correspondence.

 

We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

 

Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Harsheel Dodhia (Senior Statutory Auditor)
For and on behalf of KLSA LLP
29 November 2024
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
HALL & WATTS HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,576,435
8,504,573
Cost of sales
(5,053,692)
(6,153,139)
Gross profit
3,522,743
2,351,434
Distribution costs
(622,904)
(756,192)
Administrative expenses
(2,647,538)
(1,915,267)
Other operating income
556,000
538,000
Operating profit
4
808,301
217,975
Interest payable and similar expenses
8
(17,660)
(15,241)
Profit before taxation
790,641
202,734
Tax on profit
9
(205,052)
(36,075)
Profit for the financial year
585,589
166,659
Profit for the financial year is all attributable to the owners of the parent company.

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

HALL & WATTS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
585,589
166,659
Other comprehensive income
Currency translation loss arising in the year
(16,075)
(53,324)
Total comprehensive income for the year
569,514
113,335
Total comprehensive income for the year is all attributable to the owners of the parent company.
HALL & WATTS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
60,172
63,848
Current assets
Stocks
14
1,596,712
1,509,071
Debtors
15
10,057,215
8,146,693
Cash at bank and in hand
465,550
288,577
12,119,477
9,944,341
Creditors: amounts falling due within one year
16
(5,254,242)
(3,652,296)
Net current assets
6,865,235
6,292,045
Total assets less current liabilities
6,925,407
6,355,893
Provisions for liabilities
Deferred tax liability
19
9,966
9,966
(9,966)
(9,966)
Net assets
6,915,441
6,345,927
Capital and reserves
Called up share capital
21
101
101
Other reserves
1,787,004
1,803,079
Profit and loss reserves
5,128,336
4,542,747
Total equity
6,915,441
6,345,927
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr A Thakkar
Director
Company registration number 07320150 (England and Wales)
HALL & WATTS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
9,506
9,506
Current assets
Debtors
15
2,177,245
2,196,633
Cash at bank and in hand
4,471
17,377
2,181,716
2,214,010
Creditors: amounts falling due within one year
16
(2,121,946)
(2,169,356)
Net current assets
59,770
44,654
Net assets
69,276
54,160
Capital and reserves
Called up share capital
21
101
101
Profit and loss reserves
69,175
54,059
Total equity
69,276
54,160

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £15,116 (2023 - £9,825 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr A Thakkar
Director
Company registration number 07320150 (England and Wales)
HALL & WATTS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Other reserves
Currency translation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 May 2022
101
1,701,199
155,204
4,376,088
6,232,592
Year ended 30 April 2023:
Profit for the year
-
-
-
166,659
166,659
Other comprehensive income:
Currency translation differences
-
-
(53,324)
-
0
(53,324)
Total comprehensive income
-
-
(53,324)
166,659
113,335
Balance at 30 April 2023
101
1,701,199
101,880
4,542,747
6,345,927
Year ended 30 April 2024:
Profit for the year
-
-
-
585,589
585,589
Other comprehensive income:
Currency translation differences
-
-
(16,075)
-
0
(16,075)
Total comprehensive income
-
-
(16,075)
585,589
569,514
Balance at 30 April 2024
101
1,701,199
85,805
5,128,336
6,915,441
HALL & WATTS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
101
44,233
44,334
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
9,826
9,826
Balance at 30 April 2023
101
54,059
54,160
Year ended 30 April 2024:
Profit and total comprehensive income
-
15,116
15,116
Balance at 30 April 2024
101
69,175
69,276
HALL & WATTS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
723,367
(12,033)
Interest paid
(17,660)
(15,241)
Income taxes paid
(68,961)
(48,663)
Net cash inflow/(outflow) from operating activities
636,746
(75,937)
Investing activities
Purchase of tangible fixed assets
(3,864)
(5,106)
Net cash used in investing activities
(3,864)
(5,106)
Financing activities
Repayment of bank loans
(42,274)
(131,680)
Payment of finance leases obligations
(405)
(4,235)
Net cash used in financing activities
(42,679)
(135,915)
Net increase/(decrease) in cash and cash equivalents
590,203
(216,958)
Cash and cash equivalents at beginning of year
(108,622)
163,471
Effect of foreign exchange rates
(16,031)
(55,135)
Cash and cash equivalents at end of year
465,550
(108,622)
Relating to:
Cash at bank and in hand
465,550
288,577
Bank overdrafts included in creditors payable within one year
-
(397,199)
HALL & WATTS HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(10,601)
9,137
Income taxes paid
(2,305)
(3,632)
Net cash (outflow)/inflow from operating activities
(12,906)
5,505
Net (decrease)/increase in cash and cash equivalents
(12,906)
5,505
Cash and cash equivalents at beginning of year
17,377
11,872
Cash and cash equivalents at end of year
4,471
17,377
HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

Hall & Watts Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit A3, Merlin Centre, Acrewood Way, St Albans, Herts, AL4 0JY.

