Company registration number SC437383 (Scotland)
INVERAIRE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
INVERAIRE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D A MacDonald
Mrs I J MacDonald
Company number
SC437383
Registered office
Site 13A
Kilmory Industrial Estate
Kilmory
Lochgilphead
Argyll
United Kingdom
PA31 8RR
Auditor
Azets Audit Services
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
INVERAIRE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
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 - 29
INVERAIRE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Fair review of the business

The group's turnover during the year to 30 April 2024 has increased to £10.9m (2023: £10.6m). The profit of the group has increased to £2.1m (2023: £0.99m). This increase is a result of the increase in turnover while the associated cost of sales and administrative expenses have not increased at the same rate.

Financial risk management objectives and policies

The group's principal financial instruments comprise bank deposits. The main purpose of these financial instruments are to finance the group's operations. The group has various other financial instruments such as trade debtors and trade creditors, which arise directly from operations. The main risks arising from the group's financial instruments relate to credit. The board reviews and agrees policies for managing these risks which are summarised below.

 

Credit risk

The group trades with only recognised, creditworthy third parties. In addition, receivable balances are monitored on an ongoing basis with the result that the group's exposure to bad debts is not significant.

 

Principal risks and uncertainties

The group has exposure to a number of risks and uncertainties in the areas on an ongoing basis to ensure that the effects of any changes can be mitigated.

 

 

On behalf of the board

Mr D A MacDonald
Director
21 January 2025
INVERAIRE 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.

Principal activities

The principal activity of the company and group continued to be that of construction of water projects, production of electricity, civil contracts work and activities of head office.

 

Results and dividends

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

Ordinary dividends were paid amounting to £225,000. 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:

Mr D A MacDonald
Mrs I J MacDonald
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

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.

INVERAIRE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
On behalf of the board
Mr D A MacDonald
Director
21 January 2025
INVERAIRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INVERAIRE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Inveraire Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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:

INVERAIRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INVERAIRE 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.

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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Neil Morrison (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 January 2025
Chartered Accountants
Statutory Auditor
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
INVERAIRE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
10,879,107
10,632,333
Cost of sales
(5,594,080)
(7,492,355)
Gross profit
5,285,027
3,139,978
Administrative expenses
(2,411,721)
(2,080,882)
Other operating income
16,277
172,579
Operating profit
4
2,889,583
1,231,675
Interest receivable and similar income
8
11,870
4,845
Interest payable and similar expenses
9
(22,916)
(21,821)
Profit before taxation
2,878,537
1,214,699
Tax on profit
10
(740,960)
(225,629)
Profit for the financial year
27
2,137,577
989,070
Profit for the financial year is all attributable to the owners of the parent company.
INVERAIRE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
£
£
Profit for the year
2,137,577
989,070
Other comprehensive income
-
-
Total comprehensive income for the year
2,137,577
989,070
Total comprehensive income for the year is all attributable to the owners of the parent company.
INVERAIRE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,269,500
4,672,275
Investment property
13
106,311
263,120
Investments
14
1
1
4,375,812
4,935,396
Current assets
Stocks
17
26,890
26,670
Debtors
18
2,780,425
3,083,657
Cash at bank and in hand
6,820,488
4,351,293
9,627,803
7,461,620
Creditors: amounts falling due within one year
19
(1,758,987)
(1,714,418)
Net current assets
7,868,816
5,747,202
Total assets less current liabilities
12,244,628
10,682,598
Creditors: amounts falling due after more than one year
20
-
0
(315,313)
Provisions for liabilities
Deferred tax liability
23
769,047
804,281
(769,047)
(804,281)
Net assets
11,475,581
9,563,004
Capital and reserves
Called up share capital
25
200
200
Share premium account
26
9,802
9,802
Profit and loss reserves
27
11,465,579
9,553,002
Total equity
11,475,581
9,563,004
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
21 January 2025
Mr D A MacDonald
Director
Company registration number SC437383 (Scotland)
INVERAIRE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
13
106,311
263,120
Investments
14
10,004
10,004
116,315
273,124
Current assets
Debtors
18
239,291
1,976,247
Cash at bank and in hand
2,024,154
440,510
2,263,445
2,416,757
Creditors: amounts falling due within one year
19
(11,014)
(10,120)
Net current assets
2,252,431
2,406,637
Net assets
2,368,746
2,679,761
Capital and reserves
Called up share capital
25
200
200
Share premium account
26
9,802
9,802
Profit and loss reserves
27
2,358,744
2,669,759
Total equity
2,368,746
2,679,761

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's loss for the year was £86,015 (2023 - £467,016 profit).

The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
21 January 2025
Mr D A MacDonald
Director
Company registration number SC437383 (Scotland)
INVERAIRE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
200
9,802
8,763,932
8,773,934
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
989,070
989,070
Dividends
11
-
-
(200,000)
(200,000)
Balance at 30 April 2023
200
9,802
9,553,002
9,563,004
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
2,137,577
2,137,577
Dividends
11
-
-
(225,000)
(225,000)
Balance at 30 April 2024
200
9,802
11,465,579
11,475,581
INVERAIRE HOLDINGS LIMITED
COMPANY 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
200
9,802
2,402,743
2,412,745
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
467,016
467,016
Dividends
11
-
-
(200,000)
(200,000)
Balance at 30 April 2023
200
9,802
2,669,759
2,679,761
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
(86,015)
(86,015)
Dividends
11
-
-
(225,000)
(225,000)
Balance at 30 April 2024
200
9,802
2,358,744
2,368,746
INVERAIRE 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
32
3,460,792
2,497,990
Interest paid
(22,916)
(21,821)
Corporation tax paid
(79,022)
(246,572)
Net cash inflow from operating activities
3,358,854
2,229,597
Investing activities
Purchase of tangible fixed assets
(565,679)
(1,054,636)
Proceeds on disposal of tangible fixed assets
115,312
531,645
Proceeds on disposal of investment property
147,292
-
Receipts arising from loans made
50,059
55,660
Interest received
11,870
4,845
Net cash used in investing activities
(241,146)
(462,486)
Financing activities
Repayment of bank loans
(419,533)
(94,460)
Payment of finance leases obligations
(3,980)
(63,718)
Dividends paid to equity shareholders
(225,000)
(200,000)
Net cash used in financing activities
(648,513)
(358,178)
Net increase in cash and cash equivalents
2,469,195
1,408,933
Cash and cash equivalents at beginning of year
4,351,293
2,942,360
Cash and cash equivalents at end of year
6,820,488
4,351,293
INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

Inveraire Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Site 13A, Kilmory Industrial Estate, Kilmory, Lochgilphead, Argyll, United Kingdom, PA31 8RR.

 

The group consists of Inveraire 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 Inveraire 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.

INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

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

 

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group's and company's ability to continue as a going concern.

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.

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:

Heritable property
1% on cost
Plant and machinery
25% on reducing balance and 4% on cost
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on 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.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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

1.10
Stocks

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

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
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.12
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.

INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.13
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.

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

 

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

 

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

1.14
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.

1.15
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.

INVERAIRE 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.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.17
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.

1.18
Retirement benefits

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

1.19
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.

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Accounting for long term contracts

The company estimates the outcome of its construction contracts. This is normally measured by total costs incurred to date plus relevant proportion of expected profit for that contract.

 

Estimated profits are based on management's detailed budgets and projections.

 

Where management judge that the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable.

 

Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Provision for snagging

The company includes a provision for snagging works which take place after the retention has been requested.

 

The very nature of the projects means it is very difficult to know with certainty what the likely costs will be. The company bases their estimation on the amount of hours, material, subcontractor and other costs for each project.

 

A prudent approach is taken to this estimation as it is difficult to predict what level of snagging customers will identify.

INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Turnover from construction services
9,518,304
9,771,436
Turnover from hydro scheme
1,360,803
860,897
10,879,107
10,632,333
2024
2023
£
£
Other revenue
Interest income
11,870
4,845
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
922,399
931,705
Depreciation of tangible fixed assets held under finance leases
-
0
83,026
Profit on disposal of tangible fixed assets
(69,257)
(281,169)
Loss on disposal of investment property
9,517
-
0
Operating lease charges
5,501
5,571
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
3,990
3,630
Audit of the financial statements of the company's subsidiaries
16,473
13,655
20,463
17,285
INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
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
Direct Labour
48
60
-
-
Administrative
9
9
2
2
Total
57
69
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,329,645
2,542,517
70,000
70,000
Social security costs
230,175
244,010
7,387
7,751
Pension costs
241,010
160,600
118,147
78,687
2,800,830
2,947,127
195,534
156,438
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
70,000
70,000
Company pension contributions to defined contribution schemes
118,147
78,687
188,147
148,687

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
11,870
4,845
INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
22,756
20,849
Interest on finance leases and hire purchase contracts
160
972
Total finance costs
22,916
21,821
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
776,194
104,470
Deferred tax
Origination and reversal of timing differences
(35,234)
121,159
Total tax charge
740,960
225,629

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
2,878,537
1,214,699
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
719,634
303,675
Tax effect of expenses that are not deductible in determining taxable profit
251,059
212,367
Tax effect of income not taxable in determining taxable profit
(22,140)
(30,257)
Effect of change in corporation tax rate
-
0
(101,747)
Depreciation in excess of capital allowances
(172,359)
(279,568)
Deferred tax movement
(35,234)
121,159
Taxation charge
740,960
225,629
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
225,000
200,000
INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
12
Tangible fixed assets
Group
Heritable property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
208,641
9,926,639
32,219
835,622
11,003,121
Additions
-
0
457,909
1,937
105,833
565,679
Disposals
-
0
(243,481)
-
0
(100,832)
(344,313)
At 30 April 2024
208,641
10,141,067
34,156
840,623
11,224,487
Depreciation and impairment
At 1 May 2023
21,092
5,786,631
25,640
497,483
6,330,846
Depreciation charged in the year
2,086
809,868
2,132
108,313
922,399
Eliminated in respect of disposals
-
0
(214,182)
-
0
(84,076)
(298,258)
At 30 April 2024
23,178
6,382,317
27,772
521,720
6,954,987
Carrying amount
At 30 April 2024
185,463
3,758,750
6,384
318,903
4,269,500
At 30 April 2023
187,549
4,140,008
6,579
338,139
4,672,275
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
£
£
£
£
Plant and machinery
-
0
50,542
-
0
-
0
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023
263,120
263,120
Disposals
(156,809)
(156,809)
At 30 April 2024
106,311
106,311

Investment property comprises two commercial units at Upper Riochan. The fair value of the investment property has been based on the purchase price of the property.

INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
10,003
10,003
Investments in joint ventures
16
1
1
1
1
1
1
10,004
10,004
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 May 2023 and 30 April 2024
1
Carrying amount
At 30 April 2024
1
At 30 April 2023
1
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 May 2023 and 30 April 2024
10,004
Carrying amount
At 30 April 2024
10,004
At 30 April 2023
10,004
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
Kintarbert Hydro Limited
Scotland
Ordinary
100.00
D A MacDonald (Contractors) Limited
Scotland
Ordinary
100.00
16
Joint ventures

Details of joint ventures at 30 April 2024 are as follows:

INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Joint ventures
(Continued)
- 25 -
Name of undertaking
Registered office
Interest
% Held
held
Direct
Aimsir Limited
England
Ordinary
50.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
26,890
26,670
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
919,633
1,353,476
-
0
-
0
Gross amounts owed by contract customers
1,074,694
559,869
-
0
-
0
Corporation tax recoverable
84,625
411,113
84,625
84,625
Amounts owed by group undertakings
-
-
-
1,686,897
Other debtors
197,731
318,474
154,666
204,725
Prepayments and accrued income
133,060
90,272
-
0
-
0
2,409,743
2,733,204
239,291
1,976,247
Amounts falling due after more than one year:
Other debtors
370,682
350,453
-
0
-
0
Total debtors
2,780,425
3,083,657
239,291
1,976,247
INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
-
0
104,220
-
0
-
0
Obligations under finance leases
22
-
0
3,980
-
0
-
0
Trade creditors
697,803
958,357
-
0
-
0
Amounts owed to undertakings in which the group has a participating interest
1
1
1
1
Corporation tax payable
475,154
104,470
-
0
-
0
Other taxation and social security
280,745
275,859
1,363
1,349
Other creditors
16,509
4,427
-
0
-
0
Accruals and deferred income
288,775
263,104
9,650
8,770
1,758,987
1,714,418
11,014
10,120
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
-
0
315,313
-
0
-
0
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
419,533
-
0
-
0
Payable within one year
-
0
104,220
-
0
-
0
Payable after one year
-
0
315,313
-
0
-
0

The long-term loans are secured by bond and floating charges over the properties of the group.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
3,980
-
0
-
0
INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
22
Finance lease obligations
(Continued)
- 27 -

Finance lease payments represent rentals payable by the company or group 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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
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
769,047
804,281
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
804,281
-
Credit to profit or loss
(35,234)
-
Liability at 30 April 2024
769,047
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
241,010
160,600

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.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
26
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
9,802
9,802
9,802
9,802
27
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
9,553,002
8,763,932
2,669,759
2,402,743
Profit/(loss) for the year
2,137,577
989,070
(86,015)
467,016
Dividends
(225,000)
(200,000)
(225,000)
(200,000)
At the end of the year
11,465,579
9,553,002
2,358,744
2,669,759
28
Operating lease commitments
Lessee

The group has two leases for land, both of which expire in greater than 5 years. The first of these has a fixed annual rent of £1, and remainder of rent is then charged as a percentage of a turnover of Kintarbert Hydro Limited. The second lease also charges rent based on the percentage of Kintarbert Hydro Limited turnover, but a minimum rent of £4,700 per annum. As such, it is difficult to quantify the cost to be paid within the next year.

Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
-
5,614
-
5,614
29
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
195,534
156,426
INVERAIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
29
Related party transactions
(Continued)
- 29 -
Other information

The company has taken advantage of exemption, under the terms of Financial reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.true

 

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

30
Events after the reporting date

On 3 July 2024 the company disposed of the remainder of its invertment property. This resulted in an estimated reduction in the value of the investment property of £106,311.

31
Controlling party

The company is controlled by Mr D A MacDonald and Mrs I J MacDonald.

 

The ultimate controlling party is Mr D A MacDonald.

32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,137,577
989,070
Adjustments for:
Taxation charged
740,960
225,629
Finance costs
22,916
21,821
Investment income
(11,870)
(4,845)
Gain on disposal of tangible fixed assets
(69,257)
(281,169)
Loss on disposal of investment property
9,517
-
0
Depreciation and impairment of tangible fixed assets
922,399
1,014,731
Movements in working capital:
Increase in stocks
(220)
(7,000)
(Increase)/decrease in debtors
(73,315)
116,775
(Decrease)/increase in creditors
(217,915)
422,978
Cash generated from operations
3,460,792
2,497,990
33
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
4,351,293
2,469,195
6,820,488
Borrowings excluding overdrafts
(419,533)
419,533
-
Obligations under finance leases
(3,980)
3,980
-
3,927,780
2,892,708
6,820,488
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.210Mr D A MacDonaldMrs I J 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