Company Registration No. 00485994 (England and Wales)
Wiltons Holdings Limited
Annual report and
group financial statements
for the year ended 31 March 2024
Wiltons Holdings Limited
Company information
Directors
J D Hambro
C S Fraser
A J Steel
J Phillips
Secretary
S Marti
Company number
00485994
Registered office
55 Jermyn Street
London
SW1Y 6LX
London
SW1Y 6LX
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Wiltons Holdings Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
Wiltons Holdings Limited
Strategic report
For the year ended 31 March 2024
1
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
The year ended 31 March 2024 was a successful year for the group. Turnover amounted to £9,383,872 (2023: £8,588,814) with a gross margin of 72% (2023: 71%). The group made a profit before tax of £256,365 (2023:£393,764). The directors are satisfied with the performance of the business in the year. The consolidated statement of comprehensive income for the year is set out on page 8.
Principal risks and uncertainties
The group has policies and procedures in place to mitigate and manage its principal risks as part of normal business operations. The group's operations expose it to the normal mixture of interest rate, credit and liquidity risk.
Interest rate and liquidity risk arises on the group's cash and borrowings. Cash flow is monitored as part of day to day control procedures. The directors consider cash flow projections and requirements on a regular basis and ensure that appropriate facilities are available to be drawn upon as required.
The group's credit risk is primarily due to its trade debtors. The amount of exposure to any individual counterparty is subject to limits set by the directors and is carefully monitored.
Key performance indicators
Whilst the group monitors a variety of key performance indicators, the most important of these are sales and sales margin. The directors' analysis of the outturn based on these key performance indicators is that the group has performed well both in terms of previous years' results and expectations against budget.
A J Steel
Director
27 January 2025
Wiltons Holdings Limited
Directors' report
For the year ended 31 March 2024
2
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the group continued to be that of a licensed restaurant and holder of the leasehold property of Franco's restaurant.
Results and dividends
The results for the year are set out on page 8. No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J D Hambro
C S Fraser
A J Steel
J Phillips
Auditor
Saffery LLP have expressed their willingness to remain in office as auditors of the company.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Going concern
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.
On behalf of the board
A J Steel
Director
27 January 2025
Wiltons Holdings Limited
Directors' responsibilities statement
For the year ended 31 March 2024
3
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
Wiltons Holdings Limited
Independent auditor's report
To the members of Wiltons Holdings Limited
4
Opinion
We have audited the financial statements of Wiltons Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group and of the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.
Wiltons Holdings Limited
Independent auditor's report (continued)
To the members of Wiltons Holdings Limited
5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Wiltons Holdings Limited
Independent auditor's report (continued)
To the members of Wiltons Holdings Limited
6
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.
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.
Wiltons Holdings Limited
Independent auditor's report (continued)
To the members of Wiltons Holdings Limited
7
This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Di Leto (Senior Statutory Auditor)
For and on behalf of Saffery LLP
27 January 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Wiltons Holdings Limited
Group statement of comprehensive income
For the year ended 31 March 2024
8
2024
2023
Notes
£
£
Turnover
3
9,383,872
8,588,814
Cost of sales
(2,672,536)
(2,477,000)
Gross profit
6,711,336
6,111,814
Administrative expenses
(6,428,056)
(5,701,824)
Operating profit
4
283,280
409,990
Interest receivable and similar income
7
11
406
Interest payable and similar expenses
8
(26,926)
(16,632)
Profit before taxation
256,365
393,764
Taxation
9
(156,081)
(89,176)
Profit for the financial year
100,284
304,588
Profit for the financial year is attributable to:
- Owners of the parent company
96,726
305,791
- Non-controlling interests
3,558
(1,203)
100,284
304,588
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Wiltons Holdings Limited
Group balance sheet
As at 31 March 2024
9
