Company registration number 08079113 (England and Wales)
AUTOMATIC CARS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
AUTOMATIC CARS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr R Morris
Mrs D Morris
Mr W Morris
Mrs V Flaherty
Company number
08079113
Registered office
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Auditor
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
42 Welling High Street
Welling
Kent
DA16 1TQ
AUTOMATIC CARS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 30
AUTOMATIC CARS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Fair review of the business

The garden machinery sector faced significant challenges in 2023/24, this was largely attributable to the hot summer experienced across the UK in 2022. The intense and prolonged heat wave conditions had a marked impact on consumer behaviour and gardening practices, resulting in a substantial decrease in our wholesale garden machinery sales in 2023/2024 with many of our trade customers still holding the previous years stock and not wanting to buy until their old stock was cleared. The Sales at Godfreys are obviously seasonal, but we have added several new non gardening products to improve sales. Additionally, Godfreys’ sales were significantly improved by online sales through Amazon and other online companies, which allowed for greater national reach and more convenience for customers.

The used car market also experienced tough conditions in 2023/24 with falls in sales nationally between Q2 2023 through to Q1 2024. This can be attributed both to rising interest rates and increased availability of new cars. The strong value of used cars during lockdown changed in 2023. The shortage of used petrol cars and resistance to electric vehicles among some customer groups negatively affected sales and margins, so consumer preferences and market dynamics placed pressures on pricing and availability.

Good staff are the key to a good company and both companies have attracted new and retained our quality staff. We are pleased to continue as an equal opportunity employer and regard all our staff as assets to the companies.

All aspects of Health & Safety are continually monitored, and it is a priority to improve standards for the welfare of all staff as well as to the benefit of the companies.

In order to remain current, our online presence is important. Sales trends have changed in recent years, and we have adapted accordingly. A couple of key changes of personnel have streamlined and sharpened procedures to improve and modernise efficiency. We are proud of our reputation, long-standing honest and reliable family companies, at both Godfreys in the Sevenoaks area and Automatic Cars in the South London and Bexley area.

 

Principal risks and uncertainties

The national economic outlook is uncertain with higher interest rates and inflation which is a concern but the group is in good debt-free health and in a strong position for the future.

Development and performance

Automatic Cars hade received a boost in sales due to the location of the showroom in a London Borough where ULEZ is a major concern to local residents. This brought forward sales of cars to replace non ULEZ compliant vehicles. This has now slowed, and the move towards electric vehicles is having a greater impact on the new car market than the used car market. 

 

Sales at Godfreys is obviously seasonal, but we added several new manufacturers to improve the winter sales periods.

AUTOMATIC CARS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Key performance indicators

Management review the cash balances on a daily basis, along with the levels of stock held, so that they can maximise the amount of stock available to generate profits in the businesses.

On behalf of the board

Mr R Morris
Director
28 January 2025
AUTOMATIC CARS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of dealing in second hand motor vehicles and turfcare equipment. The group also derives income from property rental.

Directors

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

Mr R Morris
Mrs D Morris
Mr W Morris
Mrs V Flaherty
Results and dividends

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

Ordinary dividends were paid amounting to £26,000. The directors do not recommend payment of a further dividend.

Auditor

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

Statement of directors' responsibilities

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

 

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

 

 

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

AUTOMATIC CARS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Statement of disclosure to auditor

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

On behalf of the board
Mr R Morris
Director
28 January 2025
AUTOMATIC CARS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUTOMATIC CARS HOLDINGS LIMITED
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

