Company registration number NI035907 (Northern Ireland)
OAKWOOD DOOR DESIGNS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
OAKWOOD DOOR DESIGNS LIMITED
COMPANY INFORMATION
Directors
Eamon Donnelly
Paul Donnelly
Simon Oliphant
Simon Snoddy
(Appointed 15 April 2024)
Secretary
Eamon Donnelly
Company number
NI035907
Registered office
2 Creagh Industrial Estate
Hillhead Road
Toomebridge
Northern Ireland
BT41 3UF
Auditor
Harbinson Mulholland
Centrepoint
24 Ormeau Avenue
Belfast
Co. Antrim
Northern Ireland
BT2 8HS
Bankers
AIB
10 Molesworth Street
Dublin 2
Ireland
OAKWOOD DOOR DESIGNS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
OAKWOOD DOOR DESIGNS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

 

Principal activities

The Company currently operates under the trading name of Uform utilising the brand name Stori. The principal activities of the Company in the year under review were the distribution and manufacture of kitchen and bedroom furnishings, primarily frontals and accessories.

 

No significant change in the nature of these activities occurred during the year.

Review of the business

The profit and loss for the year ended 30 April 2024 and the balance sheet at that date are set out on pages 10-12.

 

The company reported a profit after taxation of £4,286,914 (2023: £4,845,849). At the year end the company net assets amount to £20,051,429 (2023: £15,764,515)

 

The Company's key financial and other performance indicators during the year were as follows:

 

 

2024

2023

 

£

£

Turnover

56,643,871

58,250,250

Gross Profit

31,334,659

32,012,578

Profit before Taxation

5,317,327

5,621,718

Net Current Assets

15,382,596

11,253,093

Net Assets

20,051,429

15,764,515

 

Turnover has decreased from £58,250,250 to £56,643,871 driven by a decline in kitchen and bedroom volumes in the Company’s UK and Ireland markets. Gross profit and profit before taxation both declined from £32,012,578 to £31,334,659 and £5,621,718 to £5,317,327 respectively. Given the prevailing macro environment, the business has experienced inflationary pressure on costs including wages, freight, consumables and paint which impacted profit margins in the year.

 

During the year the company invested £1,324,277 (2023: £2,523,745) in tangible fixed assets to support future growth.

 

The Company’s strategic plan to grow its current market share through its high quality offering, product innovation and enhanced customer service remains a key focus of the Board. The Board recognises the impact the prevailing macro environment has on the kitchen and bedroom sectors as a whole and has introduced new innovative product offerings to meet the changing end consumer demands. The Board is confident that a diverse and innovative product portfolio best facilitates the Company in implementing its strategy and promoting the future financial performance of the Company.

Principal risks and uncertainties

The directors recognise the key business risks and uncertainties of a consumer driven market which the Company operates in. The company's end consumers are increasingly seeking more flexibility and choice coupled with high levels of customer service. This operational environment provides risks such as customer retention, pricing and profitability. The directors continue to work closely with our customer base, suppliers and staff to carefully manage the Company's operations.

OAKWOOD DOOR DESIGNS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Competition risk

Competition risk comes from other kitchen manufacturers and distributors of kitchen door frontals and panels. The directors manage this risk by providing a diverse high quality and competitively priced product offering to all customers. The Company continually seeks to expand its customer base through new product innovation supported by excellent customer service.

 

Financial risk

The Company is exposed to financial risk in relation to competition price risk, foreign exchange risk, credit risk and macro environment supply chain risk. The Company has business policies, operational processes, procedures and KPIs in place to mitigate there risks. The Board of Directors regularly monitor, review and, if required, update these policies and procedures.

 

Health & safety

The Company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.

 

Future developments

The Company is committed to the long term creation of shareholder value by increasing the Company's market share in the UK and Irish markets. The Company will continue to develop and maintain mutually beneficial relationships with our customer base and supply chain, generate new business through customer acquisition and increase the Company's average spend per customer. The Company will continue to develop new and innovative product offerings to meet the evolving demands of the market.

