Company registration number 03353423 (England and Wales)
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
COMPANY INFORMATION
Director
Mr J E Potter
Secretary
Mr J E Potter
Company number
03353423
Registered office
Potter House
Henfaes Lane
Welshpool
Powys
SY21 7BE
Auditor
Xeinadin Audit Limited
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Review of business

The company director is pleased with the company’s performance in the year as it continues with its core activities of waste management, recycling and management of its commercial property portfolio.

Continual changes in regulation provide the company with ongoing challenges but also opportunities, with new legislation coming into effect requiring all businesses in Wales to separate their waste for recycling being seen as a growth opportunity for the company.

The company continues to engage with potential suppliers for Energy from Waste plant, and is closely monitoring progress in innovative pilot plants to improve small scale Energy from Waste processes.

The group's key financial indicators during the year were as follows:
2024
2023
as restated
£
£
Turnover
9,885,408
12,586,454
Operating profit
436,007
479,329
Profit before tax
197,744
507,603
Shareholders funds
14,332,833
14,181,167
Principal risks and uncertainties

The company operates within the waste management industry which is subject to strict environmental and health and safety legislation. The company’s management develop systems and policies to ensure compliance with all relevant regulations and to continue to meet these standards which are subject to continuous revision.

The company operations involve both public sector contracts and services to both industrial and commercial customers. Public service contracts may be subject to periodic competitive tender and the company’s management has put in place a tender approval procedure to ensure all risks are properly considered.

The company’s management recognise the liquidity risk to the company and utilise short and long term cash flow projections to review this, and are confident that they have sufficient banking and financing facilities in place to meet the company’s working capital requirement and sufficient funds are available for existing operations and planned expansions.

Social Responsibility

The company’s vision is to build a safe and sustainable future. The business continually seeks to reduce its environmental impact and to make a positive contribution to the communities in which it operates.

 

The company is committed to investing in systems and technologies that will support its environmental objectives, with sustainable waste management and recycling initiatives at the heart of all that is done.

The company’s strong community focus means it seeks to invest back into the local area, and the company is dedicated to providing a healthy and safe working environment for all its staff and provide an exceptional level of service to all of its customers.

Future

The company is proud of its continued achievements in a difficult economical climate, and plans to continue to grow and diversify within and outside the waste management industry. In doing so it will retain a focus on its social and environmental responsibilities.

Throughout all the company operations, a strong focus on sustainability and innovation is maintained, sourcing technologies and embracing best practice which helps us reduce our impact on the environment and benefit the local communities that it operates in, working to build a brighter tomorrow for future generations.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

On behalf of the board

Mr J E Potter
Director
23 January 2025
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of waste management and disposal.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

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

Mr J E Potter
Mr O A Hill
(Resigned 30 June 2024)
Miss D M Potter
(Appointed 12 December 2023 and resigned 30 June 2024)
Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

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

Strategic report

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
On behalf of the board
Mr J E Potter
Director
23 January 2025
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
- 5 -
Opinion

We have audited the financial statements of Sundorne Products (Llanidloes) Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

Our responsibilities and the responsibilities of the director 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 director is 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:

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUNDORNE PRODUCTS (LLANIDLOES) LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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:

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUNDORNE PRODUCTS (LLANIDLOES) LIMITED (CONTINUED)
- 7 -

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. 

Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate.  Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Timothy Mitchell BSc FCA
Senior Statutory Auditor
For and on behalf of Xeinadin Audit Limited
23 January 2025
Chartered Accountants
Statutory Auditor
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
4
9,885,408
12,586,454
Cost of sales
(6,808,671)
(8,297,557)
Gross profit
3,076,737
4,288,897
Administrative expenses
(3,358,505)
(4,568,815)
Other operating income
717,775
759,247
Operating profit
5
436,007
479,329
Interest receivable and similar income
8
4,472
7,932
Interest payable and similar expenses
9
(242,735)
20,342
Profit before taxation
197,744
507,603
Tax on profit
10
(100,931)
(207,872)
Profit for the financial year
96,813
299,731

