Simpsons Estate Agents Limited
Annual Report and Financial Statements
For the year ended 30 April 2024
Company Registration No. 02430843 (England and Wales)
Simpsons Estate Agents Limited
Company Information
Directors
J. St. P. Slatter
A. C. Dewar
B. St. P. Slatter
W Fraser
Secretary
J. St. P. Slatter
Company number
02430843
Registered office
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Auditor
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Business address
Wix Hill House
Epsom Road
West Horsley
Surrey
KT24 6DY
Simpsons Estate Agents Limited
Strategic Report
For the year ended 30 April 2024
Page 1

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

Fair review of the business

During the year ended 30th April 2024, the group turnover reduced from £17.8m to £14.8m, a decrease of £3.0m.

 

The reduction was due in the main to a deterioration in market volumes in the second half of FY24 as a result of higher mortgage interest rates and an apprehensive attitude from buyers in the run up to the general election.

 

Consolidated EBITDA was £0.2m compared to £2.0m in 22/23. The reduction in profits was due to two factors. Firstly, the fall in revenue generated by the Residential Sales Division as transactional volumes fell away. Secondly, a conscious decision was made not to mitigate anticipated losses through redundancies, as we were confident that the market would recover as we moved into the 2024 calendar year.

 

That confidence has been vindicated with a significant upturn in transactional volumes in the 2024 calendar year, which we believe will continue into 2025.

 

Throughout the year a major training initiative was run to increase average fee levels, the benefits of which we are now seeing come through. A drive to expand our Lettings expansion continued through 2023/2024 with the establishment of a new lettings office in Esher, designed to target higher priced properties through Curchods Prime. Lettings income grew 16% year on year and now represents greater than 20% of income.

 

Principal risks and uncertainties

 

The Board has overall responsibility for ensuring that potential risks facing the group are controlled.

 

 

The principal risks facing the Group, together with how the Group seeks to mitigate these are set out below:

 

Housing Market

The UK housing market is linked closely with the general strength of the UK economy. Accordingly, changes in house prices and the volume of properties sold impact the results of the business. 2023-24 was a challenging year for the UK housing market due to the higher cost of living, higher interest rates and generally uncertain economic conditions.

 

Competitors

In order to be competitive the Group focuses on having strong management, listening to our clients and offering a high quality service and reduces risk by operating in both Sales and Lettings.

 

The Board continues to review KPI’s, cash flow forecasts and performance reports regularly, in order to ensure that the appropriate action is taken to manage short term market challenges. The Board also ensures that the Group maintains sufficient resources to withstand a down turn in the market.

 

Regulatory compliance

The group continually develops its focus on risk including Anti Money Laundering compliance and provides extensive training to and supervision of its staff.

Simpsons Estate Agents Limited
Strategic Report (Continued)
For the year ended 30 April 2024
Page 2

IT infrastructure and information security

The Group depends on efficient IT systems for its day to day operations and maintenance of its financial records. A significant interruption to its IT Services or breach of data security, would have an adverse impact on the ability to trade. The Group’s systems could also be subject to the increasing risk of a Cyber-attack.

 

The Group continues to invest in its IT and data security to ensure that its systems adequately support its operations. Regular scans and business recovery testing is carried out. Regular training is provided to all colleagues to advise them of good security procedures.

 

Financial misstatement and fraud

Material financial misstatement arising due to an error or fraud could cause reputational damage, financial loss or lead to incorrect decision making.

 

The Group has financial controls including segregation of duties which operate to address this risk. These controls are supplemented by monitoring of financial performance to budget and reconciliations.

 

People

Estate Agency is very focussed on its employees. The group has built its brand and reputation on the quality and skills of our staff. As such, the Group provides training and motivation tools to its staff. Our staff are the key to providing excellent service to our clients and achieving our objectives.

 

To manage this, the Board ensures that remuneration packages and human resources policies are regularly reviewed.