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,095,016
1,736,511
Current assets
Stocks
14
415,783
390,306
Debtors
15
637,085
663,185
Cash at bank and in hand
2,745,173
2,487,838
3,798,041
3,541,329
Creditors: amounts falling due within one year
16
(3,286,394)
(2,809,844)
Net current assets
511,647
731,485
Total assets less current liabilities
2,606,663
2,467,996
Creditors: amounts falling due after more than one year
17
(225,000)
(325,000)
Provisions for liabilities
Deferred tax liability
18
335,212
196,829
(335,212)
(196,829)
Net assets
2,046,451
1,946,167
Capital and reserves
Called up share capital
20
96,140
96,140
Share premium account
12,960
12,960
Capital redemption reserve
1,500
1,500
Profit and loss reserves
2,176,922
2,131,107
Equity attributable to owners of the parent company
2,287,522
2,241,707
Non-controlling interests
(241,071)
(295,540)
2,046,451
1,946,167
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
A J Steel
Director
Company Registration No. 00485994
Wiltons Holdings Limited
Company balance sheet
As at 31 March 2024
31 March 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
50,075
80,520
Investments
12
870,805
870,805
920,880
951,325
Current assets
Debtors
15
878,721
667,618
Cash at bank and in hand
214,388
563,518
1,093,109
1,231,136
Creditors: amounts falling due within one year
16
(3,616,317)
(3,550,815)
Net current liabilities
(2,523,208)
(2,319,679)
Total assets less current liabilities
(1,602,328)
(1,368,354)
Creditors: amounts falling due after more than one year
17
(225,000)
(325,000)
Net liabilities
(1,827,328)
(1,693,354)
Capital and reserves
Called up share capital
20
96,140
96,140
Share premium account
12,960
12,960
Profit and loss reserves
(1,936,428)
(1,802,454)
Total equity
(1,827,328)
(1,693,354)
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 £133,974 (2023 - £226,241).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
A J Steel
Director
Company registration number 00485994 (England and Wales)
Wiltons Holdings Limited
Group statement of changes in equity
For the year ended 31 March 2024
11
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
Balance at 1 April 2022
96,140
12,960
1,500
1,825,316
1,935,916
(294,337)
1,641,579
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
305,791
305,791
(1,203)
304,588
Balance at 31 March 2023
96,140
12,960
1,500
2,131,107
2,241,707
(295,540)
1,946,167
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
96,726
96,726
3,558
100,284
Reclassification
-
-
-
(50,911)
(50,911)
50,911
-
Balance at 31 March 2024
96,140
12,960
1,500
2,176,922
2,287,522
(241,071)
2,046,451
Wiltons Holdings Limited
Company statement of changes in equity
For the year ended 31 March 2024
12
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
96,140
12,960
(1,576,213)
(1,467,113)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(226,241)
(226,241)
Balance at 31 March 2023
96,140
12,960
(1,802,454)
(1,693,354)
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
(133,974)
(133,974)
Balance at 31 March 2024
96,140
12,960
(1,936,428)
(1,827,328)
Wiltons Holdings Limited
Group statement of cash flows
For the year ended 31 March 2024
13
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,094,344
263,328
Interest paid
(26,926)
(16,632)
Income taxes refunded
11,631
Net cash inflow from operating activities
1,067,418
258,327
Investing activities
Purchase of tangible fixed assets
(675,094)
(438,501)
Interest received
11
406
Net cash used in investing activities
(675,083)
(438,095)
Financing activities
Repayment of bank loans
(135,000)
(85,000)
Net cash used in financing activities
(135,000)
(85,000)
Net increase/(decrease) in cash and cash equivalents
257,335
(264,768)
Cash and cash equivalents at beginning of year
2,487,838
2,752,606
Cash and cash equivalents at end of year
2,745,173
2,487,838
Wiltons Holdings Limited
Company statement of cash flows
For the year ended 31 March 2024
14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(222,977)
(314,636)
Interest paid
(26,164)
(15,621)
Net cash outflow from operating activities
(249,141)
(330,257)
Investing activities
Purchase of tangible fixed assets
(15,595)
Interest received
11
Net cash generated from/(used in) investing activities
11
(15,595)
Financing activities
Repayment of bank loans
(100,000)
(75,000)
Net cash used in financing activities
(100,000)
(75,000)
Net decrease in cash and cash equivalents
(349,130)
(420,852)
Cash and cash equivalents at beginning of year
563,518
984,370
Cash and cash equivalents at end of year
214,388
563,518
Wiltons Holdings Limited
Notes to the financial statements
For the year ended 31 March 2024
15
1
Accounting policies
Company information
Wiltons Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 55 Jermyn Street, London, SW1Y 6LX.
