Company registration number 09395408 (England and Wales)
TRANSCARE 28 HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
TRANSCARE 28 HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr D W Parkin
Company number
09395408
Registered office
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG
Auditor
PKF Smith Cooper Audit Limited
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG
Trading address
Head Office
Lydford Road
Meadow Lane Industrial Estate
Alfreton
Derbyshire
DE55 7RQ
TRANSCARE 28 HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
TRANSCARE 28 HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The director presents the strategic report for the year ended 30 April 2024.
Review of the business
The Group has achieved turnover of £10,733,636 for the year ended 30 April 2024 (2023: £20,388,407). The Group generated a profit before tax of £1,107,620 (2023: £3,584,272) and continues to maintain a strong workforce employing 65 (2023: 67).
The Group has net assets of £6,068,141 (2023: £7,673,609) and net current assets of £1,410,035 (2023: £3,256,171) highlighting the financial performance in the year and the strong brand of the Group overall.
The Group has existing variable finance costs arising from bank loans which are sufficiently covered by the Group's cash balances and the cash it generates from its operations.
Principal risks and uncertainties
The Group has considered the principal risks and uncertainties to which it is exposed, and this is taken into account when making key strategic decisions.
The main risks to the Group include liquidity risk, credit risk and interest rate risk.
Liquidity risk
Management regularly monitor the cashflow position of the business to ensure that there is good headroom on upcoming payments due to creditors as appropriate.
Credit risk
The Group monitors its debtors closely and pursues these before becoming overdue to ensure that the risk of incurring bad debts are limited where appropriate. The Group has a diverse customer base which ensures that credit risk is reduced where possible.
Interest rate risk
The Group has loans with its bankers that charge interest at a variable rate attached to the Bank of England base rate. Management reviews the cash position on a regular basis and ensure that sufficient funds are held to cover future interest payments including where interest payments are expected to increase in line with changes to interest rates.
Key performance indicators
The key performance indicator for the Group is turnover.
There are no non-financial performance indicators that the director deems to be key.
Mr D W Parkin
Director
27 January 2025
TRANSCARE 28 HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The director presents his annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of a holding company.
The principal activity of the Group continues to be that of mechanical engineering.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £2,410,000. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr D W Parkin
Future developments
There are no significant future developments anticipated in the Group.
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.
TRANSCARE 28 HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Auditors
Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
On behalf of the board
Mr D W Parkin
Director
27 January 2025
TRANSCARE 28 HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is 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. He is 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.
TRANSCARE 28 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRANSCARE 28 HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Transcare 28 Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
TRANSCARE 28 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSCARE 28 HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
TRANSCARE 28 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSCARE 28 HOLDINGS LIMITED
- 7 -
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:
Based on our understanding of the Company, the Group and the industry, we identified that the principal risk of fraud or non-compliance with laws and regulations related to:
management bias in respect of accounting estimates and judgements made;
management override of control;
posting of unusual journals or transactions;
Our procedures included, but were not limited to:
Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. See note 3.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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 will be 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
TRANSCARE 28 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSCARE 28 HOLDINGS LIMITED
- 8 -
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.
Lucy Robinson (Senior Statutory Auditor)
For and on behalf of PKF Smith Cooper Audit Limited
29 January 2025
Accountants
Statutory Auditor
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG
TRANSCARE 28 HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
10,733,636
20,388,407
Cost of sales
(7,166,993)
(15,019,729)
Gross profit
3,566,643
5,368,678
Administrative expenses
(2,491,886)
(1,800,205)
Other operating income
69,600
72,237
Operating profit
4
1,144,357
3,640,710
Interest receivable and similar income
8
8,857
9,354
Interest payable and similar expenses
9
(45,594)
(65,792)
Profit before taxation
1,107,620
3,584,272
Tax on profit
10
(303,088)
(715,385)
Profit for the financial year
804,532
2,868,887
Profit for the financial year is all attributable to the owners of the parent company.
There was no other comprehensive income for 2024 (2023: £NIL).
TRANSCARE 28 HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,600,460
4,430,482
Investment property
13
718,756
718,756
5,319,216
5,149,238
Current assets
Stocks
16
654,404
61,449
Debtors
17
6,677,671
3,383,921
Cash at bank and in hand
1,035,231
1,317,639
8,367,306
4,763,009
Creditors: amounts falling due within one year
18
(6,957,271)
(1,506,838)
Net current assets
1,410,035
3,256,171
Total assets less current liabilities
6,729,251
8,405,409
Creditors: amounts falling due after more than one year
19
(401,662)
(497,788)
Provisions for liabilities
Deferred tax liability
22
259,448
234,012
(259,448)
(234,012)
Net assets
6,068,141
7,673,609
Capital and reserves
Called up share capital
25
2
2
Share premium account
300,466
300,466
Profit and loss reserves
5,767,673
7,373,141
Total equity
6,068,141
7,673,609
The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
27 January 2025
Mr D W Parkin
Director
Company registration number 09395408 (England and Wales)
TRANSCARE 28 HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
16,121
Investment property
13
718,756
718,756
Investments
14
3,725,562
3,725,562
4,460,439
4,444,318
Current assets
Debtors
17
623,840
1,645,560
Cash at bank and in hand
63,685
56,700
687,525
1,702,260
Creditors: amounts falling due within one year
18
(501,531)
(39,380)
Net current assets
185,994
1,662,880
Total assets less current liabilities
4,646,433
6,107,198
Creditors: amounts falling due after more than one year
19
(390,825)
(411,822)
Net assets
4,255,608
5,695,376
Capital and reserves
Called up share capital
25
2
2
Share premium account
300,466
300,466
Profit and loss reserves
3,955,140
5,394,908
Total equity
4,255,608
5,695,376
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 £970,231 (2023 - £1,462,458 profit).
The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
27 January 2025
Mr D W Parkin
Director
Company registration number 09395408 (England and Wales)
TRANSCARE 28 HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
2
300,466
4,580,944
4,881,412
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
2,868,887
2,868,887
Dividends
11
-
-
(76,690)
(76,690)
Balance at 30 April 2023
2
300,466
7,373,141
7,673,609
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
804,532
804,532
Dividends
11
-
-
(2,410,000)
(2,410,000)
Balance at 30 April 2024
2
300,466
5,767,673
6,068,141
TRANSCARE 28 HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
2
300,466
4,009,140
4,309,608
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
1,462,458
1,462,458
Dividends
11
-
-
(76,690)
(76,690)
Balance at 30 April 2023
2
300,466
5,394,908
5,695,376
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
970,232
970,232
Dividends
11
-
-
(2,410,000)
(2,410,000)
Balance at 30 April 2024
2
300,466
3,955,140
4,255,608
TRANSCARE 28 HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,472,987
3,310,764
Interest paid
(45,594)
(65,792)
Income taxes paid
(471,395)
(739,674)
Net cash inflow from operating activities
1,955,998
2,505,298
Investing activities
Purchase of tangible fixed assets
(543,785)
(506,082)
Proceeds from disposal of tangible fixed assets
7,500
-
Repayment of loans
804,877
(513,574)
Interest received
8,857
9,354
Net cash generated from/(used in) investing activities
277,449
(1,010,302)
Financing activities
Repayment of bank loans
(21,239)
(736,402)
Payment of finance leases obligations
(84,616)
(91,340)
Dividends paid to equity shareholders
(2,410,000)
(76,690)
Net cash used in financing activities
(2,515,855)
(904,432)
Net (decrease)/increase in cash and cash equivalents
(282,408)
590,564
Cash and cash equivalents at beginning of year
1,317,639
727,075
Cash and cash equivalents at end of year
1,035,231
1,317,639
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information
Transcare 28 Holdings Limited (“the company”) is a private limited company, limited by shares, domiciled and incorporated in England and Wales. The registered office is Prospect House, 1 Prospect Place, Pride Park, Derby, DE24 8HG. The company registration number is 09395408.