Promoting the success of the company

This report sets out how the directors comply with the requirements of section 172 (1) and how these requirements have impacted the decision making of the directors throughout the financial year. The primary responsibility of the directors is to promote the long term success of the Company by creating and delivering sustainable shareholder value as well as contributing to wider society. The Company is focused on engaging with its stakeholders to make informed decisions at board level.

 

The board ensures that the directors have acted both individually and collectively in the way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole with regard to all its stakeholders and to the matters set out in paragraphs a-f of section 172 of the Companies Act 2006.

 

a The likely consequence of any decision in the long term

 

The board is focused on the continuing sustainability of the Company and has implemented a strategy which considers the various risks facing the business and concentrates on the long-term prospects for the Company.

 

The directors constantly reassess all internal and external aspects including devoting due consideration to economic, social, technological, legal and environmental factors.

b The interest of the Company's employees

 

The board recognises that a skilled and experienced workforce is an integral part of the Company's continued success. The health, safety and wellbeing of the Company's employees (and other stakeholders) remains its utmost priority and the Company continues to demand the highest standards of health and safety.

 

We offer a range of training and development programs for employees at all levels. There is an ongoing focus on employee wellbeing delivered through supporting mental health initiatives via our Employee Forum process where encouragement of a healthier lifestyle is promoted.

OAKWOOD DOOR DESIGNS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

c The need to foster the Company's business relationships with suppliers, customers and service providers

 

The board regularly reviews how the Company maintains positive relationships with all its stakeholders including suppliers, customers, and service providers.

 

The group places huge importance on partnering with all its clients and continues to build on long term associations with existing customers whilst also developing enduring commercial relationships with new ones.

 

The Company's continued success has been founded on our heavily customer-focused culture, high levels of product innovation and the quality of its service offering. These values are the cornerstone of our relationship with our long-standing customers, suppliers, and service providers.

 

We place importance in partnering with our customers in assisting them to build successful and sustainable long-term businesses. We assist our customers through development programs such as our internally developed “Steps to Selling” workshops.

 

The Company has an extensive and valued supply chain, and it is important that they also support our values. Suppliers are treated in a fair and consistent manner, which includes on time payments.

 

d The impact of the Company's operations on the community and the environment

 

The board aims to promote the Company as the employer of choice in the areas it is established in, by offering competitive remuneration and benefit packages to staff. The Company is constantly reviewing its commitment to our corporate environmental responsibilities by actively researching and developing more effective and sustainable environmentally friendlier methods of production.

 

e The desirability of the Company maintaining a reputation for high standards of business conduct

 

The directors continue to take the responsibility of ensuring that the Company remains a good corporate citizen very seriously and consider that maintaining its strong reputation for the highest standard of business conduct is a key priority.

 

Operationally our aim is to deliver customer orders on time and in full each and every time and this has become a significant key metric for the Company to monitor and measure.

 

f The need to act fairly as between members of the Company

 

The Company traces its origins back over 30 years with a reputation as a leading player within our sector, community, and region.

The Board comprises of executive director shareholders and non-executive investor director shareholders that allows the Company to benefit from a blended mix of experiences and skills, which assists to ensure long-term success of the Company.

On behalf of the board

Simon Oliphant
Director
29 November 2024
OAKWOOD DOOR DESIGNS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

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

Principal activities

The Company currently operates under the trading name of Uform utilising the brand name Stori. The principal activities of the Company in the year under review were the distribution and manufacture of kitchen and bedroom furnishings, primarily frontals and accessories.

Results and dividends

The profit and loss for the year ended 30 April 2024 and the balance sheet at that date are set out on pages 10-12.

During the financial year the directors have not paid any dividends or recommend the payment of a final dividend.

Directors

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

Eamon Donnelly
Paul Donnelly
Simon Oliphant
Simon Snoddy
(Appointed 15 April 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The Company adopts a consultative approach on matters that effect employees and holds regular employee forums and meetings.

There is an ongoing focus on employee wellbeing delivered through supporting mental health initiatives via our Employee Engagement Platform – Boon, where encouragement of a healthier lifestyle is promoted.

Information about matters of concern to employees is also delivered via this platform which seeks to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

OAKWOOD DOOR DESIGNS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Energy and carbon report

Environmental sustainability is at the heart of the group’s decision making process.  Multiple initiatives have been launched over the years which includes the redesign of products to include more recycled materials, waste reduction through automation, more energy efficient painting processes, refreshing the company fleet with the addition of electric/hybrid vehicles and the installation of charging points for EV’s.

 

The following figures account for 100% energy use throughout the business. The company reports 100% of scope 1 emissions with verifiable records. Outputs are reported in KwH and CO2e (Carbon Dioxide equivalent), using the appropriate conversions factor.

 

 

2024

2023

Total Energy Usage (KwH)

2,578,275

2,456,413

CO2 Emission

782,047

745,867

 

The board have approved the investments needed to implement greener energy at its Toomebridge location. The ESG project will consist of 3 phases with phase 1 due for implementation during FY25. Phase 1 will consist of the implementation of a 700kW solar panel infrastructure which is expected to reduce KwH energy by 18% over a 12 month basis.

 

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

OAKWOOD DOOR DESIGNS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
On behalf of the board
Simon Oliphant
Director
29 November 2024
OAKWOOD DOOR DESIGNS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD DOOR DESIGNS LIMITED
- 7 -
Opinion

We have audited the financial statements of Oakwood Door Designs Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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:

OAKWOOD DOOR DESIGNS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD DOOR DESIGNS LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

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

 

We have nothing to report in respect of the following matters where 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 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

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

OAKWOOD DOOR DESIGNS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD DOOR DESIGNS LIMITED (CONTINUED)
- 9 -

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 financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

The purpose of our audit work and to whom we owe our responsibilities

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.

Angela Craigan
Senior Statutory Auditor
For and on behalf of Harbinson Mulholland
29 November 2024
Chartered Accountants
Statutory Auditors
Centrepoint
24 Ormeau Avenue
Belfast
Co. Antrim
Northern Ireland
BT2 8HS
OAKWOOD DOOR DESIGNS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
56,643,871
58,250,250
Cost of sales
(25,309,212)
(26,237,672)
Gross profit
31,334,659
32,012,578
Distribution costs
(14,669,000)
(15,474,604)
Administrative expenses
(11,137,147)
(10,743,132)
Other operating income
12,343
56,447
Operating profit
4
5,540,855
5,851,289
Interest payable and similar expenses
7
(223,528)
(229,571)
Profit before taxation
5,317,327
5,621,718
Tax on profit
8
(1,030,413)
(775,869)
Profit for the financial year
4,286,914
4,845,849

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

 

The prior year profit and loss account has been reformatted to present in line with the wider Group’s profit & loss format. There are no changes to previously reported Operating profit, Profit before taxation and Profit for the financial year.

OAKWOOD DOOR DESIGNS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
£
£
Profit for the year
4,286,914
4,845,849
Other comprehensive income
-
-
Total comprehensive income for the year
4,286,914
4,845,849
OAKWOOD DOOR DESIGNS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
76,827
43,884
Tangible assets
10
6,224,289
5,780,015
6,301,116
5,823,899
Current assets
Stocks
11
9,197,681
9,427,601
Debtors
12
15,615,588
12,111,817
Cash at bank and in hand
4,313,451
2,896,860
29,126,720
24,436,278
Creditors: amounts falling due within one year
13
(13,744,124)
(13,183,185)
Net current assets
15,382,596
11,253,093
Total assets less current liabilities
21,683,712
17,076,992
Creditors: amounts falling due after more than one year
14
(325,558)
(193,939)
Provisions for liabilities
Deferred tax liability
17
1,306,725
1,118,538
(1,306,725)
(1,118,538)
Net assets
20,051,429
15,764,515
Capital and reserves
Called up share capital
19
22,725
22,725
Profit and loss reserves
20,028,704
15,741,790
Total equity
20,051,429
15,764,515
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Simon Oliphant
Simon Snoddy
Director
Director
Company registration number NI035907 (Northern Ireland)
OAKWOOD DOOR DESIGNS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
22,725
10,895,941
10,918,666
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
4,845,849
4,845,849
Balance at 30 April 2023
22,725
15,741,790
15,764,515
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
4,286,914
4,286,914
Balance at 30 April 2024
22,725
20,028,704
20,051,429
OAKWOOD DOOR DESIGNS LIMITED
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
5,716,761
423,795
Interest paid
(223,528)
(229,571)
Income taxes paid
(753,277)
(674,077)
Net cash inflow/(outflow) from operating activities
4,739,956
(479,853)
Investing activities
Purchase of intangible assets
(75,624)
(44,614)
Purchase of tangible fixed assets
(1,324,277)
(2,523,745)
Receipts arising from loans made
-
0
162,143
Net cash used in investing activities
(1,399,901)
(2,406,216)
Financing activities
Net movement in finance lease obligations
190,804
233,820
Net cash generated from financing activities
190,804
233,820
Net increase/(decrease) in cash and cash equivalents
3,530,859
(2,652,249)
Cash and cash equivalents at beginning of year
526,288
3,178,537
Cash and cash equivalents at end of year
4,057,147
526,288
Relating to:
Cash at bank and in hand
4,313,451
2,896,860
Bank overdrafts included in creditors payable within one year
(256,304)
(2,370,572)
OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Oakwood Door Designs Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 2 Creagh Industrial Estate, Hillhead Road, Toomebridge, Northern Ireland, BT41 3UF.

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
Going concern

Atruet 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.

1.3
Turnover

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

 

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

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
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.

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

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:

Development costs
33% straight line
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 & buildings
4% straight line
Fixtures & fittings
4-25% straight line
Factory equipment
6-20% straight line
Office equipment
10-33% straight ine
Motor vehicles
20-25% straight line

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

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.8
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.

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of trade debtors

The company trades with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis. The total amount of trade debtors is £7,320,657 (2023: £7,235,388).

Impairment of stock

The company holds stocks amounting to £9,197,681 (2023: £9,427,601) at the financial year end date. The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. However, this estimate is subject to inherent uncertainty.

Useful life of tangible fixed assets

Long-lived assets comprising of property, plant and machinery represent a significant portion of total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £6,224,289 (2023: £5,780,015).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
41,909,957
42,986,406
Republic of Ireland
14,733,914
15,263,844
56,643,871
58,250,250
2024
2023
£
£
Other revenue
Grants received
12,343
51,950
OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(12,343)
(51,950)
Fees payable to the company's auditor for the audit of the company's financial statements
14,000
14,000
Depreciation of owned tangible fixed assets
880,003
770,203
Amortisation of intangible assets
42,681
48,365
Operating lease charges
1,179,668
832,773
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 company
14,000
14,000
6
Employees

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

2024
2023
Number
Number
Selling and distribution
149
150
Production
86
91
Administration
91
93
Total
326
334

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,448,217
9,483,125
Social security costs
828,423
978,567
Pension costs
683,503
418,106
10,960,143
10,879,798
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
223,528
229,571
OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
726,842
294,673
Adjustments in respect of prior periods
115,429
(27,342)
Total current tax
842,271
267,331
Deferred tax
Origination and reversal of timing differences
188,142
508,538
Total tax charge
1,030,413
775,869

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
5,317,327
5,621,718
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
1,329,332
1,096,235
Group relief
(444,118)
(355,020)
Other non-reversing timing differences
231,052
6,540
Other permanent differences
283
24,787
Effect of overseas tax rates
(64,461)
(37,743)
Under/(over) provided in prior years
115,429
(27,342)
Depreciation in excess of capital allowances
(325,246)
(440,126)
Movement in deferred tax
188,142
508,538
Taxation charge for the year
1,030,413
775,869

During the prior year, on 1st April 2023 the corporation tax rate in the UK changed to 25% for reported profits above £250,000.

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
9
Intangible fixed assets
Development costs
£
Cost
At 1 May 2023
212,699
Additions
75,624
At 30 April 2024
288,323
Amortisation and impairment
At 1 May 2023
168,815
Amortisation charged for the year
42,681
At 30 April 2024
211,496
Carrying amount
At 30 April 2024
76,827
At 30 April 2023
43,884
10
Tangible fixed assets
Land & buildings
Fixtures & fittings
Factory equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
986,457
1,135,268
4,593,970
1,222,936
713,378
8,652,009
Additions
297,197
207,831
315,253
211,321
292,675
1,324,277
Disposals
-
0
-
0
(19,533)
-
0
(39,295)
(58,828)
At 30 April 2024
1,283,654
1,343,099
4,889,690
1,434,257
966,758
9,917,458
Depreciation and impairment
At 1 May 2023
24,357
351,124
1,471,732
704,195
320,586
2,871,994
Depreciation charged in the year
42,133
155,498
332,115
209,905
140,352
880,003
Eliminated in respect of disposals
-
0
-
0
(19,533)
-
0
(39,295)
(58,828)
At 30 April 2024
66,490
506,622
1,784,314
914,100
421,643
3,693,169
Carrying amount
At 30 April 2024
1,217,164
836,477
3,105,376
520,157
545,115
6,224,289
At 30 April 2023
962,100
784,144
3,122,238
518,741
392,792
5,780,015
OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
11
Stocks
2024
2023
£
£
Raw materials and consumables
251,184
266,802
Work in progress
308,784
204,557
Finished goods and goods for resale
8,637,713
8,956,242
9,197,681
9,427,601
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,320,657
7,235,388
Amounts owed by group undertakings
7,714,972
4,612,502
Other debtors
365,848
41,828
Prepayments and accrued income
214,111
222,099
15,615,588
12,111,817
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
256,304
2,370,572
Obligations under finance leases
16
99,066
39,881
Trade creditors
9,047,961
6,678,796
Amounts owed to group undertakings
1,596,187
1,733,795
Corporation tax
217,423
128,474
Other taxation and social security
1,204,649
1,201,409
Other creditors
164,629
148,342
Accruals and deferred income
1,157,905
881,916
13,744,124
13,183,185

 

14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
325,558
193,939
OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
256,304
2,370,572
Payable within one year
256,304
2,370,572

The company's bank facilities are secured by an unlimited inter-company cross guarantee between the group and a debenture in favour of the bank over the assets of the company, parent company and ultimate parent company and a floating charge over the assets of a related party.

 

16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
99,066
39,881
In two to five years
325,558
193,939
424,624
233,820
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,306,725
1,118,538
2024
Movements in the year:
£
Liability at 1 May 2023
1,118,538
Charge to profit or loss
188,187
Liability at 30 April 2024
1,306,725

.

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
683,503
418,106

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,308
12,308
12,308
12,308
Ordinary "A" shares of £1 each
9,000
9,000
9,000
9,000
Ordinary "B" shares of £1 each
1,417
1,417
1,417
1,417
22,725
22,725
22,725
22,725
20
Contingent liabilities

Government Grants

Under the terms of Invest NI support there is a contingent liability to repay a portion of capital and revenue grants received in the event that certain conditions are not complied with. The company continued to comply with these conditions during the period.

21
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
1,119,000
1,119,000
Between two and five years
2,797,500
3,916,500
3,916,500
5,035,500
22
Ultimate controlling party

The ultimate controlling party is Cardinal Ireland Partners Fund SCSp, a company incorporated in Luxembourg. The immediate parent company of Oakwood Door Designs Limited is Uform Trading Limited.

OAKWOOD DOOR DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
23
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
4,286,914
4,845,849
Adjustments for:
Taxation charged
1,030,413
775,869
Finance costs
223,528
229,571
Amortisation and impairment of intangible assets
42,681
48,365
Depreciation and impairment of tangible fixed assets
880,003
770,203
Movements in working capital:
Decrease/(increase) in stocks
229,920
(1,808,165)
Increase in debtors
(3,503,771)
(3,773,519)
Increase/(decrease) in creditors
2,527,073
(664,378)
Cash generated from operations
5,716,761
423,795
24
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,896,860
1,416,591
4,313,451
Bank overdrafts
(2,370,572)
2,114,268
(256,304)
526,288
3,530,859
4,057,147
Obligations under finance leases
(233,820)
(190,804)
(424,624)
292,468
3,340,055
3,632,523
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