The group consists of Wiltons Holdings Limited and all of 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. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
The consolidated group financial statements consist of the financial statements of the parent company Wiltons Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
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 is attributable to the principal activities of the group and is stated gross of credit card commission and excluding VAT. Revenue is recognised at the point of sale in the restaurants. The Holding company generates rental income and it is recognised in the Profit and Loss Account on a straight line basis.
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
16
1.5
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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
Straight line over the length of lease remaining
Fixtures, fittings & equipment
Straight line over 3 - 10 years
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.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
17
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade debtors, 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.
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
18
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
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.
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
19
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.16
Leases
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.
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
20
2
Critical accounting 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.
Recoverability of intercompany debtors
The company has amounts owed by group undertakings at the end of year. Assessing the recoverability of intercompany debtors requires management to make informed judgments based on a variety of factors, including the financial stability and performance of the debtor entity within the group. This includes evaluating the debtor’s ability to generate sufficient cash flows, meet its obligations, and its overall financial health.
Impairment on investment value within Wiltons Holdings Limited
The company holds investments in subsidiaries at the end of the year. This assessment involves determining whether the carrying value of investments is recoverable or if it exceeds the amount that can be recovered through sale or future cash flows. If the investment's carrying value is deemed higher than its recoverable amount, an impairment loss is recognized.
Valuation of stock and stock provision
The group holds stocks as of the end of the year. Stock must be valued at the lower of cost and net realizable value, requiring management to assess factors such as obsolescence, market conditions, and product demand. Judgment is needed to determine whether inventory is impaired, obsolete, or slow-moving, which may require provisions to be made to reflect the reduced value of stock. Any excess of the carrying amount of stocks over their value in use is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in profit or loss.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Food and beverage
9,155,888
8,424,408
Rental income
227,984
164,406
9,383,872
8,588,814
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
3
Turnover and other revenue (continued)
21
2024
2023
£
£
Other revenue
Interest income
11
406
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
316,589
284,980
Operating lease charges
879,152
524,680
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,250
11,500
Audit of the financial statements of the company's subsidiaries
35,250
33,150
47,500
44,650
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
Total employees
119
110
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,979,398
2,592,453
Social security costs
255,970
206,368
-
-
Pension costs
161,567
122,550
3,396,935
2,921,371
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
22
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
11
Other interest income
-
406
Total income
11
406
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
26,926
16,632
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
46,336
Adjustments in respect of prior periods
17,698
Total current tax
17,698
46,336
Deferred tax
Origination and reversal of timing differences
138,383
43,105
Adjustment in respect of prior periods
(265)
Total deferred tax
138,383
42,840
Total tax charge
156,081
89,176
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
Taxation (continued)
23
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
256,365
393,764
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 20.57%)
64,091
74,814
Fixed assets differences
43,856
18,178
Expenses not deductible for tax purposes
1,829
1,972
Other permanent differences
125
Movement in deferred tax not recognised
28,482
(20,879)
Adjustments in respect of PY
17,698
(265)
Remeasurement of deferred tax for changes in tax
15,356
Taxation charge
156,081
89,176
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
143,021
Amortisation and impairment
At 1 April 2023 and 31 March 2024
143,021
Carrying amount
At 31 March 2024
At 31 March 2023
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
24
11
Tangible fixed assets
Group
Land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2023
4,330,937
2,197,640
6,528,577
Additions
213,131
461,963
675,094
At 31 March 2024
4,544,068
2,659,603
7,203,671
Depreciation and impairment
At 1 April 2023
3,176,640
1,615,426
4,792,066
Depreciation charged in the year
177,770
138,819
316,589
At 31 March 2024
3,354,410
1,754,245
5,108,655
Carrying amount
At 31 March 2024
1,189,658
905,358
2,095,016
At 31 March 2023
1,154,297
582,214
1,736,511
Company
Land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
744,814
76,045
820,859
Depreciation and impairment
At 1 April 2023
704,095
36,244
740,339
Depreciation charged in the year
9,768
20,677
30,445
At 31 March 2024
713,863
56,921
770,784
Carrying amount
At 31 March 2024
30,951
19,124
50,075
At 31 March 2023
40,719
39,801
80,520
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
870,805
870,805
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
12
Fixed asset investments (continued)
25
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 and 31 March 2024
870,805
Carrying amount
At 31 March 2024
870,805
At 31 March 2023
870,805
13
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Class of
% Held
shares held
Direct
Franco's Limited
Ordinary
80.00
Wilton (St James's) Limited
Ordinary
100.00
The registered office address of all subsidiaries is 55 Jermyn Street, London, SW1Y 6LX.