Development and performance

The directors have a close focus on the development of the group's staff to ensure continued high levels of customer service, the results of which are regularly seen in the many 5 star reviews the group receives.

 

At the time of this report, the directors are confident that transactional volumes will continue to remain higher throughout the 24/25 financial year, with more confidence and commitment from both buyers and sellers alike.

On behalf of the board

A. C. Dewar
Director
16 January 2025
Simpsons Estate Agents Limited
Directors' Report
For the year ended 30 April 2024
Page 3

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

Principal activities
The principal activity of the group continued to be that of the provision of residential agency services in Surrey trading under the name of 'Curchods Residential'.
Directors

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

J. St. P. Slatter
A. C. Dewar
B. St. P. Slatter
W Fraser
Results and dividends

Ordinary dividends were paid amounting to £1,499,910. The directors do not recommend payment of a further dividend.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors 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 auditors are aware of that information.
On behalf of the board
A. C. Dewar
Director
16 January 2025
Simpsons Estate Agents Limited
Directors' Responsibilities Statement
For the year ended 30 April 2024
Page 4

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

 

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

 

 

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

Simpsons Estate Agents Limited
Independent Auditor's Report
To the Members of Simpsons Estate Agents Limited
Page 5
Opinion

We have audited the financial statements of Simpsons Estate Agents Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 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.

Simpsons Estate Agents Limited
Independent Auditor's Report (Continued)
To the Members of Simpsons Estate Agents Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

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 group's and 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Simpsons Estate Agents Limited
Independent Auditor's Report (Continued)
To the Members of Simpsons Estate Agents Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

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.

 

Simpsons Estate Agents Limited
Independent Auditor's Report (Continued)
To the Members of Simpsons Estate Agents Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

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

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Amanda Settle (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
20 January 2025
Chartered Accountants
Statutory Auditor
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Simpsons Estate Agents Limited
Group Statement of Comprehensive Income
For the year ended 30 April 2024
Page 9
2024
2023
Notes
£
£
Turnover
3
14,826,558
17,822,137
Cost of sales
(36,000)
(36,000)
Gross profit
14,790,558
17,786,137
Administrative expenses
(14,963,107)
(15,967,896)
Other operating income
5,700
9,980
Operating (loss)/profit
5
(166,849)
1,828,221
Interest receivable and similar income
8
105,884
21,690
Profit on disposal of investments
40,635
(7,770)
(Loss)/profit before taxation
(20,330)
1,842,141
Tax on (loss)/profit
9
(80,002)
(371,999)
(Loss)/profit for the financial year
(100,332)
1,470,142
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(92,861)
1,344,636
- Non-controlling interests
(7,471)
125,506
(100,332)
1,470,142
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(92,861)
1,344,636
- Non-controlling interests
(7,471)
125,506
(100,332)
1,470,142

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

Simpsons Estate Agents Limited
Group Balance Sheet
As at 30 April 2024
30 April 2024
Page 10
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
111,056
Tangible assets
12
560,272
618,241
Investments
13
-
0
165,945
560,272
895,242
Current assets
Debtors
15
1,231,969
1,334,554
Cash at bank and in hand
2,470,553
2,423,864
3,702,522
3,758,418
Creditors: amounts falling due within one year
16
(3,506,516)
(2,265,374)
Net current assets
196,006
1,493,044
Total assets less current liabilities
756,278
2,388,286
Provisions for liabilities
18
(32,568)
(35,414)
723,710
2,352,872
Capital and reserves
Called up share capital
21
92,401
88,401
Share premium account
199,720
182,640
Revaluation reserve
-
0
87,449
Capital redemption reserve
5,000
5,000
Profit and loss reserves
313,623
1,818,945
Shareholders' funds
610,744
2,182,435
Non-controlling interests
112,966
170,437
723,710
2,352,872
The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and signed on its behalf by:
A. C. Dewar
Director
Simpsons Estate Agents Limited
Company Balance Sheet
As at 30 April 2024
30 April 2024
Page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
111,056
Tangible assets
12
515,479
553,633
Investments
13
180
153,361
515,659
818,050
Current assets
Debtors
15
3,289,806
3,274,424
Cash at bank and in hand
2,163,283
2,148,279
5,453,089
5,422,703
Creditors: amounts falling due within one year
16
(5,527,371)
(4,310,234)
Net current (liabilities)/assets
(74,282)
1,112,469
Total assets less current liabilities
441,377
1,930,519
Provisions for liabilities
Deferred tax liability
19
-
0
(3,560)
-
(3,560)
Net assets
441,377
1,926,959
Capital and reserves
Called up share capital
21
92,401
88,401
Share premium account
199,720
182,640
Revaluation reserve
-
0
74,053
Capital redemption reserve
5,000
5,000
Profit and loss reserves
144,256
1,576,865
Total equity
441,377
1,926,959