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

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
96,813
299,731
Other comprehensive income
Tax relating to other comprehensive income
54,853
708,772
Total comprehensive income for the year
151,666
1,008,503
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,533,044
8,695,687
Investment property
13
3,150,000
3,150,000
11,683,044
11,845,687
Current assets
Stocks
14
4,643
5,680
Debtors
15
12,980,668
11,751,866
Cash at bank and in hand
169,748
753,584
13,155,059
12,511,130
Creditors: amounts falling due within one year
16
(4,405,074)
(4,118,271)
Net current assets
8,749,985
8,392,859
Total assets less current liabilities
20,433,029
20,238,546
Creditors: amounts falling due after more than one year
17
(2,805,289)
(2,939,481)
Provisions for liabilities
Provisions
20
2,113,173
2,025,122
Deferred tax liability
21
1,181,734
1,092,776
(3,294,907)
(3,117,898)
Net assets
14,332,833
14,181,167
Capital and reserves
Called up share capital
23
290,100
290,100
Revaluation reserve
24
715,034
879,592
Non-distributable profits reserve
25
587,709
587,709
Distributable profit and loss reserves
26
12,739,990
12,423,766
Total equity
14,332,833
14,181,167

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

The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mr J E Potter
Director
Company registration number 03353423 (England and Wales)
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Revaluation reserve
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
290,100
3,005,908
602,827
11,691,588
15,590,423
Year ended 30 April 2023:
Profit
-
-
(15,118)
314,849
299,731
Other comprehensive income:
Tax relating to other comprehensive income
-
708,772
-
-
0
708,772
Total comprehensive income
-
708,772
(15,118)
314,849
1,008,503
Transfers
-
(417,329)
-
417,329
-
Other movements
-
(2,417,759)
-
-
(2,417,759)
Balance at 30 April 2023
290,100
879,592
587,709
12,423,766
14,181,167
Year ended 30 April 2024:
Profit
-
-
-
96,813
96,813
Other comprehensive income:
Tax relating to other comprehensive income
-
54,853
-
-
0
54,853
Total comprehensive income
-
54,853
-
96,813
151,666
Transfers
-
(219,411)
-
219,411
-
Balance at 30 April 2024
290,100
715,034
587,709
12,739,990
14,332,833
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

Sundorne Products (Llanidloes) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Potter House, Henfaes Lane, Welshpool, Powys, SY21 7BE.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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

 

 

The financial statements of the company are consolidated in the financial statements of Potter's Waste Management Limited. These consolidated financial statements are available from its registered office, Potter House, Henfaes Lane, Welshpool, Powys, Wales, SY21 7BE.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company, and the revenue can be reliably measured once the goods or services are provided to the customer. Income from waste disposal is recognised at the point of disposal. Income is stated net of landfill tax. Turnover is measured 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.

1.4
Tangible fixed assets

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

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -

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

Freehold land and buildings
15 years straight line allowing for residual value
Leasehold improvements
4-25 years straight line
Plant and equipment
2-50% both reducing balance and straight line
Land not in use
Not depreciated
Other tangible assets
Over the estimated useful life

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

Certain capital assets have been accounted for on a component basis where appropriate.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

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

1.7
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.

1.8
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.

1.9
Financial instruments

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

 

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

 

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

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.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 company 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 company 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.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

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

 

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

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Provisions

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

 

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

Provisions are in place for environmental and landfill costs, these include provisions associated with the closure and post closure of the landfill site. The company estimates its total future requirements for closure costs and post closure monitoring and maintenance of the site after the anticipated closure.

 

A provision is made for the final capping, inspection, monitoring, operating and maintenance costs to be incurred during the period after which the site closes.

 

Post closure provisions have been shown at net present value. The current cost estimate for the current year remains at 7.8% (2023: 7.8%) and discounted by 7.8% (2023: 7.75%). The unwinding of the discount element is shown in the financial statements as a financial item.