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Franco's Limited
(1,205,354)
17,788
Wilton (St James's) Limited
5,949,969
216,598
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
415,783
390,306
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
26
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
283,758
203,332
86,987
86,134
Corporation tax recoverable
12,495
30,193
Amounts owed by group undertakings
-
-
688,078
443,991
Other debtors
91,683
111,319
30,994
Prepayments and accrued income
249,149
318,341
103,656
106,499
637,085
663,185
878,721
667,618
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loan
100,000
100,000
100,000
100,000
Other borrowings
35,000
Trade creditors
873,968
582,944
5,642
28,486
Amounts owed to group undertakings
3,196,749
3,220,585
Other taxation and social security
363,931
271,697
2,733
-
Other creditors
1,242,492
1,043,130
32,143
31,756
Accruals and deferred income
706,003
777,073
279,050
169,988
3,286,394
2,809,844
3,616,317
3,550,815
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loan
225,000
325,000
225,000
325,000
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
27
18
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
£
£
Fixed assets timing differences
348,432
231,769
Short term timing differences
(700)
(417)
Losses and other deductions
(12,520)
(34,523)
335,212
196,829
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
196,829
-
Charge to profit or loss
138,383
-
Liability at 31 March 2024
335,212
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
161,567
122,550
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.
20
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Authorised
100,000 ordinary shares of £1 each
100,000
100,000
Issued and fully paid
96,140 ordinary shares of £1 each
96,140
96,140
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
28
21
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
680,000
760,000
330,000
440,000
Between two and five years
3,160,000
1,394,521
1,760,000
114,521
In over five years
2,395,069
393,644
2,314,521
-
6,235,069
2,548,165
4,404,521
554,521
22
Related party transactions
Group
During the year the group paid management charges of £75,070 (2023: £74,930) to James Hambro & Partners LLP, an LLP in which J D Hambro and A J Steel were designated members.
At 31 March 2024 Franco's Limited owed J D Hambro and C S Fraser, both directors of the company, £406,037 each (2023: J D Hambro - £406,037, C S Fraser - £406,037). The amount owed to C S Fraser includes an amount owed to a trust which they are a beneficiary of.
At 31 March 2024 Franco's Limited was owed £50,000 (2023: £50,000) by J Phillips, a director of the company.
At 31 March 2024 Wilton (St James's) Limited was owed £2,350 (2023: -£3,450) by Locket's Limited, a
private limited company of which J Phillips and J D Hambro are directors.
At 31 March 2024 Franco's Limited was owed £30,216 (2023: £14,057) by Locket's Limited, a private limited
company of which J Phillips and J D Hambro are directors.
Company
During the year, the company received rental income and service charge of £352,400 (2023: £299,576) from
Franco's Limited, a subsidiary undertaking in which the company owns 80% of the share capital. At 31
March 2024 the company was owed £668,078 (2023: £443,990) from Franco's Limited.
As at 31 March 2024 the company owed £3,196,749 (2023: £3,220,585) to Wilton (St James's) Limited, a
subsidiary undertaking in which the company owns 100% of the share capital.
23
Controlling party
The group is controlled by J D Hambro.
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
29
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
100,284
304,588
Adjustments for:
Taxation charged
156,081
89,176
Finance costs
26,926
16,632
Investment income
(11)
(406)
Depreciation and impairment of tangible fixed assets
316,589
284,980
Movements in working capital:
Increase in stocks
(25,477)
(103,961)
Decrease in debtors
8,402
112,925
Increase/(decrease) in creditors
511,550
(440,606)
Cash generated from operations
1,094,344
263,328
25
Cash absorbed by operations - company
2024
2023
£
£
Loss for the year after tax
(133,974)
(226,241)
Adjustments for:
Finance costs
26,164
15,620
Investment income
(11)
Depreciation and impairment of tangible fixed assets
30,445
51,738
Movements in working capital:
(Increase)/decrease in debtors
(211,103)
444,279
Increase/(decrease) in creditors
65,502
(600,032)
Cash absorbed by operations
(222,977)
(314,636)
26
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,487,838
257,335
2,745,173
Borrowings excluding overdrafts
(460,000)
135,000
(325,000)
2,027,838
392,335
2,420,173
Wiltons Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
30
27
Analysis of changes in net funds/(debt) - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
563,518
(349,130)
214,388
Borrowings excluding overdrafts
(425,000)
100,000
(325,000)
138,518
(249,130)
(110,612)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210C S FraserA J SteelJ PhillipsJ PhillipsS Martifalsefalse004859942023-04-012024-03-3100485994bus:ChiefExecutive2023-04-012024-03-3100485994bus:Director12023-04-012024-03-3100485994bus:Director22023-04-012024-03-3100485994bus:Director32023-04-012024-03-3100485994bus:CompanySecretary12023-04-012024-03-3100485994bus:Director42023-04-012024-03-3100485994bus:RegisteredOffice2023-04-012024-03-3100485994bus:Consolidated2024-03-31004859942024-03-3100485994bus:Consolidated2023-04-012024-03-3100485994bus:Consolidated2022-04-012023-03-31004859942022-04-012023-03-3100485994bus:Consolidated2023-03-31004859942023-03-3100485994core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-03-3100485994core:FurnitureFittingsbus:Consolidated2024-03-3100485994core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3100485994core:FurnitureFittingsbus:Consolidated2023-03-3100485994core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3100485994core:FurnitureFittings2024-03-3100485994core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3100485994core:FurnitureFittings2023-03-3100485994core:ShareCapitalbus:Consolidated2024-03-3100485994core:ShareCapitalbus:Consolidated2023-03-3100485994core:SharePremiumbus:Consolidated2024-03-3100485994core:SharePremiumbus:Consolidated2023-03-3100485994core:CapitalRedemptionReservebus:Consolidated2024-03-3100485994core:CapitalRedemptionReservebus:Consolidated2023-03-3100485994core:ShareCapital2024-03-3100485994core:ShareCapital2023-03-3100485994core:SharePremium2024-03-3100485994core:SharePremium2023-03-3100485994core:RetainedEarningsAccumulatedLosses2024-03-3100485994core:ShareCapitalbus:Consolidated2022-03-3100485994core:SharePremiumbus:Consolidated2022-03-3100485994core:CapitalRedemptionReservebus:Consolidated2022-03-3100485994core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3100485994core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3100485994core:Non-controllingInterestsbus:Consolidated2023-03-3100485994core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3100485994core:Non-controllingInterestsbus:Consolidated2024-03-3100485994core:ShareCapital2022-03-3100485994core:SharePremium2022-03-3100485994core:RetainedEarningsAccumulatedLosses2022-03-3100485994core:RetainedEarningsAccumulatedLosses2023-03-3100485994bus:Consolidated2022-03-31004859942022-03-3100485994core:Goodwill2023-04-012024-03-3100485994core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3100485994core:FurnitureFittings2023-04-012024-03-3100485994core:UKTaxbus:Consolidated2023-04-012024-03-3100485994core:UKTaxbus:Consolidated2022-04-012023-03-3100485994bus:Consolidated12023-04-012024-03-3100485994bus:Consolidated12022-04-012023-03-3100485994core:Goodwillbus:Consolidated2023-03-3100485994core:Goodwillbus:Consolidated2024-03-3100485994core:Goodwillbus:Consolidated2023-03-3100485994core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3100485994core:FurnitureFittingsbus:Consolidated2023-03-3100485994bus:Consolidated2023-03-3100485994core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3100485994core:FurnitureFittings2023-03-31004859942023-03-3100485994core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-04-012024-03-3100485994core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3100485994core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3100485994core:CurrentFinancialInstruments2024-03-3100485994core:CurrentFinancialInstruments2023-03-3100485994core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3100485994core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3100485994core:WithinOneYearbus:Consolidated2024-03-3100485994core:WithinOneYearbus:Consolidated2023-03-3100485994core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3100485994core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100485994core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3100485994core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3100485994core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3100485994core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3100485994core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3100485994core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3100485994bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100485994bus:FRS1022023-04-012024-03-3100485994bus:Audited2023-04-012024-03-3100485994bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3100485994bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP