Company registration number 02211646 (England and Wales)
GEM INDUSTRIAL PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GEM INDUSTRIAL PRODUCTS LIMITED
COMPANY INFORMATION
Directors
M R Bartram
R F Bartram
Secretary
R F Bartram
Company number
02211646
Registered office
Studlands Avenue
Newmarket
Suffolk
CB8 7AU
Auditor
Kingston Burrowes Audit Ltd
308 Ewell Road
Surbiton
Surrey
KT6 7AL
GEM INDUSTRIAL PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 27
GEM INDUSTRIAL PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Principal activities

The principal activity of the group in the year under review was the manufacture and supply of refrigeration equipment.

Review of the business

2023/24 has seen a significant decrease in group sales from £11,382,087 to £8,118,662 on which the group made a gross profit of £4,169,509 compared to £4,581,044 in 2021/22.There has been an increase in the gross margin which is now 51% compared to 39% in 2022/23. This fluctuating pattern is principally due to changes in raw material costs within the industry.

 

The market continues to be challenging with ongoing uncertainty surrounding the UK's exit from the EU causing businesses to delay investment decisions and this has impacted on our sales. The fluctuation in the value of the Pound has also had an adverse impact bearing in mind that a major proportion of our raw materials are purchased within the EU. An additional major factor moving forward are the significant increases in energy prices.

 

Administration costs have decreased by £146m197 principally in relation to wages and salaries. The group has remained profitable this year with a net profit before tax of £1,876,144 compared to £1,892,557 in 2022/23.

 

The group's liquidity position remains strong with a current ratio of 2.68, which is an increase from 2.25 in 2022/23.

Principal risks and uncertainties

Our main risks relate to the very competitive market made worse by significant changes to the Sterling / Euro exchange rate. The weak Pound has resulted in higher costs for imported products and exerted further pressure related to maintaining margins.

 

Additionally, costs related to a further increase in "working wage" levels have also resulted in significant pressure on salary levels across the board and have not just impacted on the lower paid staff within our group. The Directors are also aware that a further substantial increase in the National Minimum Wage and Employer's National Insurance is due to take effect in 2025.

 

The group is a high user of electricity and the problems in Europe have resulted in very significant increases in costs following the ending of existing contracts. New contracts were offered at kilowatt per hour rates over 200% higher. Better terms were available following a change in supplier.

The decision to install solar panels in 2022 has helped to partly offset the impact of these increases.

Other information and explanations

FUTURE DEVELOPMENTS

 

Our strategy moving forward remains to seek out new business within the UK by increasing competitiveness with tighter margins resulting in increased turnover enabling continued long term consolidation and growth in a diminishing market. We also continue to invest in new technology, equipment, processes and people to ensure skills are both maintained and improved. This we believe will ensure the group remains strong and successful within our market sector.

On behalf of the board

R F Bartram
Director
15 January 2025
GEM INDUSTRIAL PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

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

Results and dividends

No interim dividend was paid during the year. The directors recommend a final dividend of 664.89p per share.

Ordinary dividends were paid amounting to £250,000. The directors do not recommend payment of a further dividend.

Directors

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

M R Bartram
R F Bartram
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 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.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GEM INDUSTRIAL PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
On behalf of the board
R F Bartram
Director
15 January 2025
GEM INDUSTRIAL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEM INDUSTRIAL PRODUCTS LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

GEM INDUSTRIAL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEM INDUSTRIAL PRODUCTS LIMITED
- 5 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

GEM INDUSTRIAL PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEM INDUSTRIAL PRODUCTS LIMITED
- 6 -

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.

Kevin Fisher BA FCA CTA
Senior Statutory Auditor
For and on behalf of
15 January 2025
Kingston Burrowes Audit Ltd
308 Ewell Road
Surbiton
Surrey
KT6 7AL
GEM INDUSTRIAL PRODUCTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
8,118,659
11,382,088
Cost of sales
(3,949,153)
(6,864,044)
Gross profit
4,169,506
4,518,044
Administrative expenses
(2,399,759)
(2,545,959)
Other operating income
-
3
Operating profit
7
1,769,747
1,972,088
Interest receivable and similar income
234,403
60,517
Interest payable and similar expenses
8
(128,006)
(140,048)
Profit before taxation
1,876,144
1,892,557
Tax on profit
9
(482,643)
(361,365)
Profit for the financial year
1,393,501
1,531,192
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GEM INDUSTRIAL PRODUCTS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,300,169
1,395,748
Current assets
Stocks
15
1,142,166
1,663,842
Debtors
16
1,305,600
1,798,261
Cash at bank and in hand
7,606,470
5,687,251
10,054,236
9,149,354
Creditors: amounts falling due within one year
17
(3,740,507)
(4,055,752)
Net current assets
6,313,729
5,093,602
Total assets less current liabilities
7,613,898
6,489,350
Provisions for liabilities
Deferred tax liability
19
39,276
58,229
(39,276)
(58,229)
Net assets
7,574,622
6,431,121
Capital and reserves
Called up share capital
21
37,600
37,600
Profit and loss reserves
7,537,022
6,393,521
Total equity
7,574,622
6,431,121