The group consists of Transcare 28 Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Transcare 28 Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold improvements
10% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
25% 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.
1.7
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.9
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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase using a weighted average method. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
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.
1.12
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price.
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.13
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.
1.14
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. 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.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.17
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.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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.
The key areas of estimate and judgement are as follows:
investment property is carried at fair value determined annually by the director based on historic valuations by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset and reviewed on an annual basis by the director.
determining whether an investment is impaired requires an estimation of the recoverable amount. The director makes this estimation based on the investments value in use.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Mechanical engineering
9,154,414
9,799,644
Vehicle sales
1,579,222
10,588,763
10,733,636
20,388,407
2024
2023
£
£
Other revenue
Interest income
8,857
9,354
TRANSCARE 28 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:
Depreciation of owned tangible fixed assets
318,710
228,212
Depreciation of tangible fixed assets held under finance leases
42,231
60,475
Loss on disposal of tangible fixed assets
5,366
-
Operating lease charges
45,416
30,600
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,200
3,200
Audit of the financial statements of the company's subsidiaries
12,050
11,600
15,250
14,800
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
65
67
1
1
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,397,269
3,051,042
Social security costs
366,828
301,772
-
-
Pension costs
74,955
70,188
3,839,052
3,423,002
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
80,588
84,779
Company pension contributions to defined contribution schemes
10,561
10,561
91,149
95,340
Included within the remuneration for qualifying services is benefits in kind of £4,717 (2023: £4,288).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
8,857
9,354
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
29,833
47,637
Other finance costs:
Interest on finance leases and hire purchase contracts
15,393
15,666
Other interest
368
2,489
Total finance costs
45,594
65,792
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
275,516
662,342
Adjustments in respect of prior periods
2,136
1,672
Total current tax
277,652
664,014
Deferred tax
Origination and reversal of timing differences
25,436
51,371
Total tax charge
303,088
715,385
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 22 -
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
1,107,620
3,584,272
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
276,905
681,012
Tax effect of expenses that are not deductible in determining taxable profit
24,047
Adjustments in respect of prior years
2,136
1,672
Effect of change in corporation tax rate
-
18,152
Fixed asset timing differences
15,642
Effects of variable tax rate on deferred tax
(1,093)
Taxation charge
303,088
715,385
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
2,410,000
76,690
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
3,956,161
146,424
820,767
6,445
1,223,956
6,153,753
Additions
120,083
107,584
20,330
295,788
543,785
Disposals
(41,999)
(41,999)
At 30 April 2024
3,956,161
266,507
928,351
26,775
1,477,745
6,655,539
Depreciation
At 1 May 2023
606,981
24,112
478,085
2,663
611,430
1,723,271
Depreciation charged in the year
79,128
18,518
87,387
2,406
173,502
360,941
Eliminated in respect of disposals
(29,133)
(29,133)
At 30 April 2024
686,109
42,630
565,472
5,069
755,799
2,055,079
Carrying amount
At 30 April 2024
3,270,052
223,877
362,879
21,706
721,946
4,600,460
At 30 April 2023
3,349,180
122,312
342,682
3,782
612,526
4,430,482
Company
Fixtures and fittings
£
Cost
At 1 May 2023
Additions
17,325
At 30 April 2024
17,325
Depreciation
At 1 May 2023
Depreciation charged in the year
1,204
At 30 April 2024
1,204
Carrying amount
At 30 April 2024
16,121
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 24 -
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
£
£
£
£
Plant and equipment
160,320
136,869
Motor vehicles
62,747
73,537
223,067
210,406
-
-
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
718,756
718,756
The 2024 valuations were made by the director who has determined the fair value of the investment property based on historic valuations by external valuers, current market rents and investment property yields for comparable real estate.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
3,725,562
3,725,562
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
3,725,562
Carrying amount
At 30 April 2024
3,725,562
At 30 April 2023
3,725,562
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
15
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
Transcare 28 Ltd
UK
Ordinary
100.00
Transcare Properties Ltd
UK
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Vehicle goods for resale
628,955
-
-
-
Finished goods and goods for resale
25,449
61,449
654,404
61,449
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,125,407
2,241,663
Corporation tax recoverable
94,435
94,435
Amounts owed by group undertakings
-
-
623,840
840,683
Other debtors
3,440,381
1,027,086
804,877
Prepayments and accrued income
1,017,448
20,737
6,677,671
3,383,921
623,840
1,645,560
Amounts owed to the Company by group undertakings are unsecured, interest free and repayable on demand.
During the year, an impairment of £nil was recognised against trade debtors (2023: £43,642).
Included within other debtors is a directors loan account of £nil (2023: £804,877). The tax receivable of £94,435 (2023: £94,435) relates to s455 tax.
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
21,238
21,480
21,238
21,480
Obligations under finance leases
21
68,880
78,367
Trade creditors
1,317,912
823,803
700
Corporation tax payable
32,587
226,330
945
Other taxation and social security
457,665
275,277
-
-
Deferred income
23
4,420,778
Other creditors
505,677
56,696
474,843
10,955
Accruals and deferred income
132,534
24,885
5,450
5,300
6,957,271
1,506,838
501,531
39,380
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
390,825
411,822
390,825
411,822
Obligations under finance leases
21
10,837
85,966
401,662
497,788
390,825
411,822
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
412,063
433,302
412,063
433,302
Payable within one year
21,238
21,480
21,238
21,480
Payable after one year
390,825
411,822
390,825
411,822
The long-term loans are secured by fixed charges over the assets of the Group.
The group has a loan facility of £505,000 repayable in monthly instalments over 5 years. Interest is charged at 2.1% p.a. over the base rate.
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
68,880
78,367
In two to five years
10,837
85,966
79,717
164,333
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The liabilities are secured over the assets that they relate.
22
Deferred taxation
The following are the major deferred tax liabilities recognised by the group and company, and movements thereon:
2024
2023
Group
£
£
Accelerated capital allowances
259,448
234,012
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
234,012
-
Charge to profit or loss
25,436
-
Liability at 30 April 2024
259,448
-
The reversal of deferred tax within the next 12 months is not expected to be material.
23
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Deferred income
4,420,778
-
-
-
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
74,955
70,188
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 amounts owed to the pension scheme by the Group as at 30 April 2024 were £25,889 (2023: £11,911).
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
200
200
2
2
26
Related party transactions
In accordance with FRS 102, the Company has taken advantage of disclosure exemptions in respect of wholly owned subsidiary companies. However, the Group also has other related entities and the transactions with them are stated as follows:
During the year, key management personnel were remunerated £228,689 (2023: £177,615).
During the year, remuneration totalling £57,614 (2023: £ £53,000) was paid to a close family member of the director.
27
Directors' transactions
The director has made a personal guarantee of £50,000 in regards to the bank loan provided to Transcare 28 Holdings Limited.
28
Controlling party
The company is under the control of D Parkin, director and shareholder.
TRANSCARE 28 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
804,532
2,868,887
Adjustments for:
Taxation charged
303,088
715,385
Finance costs
45,594
65,792
Investment income
(8,857)
(9,354)
Loss on disposal of tangible fixed assets
5,366
-
Depreciation and impairment of tangible fixed assets
360,941
288,687
Movements in working capital:
Increase in stocks
(592,955)
-
(Increase)/decrease in debtors
(4,098,627)
1,152,511
Increase/(decrease) in creditors
1,233,127
(1,771,144)
Increase in deferred income
4,420,778
-
Cash generated from operations
2,472,987
3,310,764
30
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
1,317,639
(282,408)
1,035,231
Borrowings excluding overdrafts
(433,302)
21,239
(412,063)
Obligations under finance leases
(164,333)
84,616
(79,717)
720,004
(176,553)
543,451
31
Analysis of changes in net debt - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
56,700
6,985
63,685
Borrowings excluding overdrafts
(433,302)
21,239
(412,063)
(376,602)
28,224
(348,378)
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