Company registration number 00531016 (England and Wales)
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
COMPANY INFORMATION
Directors
P T A Johnson
D P Johnson
P T Johnson
K R Johnson
S A Johnson
T J Chippendale
Secretary
P T A Johnson
Company number
00531016
Registered office
Bankfield Mills
Moldgreen
Huddersfield
HD5 9BB
Auditor
Royce Peeling Green Limited
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group and company balance sheets
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 24
W.T. JOHNSON & SONS (HUDDERSFIELD) 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

We aim to provide a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our view is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Principal activities

The Group continues to trade as cloth finishers and dyers. We have continued to invest in machinery, technology and staff development and training to ensure that the Group retains its position as a world class cloth finisher.

Our mission is “to add value to our customers' fabric and to make it special.”

Strategic management

The Group has robust business processes to ensure that it is efficient and controlled in its day to day activities. Operational performance is reviewed at daily and weekly meetings.

Higher level business and strategic management takes place at regular board meetings. The strategy of the business is to remain focused on providing excellent customer service to support a high quality product range.

Development and performance

The financial statements for FY23/24 reflect the Group's new post-COVID activity levels in the markets we serve.

· Demand for our specialist services is increasing month by month but we remain short of pre-COVID levels, and we have seen a decline in demand for furnishing products;

· Despite continued high energy and labour cost increases which have continued to impact the business, we have managed to pass these through to our customers, allowing us to minimise erosion of our margins;

· Our skilled, talented and experienced work force continue to differentiate our business, focusing on innovative processes and service led products; and

· Cash flow and liquidity have been managed to meet the changing needs of the business.

New systems to manage our production and financial operations are being developed which are expected to be implemented over the next 12 months.

The group remains debt free at the year end and is still so.

The directors consider that the Group is well placed to deal with the ongoing challenges as demand grows in our core markets.

Financial performance

Group turnover stabilised in the year at £7.4M (2023: £7.4M) and the operating loss in the year was £196,048 (2023: £846,069 loss).

The company made a post-tax loss of £126,495 (2023: £716,624 profit).

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Key performance indicators

The Directors believe the key risks to the business are:

 

Risk:         Loss of major customer

Mitigation:    The company has a diverse customer base and is not over-reliant on any one customer

 

Risk:         Loss of major supplier    

Mitigation:     The company maintains multiple supply options for key supplies

 

Risk:         Macroeconomic factors    

Mitigation:     Like all businesses, our success has some correlation to the high level macroeconomic

position.

 

Risk:         Reliance on key personnel    

Mitigation:     The company has key processes mapped out as a part of its management systems

and many staff are cross functional, so no one member has exclusive knowledge or skills

Research and Development

The Group is totally committed to research and development and has continued to invest in the development of new machinery and processes to ensure we can continue to lead the market.

 

Health and Safety

The Group seeks to comply with all relevant health and safety legislation to provide and maintain safe premises and a healthy working environment. The Group provides information, instruction, training and supervision to make sure everyone is able to carry out their work safely. Information on health and safety issues is shared across the individual organisation and across the Group

 

Environment

The Group recognises that in its day-to-day operations it inevitably impacts on the environment in a number of ways. Consequently, the Group endeavours to minimise the potentially harmful effects of such activity wherever and whenever possible.

 

The Group complies with all relevant environmental legislation and approved codes of practice in force, co-operating fully with the appropriate regulatory authorities.

 

All employees are made aware of their individual responsibility to take reasonable care of themselves, the environment and others that may be affected by their work.

By order of the board

P T A Johnson
Secretary
28 January 2025
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £234,000. The directors do not recommend 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 :

P T A Johnson
D P Johnson
P T Johnson
K R Johnson
S A Johnson
T J Chippendale
Auditor

The auditor, Royce Peeling Green Limited, is deemed to be reappointed under s487(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.

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.

By order of the board
P T A Johnson
28 January 2025
Director
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
- 4 -
Opinion

We have audited the financial statements of W.T. Johnson & Sons (Huddersfield) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2022 which comprise the group statement of comprehensive income, the group and company balance sheets, the group and company statements of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or 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.

 

 

  1. Review of controls set in place by management

  2. Enquiry of management as to whether they consider fraud or other irregularities may have occurred or where such opportunity might exist

  3. Challenge of management assumptions with regard to accounting estimates

  4. Identification and testing of journal entries, particularly those which may appear to be unusual by size or nature.

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

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
- 6 -

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.

Martin Chatten (Senior Statutory Auditor)
For and on behalf of Royce Peeling Green Limited
28 January 2025
Chartered Accountants
Statutory Auditor
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
7,422,180
7,442,934
Cost of sales
(4,862,809)
(4,978,101)
Gross profit
2,559,371
2,464,833
Distribution costs
(104,594)
(118,682)
Administrative expenses
(2,674,315)
(1,528,412)
Other operating income
23,490
28,330
Operating (loss)/profit
4
(196,048)
846,069
Interest receivable and similar income
9,089
4,339
Amounts written off investments
8
(59,402)
-
(Loss)/profit before taxation
(246,361)
850,408
Tax on (loss)/profit
10
66,269
(144,784)
(Loss)/profit for the financial year
(180,092)
705,624
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 12 to 24 form part of these financial statements.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
GROUP AND COMPANY BALANCE SHEETS
AS AT
30 APRIL 2024
30 April 2024
- 8 -
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,098,660
3,008,493
2,419,120
2,400,284
Investments
13
6,719
6,719
706,819
706,819
3,105,379
3,015,212
3,125,939
3,107,103
Current assets
Stocks
14
165,409
232,851
23,280
54,038
Debtors
15
1,996,913
2,227,916
1,955,378
2,092,763
Investments
16
6,179
65,581
6,179
65,581
Cash at bank and in hand
1,195,741
1,585,525
992,987
1,375,397
3,364,242
4,111,873
2,977,824
3,587,779
Creditors: amounts falling due within one year
17
(1,040,346)
(1,200,538)
(960,392)
(1,095,661)
Net current assets
2,323,896
2,911,335
2,017,432
2,492,118
Total assets less current liabilities
5,429,275
5,926,547
5,143,371
5,599,221
Creditors: amounts falling due after more than one year
18
(71,894)
(88,805)
(66,074)
(81,474)
Provisions for liabilities
Deferred tax liability
19
(244,974)
(311,243)
(211,409)
(291,364)
Net assets
5,112,407
5,526,499
4,865,888
5,226,383
Capital and reserves
Called up share capital
20
14,770
14,770
14,770
14,770
Share premium account
714,750
714,750
714,750
714,750
Revaluation reserve
1,252,554
1,279,970
1,053,320
1,076,005
Capital redemption reserve
23,480
23,480
23,480
23,480
Profit and loss reserves
3,106,853
3,493,529
3,059,568
3,397,378
Total equity
5,112,407
5,526,499
4,865,888
5,226,383

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 £126,495 (2023 - £716,624 profit).

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
P T A Johnson
Director
Company Registration No. 00531016
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
2024-04-30
- 9 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 May 2022
14,770
714,750
1,306,438
23,480
3,331,905
5,391,343
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
-
705,624
705,624
Dividends
9
-
-
-
-
(544,000)
(544,000)
Transfers
-
-
(27,416)
-
27,416
-
Balance at 30 April 2023
14,770
714,750
1,279,970
23,480
3,493,529
5,526,499
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
-
-
(180,092)
(180,092)
Dividends
9
-
-
-
-
(234,000)
(234,000)
Transfers
-
-
(27,416)
-
27,416
-
Balance at 30 April 2024
14,770
714,750
1,252,554
23,480
3,106,853
5,112,407
Share premium account - This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.
Revaluation reserve - This reserve represents the amount above the nominal value assets revalued for valutaion purposes.
Capital redemption reserve - This reserve represents the nominal value of the shares re-acquired by the Company for capital maintenance purposes.
Profit and loss account - This reserve represents the cumulative profits and losses recognised.

The notes on pages 12 to 24 form part of these financial statements.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 May 2022
14,770
714,750
1,098,690
23,480
3,224,754
5,076,444
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
-
716,624
716,624
Dividends
9
-
-
-
-
(544,000)
(544,000)
Transfers
-
-
(22,685)
-
22,685
-
Balance at 30 April 2023
14,770
714,750
1,076,005
23,480
3,420,063
5,249,068
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
-
(126,495)
(126,495)
Dividends
9
-
-
-
-
(234,000)
(234,000)
Transfers
-
-
(22,685)
-
22,685
-
Balance at 30 April 2024
14,770
714,750
1,053,320
23,480
3,059,568
4,865,888
Share premium account - This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.
Revaluation reserve - This reserve represents the amount above the nominal value assets revalued for valutaion purposes.
Capital redemption reserve - This reserve represents the nominal value of the shares re-acquired by the Company for capital maintenance purposes.
Profit and loss account - This reserve represents the cumulative proits and losses recognised.

The notes on pages 12 to 24 form part of these financial statements.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
220,039
567,824
Income taxes paid
(5,775)
-
Net cash inflow from operating activities
214,264
567,824
Investing activities
Purchase of tangible fixed assets
(379,140)
(68,520)
Proceeds on disposal of tangible fixed assets
-
150,000
Interest received
9,092
4,342
Net cash (used in)/generated from investing activities
(370,048)
85,822
Financing activities
Dividends paid to equity shareholders
(234,000)
(544,000)
Net cash used in financing activities
(234,000)
(544,000)
Net (decrease)/increase in cash and cash equivalents
(389,784)
109,646
Cash and cash equivalents at beginning of year
1,585,525
1,475,879
Cash and cash equivalents at end of year
1,195,741
1,585,525
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

W.T. Johnson & Sons (Huddersfield) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. Its registered office is Bankfield Mills, Moldgreen, Huddersfield, West Yorkshire, HD5 9BB.

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 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. Any excess of the cost of the combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company W.T. Johnson & Sons (Huddersfield) Limited together with all entities controlled by the parent company (its subsidiaries).

 

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
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.

Revenue is recognised when the services undertaken by the group have been completed (usually on return of cloth to the customer), 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.

1.5
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.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -

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

Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15%/ 20% reducing balance
Motor vehicles
25% reducing balance

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.

1.6
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 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are accounted for at cost less impairment.

1.7
Impairment of fixed assets

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

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
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.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -

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

 

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

 

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

Basic financial assets

Basic financial assets, which include 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 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 contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all 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 to an unrelated third party.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

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.

 

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. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Leases

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.

1.16
Foreign exchange

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

1.17

Auditors limitation of liability

The company has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory auditor, in respect of the statutory audit for the year ended 30 April 2024. The proportionate liability agreement follows the standard terms in Appendix B to the FRC's June 2008 Guidance on Auditor Liability Agreements, and have been approved by the shareholders.

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 periods.

3
Turnover and other revenue

All revenue arises from cloth finishing activities in the UK.

2024
2023
£
£
Other significant revenue
Grants received
16,911
23,177
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses
294
1,952
Government grants
(16,911)
(23,177)
Depreciation of owned tangible fixed assets
288,973
290,661
Profit on disposal of tangible fixed assets
-
(147,944)
Operating lease charges
78,066
76,720
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
Administration
37
13
11
12
Management
6
14
6
6
Production
65
82
65
66
Selling and distribution
1
2
1
1
Total
109
111
83
85

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,706,333
3,020,220
3,036,576
2,340,433
Social security costs
381,229
297,195
316,144
228,847
Pension costs
182,519
177,386
146,348
131,120
4,270,081
3,494,801
3,499,068
2,700,400
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
785,464
203,205
Company pension contributions to defined contribution schemes
9,190
3,090
794,654
206,295
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Directors' remuneration
(Continued)
- 18 -

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

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
245,092
55,098
Company pension contributions to defined contribution schemes
-
3,090
7
Retirement benefit schemes
2024
2023
£
£
Charge to profit or loss in respect of defined contribution schemes
182,519
177,386

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.

8
Amounts written off investments
2024
2023
£
£
Other gains and losses
(59,402)
-
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
234,000
544,000
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
5,772
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
9,874
151,695
Changes in tax rates
-
0
43,461
Adjustment in respect of prior periods
(76,143)
(56,144)
Total deferred tax
(66,269)
139,012
Total tax (credit)/charge
(66,269)
144,784

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
(246,361)
850,408
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.44%)
(61,590)
165,352
Tax effect of expenses that are not deductible in determining taxable profit
1,794
6,891
Change in unrecognised deferred tax assets
20,626
(16,989)
Effect of change in corporation tax rate
40,401
43,461
Depreciation on assets not qualifying for tax allowances
9,563
5,067
Deferred tax adjustments in respect of prior years
(76,143)
(56,144)
ACA super deduction
4,004
(1,836)
Land remediation
(4,924)
(1,018)
Taxation (credit)/charge
(66,269)
144,784

The company has capital losses available to carry forward of £2,808,000 (2023: £2,808,000). No deferred tax asset has been recognised in respect of these losses due to the uncertainty as to when they will be utilised.

 

The group has other losses available to carry forward of £416,573 (2023: £353,710). A deferred tax asset of £104,142 (2023: £88,428) has been recognised in respect of certain of these losses.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
11
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,910,357
-
0
11,966,407
915,827
14,500
14,807,091
Additions
14,140
101,911
252,502
10,587
-
0
379,140
At 30 April 2024
1,924,497
101,911
12,218,909
926,414
14,500
15,186,231
Depreciation and impairment
At 1 May 2023
338,283
-
0
10,608,771
840,198
11,346
11,798,598
Depreciation charged in the year
38,250
-
0
232,380
17,554
789
288,973
At 30 April 2024
376,533
-
0
10,841,151
857,752
12,135
12,087,571
Carrying amount
At 30 April 2024
1,547,964
101,911
1,377,758
68,662
2,365
3,098,660
At 30 April 2023
1,572,074
-
0
1,357,636
75,629
3,154
3,008,493
Company
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 May 2023
1,330,912
-
0
10,218,355
791,127
12,340,394
Additions
14,140
65,956
167,482
6,860
254,438
At 30 April 2024
1,345,052
65,956
10,385,837
797,987
12,594,832
Depreciation and impairment
At 1 May 2023
234,846
-
0
8,970,541
734,723
9,940,110
Depreciation charged in the year
26,619
-
0
198,725
10,258
235,602
At 30 April 2024
261,465
-
0
9,169,266
744,981
10,175,712
Carrying amount
At 30 April 2024
1,083,587
65,956
1,216,571
53,006
2,419,120
At 30 April 2023
1,096,066
-
0
1,247,814
56,404
2,400,284
12
Subsidiaries

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

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Subsidiaries
(Continued)
- 21 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
DP Dyers Limited
UK
Ordinary
100.00
Relga Limited
UK
Ordinary
100.00
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
700,100
700,100
Unlisted investments
6,719
6,719
6,719
6,719
6,719
6,719
706,819
706,819

The unlisted investment is stated at cost less impairment as its fair value cannot be reliably ascertained. The investment is a 37% shareholding in the equity of The Islay Woollen Mill Company Limited, a company registered in Scotland.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
159,302
226,744
17,173
47,931
Work in progress
6,107
6,107
6,107
6,107
165,409
232,851
23,280
54,038
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,593,090
1,775,988
1,561,534
1,694,149
Amounts owed by group undertakings
-
-
59,914
15,999
Prepayments and accrued income
403,823
451,928
333,930
382,615
1,996,913
2,227,916
1,955,378
2,092,763
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
16
Current asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loans to associates
2,489
2,489
2,489
2,489
Listed investments
3,690
63,092
3,690
63,092
6,179
65,581
6,179
65,581
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
406,586
508,873
367,682
423,931
Amounts owed to group undertakings
-
0
-
0
40,756
93,748
Corporation tax payable
-
0
5,772
-
0
5,772
Other taxation and social security
367,228
301,075
327,469
248,729
Other creditors
56,808
147,798
52,253
147,788
Accruals and deferred income
209,724
237,020
172,232
175,693
1,040,346
1,200,538
960,392
1,095,661
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Government grants
71,894
88,805
66,074
81,474
19
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
369,499
423,910
Tax losses
(104,142)
(88,428)
Other short term differences
(20,383)
(24,239)
244,974
311,243
W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Deferred taxation
(Continued)
- 23 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
333,883
402,198
Tax losses
(103,546)
(88,428)
Other short term differences
(18,928)
(22,406)
211,409
291,364
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
311,243
291,364
Credit to profit or loss
(66,269)
(79,955)
Liability at 30 April 2024
244,974
211,409
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,750
9,750
9,750
9,750
Ordinary 'B' shares of £1 each
20
20
20
20
Ordinary 'C' shares of £1 each
5,000
5,000
5,000
5,000
14,770
14,770
14,770
14,770

 

The B ordinary shares carry the same rights as Ordinary shares other than they carry no right for the shareholder to attend or vote at general meetings of the company.

 

The C ordinary shares also carry no voting rights and have reduced capital rights in the event of a sale or winding up of the company.

W.T. JOHNSON & SONS (HUDDERSFIELD) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
21
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
42,684
51,597
35,512
44,425
Between two and five years
31,682
77,193
25,108
63,447
74,366
128,790
60,620
107,872

The company also pays annual ground rent of £8,784 for part of its properties held on a 999 year lease.

 

22
Related party transactions
Transactions with related parties

MTIX Limited is a company of which Mr P.T.A. Johnson and Mr D.P. Johnson are directors and minority shareholders. As at 30 April 2024 MTIX Limited owed the company £26,400 (2023: £31,200).

 

Glenegedale Limited is a company controlled by the directors of W.T. Johnson & Sons (Huddersfield) Limited. As at 30 April 2024 Glenegedale Limited owed the company £2,489 (2023: £2,489). The loan is interest free and repayable on demand.

23
Directors' transactions

Dividends totalling £234,000 (2023 - £544,000) were paid in the year in respect of shares held by the company's directors and their close family.

As at 30 April 2024 the directors had loaned £52,253 (2023: £121,825) to the company. The loans are interest free and repayable on demand.

24
Controlling party

The company is controlled by its Board of Directors of which no one person has effective control.

 

2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.200D P JohnsonP T JohnsonK R JohnsonS A JohnsonT J ChippendaleT J ChippendaleP T A 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