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £6,752 (2023 - £1,276,374 profit).

The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
16 January 2025
A. C. Dewar
Director
Company Registration No. 02430843 (England and Wales)
Simpsons Estate Agents Limited
Group Statement of Changes in Equity
For the year ended 30 April 2024
Page 12
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 May 2022
93,401
182,640
87,449
-
0
752,859
1,116,349
124,931
1,241,280
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
-
1,344,636
1,344,636
125,506
1,470,142
Dividends
10
-
-
-
-
-
-
(80,000)
(80,000)
Own shares acquired
-
-
-
-
(278,550)
(278,550)
-
(278,550)
Redemption of shares
21
-
-
-
5,000
-
5,000
-
5,000
Fair value increase on listed investments
(5,000)
-
-
-
-
(5,000)
-
(5,000)
Balance at 30 April 2023
88,401
182,640
87,449
5,000
1,818,945
2,182,435
170,437
2,352,872
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
-
-
(92,861)
(92,861)
(7,471)
(100,332)
Issue of share capital
21
4,000
17,080
-
-
-
21,080
-
21,080
Dividends
10
-
-
-
-
(1,499,910)
(1,499,910)
(50,000)
(1,549,910)
Other movements
-
-
(87,449)
-
87,449
-
-
-
Balance at 30 April 2024
92,401
199,720
-
0
5,000
313,623
610,744
112,966
723,710
Simpsons Estate Agents Limited
Company Statement of Changes in Equity
For the year ended 30 April 2024
Page 13
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 May 2022
93,401
182,640
74,053
-
0
579,041
929,135
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
-
1,276,374
1,276,374
Own shares acquired
-
-
-
-
(278,550)
(278,550)
Redemption of shares
21
-
-
-
5,000
-
5,000
Fair value increase on listed investments
(5,000)
-
-
-
-
(5,000)
Balance at 30 April 2023
88,401
182,640
74,053
5,000
1,576,865
1,926,959
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
-
-
(6,752)
(6,752)
Issue of share capital
21
4,000
17,080
-
-
-
21,080
Dividends
10
-
-
-
-
(1,499,910)
(1,499,910)
Other movements
-
-
(74,053)
-
74,053
-
Balance at 30 April 2024
92,401
199,720
-
0
5,000
144,256
441,377
Simpsons Estate Agents Limited
Group Statement of Cash Flows
For the year ended 30 April 2024
Page 14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,576,211
1,298,488
Income taxes paid
(202,481)
(361,430)
Net cash inflow from operating activities
1,373,730
937,058
Investing activities
Purchase of intangible assets
-
(138,820)
Purchase of tangible fixed assets
(120,351)
(203,363)
Proceeds from disposal of tangible fixed assets
4,935
1
Proceeds from disposal of investments
206,580
-
Interest received
105,884
21,690
Net cash generated from/(used in) investing activities
197,048
(320,492)
Financing activities
Proceeds from issue of shares
21,080
-
Purchase of own shares
-
0
(278,550)
Dividends paid to equity shareholders
(1,499,910)
-
0
Dividends paid to non-controlling interests
(50,000)
(80,000)
Net cash used in financing activities
(1,528,830)
(358,550)
Net increase in cash and cash equivalents
41,948
258,016
Cash and cash equivalents at beginning of year
2,408,346
2,150,330
Cash and cash equivalents at end of year
2,450,294
2,408,346
Relating to:
Cash at bank and in hand
2,470,553
2,423,864
Bank overdrafts included in creditors payable within one year
(20,259)
(15,518)
Simpsons Estate Agents Limited
Notes to the  Financial Statements
For the year ended 30 April 2024
Page 15
1
Accounting policies
Company information

Simpsons Estate Agents Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales.

 

The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.

 

The Group comprises Simpsons Estate Agents Limited and its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £6,752 (2023 - £1,276,374 profit).

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Simpsons Estate Agents Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 30 April 2024.

 

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.

 

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.

 

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.

Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 16
1.3
Going concern

The business has continued to generate profits and has a strong balance sheet and cash position. The post year end trading position remains positive and therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for services provided net of Value Added Tax. Income from agency fees is recognised on the date of completion of the transaction.

1.5
Intangible fixed assets - goodwill

Goodwill is determined by comparing the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. Goodwill is amortised over a 15 month economic life and the amortisation is included within administrative expenses.

Lease premiums
Straight line over the lease term

 

Amortisation is recognised within administrative expenses.

1.6
Tangible fixed assets

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

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

Land and buildings leasehold
Equal instalments over the period of the lease
Office equipment
20% per annum on a straight line basis
Computer equipment
33 1/3% per annum on a straight line basis
Motor vehicles
25% per annum on a reducing balance basis

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

1.7
Fixed asset investments

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

 

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

 

The cumulative surplus on fair value of investments is not distributable. The company transfers such surpluses to a separate revaluation reserve within retained earnings together with the associated deferred tax annually.

Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 17
1.8
Impairment of fixed assets

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

 

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

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.

1.9
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.

1.10
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as 'other' or basic instruments measured at fair value.

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 18
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.

1.13
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to expenditure on a straight line basis over the term of the relevant lease.

1.17
Lease premiums

Lease premiums paid or payable in respect of entering a lease agreement are included within intangible assets, in the Balance Sheet, and released to the profit and loss account on a straight line basis over the period of the lease.

Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 19
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Amortisation of goodwill

The annual amortisation charge of the goodwill arising on consolidation is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 11 for the carrying amount of the intangible assets and note 1.5 for the useful economic life of goodwill.

Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.6 for the useful economic lives for each class of asset.

3
Turnover and other revenue

An analysis of the group's turnover, which all arose within the UK, is as follows:

2024
2023
£
£
Turnover analysed by class of business
Fees from agency sales
10,976,308
13,955,980
Lettings income
2,449,073
2,109,013
Fees for financial services
1,401,177
1,757,144
14,826,558
17,822,137
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
3
Turnover and other revenue
(Continued)
Page 20
2024
2023
£
£
Other revenue
Interest income
105,884
21,690
Commissions received
-
5,480
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,692
32,258
Audit of the financial statements of the company's subsidiaries
23,450
16,592
46,142
48,850
5
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
173,385
166,488
(Profit)/loss on disposal of tangible fixed assets
-
421
Amortisation of intangible assets
111,056
27,764
Operating lease charges
774,438
723,242
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
213
219
185
187
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
6
Employees
(Continued)
Page 21

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,066,654
10,004,306
7,666,046
8,345,217
Social security costs
1,142,475
1,380,618
987,848
1,187,984
Pension costs
201,062
193,267
167,308
156,769
10,410,191
11,578,191
8,821,202
9,689,970
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
376,872
480,257
Company pension contributions to defined contribution schemes
7,000
7,179
383,872
487,436

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
274,403
386,813
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
65,874
19,680
Other interest income
40,010
2,010
Total income
105,884
21,690

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
65,874
19,680
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 22
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
86,323
371,999
Deferred tax
Origination and reversal of timing differences
(6,321)
-
0
Total tax charge
80,002
371,999

On 1 April 2023, the corporation tax rate rose to 25% for companies with profits of £250,000 and over. Small companies with profits up to £50,000 will continue to pay corporation tax at 19%. Profits between these two figures will be subject to a tapered rate. The effective corporation tax gradually increases from 19% where profits exceed £50,000 to 25% where profits are more than £250,000.

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

2024
2023
£
£
(Loss)/profit before taxation
(20,330)
1,842,141
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
(5,083)
359,217
Tax effect of expenses that are not deductible in determining taxable profit
11,843
2,634
Tax effect of income not taxable in determining taxable profit
(10,158)
-
0
Unutilised tax losses carried forward
30,687
-
0
Effect of change in corporation tax rate
-
(10,088)
Effect of revaluations of investments
-
0
1,515
Deferred tax adjustments in respect of prior years
(6,321)
-
0
Depreciation
41,903
18,746
Capital allowances
(12,735)
949
Capitalised revenue expenditure
(7,924)
(974)
Capital gain
37,790
-
0
Taxation charge
80,002
371,999
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,499,910
-
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 23
11
Intangible fixed assets
Group
Goodwill
Lease premiums
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
2,071,449
32,000
2,103,449
Amortisation and impairment
At 1 May 2023
1,960,393
32,000
1,992,393
Amortisation charged for the year
111,056
-
0
111,056
At 30 April 2024
2,071,449
32,000
2,103,449
Carrying amount
At 30 April 2024
-
0
-
0
-
0
At 30 April 2023
111,056
-
0
111,056
Company
Goodwill
Lease premiums
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
1,263,449
32,000
1,295,449
Amortisation and impairment
At 1 May 2023
1,152,393
32,000
1,184,393
Amortisation charged for the year
111,056
-
0
111,056
At 30 April 2024
1,263,449
32,000
1,295,449
Carrying amount
At 30 April 2024
-
0
-
0
-
0
At 30 April 2023
111,056
-
0
111,056
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 24
12
Tangible fixed assets
Group
Land and buildings leasehold
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
1,109,025
1,669,847
14,302
210,069
3,003,243
Additions
60,960
67,918
(8,527)
-
0
120,351
Disposals
(5,065)
(101,295)
(102,362)
-
0
(208,722)
Transfers
(22,652)
-
0
22,652
-
0
-
0
At 30 April 2024
1,142,268
1,636,470
(73,935)
210,069
2,914,872
Depreciation and impairment
At 1 May 2023
785,577
1,373,443
16,581
209,401
2,385,002
Depreciation charged in the year
58,231
118,420
(3,266)
-
0
173,385
Eliminated in respect of disposals
(5,065)
(101,295)
(97,427)
-
0
(203,787)
At 30 April 2024
838,743
1,390,568
(84,112)
209,401
2,354,600
Carrying amount
At 30 April 2024
303,525
245,902
10,177
668
560,272
At 30 April 2023
323,448
294,125
-
0
668
618,241
Company
Land and buildings leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
801,802
1,148,772
716
1,951,290
Additions
59,901
53,616
-
0
113,517
Disposals
(5,065)
(101,295)
-
0
(106,360)
At 30 April 2024
856,638
1,101,093
716
1,958,447
Depreciation and impairment
At 1 May 2023
536,966
859,975
716
1,397,657
Depreciation charged in the year
49,832
101,839
-
0
151,671
Eliminated in respect of disposals
(5,065)
(101,295)
-
0
(106,360)
At 30 April 2024
581,733
860,519
716
1,442,968
Carrying amount
At 30 April 2024
274,905
240,574
-
0
515,479
At 30 April 2023
264,836
288,797
-
0
553,633
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 25
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
25
-
0
-
0
180
180
Listed investments
-
0
165,945
-
0
153,181
-
0
165,945
180
153,361
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 May 2023
165,945
Disposals
(165,945)
At 30 April 2024
-
Carrying amount
At 30 April 2024
-
At 30 April 2023
165,945
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
180
153,181
153,361
Disposals
-
(153,181)
(153,181)
At 30 April 2024
180
-
180
Carrying amount
At 30 April 2024
180
-
180
At 30 April 2023
180
153,181
153,361
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 26
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
714,573
834,994
2,841,164
2,804,500
Equity instruments measured at cost less impairment
-
165,945
-
153,181
Carrying amount of financial liabilities
Measured at amortised cost
2,725,492
1,552,119
4,802,196
3,660,932
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
586,184
733,538
541,409
717,062
Amounts owed by group undertakings
-
-
2,171,366
1,985,982
Other debtors
128,389
101,456
128,389
101,456
Prepayments and accrued income
517,396
499,560
448,642
469,924
1,231,969
1,334,554
3,289,806
3,274,424
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
20,259
15,518
20,259
15,518
Trade creditors
399,311
533,529
370,248
506,143
Amounts owed to group undertakings
-
0
-
0
2,966,334
2,271,287
Corporation tax payable
41,195
157,353
23,601
125,837
Other taxation and social security
739,829
555,902
701,574
523,465
Other creditors
1,474,910
51,436
713,103
11,564
Accruals and deferred income
831,012
951,636
732,252
856,420
3,506,516
2,265,374
5,527,371
4,310,234
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 27
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
20,259
15,518
20,259
15,518
Payable within one year
20,259
15,518
20,259
15,518

 

18
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Clawback provision
32,568
29,093
-
-
Deferred tax liabilities
19
-
6,321
-
0
3,560
32,568
35,414
-
0
3,560
Movements on provisions:
Clawback provision
Group
£
At 1 May 2023
29,093
Additional provisions in the year
36,000
Utilisation of provision
(32,525)
At 30 April 2024
32,568

A subsidiary company, Simpsons Mortgage Services Limited, makes a provision in the respect of clawback for policies which might subsequently be cancelled, on the basis of experience in recent years.

Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 28
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Revaluations
-
2,761
Investments
-
3,560
-
6,321
Liabilities
Liabilities
2024
2023
Company
£
£
Investments
-
3,560
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
6,321
3,560
Transfer on disposal
(6,321)
(3,560)
Asset at 30 April 2024
-
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
192,875
180,081

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 29
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' ordinary shares of £1 each
80,000
80,000
80,000
80,000
'B' ordinary shares of £1 each
6,500
2,500
6,500
2,500
'C' ordinary shares of £1 each
5,901
5,901
5,901
5,901
92,401
88,401
92,401
88,401

The Ordinary 'A' shares carry voting and dividend rights.

 

The Ordinary 'B' shares carry no voting rights, but carry dividend rights.

 

The Ordinary 'C' shares carry no voting rights, and carry limited dividend rights.

 

On 10 July 2023 the company issued 4,000 Ordinary 'B' shares for a consideration of £5.27 per share.

 

22
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
582,579
574,667
513,389
522,422
Between two and five years
1,518,950
1,146,915
1,421,635
1,085,205
In over five years
1,035,583
1,187,575
1,035,583
1,187,575
3,137,112
2,909,157
2,970,607
2,795,202
23
Controlling party

50% of the holding company's capital and 51% of the company's voting capital is owned by Toptrad Limited, a company registered in Jersey and controlled by director J. St. P. Slatter.

 

 

Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 30
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
383,872
498,220
Other information

During the year, the company paid £100,000 (2023: £100,000) to Tresco Estates Limited, a company under common control, for administration charges in the year, £90,212 (2023: £135,070) for rental of the company's head office, £18,000 (2023: £18,000) for rental of the East Horsley branch, £15,000 (2023: £12,500) for rental of the Shepperton branch and £30,000 (2023: £26,250) for rental of the Walton branch. A balance of £2,674 (2023: £1,065) was due from Tresco Estates Limited at the year end. This balance is included in other debtors.

 

The Cobham branch premises leased by the company is owned by J. St. P. Slatter, a director of the company, and during the year rent of £30,000 (2023: £30,000) was paid by the company. There was no balance outstanding at the year end (2023: £nil).

 

During the year, the group had three subsidiaries that were not wholly owned, Simpsons Mortgage Services Limited, Simpsons Estate Agents (Woking) Limited and Simpsons Estate Agents (West Byfleet) Limited. During the year the group charged management charges of £64,740 (2023: £64,740), £72,500 (2023: £112,500) and £40,000 (2023: £nil), and received dividends totalling £75,000 (2023: £120,000), £nil (2023: £nil) and £nil (2023: £nil) from Simpsons Mortgage Services Limited, Simpsons Estate Agents (Woking) Limited and Simpsons Estate Agents (West Byfleet) Limited respectively. Included within amounts due to group undertakings at year end is a balance of £153,866 (2023: £166,401) due to Simpsons Mortgage Services Limited and £103,688 (2023: £199,031) due to Simpsons Estate Agents (Woking) Limited. Included within amounts due from group undertakings at the year end is a balance of £174,393 (2023: £nil) due from Simpsons Estate Agents (West Byfleet) Limited.

 

During the year, dividends of £50,000 (2023: £80,000) were paid to C. Pain, a director of Simpsons Mortgage Services Limited, a subsidiary of Simpsons Estate Agents Limited.

 

During the year, dividends of £nil (2023: £nil) were paid to R. Snape, a director of Simpsons Estate Agents (Woking) Limited and Simpsons Estate Agents (West Byfleet) Limited, subsidiaries of Simpsons Estate Agents Limited.

 

At the year end, a balance of £100,255 (2023: £94,455) was due from Planning and Land Promotions Limited, a company under common control.

 

At the year end, a balance of £711,807 (2023: £nil) was owed to TopTrad Limited, a related party company.

Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 31
25
Subsidiaries

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

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Simpsons Estate Agents (Woking) Limited
England and Wales
Residential agency services
Ordinary
60
Simpsons Mortgage Services Limited
England and Wales
Financial advisory services
Ordinary
60
Simpsons Estate Agents (West Byfleet) Limited
England and Wales
Residential agency services
Ordinary
60
The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit
Capital and Reserves
£
£
Simpsons Estate Agents (Woking) Limited
(25,074)
214,487
Simpsons Mortgage Services Limited
118,998
180,534
Simpsons Estate Agents (West Byfleet) Limited
(112,600)
(112,500)
26
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(100,332)
1,470,142
Adjustments for:
Taxation charged
80,002
371,999
Investment income
(105,884)
(21,690)
(Gain)/loss on disposal of tangible fixed assets
-
421
Amortisation and impairment of intangible assets
111,056
27,764
Depreciation and impairment of tangible fixed assets
173,385
166,488
Gain on sale of investments
(40,635)
-
Other gains and losses
-
7,770
Increase in provisions
3,475
7,466
Movements in working capital:
Decrease/(increase) in debtors
102,585
(183,450)
Increase/(decrease) in creditors
1,352,559
(548,422)
Cash generated from operations
1,576,211
1,298,488
Simpsons Estate Agents Limited
Notes to the  Financial Statements (Continued)
For the year ended 30 April 2024
Page 32
27
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,423,864
46,689
2,470,553
Bank overdrafts
(15,518)
(4,741)
(20,259)
2,408,346
41,948
2,450,294
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