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 15 January 2025 and are signed on its behalf by:
R F Bartram
Director
Company registration number 02211646 (England and Wales)
GEM INDUSTRIAL PRODUCTS LIMITED
COMPANY BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,300,169
1,395,748
Investments
13
332,826
332,826
1,632,995
1,728,574
Current assets
Debtors
16
26,667
13,200
Cash at bank and in hand
6,669,281
5,180,525
6,695,948
5,193,725
Creditors: amounts falling due within one year
17
(2,557,206)
(2,402,169)
Net current assets
4,138,742
2,791,556
Total assets less current liabilities
5,771,737
4,520,130
Provisions for liabilities
Deferred tax liability
19
39,276
58,229
(39,276)
(58,229)
Net assets
5,732,461
4,461,901
Capital and reserves
Called up share capital
21
37,600
37,600
Profit and loss reserves
5,694,861
4,424,301
Total equity
5,732,461
4,461,901

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 £1,520,559 (2023 - £1,451,881 profit).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 15 January 2025 and are signed on its behalf by:
R F Bartram
Director
Company registration number 02211646 (England and Wales)
GEM INDUSTRIAL PRODUCTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
37,600
5,112,329
5,149,929
Year ended 31 March 2023:
Profit and total comprehensive income
-
1,531,192
1,531,192
Dividends
10
-
(250,000)
(250,000)
Balance at 31 March 2023
37,600
6,393,521
6,431,121
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,393,501
1,393,501
Dividends
10
-
(250,000)
(250,000)
Balance at 31 March 2024
37,600
7,537,022
7,574,622
GEM INDUSTRIAL PRODUCTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
37,600
3,222,421
3,260,021
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
1,451,880
1,451,880
Dividends
10
-
(250,000)
(250,000)
Balance at 31 March 2023
37,600
4,424,301
4,461,901
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,520,560
1,520,560
Dividends
10
-
(250,000)
(250,000)
Balance at 31 March 2024
37,600
5,694,861
5,732,461
GEM INDUSTRIAL PRODUCTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
2,424,122
2,700,941
Interest paid
(128,006)
(140,048)
Taxes paid
(315,325)
(230,068)
Net cash inflow from operating activities
1,980,791
2,330,825
Investing activities
Purchase of tangible fixed assets
(45,975)
(414,673)
Proceeds from disposal of tangible fixed assets
-
125,750
Interest received
234,403
60,517
Net cash generated from/(used in) investing activities
188,428
(228,406)
Financing activities
Dividends paid to equity shareholders
(250,000)
(250,000)
Net cash used in financing activities
(250,000)
(250,000)
Net increase in cash and cash equivalents
1,919,219
1,852,419
Cash and cash equivalents at beginning of year
5,687,251
3,834,832
Cash and cash equivalents at end of year
7,606,470
5,687,251
GEM INDUSTRIAL PRODUCTS LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,393,501
1,531,192
Adjustments for:
Taxation charged
482,643
361,365
Finance costs
128,006
140,048
Investment income
(234,403)
(60,517)
Gain on disposal of tangible fixed assets
-
(3,630)
Depreciation and impairment of tangible fixed assets
141,554
174,730
Movements in working capital:
Decrease/(increase) in stocks
521,676
(540,652)
Decrease in debtors
492,661
871,259
(Decrease)/increase in creditors
(501,516)
227,146
Cash generated from operations
2,424,122
2,700,941
2
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
5,687,251
1,919,219
7,606,470
3
Accounting policies
Company information

Gem Industrial Products Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Studlands Avenue, Newmarket, Suffolk, CB8 7AU.

 

The group consists of Gem Industrial Products Ltd and all of its subsidiaries.

3.1
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.

GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
3
Accounting policies
(Continued)
- 14 -

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

 

3.2
Business combinations

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

 

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

3.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Gem Industrial Products Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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

 

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

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Accounting policies
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

3.4
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.

3.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

3.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

3.7
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:

Leasehold land and buildings
Straight line over 99 years
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Motor vehicles
20% on cost
GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Accounting policies
(Continued)
- 16 -

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.

3.8
Fixed asset investments

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

 

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

3.9
Impairment of fixed assets

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

 

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

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

 

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

GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Accounting policies
(Continued)
- 17 -

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

3.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

3.11
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.

3.12
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.

GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

3.13
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.

3.14
Taxation

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

GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Accounting policies
(Continued)
- 19 -
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.

3.15
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.

3.16
Retirement benefits

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

3.17
Leases

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.

4
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.

GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
5
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
Management and administration
12
13
4
4
Production
81
100
-
-
Technical
5
5
-
-
Total
98
118
4
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,621,116
2,729,373
426,255
420,000
Social security costs
265,688
273,135
63,812
57,352
Pension costs
54,839
56,348
-
0
-
0
2,941,643
3,058,856
490,067
477,352
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
359,055
352,800
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
220,000
220,000
GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
7
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
6,144
9,155
Fees payable to the group's auditor for the audit of the group's financial statements
6,850
23,850
Depreciation of owned tangible fixed assets
141,554
174,730
Profit on disposal of tangible fixed assets
-
(3,630)
Operating lease charges
25,533
120,800
8
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
128,006
140,048
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
501,596
315,325
Deferred tax
Origination and reversal of timing differences
(18,953)
46,040
Total tax charge
482,643
361,365

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
1,876,144
1,892,557
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
469,036
359,586
Tax effect of expenses that are not deductible in determining taxable profit
1,181
898
Permanent capital allowances in excess of depreciation
-
0
(44,469)
Deferred tax adjustments in respect of prior years
(18,953)
46,040
Profit/(loss) on disposal of fixed assets
-
0
(690)
Depreciation in excess of capital allowances
31,379
-
0
Taxation charge
482,643
361,365
GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
250,000
250,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
35,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
35,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
Company
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
35,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
35,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,449,096
1,584,680
87,272
337,150
3,458,198
Additions
-
0
-
0
-
0
45,975
45,975
At 31 March 2024
1,449,096
1,584,680
87,272
383,125
3,504,173
Depreciation and impairment
At 1 April 2023
445,875
1,305,648
87,267
223,660
2,062,450
Depreciation charged in the year
18,803
70,720
-
0
52,031
141,554
At 31 March 2024
464,678
1,376,368
87,267
275,691
2,204,004
Carrying amount
At 31 March 2024
984,418
208,312
5
107,434
1,300,169
At 31 March 2023
1,003,221
279,032
5
113,490
1,395,748
Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,449,096
1,584,680
87,272
337,150
3,458,198
Additions
-
0
-
0
-
0
45,975
45,975
At 31 March 2024
1,449,096
1,584,680
87,272
383,125
3,504,173
Depreciation and impairment
At 1 April 2023
445,875
1,305,648
87,267
223,660
2,062,450
Depreciation charged in the year
18,803
70,720
-
0
52,031
141,554
At 31 March 2024
464,678
1,376,368
87,267
275,691
2,204,004
Carrying amount
At 31 March 2024
984,418
208,312
5
107,434
1,300,169
At 31 March 2023
1,003,221
279,032
5
113,490
1,395,748
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
332,826
332,826
GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
332,826
Carrying amount
At 31 March 2024
332,826
At 31 March 2023
332,826
14
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Beehive Coils Limited
Studlands Park Avenue, Newmarket, Suffolk, CB8 7AU
Manufacture and supply of refrigeration equipment
Ordinary
100.00
B.C. Tube Benders Limited
Studlands Park Avenue, Newmarket, Suffolk, CB8 7AU
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,142,166
1,563,220
-
-
Work in progress
-
100,622
-
-
1,142,166
1,663,842
-
-
GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,272,878
1,784,021
-
0
-
0
Other debtors
-
1,040
-
0
-
0
Prepayments and accrued income
32,722
13,200
26,667
13,200
1,305,600
1,798,261
26,667
13,200
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
500,571
850,672
1
-
0
Amounts owed to group undertakings
-
0
-
0
641,246
345,268
Corporation tax payable
501,596
315,325
209,127
84,576
Other taxation and social security
409,946
333,350
83,312
97,216
Other creditors
1,851,109
1,752,095
1,440,092
1,387,501
Accruals and deferred income
477,285
804,310
183,428
487,608
3,740,507
4,055,752
2,557,206
2,402,169
18
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
40,000
40,000
40,000
40,000
Between two and five years
160,000
160,000
160,000
160,000
In over five years
2,440,000
2,480,000
2,440,000
2,480,000
2,640,000
2,680,000
2,640,000
2,680,000
GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
39,276
58,229
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
39,276
58,229
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
58,229
58,229
Credit to profit or loss
(18,953)
(18,953)
Liability at 31 March 2024
39,276
39,276
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,839
56,348

The group operates a defined contribution pension scheme for the benefit of its staff. The assets of the scheem are administered by trustees in a fund independent from those in the group. Contributions payable for the year are charged to the profit and loss account. Total pension costs for the year amounted to £54,839.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
37,600
37,600
37,600
37,600
GEM INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
22
Financial commitments, guarantees and contingent liabilities

The subsidiary undertaking Beehive Coils Limited has indemnified the bank for sums up to a maximum of £14,000 in respect of a guarantee given to HM Revenue & Customs.

23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Dividends
25,000
25,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Amount due to related party
1,152,592
1,387,500
Dividends
187,500
187,500

Outstanding balances due from the company are unsecured, repayable on demand, and the nature of the consideration to be provided in settlement is cash. Interest is charged at 10% per annum.

24
Directors' transactions

Dividends totalling £37,500 (2023 - £37,500) were paid in the year in respect of shares held by the company's directors.

During the year, a total of key management personnel compensation of £721,183 (2023 - £716,287) was paid.

Under FRS102, "compensation" includes gross salaries, employer's NICs, employer's pension contributions and benefits in kind.

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