AUTOMATIC CARS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUTOMATIC CARS HOLDINGS LIMITED
- 7 -

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

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware or any possible non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mary Gregori FCA, FCCA
For and on behalf of
28 January 2025
Goldblatts
Chartered Accountants
Statutory Auditor
4th Floor
4 Tabernacle Street
London
EC2A 4LU
AUTOMATIC CARS HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,099,858
11,254,785
Cost of sales
(8,611,794)
(9,777,344)
Gross profit
1,488,064
1,477,441
Administrative expenses
(1,530,658)
(1,462,606)
Other operating income
6,500
6,338
Operating (loss)/profit
4
(36,094)
21,173
Changes in value of investments
6
(450,000)
-
(Loss)/profit before taxation
(486,094)
21,173
Tax on (loss)/profit
7
108,647
(50,679)
Loss for the financial year
21
(377,447)
(29,506)
Loss for the financial year is all attributable to the owners of the parent company.
AUTOMATIC CARS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Loss for the year
(377,447)
(29,506)
Other comprehensive income
Revaluation of tangible fixed assets
(3,337,210)
-
0
Cash flow hedges gain arising in the year
-
0
-
0
Tax relating to other comprehensive income
786,835
(278,200)
Other comprehensive income for the year
(2,550,375)
(278,200)
Total comprehensive income for the year
(2,927,822)
(307,706)
Total comprehensive income for the year is all attributable to the owners of the parent company.
AUTOMATIC CARS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
145,262
181,785
Tangible assets
10
3,553,657
6,881,820
Investment property
11
509,404
959,404
4,208,323
8,023,009
Current assets
Stocks
14
3,501,030
3,535,270
Debtors
15
351,676
522,041
Cash at bank and in hand
419,444
291,594
4,272,150
4,348,905
Creditors: amounts falling due within one year
16
(1,259,356)
(1,301,493)
Net current assets
3,012,794
3,047,412
Total assets less current liabilities
7,221,117
11,070,421
Provisions for liabilities
Deferred tax liability
17
433,688
1,329,170
(433,688)
(1,329,170)
Net assets
6,787,429
9,741,251
Capital and reserves
Called up share capital
19
300
300
Revaluation reserve
20
1,134,601
3,684,976
Profit and loss reserves
21
5,652,528
6,055,975
Total equity
6,787,429
9,741,251

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

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
28 January 2025
Mr R Morris
Mrs D Morris
Director
Director
Company registration number 08079113 (England and Wales)
AUTOMATIC CARS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,243,000
2,827,910
Investment property
11
300,000
750,000
Investments
12
958,327
958,327
2,501,327
4,536,237
Current assets
Debtors
15
3,519,565
3,474,775
Cash at bank and in hand
212,086
2,324
3,731,651
3,477,099
Creditors: amounts falling due within one year
16
(14,403)
(41,860)
Net current assets
3,717,248
3,435,239
Total assets less current liabilities
6,218,575
7,971,476
Provisions for liabilities
Deferred tax liability
17
202,000
660,750
(202,000)
(660,750)
Net assets
6,016,575
7,310,726
Capital and reserves
Called up share capital
19
300
300
Revaluation reserve
20
398,265
1,626,925
Profit and loss reserves
21
5,618,010
5,683,501
Total equity
6,016,575
7,310,726

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 £39,491 (2023 - £343,948 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
28 January 2025
Mr R Morris
Mrs D Morris
Director
Director
Company registration number 08079113 (England and Wales)
AUTOMATIC CARS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
300
3,963,176
6,095,481
10,058,957
Year ended 30 April 2023:
Loss for the year
-
-
(29,506)
(29,506)
Other comprehensive income:
Tax relating to other comprehensive income
-
(278,200)
-
0
(278,200)
Total comprehensive income
-
(278,200)
(29,506)
(307,706)
Dividends
8
-
-
(10,000)
(10,000)
Balance at 30 April 2023
300
3,684,976
6,055,975
9,741,251
Year ended 30 April 2024:
Loss for the year
-
-
(377,447)
(377,447)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(3,337,210)
-
(3,337,210)
Tax relating to other comprehensive income
-
786,835
-
0
786,835
Total comprehensive income
-
(2,550,375)
(377,447)
(2,927,822)
Dividends
8
-
-
(26,000)
(26,000)
Balance at 30 April 2024
300
1,134,601
5,652,528
6,787,429
AUTOMATIC CARS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
300
1,747,675
5,349,553
7,097,528
Year ended 30 April 2023:
Profit for the year
-
-
343,948
343,948
Other comprehensive income:
Tax relating to other comprehensive income
-
(120,750)
-
0
(120,750)
Total comprehensive income
-
(120,750)
343,948
223,198
Dividends
8
-
-
(10,000)
(10,000)
Balance at 30 April 2023
300
1,626,925
5,683,501
7,310,726
Year ended 30 April 2024:
Profit for the year
-
-
(39,491)
(39,491)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(1,574,910)
-
(1,574,910)
Tax relating to other comprehensive income
-
346,250
-
0
346,250
Total comprehensive income
-
(1,228,660)
(39,491)
(1,268,151)
Dividends
8
-
-
(26,000)
(26,000)
Balance at 30 April 2024
300
398,265
5,618,010
6,016,575
AUTOMATIC CARS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
223,319
74,257
Income taxes paid
(16,246)
(75,781)
Net cash inflow/(outflow) from operating activities
207,073
(1,524)
Investing activities
Purchase of tangible fixed assets
(62,218)
(806)
Proceeds from disposal of tangible fixed assets
8,995
-
Net cash used in investing activities
(53,223)
(806)
Financing activities
Dividends paid to equity shareholders
(26,000)
(10,000)
Net cash used in financing activities
(26,000)
(10,000)
Net increase/(decrease) in cash and cash equivalents
127,850
(12,330)
Cash and cash equivalents at beginning of year
291,594
303,924
Cash and cash equivalents at end of year
419,444
291,594
AUTOMATIC CARS HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
52,008
(337,896)
Income taxes paid
(16,246)
(19,838)
Net cash inflow/(outflow) from operating activities
35,762
(357,734)
Investing activities
Dividends received
200,000
300,000
Net cash generated from investing activities
200,000
300,000
Financing activities
Dividends paid to equity shareholders
(26,000)
(10,000)
Net cash used in financing activities
(26,000)
(10,000)
Net increase/(decrease) in cash and cash equivalents
209,762
(67,734)
Cash and cash equivalents at beginning of year
2,324
70,058
Cash and cash equivalents at end of year
212,086
2,324
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

Automatic Cars Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.

 

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

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

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

 

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

 

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

1.4
Going concern

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

AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

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

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

Revenue from rental income is recognised in relation to the period that it relates.

1.6
Intangible fixed assets - goodwill

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

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website
20% straight line
1.8
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:

Freehold land and buildings
50 years straight line on buildings
Leasehold land and buildings
10% straight line
Plant and equipment
20%-25% straight line and 25% reducing balance
Fixtures and fittings
20% straight line and 25% reducing balance
Motor vehicles
25% and 33.33% reducing balance
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -

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.

1.9
Investment property

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

 

Property rented to a group entity is accounted for as tangible fixed assets.

1.10
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.

1.11
Stocks

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

 

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

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

1.12
Financial instruments

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

 

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

 

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

1.13
Taxation

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

AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

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

Deferred tax

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

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 profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

1.17
Foreign exchange

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

AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
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.

Valuation of property

Management regularly review the current market value, rental market and rental yields of the property.

Value of stock

Management regularly review the length of time that stock is being held for and ensure that they provide against slow moving stock so that it is valued at the lower of cost and net realisable value.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of cars
5,866,850
6,506,458
Sale of garden machinery
4,197,119
4,697,381
Rental income
25,000
24,451
Commissions
10,889
26,495
10,099,858
11,254,785
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
2,000
2,000
Depreciation of owned tangible fixed assets
46,770
50,794
Profit on disposal of tangible fixed assets
(2,594)
-
Amortisation of intangible assets
36,523
37,078
Operating lease charges
109,710
119,365
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Cost of Sales
29
29
-
-
Admin
5
4
-
-
Total
34
33
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
958,001
874,036
-
0
-
0
Social security costs
81,943
78,534
-
-
Pension costs
39,274
35,689
-
0
-
0
1,079,218
988,259
-
0
-
0
6
Changes in value of investments
2024
2023
£
£
Changes in the fair value of investment properties
(450,000)
-
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
16,659
Deferred tax
Origination and reversal of timing differences
(108,647)
34,020
Total tax (credit)/charge
(108,647)
50,679
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Taxation
(Continued)
- 22 -