 

The group consists of Hall & Watts Holdings Limited and all of its subsidiaries listed in note 13. The principal activities of the company and its subsidiaries (the group) are set out in director's report.

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.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hall & Watts Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.3
Going concern

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

1.4
Turnover

Turnover represents the invoiced value, net of Value Added Tax.

 

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Revenue is recognised when the group becomes entitled to it - usually on rendering of an invoice. For uncompleted contracts that are in existence at the year end, revenue is recognised on a percentage of completion basis.

1.5
Intangible fixed assets other than goodwill

Research expenditure, in one of the foreign subsidiary, are written off in the year in which it is incurred where it is determined there are no future benefits arising. Development costs are deferred where future benefits are expected and amortised over such future period. Unamortised costs are reviewed at balance sheet date to determine the level of costs which are no longer recoverable, such costs are written off.

 

Patents and trademarks

 

Patent license, in one of the subsidiary, has been amortised fully on a straight line basis over 5 years. Renewal costs are expensed in the year incurred.

HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.6
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:

Plant and equipment
10% on reducing balance
Fixtures and fittings
10% on reducing balance
Computers
25% on 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.

Depreciation is provided, on reducing balance, in one of the foreign subsidiaries at the following annual rates::

 

Demonstration Equipment         20%

Plant & Equipment     20%

 

There is no specific amortization rate determined as appropriate for development costs, capitalized in one of the foreign subsidiaries, so these costs are amortized based on the estimated number of units sold of the expected life of each project.

1.7
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.

1.8
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.

HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for absolute and slow moving items.

 

A mix of standard and average cost is used for valuing the stocks.

 

Costs comprise direct material and labour as well as a proportion of fixed and variable production overheads.

 

Work in Progress

 

The value of work in progress comprises of direct material and labour costs, as well as a proportion of fixed and variable production overheads.

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.

1.10
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.

1.11
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.

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.

HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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.

1.12
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.

1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
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.

HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.15
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.

1.16
Retirement benefits

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

1.17
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.

1.18
Foreign exchange

Company

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date or if appropriate at the forward contract rate. Transactions in foreign currencies are recorded at the date of the transactions or at the contract rate if the transaction is covered by forward exchange contract. All differences are taken to the profit and loss account.

 

Group

The accounts of the overseas subsidiary undertakings are translated at the average rate for the profit and loss and at the closing rate for the balance sheet. The exchange difference arising on the retranslation of opening net assets is taken directly to reserves. All other translation differences are taken to the profit and loss account

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.

HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
3
Turnover

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Turnover
8,576,435
8,504,573
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
823,247
2,686,056
Oceania
6,709,850
4,755,161
Asia
2,422
671,919
Europe
997,263
391,437
Africa
43,653
-
8,576,435
8,504,573
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
7,989
(1,898)
Depreciation of owned tangible fixed assets
7,496
8,260
Operating lease charges
85,697
76,356
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
4,800
5,000
Audit of the financial statements of the company's subsidiaries
45,597
39,372
50,397
44,372
HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
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
Administration
7
7
3
3
Sales and distribution
6
6
-
-
Production
14
14
-
-
Total
27
27
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,385,443
1,913,306
1,128,573
539,073
Social security costs
274,361
217,214
154,836
82,473
Pension costs
306,233
220,376
60,000
40,000
2,966,037
2,350,896
1,343,409
661,546
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,078,573
487,573
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
16,713
13,729
Other interest on financial liabilities
899
887
17,612
14,616
Other finance costs:
Interest on finance leases and hire purchase contracts
48
625
Total finance costs
17,660
15,241
HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
205,052
36,075

Finance Act 2021 made provision for the rate of corporation tax in the UK to increase (from 1 April 2023) from 19% to 25% where a company has profits in excess of £250,000.

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
790,641
202,734
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
197,660
39,533
Tax effect of expenses that are not deductible in determining taxable profit
10,171
-
0
Permanent capital allowances in excess of depreciation
328
(430)
Other allowable items
(2,650)
(145)
Other adjustments
(457)
(2,883)
Taxation charge
205,052
36,075

The corporate tax rate in Australia is 25% for base rate entities and 30% for non base rate entities. Hall & Watts Australia (PTY) Ltd has been subject to tax rate of 25%.

10
Intangible fixed assets
Group
£
Cost
At 1 May 2023 and 30 April 2024
39,720
Amortisation and impairment
At 1 May 2023 and 30 April 2024
39,720
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2023
68,418
81,661
39,339
189,418
Additions
1,146
796
1,922
3,864
Exchange adjustments
(58)
(391)
-
0
(449)
At 30 April 2024
69,506
82,066
41,261
192,833
Depreciation and impairment
At 1 May 2023
40,982
48,947
35,641
125,570
Depreciation charged in the year
3,812
3,482
202
7,496
Exchange adjustments
(27)
(378)
-
0
(405)
At 30 April 2024
44,767
52,051
35,843
132,661
Carrying amount
At 30 April 2024
24,739
30,015
5,418
60,172
At 30 April 2023
27,436
32,714
3,698
63,848
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
9,506
9,506
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
9,506
Carrying amount
At 30 April 2024
9,506
At 30 April 2023
9,506
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Hall & Watts Australia (PTY) Limited
Australia
Ordinary
-
100.00
Hall & Watts Defence Optics Limited
England and Wales
Ordinary
100.00
-

The nature of all companies other than where indicated above is the development manufacture and sale of software as well as hardware for fire control systems and radio controlled devises for military application. The group's activity also involves the development manufacture and sale of mechanical and opto-electronic instruments for military applications.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,596,712
1,509,071
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,455,279
372,995
-
0
-
0
Corporation tax recoverable
-
0
173
-
0
-
0
Other debtors
7,499,294
7,690,347
2,175,386
2,194,841
Prepayments and accrued income
102,642
83,178
1,859
1,792
10,057,215
8,146,693
2,177,245
2,196,633
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
-
0
439,473
-
0
-
0
Obligations under finance leases
18
-
0
405
-
0
-
0
Trade creditors
1,603,463
544,424
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
67,879
159,678
Corporation tax payable
161,665
25,747
4,429
2,305
Other taxation and social security
75,011
66,894
30,298
24,732
Other creditors
3,367,302
2,522,698
2,010,245
1,974,420
Accruals and deferred income
46,801
52,655
9,095
8,221
5,254,242
3,652,296
2,121,946
2,169,356

The bank loan and overdraft are secured by a cross guarantee with associated companies and debenture over the assets of the company.

HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
42,274
-
0
-
0
Bank overdrafts
-
0
397,199
-
0
-
0
-
439,473
-
-
Payable within one year
-
0
439,473
-
0
-
0

The bank loan and overdraft are secured by a cross guarantee with associated companies and debenture over the assets of the company.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
405
-
0
-
0
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
ACAs
9,966
9,966
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
306,233
220,376
HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Retirement benefit schemes
(Continued)
- 27 -

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,100
10,100
101
101
22
Currency translation reserve

The currency translation reserve represents exchange gains and losses arising from translating the financial statements of foreign subsidiaries into the parent company’s reporting currency and is not distributable.

23
Other reserves

This is a merger reserve representing the difference between the nominal value of shares issued by the acquiring company, Hall & Watts Holdings Limited and the actual cost of the acquisition. The reserve is not distributable.

24
Related party transactions

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

 

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

 

At the balance sheet date, amount receivable from MAS Holdings Ltd and MAS Zengrange Ltd, both connected companies amounted to £3,116,723 (2023: £3,116,723 ) and £4,218,868 (2023: £4,389,811) respectively at the group level. During the year, management fees received from MAS Zengrange Ltd amounted to £56,000 (2023: £538,000).

 

At the balance sheet date, the balance payable to the director, Mr J Hoskins was £nil (2023: £13,000).

 

At the balance sheet date, amount payable to MAS Zengrange Ltd and MAS Zengrange NZ Limited amounted to £2,031,940 (2023: £1,974,420 ) and £1,107,802 (2023: £1,107,802 ) respectively at the group level.

25
Controlling party

The ultimate controlling parties are Mr Arvind Thakkar and Mr John Hoskins.

HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
26
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
585,589
166,659
Adjustments for:
Taxation charged
205,052
36,075
Finance costs
17,660
15,241
Depreciation and impairment of tangible fixed assets
7,496
8,260
Movements in working capital:
(Increase)/decrease in stocks
(87,641)
445,547
Increase in debtors
(1,910,695)
(1,037,393)
Increase in creditors
1,905,906
353,578
Cash generated from/(absorbed by) operations
723,367
(12,033)
27
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
15,116
9,826
Adjustments for:
Taxation charged
4,429
2,305
Movements in working capital:
Decrease in debtors
19,388
350,523
Decrease in creditors
(49,534)
(353,517)
Cash (absorbed by)/generated from operations
(10,601)
9,137
28
Analysis of changes in net funds/(debt) - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
288,577
176,973
465,550
Bank overdrafts
(397,199)
397,199
-
0
(108,622)
574,172
465,550
Borrowings excluding overdrafts
(42,274)
42,274
-
Obligations under finance leases
(405)
405
-
(151,301)
616,851
465,550
HALL & WATTS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
29
Analysis of changes in net funds - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
17,377
(12,906)
4,471
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.200Mr J HoskinsMr A Thakkarfalsefalse07320150bus:Consolidated2023-05-012024-04-30073201502023-05-012024-04-3007320150bus:Director12023-05-012024-04-3007320150bus:Director22023-05-012024-04-3007320150bus:RegisteredOffice2023-05-012024-04-3007320150bus:Agent12023-05-012024-04-3007320150bus:Consolidated2024-04-30073201502024-04-3007320150bus:Consolidated2022-05-012023-04-30073201502022-05-012023-04-3007320150core:ForeignCurrencyTranslationReservebus:Consolidated2023-05-012024-04-3007320150core:ForeignCurrencyTranslationReservebus:Consolidated2022-05-012023-04-3007320150core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-05-012023-04-3007320150core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-05-012024-04-3007320150bus:Consolidated2023-04-3007320150core:PlantMachinerybus:Consolidated2024-04-3007320150core:FurnitureFittingsbus:Consolidated2024-04-3007320150core:ComputerEquipmentbus:Consolidated2024-04-3007320150core:PlantMachinerybus:Consolidated2023-04-3007320150core:FurnitureFittingsbus:Consolidated2023-04-3007320150core:ComputerEquipmentbus:Consolidated2023-04-3007320150core:ShareCapitalbus:Consolidated2024-04-3007320150core:ShareCapitalbus:Consolidated2023-04-3007320150core:OtherMiscellaneousReservebus:Consolidated2024-04-3007320150core:OtherMiscellaneousReservebus:Consolidated2023-04-3007320150core:ShareCapital2024-04-3007320150core:ShareCapital2023-04-3007320150core:RetainedEarningsAccumulatedLosses2024-04-3007320150core:ShareCapitalbus:Consolidated2022-04-3007320150core:ForeignCurrencyTranslationReservebus:Consolidated2022-04-3007320150core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-04-3007320150core:ForeignCurrencyTranslationReservebus:Consolidated2023-04-3007320150core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-04-3007320150core:ForeignCurrencyTranslationReservebus:Consolidated2024-04-3007320150core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-04-3007320150core:ShareCapital2022-04-3007320150core:RetainedEarningsAccumulatedLosses2022-04-3007320150core:RetainedEarningsAccumulatedLosses2023-04-30073201502023-04-3007320150bus:Consolidated2022-04-30073201502022-04-3007320150core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3007320150core:PlantMachinery2023-05-012024-04-3007320150core:FurnitureFittings2023-05-012024-04-3007320150core:ComputerEquipment2023-05-012024-04-3007320150core:UKTaxbus:Consolidated2023-05-012024-04-3007320150core:UKTaxbus:Consolidated2022-05-012023-04-3007320150bus:Consolidated12023-05-012024-04-3007320150bus:Consolidated12022-05-012023-04-3007320150bus:Consolidated22023-05-012024-04-3007320150bus:Consolidated22022-05-012023-04-3007320150core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-04-3007320150core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2024-04-3007320150core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-04-3007320150core:PlantMachinerybus:Consolidated2023-04-3007320150core:FurnitureFittingsbus:Consolidated2023-04-3007320150core:ComputerEquipmentbus:Consolidated2023-04-3007320150bus:Consolidated2023-04-3007320150core:PlantMachinerybus:Consolidated2023-05-012024-04-3007320150core:FurnitureFittingsbus:Consolidated2023-05-012024-04-3007320150core:ComputerEquipmentbus:Consolidated2023-05-012024-04-3007320150core:CurrentFinancialInstruments2024-04-3007320150core:CurrentFinancialInstruments2023-04-3007320150core:CurrentFinancialInstrumentsbus:Consolidated2024-04-3007320150core:CurrentFinancialInstrumentsbus:Consolidated2023-04-3007320150core:WithinOneYearbus:Consolidated2024-04-3007320150core:WithinOneYearbus:Consolidated2023-04-3007320150core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3007320150core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3007320150core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-04-3007320150core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-04-3007320150core:WithinOneYear2024-04-3007320150core:WithinOneYear2023-04-3007320150bus:PrivateLimitedCompanyLtd2023-05-012024-04-3007320150bus:FRS1022023-05-012024-04-3007320150bus:Audited2023-05-012024-04-3007320150bus:ConsolidatedGroupCompanyAccounts2023-05-012024-04-3007320150bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP