Company Registration No. 15339579 (England and Wales)
LAKESIDE OILS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
LAKESIDE OILS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs H Khan
(Appointed 9 December 2023)
R Khan
(Appointed 6 February 2024)
Company number
15339579
Registered office
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
LAKESIDE OILS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
LAKESIDE OILS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Principal activities

The principal activity of the company is that of an investment holding company.

 

The principal activity of the group is that of fuel distributions of petroleum based products.

Review of the business

During the year there has been a group reconstruction. The company has acquired 100% of the share capital of Lakeside Oils Limited in exchange for the issue of shares in the parent company. There was no change of control as part of this transaction. These consolidated financial statements show the group performance and position of the newly formed group as if it always existed as merger accounting has been employed.

 

The group's performance reduced in the financial year . Turnover decreased from circa £60m to £54m with the gross profit margin remaining steady at circa 7% (2023 8%).

 

There have been no material changes to the structure of the business in the financial year, although management continue to look at ways to expand. One particular option is to set up a new distribution hub in a different area within the UK.

 

Key performance indicators

The key performance indicators are as follows:

 

Turnover - £54m (2023: £60m)

Gross Profit Margin - 7% (2023:8%)

Net Profit before tax Margin - 3% (2023:2%)

Other performance indicators

A major consideration for management is the effect of rising underlying fuel prices. These can adversely affect the business, reducing profit margins as larger players in the market can absorb the increase in underlying costs more readily than a medium sized player like Lakeside Oils Limited.

 

Another, is the change in the demand for petroleum based products which is a focus of world governments, who continue to look at ways to remove reliance on fossil fuels in general. Naturally a fall in demand for such products would have a detrimental effect on the profitability of the Company. However, management are confident this will not be something to affect the business in the short to medium term.

 

In summary, management are confident in the continued growth and expansion of the business in the upcoming financial year.

On behalf of the board

R Khan
Director
28 January 2025
LAKESIDE OILS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

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

Results and dividends

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

Ordinary dividends were paid amounting to £25,000. The directors do not recommend payment of a further dividend.

Directors

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

Mrs H Khan
(Appointed 9 December 2023)
R Khan
(Appointed 6 February 2024)
Financial instruments
Treasury operations and Financial instruments

The group operates a treasury function which is responsible for managing the liquidity, interest and credit risks associated with the group’s activities. The group manages interest rate risks arising from the group's activities. The group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from it's operations.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to cash flow interest rate risk on floating rate deposits.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

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

LAKESIDE OILS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
R Khan
Director
28 January 2025
LAKESIDE OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAKESIDE OILS HOLDINGS LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

LAKESIDE OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAKESIDE OILS HOLDINGS 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the parent company’s and the group's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group and the parent company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the parent company and the group are subject to laws and regulations that directly affect the financial statements, including: the company’s constitution; relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

LAKESIDE OILS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAKESIDE OILS HOLDINGS LIMITED
- 6 -

Secondly the parent company and the group are subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; dangerous goods and safety; data protection regulations; anti-bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

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

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.

Amit Popat (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited, Statutory Auditor
Chartered Accountants
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
28 January 2025
LAKESIDE OILS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
53,915,074
60,341,342
Cost of sales
(50,400,514)
(55,550,158)
Gross profit
3,514,560
4,791,184
Administrative expenses
(1,808,989)
(3,663,962)
Operating profit
4
1,705,571
1,127,222
Interest receivable and similar income
7
23,568
-
0
Interest payable and similar expenses
8
(18,422)
(21,177)
Profit before taxation
1,710,717
1,106,045
Tax on profit
9
(458,388)
(240,620)
Profit for the financial year
23
1,252,329
865,425
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.
LAKESIDE OILS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,606,807
1,325,159
Current assets
Stocks
14
323,402
133,817
Debtors
15
7,202,016
6,225,746
Cash at bank and in hand
4,227,746
4,710,874
11,753,164
11,070,437
Creditors: amounts falling due within one year
16
(5,968,050)
(5,968,253)
Net current assets
5,785,114
5,102,184
Total assets less current liabilities
7,391,921
6,427,343
Creditors: amounts falling due after more than one year
17
(91,874)
(193,255)
Provisions for liabilities
Provisions
19
-
0
230,000
Deferred tax liability
20
392,570
323,940
(392,570)
(553,940)
Net assets
6,907,477
5,680,148
Capital and reserves
Called up share capital
22
1,000
-
0
Other reserves
23
(999)
1
Profit and loss reserves
23
6,907,476
5,680,147
Total equity
6,907,477
5,680,148

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

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
28 January 2025
R Khan
Director
Company registration number 15339579 (England and Wales)
LAKESIDE OILS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
1,000
-
0
Current assets
Cash at bank and in hand
749,980
-
0
Creditors: amounts falling due within one year
16
(25,000)
-
Net current assets
724,980
-
Net assets
725,980
-
Capital and reserves
Called up share capital
22
1,000
-
0
Profit and loss reserves
23
724,980
-
Total equity
725,980
-

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £749,980 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
28 January 2025
R Khan
Director
Company registration number 15339579 (England and Wales)
LAKESIDE OILS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
-
0
1
4,984,722
4,984,723
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
865,425
865,425
Dividends
10
-
-
(170,000)
(170,000)
Balance at 30 April 2023
-
0
1
5,680,147
5,680,148
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
1,252,329
1,252,329
Issue of share capital
22
1,000
-
-
1,000
Dividends
10
-
-
(25,000)
(25,000)
Other movements
-
(1,000)
-
(1,000)
Balance at 30 April 2024
1,000
(999)
6,907,476
6,907,477
LAKESIDE OILS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
-
0
-
0
-
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 30 April 2023
-
0
-
0
-
Year ended 30 April 2024:
Profit and total comprehensive income
-
749,980
749,980
Issue of share capital
22
1,000
-
1,000
Dividends
10
-
(25,000)
(25,000)
Balance at 30 April 2024
1,000
724,980
725,980
LAKESIDE OILS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,028,814
2,437,724
Interest paid
(18,422)
(21,177)
Income taxes paid
(752,288)
(280,129)
Net cash inflow from operating activities
258,104
2,136,418
Investing activities
Purchase of tangible fixed assets
(839,919)
(298,881)
Proceeds from disposal of tangible fixed assets
201,500
150,000
Interest received
23,568
-
0
Net cash used in investing activities
(614,851)
(148,881)
Financing activities
Payment of finance leases obligations
(101,381)
(231,050)
Dividends paid to equity shareholders
(25,000)
(170,000)
Net cash used in financing activities
(126,381)
(401,050)
Net (decrease)/increase in cash and cash equivalents
(483,128)
1,586,487
Cash and cash equivalents at beginning of year
4,710,874
3,124,387
Cash and cash equivalents at end of year
4,227,746
4,710,874
LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

Lakeside Oils Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor, County House, 100 New London Road, Chelmsford, Essex, CM2 0RG.

 

The group consists of Lakeside Oils Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

As permitted by S408 Companies Act 2006, the company has not presented its own statement of cash flows and profit and loss accounts and related notes.

 

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where this company prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of an exemption from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Lakeside Oils Holdings 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.

The consolidated statement of comprehensive income and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 30 April 2024 under the merger accounting method.

 

On 29 January 2024 the parent company acquired 100% of the share capital of Lakeside Oils Limited as part of a group reconstruction. This combination has been accounted for as a merger.

 

Under merger accounting, the consolidated financial statements merge the financial statements of those undertakings of Lakeside Oils Holdings Limited as if they had always been owned. Accordingly, in those years where mergers take place, the whole of the results, assets, liabilities and shareholders' funds of the merged companies are consolidated, regardless of the actual merger date, and corresponding figures for previous years are shown as though the group had always existed. Intra-group sales and profits are eliminated fully on consolidation.

LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

These financial statements have been prepared under the going concern basis.

 

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

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 from the sale of fuel and the transport of fuel is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery 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.

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.

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:

Plant and equipment
20% straight line
Motor vehicles
20% 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 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.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

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.

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.

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.

LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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 group 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.

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 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.

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.

LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

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

 

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

 

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

1.15
Retirement benefits

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

1.16
Leases

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 leased asset are consumed.

LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

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

 

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

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.

Depreciation

Depreciation is provided for on all tangible fixed assets at the point upon which the asset is available for use. Depreciation rates used are the management's best estimates of the useful economic life of these assets.

Deferred taxation

Deferred taxation is calculated as the timing difference between the tax treatment and accounting treatment of transactions in the financial statements. Deferred taxation is calculated at the tax rates expected to apply when the liability is settled and is reviewed annually for indications that the liability recognised will no longer requirement settlement.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of fuel
53,915,074
60,341,342
2024
2023
£
£
Turnover analysed by geographical market
Sales to the UK
53,915,074
60,341,342
2024
2023
£
£
Other revenue
Interest income
23,568
-
LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
12,000
-
Depreciation of owned tangible fixed assets
266,431
335,238
Depreciation of tangible fixed assets held under finance leases
102,240
66,480
(Profit)/loss on disposal of tangible fixed assets
(11,900)
11,266
Operating lease charges
57,979
55,708
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
Admin staff
12
12
-
-
Cost of sales staff
18
15
-
-
Total
30
27
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,193,313
1,186,376
-
0
-
0
Social security costs
126,102
130,598
-
-
Pension costs
50,819
50,582
-
0
-
0
1,370,234
1,367,556
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
33,060
21,012
Company pension contributions to defined contribution schemes
992
630
34,052
21,642
LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
23,568
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
13,926
17,894
Other interest
4,496
3,283
Total finance costs
18,422
21,177
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
389,758
222,571
Adjustments in respect of prior periods
-
0
2,024
Total current tax
389,758
224,595
Deferred tax
Origination and reversal of timing differences
68,630
16,025
Total tax charge
458,388
240,620

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
1,710,717
1,106,045
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
427,679
221,209
Tax effect of expenses that are not deductible in determining taxable profit
30,711
49,395
Change in unrecognised deferred tax assets
(2)
339,963
Adjustments in respect of prior years
-
0
2,024
Effect of change in corporation tax rate
-
(34,119)
Permanent capital allowances in excess of depreciation
-
0
(29,937)
Deferred tax adjustments in respect of prior years
-
0
(307,915)
Taxation charge
458,388
240,620
LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
25,000
170,000
11
Tangible fixed assets
Group
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
55,983
2,459,587
2,515,570
Additions
99,699
740,220
839,919
Disposals
-
0
(205,000)
(205,000)
At 30 April 2024
155,682
2,994,807
3,150,489
Depreciation and impairment
At 1 May 2023
11,197
1,179,214
1,190,411
Depreciation charged in the year
30,036
338,635
368,671
Eliminated in respect of disposals
-
0
(15,400)
(15,400)
At 30 April 2024
41,233
1,502,449
1,543,682
Carrying amount
At 30 April 2024
114,449
1,492,358
1,606,807
At 30 April 2023
44,786
1,280,373
1,325,159
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
342,481
444,722
-
0
-
0
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,000
-
0
LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
-
Additions
1,000
At 30 April 2024
1,000
Carrying amount
At 30 April 2024
1,000
At 30 April 2023
-
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Lakeside Oils Limited
1st Floor, County House, 100 New London Road, Chelmsford, Essex, United Kingdom, CM2 0RG
Ordinary
100.00
-
Fusion Fuels Limited
1st Floor, County House, 100 New London Road, Chelmsford, Essex, United Kingdom, CM2 0RG
Ordinary
-
100.00

Fusion Fuels Limited is a dormant subsidiary.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
323,402
133,817
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,154,516
6,222,594
-
0
-
0
Other debtors
47,500
3,152
-
0
-
0
7,202,016
6,225,746
-
-
LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
100,020
100,020
-
0
-
0
Trade creditors
4,750,280
4,332,127
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
25,000
-
0
Corporation tax payable
389,758
752,288
-
0
-
0
Other taxation and social security
87,891
220
-
-
Other creditors
640,101
756,298
-
0
-
0
Accruals and deferred income
-
0
27,300
-
0
-
0
5,968,050
5,968,253
25,000
-
0

Amounts due under finance leases are secured over the assets to which they relate.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
91,874
193,255
-
0
-
0

Amounts due under finance leases are secured over the assets to which they relate.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
113,929
113,929
-
0
-
0
In two to five years
108,671
222,601
-
0
-
0
222,600
336,530
-
-
Less: future finance charges
(30,706)
(43,255)
-
0
-
0
191,894
293,275
-
0
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4.5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for legal claims
-
230,000
-
-
Movements on provisions:
Provision for legal claims
Group
£
At 1 May 2023
230,000
Utilisation of provision
(230,000)
At 30 April 2024
-

In the prior year, a provision was included for a legal claims bought against the company by former employees. This expense has been settled in the current financial year and there are no further costs to be accrued.

20
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
394,791
323,940
Retirement benefit obligations
(2,221)
-
392,570
323,940
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
323,940
-
Charge to profit or loss
68,630
-
Liability at 30 April 2024
392,570
-
LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,819
50,582

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.

The defined contributions payable to the fund at the year end and included in creditors is £15,142 (2023: £679).

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
600
-
600
-
Ordinary B shares of £1 each
200
-
200
-
Ordinary C shares of £1 each
200
-
200
-
1,000
-
1,000
-

During the year the company acquired 100% of the share capital of Lakeside Oils Limited which was related by virtue of common control. This was acquired via the issue of 1,000 Ordinary shares in exchange for the 100% of the share capital of that company.

 

Following the share for share exchange, the shares have been redesignated from Ordinary shares into share classes Ordinary A, Ordinary B and Ordinary C.

 

Each share class ranks equally for voting rights. Dividends may be paid to the holders of one or more class of shares to the exclusion of other classes of shares. Each share class ranks equally for any distribution made on winding up. The shares are not redeemable.

23
Reserves
Profit and loss reserves

 

Group

 

In accordance with the accounting policy, the group has adopted the merger accounting method. On consolidation, this has given rise to a merger reserve.

 

Company

 

The profit and loss reserves of the parent company are wholly distributable.

LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
24
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
8,164
8,164
-
-
8,164
8,164
-
-
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
80,965
85,291
Other information

 

During the year the group repaid £115,000 (2023: £nil) of a loan which had been advanced by a director. At the balance sheet date the amount outstanding was £640,101 (2023: £755,101). No interest has been charged on this loan.

 

During the year the group sold goods to the value of £nil (2023: £1,260) to a company connected to one of the close family members of the directors. The transactions were undertaken on an arms length basis and under commercial terms.

26
Controlling party

At the year end, there was no ultimate controlling party.

LAKESIDE OILS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,252,329
865,425
Adjustments for:
Taxation charged
458,388
240,620
Finance costs
18,422
21,177
Investment income
(23,568)
-
0
(Gain)/loss on disposal of tangible fixed assets
(11,900)
11,266
Depreciation and impairment of tangible fixed assets
368,671
401,718
(Decrease)/increase in provisions
(230,000)
230,000
Movements in working capital:
(Increase)/decrease in stocks
(189,585)
149,888
(Increase)/decrease in debtors
(976,270)
1,124,460
Increase/(decrease) in creditors
362,327
(606,830)
Cash generated from operations
1,028,814
2,437,724
28
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
4,710,874
(483,128)
4,227,746
Obligations under finance leases
(293,275)
101,381
(191,894)
4,417,599
(381,747)
4,035,852
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