 

The company provides for full closure costs as the voidspace is used. In accordance with FRS 102 Section 21, full provision has been made for the company's minimum unavoidable costs. The company estimated there costs to be incurred over the next 43 years.

1.13
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.

1.14
Retirement benefits

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

1.15
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.16
Foreign exchange

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

2
Change in accounting policy

The voluntary change in accounting policy relates to a change in the recording of landfill tax. Previously this was recorded gross however this has now been removed from both income and cost of sales and therefore shown net in the financial statements. This change has been made as the director believes that the entity does not receive an economic benefit from the collection of landfill tax. The change presents the accounts in a more useful and relevant format and better reflects the economic substance of the transactions.

 

The change in accounting policy impacts both turnover and cost of sales reducing both balances in the 2024 year by £2,555,988.

 

To reflect this change in accounting policy a prior year adjustment has been included for the 30 April 2023 year end reducing both income and cost of sales by £2,509,783.

 

For the periods prior to those presented there is no impact to the profit or the distributable reserves therefore no further disclosures provided.

3
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provisions

Provisions are in place for environmental and landfill costs, these include provisions associated with the closure and post closure of the landfill site. The company estimates its total future requirements for closure costs and post closure monitoring and maintenance of the site after the anticipated closure. Actual costs, interest rates and capacity can vary.

Carrying value of tangible fixed assets

The company depreciates tangible assets over their estimated useful lives based on void space filled and historic performance. The actual lives can vary based on filling capacity and utilisation of assets.

Valuation of investment property

The company records its investment property at fair value as arrived at by independent valuers based on similar properties in the area. Actual values may vary.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
4
Turnover

All turnover arose in the United Kingdom.

5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
-
0
(11,108)
Fees payable to the company's auditor for the audit of the company's financial statements
13,730
14,400
Depreciation of owned tangible fixed assets
838,979
981,432
Depreciation of tangible fixed assets held under finance leases
186,872
152,793
Impairment of owned tangible fixed assets
(28,313)
169,151
Reversal of past impairment of tangible fixed assets
(127,179)
(24,931)
(Profit)/loss on disposal of tangible fixed assets
(123,885)
178,802
6
Employees

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

2024
2023
Number
Number
35
32

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,011,134
1,118,972
Social security costs
95,448
123,599
Pension costs
19,582
21,529
1,126,164
1,264,100

Key management personnel are the directors of the company and the operations manager with a combined remuneration of £55,535 (2023: £104,598).

7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
49,951
81,655
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,472
7,932
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank loans, overdrafts and landfill closure provision
186,262
(96,386)
Interest on finance leases and hire purchase contracts
56,473
76,044
242,735
(20,342)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
189,919
Adjustments in respect of prior periods
(42,881)
-
0
Total current tax
(42,881)
189,919
Deferred tax
Origination and reversal of timing differences
143,812
17,953
Total tax charge
100,931
207,872

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
197,744
507,603
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
49,436
98,948
Tax effect of expenses that are not deductible in determining taxable profit
222,932
79,316
Group relief
33,555
-
0
Permanent capital allowances in excess of depreciation
(305,923)
(209,441)
Depreciation on assets not qualifying for tax allowances
-
0
221,096
Under/(over) provided in prior years
(42,881)
-
0
Deferred Tax
143,812
17,953
Taxation charge for the year
100,931
207,872
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 20 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Movement on revaluation reserve
(54,853)
(708,772)
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
12
(28,313)
169,151
Recognised in:
Administrative expenses
(28,313)
169,151

Reversals of previous impairment losses have been recognised in profit or loss as follows:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
12
127,179
24,931
Recognised in:
Administrative expenses
127,179
24,931

The impairment losses in respect of other tangible fixed assets are recognised in other gains and losses in the profit and loss account. These have been arrived at based on valuations provided by an independent third party valuer.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Land not in use
Other tangible assets
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2023
4,807,241
387,180
16,479,477
1,729,346
1,109,624
24,512,868
Additions
-
0
-
0
919,329
-
0
-
919,329
Disposals
-
0
-
0
(921,520)
-
0
(355,000)
(1,276,520)
At 30 April 2024
4,807,241
387,180
16,477,286
1,729,346
754,624
24,155,677
Depreciation and impairment
At 1 May 2023
3,208,778
177,525
11,498,254
-
0
932,624
15,817,181
Depreciation charged in the year
223,370
64,858
634,615
-
0
103,008
1,025,851
Impairment losses
-
0
-
0
-
0
-
0
(28,313)
(28,313)
Reversal of past impairment
-
0
-
0
-
0
-
0
(127,179)
(127,179)
Eliminated in respect of disposals
-
0
-
0
(866,140)
-
0
(198,767)
(1,064,907)
At 30 April 2024
3,432,148
242,383
11,266,729
-
0
681,373
15,622,633
Carrying amount
At 30 April 2024
1,375,093
144,797
5,210,557
1,729,346
73,251
8,533,044
At 30 April 2023
1,598,463
209,655
4,981,223
1,729,346
177,000
8,695,687

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

2024
2023
£
£
Plant and equipment
1,184,696
837,231

More information on impairment movements in the year is given in note 11.

Land and buildings were revalued in November 2011 by independent valuers GVA Grimley Limited, Chartered Surveyors, who conducted a valuation on an open market value basis of vacant possession and available void space. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm’s length terms for similar properties.

The revaluation surplus is disclosed in note 24.

Had the freehold land and buildings not been revalued, the historic cost of these assets would have been £841,350.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
13
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
3,150,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by Towler Shaw Roberts, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis on 30 April 2022 by reference to market evidence of transaction prices for similar properties. The historical cost of the properties is £2,366,388.

 

The director has decided that the valuation carried out at 30 April 2022 remains appropriate for the investment property as at 30 April 2024.

14
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,643
5,680
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,278,966
1,738,937
Amounts owed by group undertakings
165,971
-
0
Other debtors
8,200,023
7,024,315
Prepayments and accrued income
2,306,875
2,677,153
12,951,835
11,440,405
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
28,833
311,461
Total debtors
12,980,668
11,751,866
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18
405,102
391,406
Obligations under finance leases
19
352,261
180,847
Trade creditors
1,382,883
1,226,192
Amounts owed to group undertakings
186,326
178,932
Corporation tax
185,088
341,853
Other taxation and social security
128,591
76,576
Other creditors
1,070,030
1,004,760
Accruals and deferred income
694,793
717,705
4,405,074
4,118,271
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
2,212,416
2,599,593
Obligations under finance leases
19
592,873
339,888
2,805,289
2,939,481
18
Loans and overdrafts
2024
2023
£
£
Bank loans
2,617,518
2,990,999
Payable within one year
405,102
391,406
Payable after one year
2,212,416
2,599,593

Included within borrowings are bank loans from Handelsbanken plc and Close Brothers Limited. These loans are secured by way of legal charge against the assets to which they relate. The Handelsbanken loans are cross guaranteed by Potter's Waste Management Limited and a personal guarantee by Mr J Potter, Director. Further details of each charge can be obtained from Companies House.

 

In addition there are loans included within the financial statements of Potter's Waste Management Limited (parent company) secured by mortgage debentures with HSBC Bank plc by means of fixed and floating charges. These loans have a composite company unlimited multilateral guarantee against all assets of the group and all assets of the entities that comprise it.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
352,261
180,846
In two to five years
592,873
339,889
945,134
520,735

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

 

The total interest charge incurred by the company for assets held under finance lease for the year ended 30 April 2024 was £56,473 (2023: £76,044).

20
Provisions for liabilities
2024
2023
£
£
Landfill related provisions
2,113,173
2,025,122

A provision has been made for the capping, closure and post closure costs in relation to the landfill site restoration and maintenance in accordance with the accounting policy set out in note 1.12. The company expects these costs to be incurred over the next 43 years.

Movements on provisions:
Landfill related provisions
£
At 1 May 2023
2,025,122
Additional provisions in the year
88,051
At 30 April 2024
2,113,173
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
742,447
598,637
Revaluations
238,345
293,197
Investment property
200,942
200,942
1,181,734
1,092,776
2024
Movements in the year:
£
Liability at 1 May 2023
1,092,776
Charge to profit or loss
143,812
Credit to other comprehensive income
(54,854)
Liability at 30 April 2024
1,181,734

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances and the revaluation of fixed assets.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,582
21,529

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At 30 April 2024 the company had a liability of £2,959 (2023: £2,359) due to the pension fund.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
290,100
290,100
290,100
290,100
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
24
Revaluation reserve
2024
2023
£
£
At the beginning of the year
879,592
3,005,908
Deferred taxation on the movement of the revaluation reserve
54,853
708,772
Transfer to retained earnings
(219,411)
(417,329)
Other movements
-
(2,417,759)
At the end of the year
715,034
879,592
25
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
587,709
602,827
Non distributable profits in the year
-
(15,118)
At the end of the year
587,709
587,709
26
Profit and loss reserves
2024
2023
as restated
£
£
At the beginning of the year
12,423,766
11,691,588
Profit for the year
96,813
299,731
Current year profits transferred to non-distributable reserve
-
15,118
Transfer from revaluation reserve
219,411
417,329
At the end of the year
12,739,990
12,423,766
27
Operating lease commitments

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

2024
2023
£
£
Within one year
21,729
-
0
Between two and five years
34,297
-
0
56,026
-
0
SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
28
Related party transactions
Transactions with related parties

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

2024
2023
£
£
Services charged and goods sold
3,800,867
6,246,279
Services and goods purchased
1,348,267
3,241,608
Amount due from related parties
10,043,123
9,158,855
Amount due to related parties
634,904
663,096

In addition to the above, there were sales transactions with Mr J Potter, Director, amounting to £209,888 and purchases of £77,665.

 

At 30 April 2024 there was a debtor balance of £123,293 and a creditor balance of £44,888 relating to Mr J Potter.

 

During the year the company advanced £376,607 (2023: £165,097) to Mr J Potter and repayments from the Director were £371,419 (2023: £84,389).

 

At 30 April 2024 Mr J Potter owed the company £173,387 (2023: £168,199). This balance has been repaid within 9 months of the year end.

 

Other related parties were remunerated via payroll to the sum of £48,141 (2023: £48,141).

 

During the year Sundorne Products (Llanidloes) Limited leased land to Potters Renewable Energy Limited for no charge.

29
Ultimate controlling party

Sundorne Products (Llanidloes) Limited is a 100% subsidiary of Potter's Waste Management Limited, a company registered in England and Wales. The registered office is Potter House, Henfaes Lane, Welshpool, Powys, Wales SY21 7BE.

 

The ultimate controlling party of Potter's Waste Management Limited is Mr J Potter by virtue of his 100% shareholding.

 

The smallest and largest group of which Sundorne Products (Llanidloes) Limited is a member is headed by Potter's Waste Management Limited.

30
Prior period adjustment

The prior year adjustment is in relation to a change in accounting policy for turnover which is now included net of landfill tax. In addition the adjustment below includes the reclassification of Renewable Heat Incentive income from turnover to other operating income.

 

There were no changes to the balance sheet or capital and reserves. Changes to the profit and loss account are detailed below.

SUNDORNE PRODUCTS (LLANIDLOES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
30
Prior period adjustment
(Continued)
- 28 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 April 2023
£
£
£
Turnover
15,499,619
(2,913,165)
12,586,454
Cost of sales
(10,807,340)
2,509,783
(8,297,557)
Other operating income
355,865
403,382
759,247
Profit for the financial period
299,731
-
299,731
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