Company registration number 12601027 (England and Wales)
TLC HOSPITALITY GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
TLC HOSPITALITY GROUP LTD
COMPANY INFORMATION
Directors
Gagan Puri
Mr Paavan Popat
Sandali Harvey
(Appointed 11 October 2024)
Company number
12601027
Registered office
36 Railway Approach
Station Road
Harrow
Middlesex
HA3 5AA
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
HSBC Bank Plc
Canada Place
Canary Wharf
London
E14 5AH
TLC HOSPITALITY GROUP LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 29
TLC HOSPITALITY GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors and intend to pursue strategies that would enhance the growth of the group and result in improved performance.

Principal risks and uncertainties

The group faces a number of operating risks and uncertainties. There are a small number of risks that could impact the group's long term performance and steps are taken to understand and evaluate these in order to achieve our objective of sustainable growth.

 

The management have a risk management process in place, which is designed to identify, manage and mitigate business risk.

 

The most fundamental business risks faced by the group are:

 

Economic risk

Sustained levels of occupancy and room rates can be adversely affected by events that reduce domestic or international travel. Such events may include acts of terrorism, war or perceived increased risk or armed conflict, epidemics, natural disasters, increased cost of travel and industrial action. The hotel industry operates in an inherently cyclical market. A weakening of demand, or an increase in market room supply, may lead to downward pressure on room rates which in turn would lead to a negative effect on operating performance.

 

The management has in place systems designed to create flexibility in the operating cost base so as to optimise operating profits in volatile trading conditions.

Development and performance

Quality of service

We compete based on a number of factors, including quality and customer satisfaction. Lack of innovation and design in plant and furnishing could have a significant impact on the revenues that the hotel could earn.

 

At property level, we have regular and scheduled preventive maintenance programs. At management level; asset enhancements, technological advancements, and system upgrades are undertaken on a frequent and when in need basis.

 

Compliance and litigation

The group is exposed to the risk of non-compliance with increasingly complex statutory and regulatory requirements, including competition law, anti-bribery and corruption and data privacy compliance regimes.

 

The group continues to monitor changes in the regulatory environment in which it operates, identify its compliance obligations and has in place comprehensive policies for ethics and business conduct, anti-corruption and bribery, gifts and hospitality.

 

Health and safety

The group is exposed to a wide range of regulatory requirements and obligations concerning health and safety of employees, visitors and guests. Failure to maintain and implement sufficient controls regarding health and safety could expose the group to significant sanctions, fines and penalties and reputational damage.

 

By working to British standards, the group is committed to working to the highest standards of health and safety and to an internationally accredited system.

TLC HOSPITALITY GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Financial risk management objectives and policies

The group uses various financial instruments that include cash, trade debtors and creditors that arise from its operations. The group is exposed to a number of financial risks, which are described in more detail below.

 

Interest rate risk

The directors monitor the banking facilities and interest rates on a regular basis to make sure that the group is not exposed to material levels of interest rate risk.

 

Liquidity risk

The directors closely manage financial risk by ensuring sufficient liquidity is available to meet forseeable needs by monitoring the working capital requirements.

 

In the opinion of the directors, key performance indicators of the group includes gross profit margin and occupancy rate, which are closely monitored by the directors.

 

During the year, the group achieved gross profit of 58% (2023 58%).

 

The average occupancy rate during the year was 97% (2023: 96%). The current occupancy levels are in line with the directors' expectations in the current climate.

 

The key non financial performance indicators is the quality of service provided to hotel guests.

 

Results

The group turnover for the year was £7.0m (2023: £6.9m) which has increased by 2% comparing to prior year. The group generated a profit after tax of £1.7k (2023:£473k). At the end of the year the group had net asset of £30.4m (2023: £23.9m).

 

Future developments

The directors aim to continue with the management policies which has resulted in the group's steady growth in recent years.

On behalf of the board

Mr Paavan Popat
Director
27 January 2025
TLC HOSPITALITY GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

Principal activities

The principal activity of the group continued to be that of hotels and similar accommodation.

 

The principle activity of this company is that of a holding company.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. 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:

Gagan Puri
Mr Paavan Popat
Sandali Harvey
(Appointed 11 October 2024)
Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

 

 

 

 

 

 

 

 

 

TLC HOSPITALITY GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
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 and group 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 and the group is aware of that information.

On behalf of the board
Mr Paavan Popat
Director
27 January 2025
TLC HOSPITALITY GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TLC HOSPITALITY GROUP LTD
- 5 -
Opinion

We have audited the financial statements of TLC Hospitality Group Ltd (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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group's ability to continue as a going concern.

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.

TLC HOSPITALITY GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TLC HOSPITALITY GROUP LTD
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

To identify risks of material misstatement due to any irregularities, including fraud and non-compliance with laws and regulations, we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

TLC HOSPITALITY GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TLC HOSPITALITY GROUP LTD
- 7 -

 

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

 

To address the risk of fraud through management bias and override of controls, we:

 

To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

 

Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the group’s license to operate. We identified the Health and Safety legislation regulations as the area most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

TLC HOSPITALITY GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TLC HOSPITALITY GROUP LTD
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards; for instance, any non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error.

 

Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the group's and 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 group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Shilpa Chheda (Senior Statutory Auditor)
For and on behalf of KLSA LLP
27 January 2025
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
TLC HOSPITALITY GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
7,020,678
6,899,572
Cost of sales
(2,948,975)
(2,910,233)
Gross profit
4,071,703
3,989,339
Administrative expenses
(2,550,015)
(2,442,914)
Operating profit
4
1,521,688
1,546,425
Interest receivable and similar income
7
365
252
Interest payable and similar expenses
8
(1,317,045)
(886,777)
Profit before taxation
205,008
659,900
Tax on profit
9
(203,310)
(187,036)
Profit for the financial year
1,698
472,864
Profit for the financial year is all attributable to the owners of the parent company.
TLC HOSPITALITY GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
£
£
Profit for the year
1,698
472,864
Other comprehensive income
Revaluation of tangible fixed assets
8,311,715
-
0
Tax relating to other comprehensive income
(1,867,929)
(1,245,363)
Other comprehensive income for the year
6,443,786
(1,245,363)
Total comprehensive income for the year
6,445,484
(772,499)
Total comprehensive income for the year is all attributable to the owners of the parent company.
TLC HOSPITALITY GROUP LTD
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
41,000,000
33,222,902
Current assets
Stocks
13
12,106
11,187
Debtors
14
15,080,139
14,487,216
Cash at bank and in hand
261,142
370,462
15,353,387
14,868,865
Creditors: amounts falling due within one year
15
(2,393,307)
(1,909,733)
Net current assets
12,960,080
12,959,132
Total assets less current liabilities
53,960,080
46,182,034
Creditors: amounts falling due after more than one year
16
(15,354,400)
(15,894,400)
Provisions for liabilities
Deferred tax liability
18
8,232,711
6,360,149
(8,232,711)
(6,360,149)
Net assets
30,372,969
23,927,485
Capital and reserves
Called up share capital
20
20
20
Share premium account
2,062,105
2,062,105
Revaluation reserve
26,311,193
20,182,930
Profit and loss reserves
1,999,651
1,682,430
Total equity
30,372,969
23,927,485
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
Mr Paavan Popat
Director
Company registration number 12601027 (England and Wales)
TLC HOSPITALITY GROUP LTD
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
2,062,125
2,062,125
Capital and reserves
Called up share capital
20
20
20
Share premium account
2,062,105
2,062,105
Total equity
2,062,125
2,062,125

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 £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
Mr Paavan Popat
Director
Company registration number 12601027 (England and Wales)
TLC HOSPITALITY GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 May 2022
20
2,062,105
21,743,816
894,043
24,699,984
Year ended 30 April 2023:
Profit for the year
-
-
-
472,864
472,864
Other comprehensive income:
Tax relating to other comprehensive income
-
-
(1,245,363)
-
0
(1,245,363)
Total comprehensive income
-
-
(1,245,363)
472,864
(772,499)
Transfers
-
-
(315,523)
315,523
-
Balance at 30 April 2023
20
2,062,105
20,182,930
1,682,430
23,927,485
Year ended 30 April 2024:
Profit for the year
-
-
-
1,698
1,698
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
8,311,715
-
8,311,715
Tax relating to other comprehensive income
-
-
(1,867,929)
-
0
(1,867,929)
Total comprehensive income
-
-
6,443,786
1,698
6,445,484
Transfers
-
-
(315,523)
315,523
-
Balance at 30 April 2024
20
2,062,105
26,311,193
1,999,651
30,372,969
TLC HOSPITALITY GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Share premium account
Total
£
£
£
Balance at 1 May 2022
20
2,062,105
2,062,125
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 30 April 2023
20
2,062,105
2,062,125
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
0
Balance at 30 April 2024
20
2,062,105
2,062,125
TLC HOSPITALITY GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,986,263
229,193
Interest paid
(1,317,045)
(886,777)
Income taxes (paid)/refunded
(164,154)
288,231
Net cash inflow/(outflow) from operating activities
505,064
(369,353)
Investing activities
Purchase of tangible fixed assets
(133,634)
(271,367)
Loans made to other entities
-
(58,184)
Repayment of loans
58,885
-
Interest received
365
252
Net cash used in investing activities
(74,384)
(329,299)
Financing activities
Repayment of bank loans
(540,000)
999,900
Net cash (used in)/generated from financing activities
(540,000)
999,900
Net (decrease)/increase in cash and cash equivalents
(109,320)
301,248
Cash and cash equivalents at beginning of year
370,462
69,214
Cash and cash equivalents at end of year
261,142
370,462
TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

TLC Hospitality Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 36 Railway Approach, Station Road, Harrow, Middlesex, HA3 5AA.

 

The group consists of TLC Hospitality Group Ltd 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 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 TLC Hospitality Group Ltd 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.

TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

In accordance with there responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements.

 

On the basis of this, the directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements. These financial statements are prepared on the going concern basis.

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.

 

Turnover represents amounts receivable from room revenue and income from food and beverage, net of VAT.

 

Income from the ownership and operation of hotels is recognised at the point at which the accommodation and related services are provided.

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 buildings
Straight line over 50 years
Plant and equipment
15% Reducing balance method
Furniture, fixtures and equipment
15% Reducing balance method
Motor vehicles
15% Reducing balance method

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
Fixed asset investments

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.

1.8
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).

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Stocks

Stocks comprise consumables and are stated at their purchase cost.

1.10
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.

1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

Impairment of financial assets

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

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.

1.12
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.

1.13
Taxation

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

TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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.

1.14
Employee benefits

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

 

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

 

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

1.15
Retirement benefits

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

1.16
Leases

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.

1.17

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instruments.

1.18

Comparatives

There were no changes in comparative figures during the year.

TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
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.

Impairment of debtors

The group reviews their portfolio of trade debtors on an annual basis. In determining whether trade debtors are impaired, the management makes judgement as to whether there is any evidence indicating that there is a measurable decrease in the estimated future cash flows expected.

Key sources of estimation uncertainty

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

Useful lives, depreciation methods and residual values of tangible fixed asset

Management reviews the useful lives, depreciation methods and residual values of the items of tangible fixed assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of tangible fixed assets is disclosed in note 10.

Valuation of properties

Freehold properties are carried at fair value based on valuations performed by external independent valuers or the directors. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, recent sales of similar properties and historical experience. There is an inevitable degree of judgement involved and the value can only be reliably tested ultimately in the market itself.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Room revenue
6,301,096
6,166,191
Food and beverage revenue
499,357
490,036
Other revenue
220,225
243,345
7,020,678
6,899,572
2024
2023
£
£
Other revenue
Interest income
365
252
TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
668,251
689,799
Operating lease charges
49,600
48,000
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
6,600
6,000
Audit of the financial statements of the company's subsidiaries
8,250
7,500
14,850
13,500
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
89
94
8
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,398,557
1,470,572
-
0
-
0
Social security costs
118,808
125,087
-
-
Pension costs
19,378
19,694
-
0
-
0
1,536,743
1,615,353
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
365
252
TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,284,176
854,030
Loan arrangement fees
32,869
32,747
Total finance costs
1,317,045
886,777
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
177,841
164,154
Adjustments in respect of prior periods
20,836
(288,211)
Total current tax
198,677
(124,057)
Deferred tax
Origination and reversal of timing differences
4,633
311,093
Total tax charge
203,310
187,036

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
205,008
659,900
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
51,252
128,681
Tax effect of expenses that are not deductible in determining taxable profit
12,027
(943)
Permanent capital allowances in excess of depreciation
114,562
57,668
Trading losses
-
0
(21,252)
Deferred tax provisions
4,633
311,093
Prior year adjustment
20,836
(288,211)
Taxation charge
203,310
187,036
TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 23 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
1,867,929
1,245,363
10
Tangible fixed assets
Group
Freehold buildings
Plant and equipment
Furniture, fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
33,793,400
4,394,210
315,836
91,980
38,595,426
Additions
-
0
133,634
-
0
-
0
133,634
Revaluation
5,799,847
-
0
-
0
-
0
5,799,847
At 30 April 2024
39,593,247
4,527,844
315,836
91,980
44,528,907
Depreciation and impairment
At 1 May 2023
2,091,868
2,954,925
300,207
25,524
5,372,524
Depreciation charged in the year
420,000
248,251
-
0
-
0
668,251
Revaluation
(2,511,868)
-
0
-
0
-
0
(2,511,868)
At 30 April 2024
-
0
3,203,176
300,207
25,524
3,528,907
Carrying amount
At 30 April 2024
39,593,247
1,324,668
15,629
66,456
41,000,000
At 30 April 2023
31,701,532
1,439,285
15,629
66,456
33,222,902
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Tangible fixed assets
(Continued)
- 24 -

The freehold land and building (including plant and machinery) were revalued at fair value in June 2024 by Colliers International Property Consultants Limited, an independent valuer not connected to the company. The valuations are based on an estimate of the maintainable level of trade and future profitability a component operator of a business conducted on the premises acting in an efficient manner would expect to achieve. As with all properties valued by reference to trading potential, valuations are vulnerable to external influences and the introduction of competition. The trading valuation is inextricably linked to the performance of the national economy.

In the director's opinion, the carrying value of the company's properties as at 30 April 2024 is not significantly different from the open market values of the properties as at that date.

 

All other tangible fixed assets are stated at historical costs.

 

 

 

 

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
8,406,234
8,406,234
Accumulated depreciation
(1,794,819)
(1,690,342)
Carrying value
6,611,415
6,715,892
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
2,062,125
2,062,125
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
2,062,125
Carrying amount
At 30 April 2024
2,062,125
At 30 April 2023
2,062,125
TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
12
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
London Inn Hotel (Stratford) Limited
1
Hotel operator
Ordinary
100.00

1 - The registered office of a subsidiary entity is 36 Railway Approach, Station Road, Harrow, Middlesex, HA3 5AA

13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Food, drinks and consumables
12,106
11,187
-
0
-
0
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
150,515
96,867
-
0
-
0
Other debtors
14,725,241
14,202,664
-
0
-
0
Prepayments and accrued income
204,383
187,685
-
0
-
0
15,080,139
14,487,216
-
-
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
540,000
540,000
-
0
-
0
Trade creditors
375,606
223,088
-
0
-
0
Corporation tax payable
177,841
143,318
-
0
-
0
Other taxation and social security
365,513
335,071
-
-
Other creditors
825,508
537,129
-
0
-
0
Accruals and deferred income
108,839
131,127
-
0
-
0
2,393,307
1,909,733
-
0
-
0
TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
15,354,400
15,894,400
-
0
-
0
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
15,894,400
16,434,400
-
0
-
0
Payable within one year
540,000
540,000
-
0
-
0
Payable after one year
15,354,400
15,894,400
-
0
-
0

On May 2022, the subsidiary entered into a loan agreement of £16.4m and the interest on the loan is charged at market rate. The loan expires on May 2027.

 

The bank loan is secured by the following:

(i) Composite Company Unlimited Multilateral Guarantee given by London Inn Hotels (Stratford) Limited, TLC (Radlett) Limited and Promede Limited.

(ii) First Legal Charge over Freehold Property.

(iii) Fixed floating charge over all the assets, which include all present and future freehold and leasehold property, book and other debt, chattels, goodwill and uncalled up capital, both present and future.

18
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
1,173,578
1,170,047
Short term timing difference
2,192
1,090
Revaluations
7,056,941
5,189,012
8,232,711
6,360,149
The company has no deferred tax assets or liabilities.
TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
18
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
6,360,149
-
Charge to profit or loss
4,633
-
Charge to other comprehensive income
1,867,929
-
Liability at 30 April 2024
8,232,711
-

 

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,378
19,694

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.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
20
20
20
20
21
Financial commitments, guarantees and contingent liabilities

The company forms part of a cross company guarantee securing the bank borrowings of London Inn Hotels (Stratford) Limited and TLC (Radlett) Limited. At 30 April 2024 the net borrowings of these companies amounted to £1,031,354 (2023: £1,086,227).

 

The company has also given a cross company guarantee to The Fellows House Limited, which is a company owned by P Popat, a director of the company, securing the bank borrowings. At 30 April 2024 the net borrowings of these companies amounted to £24,087,146 (2023: £26,225,002).

TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
22
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
132,643
182,243
-
-
132,643
182,243
-
-
23
Related party transactions
Transactions with related parties

During the year, the company was charged rent of £49,600 (2023: £48,000) for the use of a property owned by S D Popat, ultimate shareholder of the company and her husband D A Popat, A lease exists between S D Popat, D A Popat and the company for a period of 20 years from 1 September 2006.

 

During the year the company paid a salary of £15,000 (2023: £15,000) to D A Popat, the husband of the ultimate shareholder.

Other information

Included within other debtors are the following balances:

 

Included within other creditors are the following balances:

24
Controlling party

The ultimate controlling party is SD Popat.

TLC HOSPITALITY GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,698
472,864
Adjustments for:
Taxation charged
203,310
187,036
Finance costs
1,317,045
886,777
Investment income
(365)
(252)
Depreciation and impairment of tangible fixed assets
668,251
689,799
Movements in working capital:
Increase in stocks
(919)
(851)
Increase in debtors
(651,808)
(2,442,957)
Increase in creditors
449,051
436,777
Cash generated from operations
1,986,263
229,193
26
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
370,462
(109,320)
261,142
Borrowings excluding overdrafts
(16,434,400)
540,000
(15,894,400)
(16,063,938)
430,680
(15,633,258)
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