The actual (credit)/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
(486,094)
21,173
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
(121,524)
4,129
Tax effect of expenses that are not deductible in determining taxable profit
17
-
0
Unutilised tax losses carried forward
(8,212)
-
0
Effect of change in corporation tax rate
-
37,800
Group relief
1
-
0
Permanent capital allowances in excess of depreciation
9,440
-
0
Depreciation on assets not qualifying for tax allowances
2,500
1,629
Amortisation on assets not qualifying for tax allowances
9,131
7,121
Taxation (credit)/charge
(108,647)
50,679

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

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(786,835)
278,200
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
26,000
10,000
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
9
Intangible fixed assets
Group
Goodwill
Website
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
364,400
27,131
391,531
Amortisation and impairment
At 1 May 2023
182,615
27,131
209,746
Amortisation charged for the year
36,523
-
0
36,523
At 30 April 2024
219,138
27,131
246,269
Carrying amount
At 30 April 2024
145,262
-
0
145,262
At 30 April 2023
181,785
-
0
181,785
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2023
6,852,910
38,048
25,728
90,125
67,457
7,074,268
Additions
-
0
-
0
-
0
13,509
48,709
62,218
Disposals
-
0
-
0
-
0
-
0
(20,215)
(20,215)
Revaluation
(3,337,210)
-
0
-
0
-
0
-
0
(3,337,210)
At 30 April 2024
3,515,700
38,048
25,728
103,634
95,951
3,779,061
Depreciation and impairment
At 1 May 2023
50,000
26,635
20,489
68,667
26,657
192,448
Depreciation charged in the year
10,000
3,805
3,421
13,502
16,042
46,770
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(13,814)
(13,814)
At 30 April 2024
60,000
30,440
23,910
82,169
28,885
225,404
Carrying amount
At 30 April 2024
3,455,700
7,608
1,818
21,465
67,066
3,553,657
At 30 April 2023
6,802,910
11,413
5,239
21,458
40,800
6,881,820
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Tangible fixed assets
(Continued)
- 24 -
Company
Freehold land and buildings
£
Cost or valuation
At 1 May 2023
2,877,910
Revaluation
(1,574,910)
At 30 April 2024
1,303,000
Depreciation and impairment
At 1 May 2023
50,000
Depreciation charged in the year
10,000
At 30 April 2024
60,000
Carrying amount
At 30 April 2024
1,243,000
At 30 April 2023
2,827,910

Land and buildings with a carrying amount of £3,397,700 were revalued at September 2024 by Sibley Pares Chartered Surveyors, following a market appraisal requested by the Directors. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 20.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
1,837,207
1,837,207
Accumulated depreciation
(84,817)
(74,817)
Carrying value
1,752,390
1,762,390
Company
Cost
816,910
816,910
Accumulated depreciation
(60,000)
(50,000)
Carrying value
756,910
766,910
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023
959,404
750,000
Net gains or losses through fair value adjustments
(450,000)
(450,000)
At 30 April 2024
509,404
300,000

Investment property comprises of property rented out to third parties. The investment property was revalued in September 2024 by Sibley Pares Chartered Surveyors, following a market appraisal requested by the Directors. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
958,327
958,327
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 May 2023 and 30 April 2024
958,327
Carrying amount
At 30 April 2024
958,327
At 30 April 2023
958,327
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Automatic Cars Limited
See below
Ordinary
100.00
D Mead & Co Limited
See below
Ordinary
100.00
Godfreys (Sevenoaks) Limited
See below
Ordinary & Preference
100.00

The registered office of all of the subsidiaries is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.

AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,501,030
3,535,270
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
296,743
496,005
-
0
-
0
Amounts owed by group undertakings
-
-
3,502,065
3,474,775
Other debtors
20,907
10,140
-
0
-
0
Prepayments and accrued income
34,026
15,896
17,500
-
0
351,676
522,041
3,519,565
3,474,775

The amounts owed by group undertakings are interest free, with no security and no fixed repayment terms.

16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
922,095
969,922
-
0
-
0
Corporation tax payable
413
16,659
-
0
16,246
Other taxation and social security
94,590
67,452
2,955
1,955
Other creditors
62,550
100,511
448
10,159
Accruals and deferred income
179,708
146,949
11,000
13,500
1,259,356
1,301,493
14,403
41,860
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
16,232
12,380
Revaluations
417,456
1,316,790
433,688
1,329,170
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
Deferred taxation
(Continued)
- 27 -
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluations
202,000
660,750
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
1,329,170
660,750
Credit to profit or loss
(108,647)
(112,500)
Credit to other comprehensive income
(786,835)
(346,250)
Liability at 30 April 2024
433,688
202,000

None of the deferred tax liability set out above is expected to reverse within 12 months as it largely relates to property revaluations.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,274
35,689

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.

19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300

The shares have attached to them full voting, dividend and capital distribution, including on winding up rights and are not redeemable.

AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
(Continued)
- 28 -
20
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
3,684,976
3,963,176
1,626,925
1,747,675
Revaluation movement arising in the year
(3,337,210)
-
0
(1,574,910)
-
0
Deferred tax on revaluation of tangible assets
786,835
(278,200)
346,250
(120,750)
At the end of the year
1,134,601
3,684,976
398,265
1,626,925
21
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
6,055,975
6,095,481
5,683,501
5,349,553
Profit/(loss) for the year
(377,447)
(29,506)
(39,491)
343,948
Dividends
(26,000)
(10,000)
(26,000)
(10,000)
At the end of the year
5,652,528
6,055,975
5,618,010
5,683,501
Group
Company
2024
2023
2024
2023
£
£
£
£
Non-distributable profits included above
At the beginning of the year
540,747
578,547
540,747
578,547
Non distributable profits in the year
(444,337)
(37,800)
(444,337)
(37,800)
At the end of the year
96,410
540,747
96,410
540,747
Distributable profits
5,556,118
5,515,228
5,521,600
5,142,754
22
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2024
2023
£
£
Group
Key management personnel
50,000
50,000
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
22
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
448
10,209
Company
Key management personnel
448
10,209

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
3,502,065
3,474,775
23
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(377,447)
(29,506)
Adjustments for:
Taxation (credited)/charged
(108,647)
50,679
Gain on disposal of tangible fixed assets
(2,594)
-
Fair value loss on investment properties
450,000
-
0
Amortisation and impairment of intangible assets
36,523
37,078
Depreciation and impairment of tangible fixed assets
46,770
50,794
Movements in working capital:
Decrease in stocks
34,240
382,303
Decrease/(increase) in debtors
170,365
(52,239)
Decrease in creditors
(25,891)
(364,852)
Cash generated from operations
223,319
74,257
AUTOMATIC CARS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
24
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(39,491)
343,948
Adjustments for:
Taxation (credited)/charged
(112,500)
54,046
Investment income
(200,000)
(300,000)
Fair value loss on investment properties
450,000
-
0
Depreciation and impairment of tangible fixed assets
10,000
10,000
Movements in working capital:
Increase in debtors
(44,790)
(390,846)
Decrease in creditors
(11,211)
(55,044)
Cash generated from/(absorbed by) operations
52,008
(337,896)
25
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
291,594
127,850
419,444
26
Analysis of changes in net funds - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,324
209,762
212,086
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.210Mr R MorrisMrs D MorrisMr W MorrisMrs V 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