Company registration number 01107210 (England and Wales)
PATTERSONS (BRISTOL) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PATTERSONS (BRISTOL) LIMITED
COMPANY INFORMATION
Directors
Mr C Patterson
Mrs S Patterson
Mrs E Hogan
Mr K Tucker
(Appointed 11 September 2024)
Mr J Hogan
(Appointed 2 July 2024)
Secretary
Mrs E Hogan
Company number
01107210
Registered office
Pattersons
Winterstoke Road
BRISTOL
BS3 2NS
Auditor
Old Mill Audit Limited
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
Bankers
Natwest
PO Box 238
32 CORN STREET
Bristol
BS99 7UG
PATTERSONS (BRISTOL) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Notes to the financial statements
12 - 29
PATTERSONS (BRISTOL) 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 and future developments
The year has not been without its challenges, with economic constraints impacting many of our customers, whom we have worked with extensively to find cost effective solutions for them in their demanding markets. This has impacted on turnover in the year, with growth seen in the year limited by these factors.
Strong customer retention has been good to see, but the need for a more strategic approach to our sales function in 2025 has been recognised and acted upon.
During this year we have made the decision to invest in a new ERP/WMS system, which has been commissioned and we have a system implementation in progress. This considerable investment demonstrates the board’s full commitment to invest in both staff and resources to drive a more efficient and agile business.
Work has continued beyond the balance sheet date to restructure the company debt, and this work was concluded in 2025.
Principal risks and uncertainties
The company’s risk management strategy focuses on the minimisation of risks for the company.
The principle risks and uncertainties that could impact on the company and the action taken to mitigate and address any impact are detailed as follows:
Economic Conditions
Although there is challenge in this area, mainly driven by inflation and interest rates, the flexibility of the company has risen to the occasion and will continue to do so.
Liquidity
The company’s financing requirements are regularly reviewed to ensure it is able to meet both its short and long-term liabilities, whatever the challenge.
Financial key performance indicators
Key performance indicators, including turnover, gross profit margin, distribution costs, salary costs and overhead proportions, are monitored, interpreted and challenged by the management on a regular basis.
Financial review
Company turnover increased to £14.8m (2023: £14.4m).
The profit for the year, after taxation, amounted to £300,194 (2023: Loss- £511,637).
The company has decided to pay a dividend of £120,000 (2023: Nil).
Mr C Patterson
Director
29 January 2025
PATTERSONS (BRISTOL) 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 continued to be the sale of cleaning and catering equipment.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £120,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C Patterson
Mrs S Patterson
Mr M Silcocks
(Resigned 30 April 2024)
Mrs E Hogan
Mr K Tucker
(Appointed 11 September 2024)
Mr J Hogan
(Appointed 2 July 2024)
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Financial instruments
Financial risk management
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives.
The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
Credit risk, liquidity risk and cash flow risk
The company is exposed to a moderate level of credit risk, liquidity risk and cash flow risk. The company manages these risks by financing its operations through the continued support of its bankers and financers, supplemented by long term bank borrowings where necessary to fund expansion or capital expenditure programmes.
Auditor
Old Mill Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
PATTERSONS (BRISTOL) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr C Patterson
Director
29 January 2025
PATTERSONS (BRISTOL) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PATTERSONS (BRISTOL) LIMITED
- 4 -
Opinion
We have audited the financial statements of Pattersons (Bristol) Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PATTERSONS (BRISTOL) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PATTERSONS (BRISTOL) LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 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.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
PATTERSONS (BRISTOL) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PATTERSONS (BRISTOL) LIMITED (CONTINUED)
- 6 -
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.
Philip Mills MSc BA ACA
Senior Statutory Auditor
For and on behalf of Old Mill Audit Limited
30 January 2025
Statutory Auditor
Maltravers House
Petters Way
YEOVIL
Somerset
BA20 1SH
PATTERSONS (BRISTOL) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
14,772,475
14,446,713
Cost of sales
(9,833,840)
(9,553,104)
Gross profit
4,938,635
4,893,609
Distribution costs
(129,507)
(122,583)
Administrative expenses
(4,294,567)
(4,076,471)
Operating profit
4
514,561
694,555
Interest receivable and similar income
8
13,374
7,473
Interest payable and similar expenses
9
(156,996)
(985,476)
Amounts written off investments
10
43,771
(48,172)
Profit/(loss) before taxation
414,710
(331,620)
Tax on profit/(loss)
11
(114,516)
(180,017)
Profit/(loss) for the financial year
300,194
(511,637)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PATTERSONS (BRISTOL) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
£
£
Profit/(loss) for the year
300,194
(511,637)
Other comprehensive income
-
-
Total comprehensive income for the year
300,194
(511,637)
PATTERSONS (BRISTOL) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
301,654
177,654
Tangible assets
14
270,371
245,390
Investments
15
37,727
37,727
609,752
460,771
Current assets
Stocks
17
1,744,374
1,769,311
Debtors
19
3,282,182
3,517,829
Investments
897,167
693,427
Cash at bank and in hand
88,652
17,510
6,012,375
5,998,077
Creditors: amounts falling due within one year
20
(4,231,612)
(4,294,726)
Net current assets
1,780,763
1,703,351
Total assets less current liabilities
2,390,515
2,164,122
Creditors: amounts falling due after more than one year
21
(1,027,985)
(982,475)
Provisions for liabilities
Provisions
24
5,091
5,091
Deferred tax liability
23
61,925
61,236
(67,016)
(66,327)
Net assets
1,295,514
1,115,320
Capital and reserves
Called up share capital
26
26,001
26,001
Share premium account
88,168
88,168
Capital redemption reserve
346,984
346,984
Profit and loss reserves
834,361
654,167
Total equity
1,295,514
1,115,320
PATTERSONS (BRISTOL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 10 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr C Patterson
Director
Company registration number 01107210 (England and Wales)
PATTERSONS (BRISTOL) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
26,001
88,168
60,295
1,454,322
1,628,786
Year ended 30 April 2023:
Loss and total comprehensive income
-
-
-
(511,637)
(511,637)
Redemption of shares
26
286,689
(288,518)
(1,829)
Balance at 30 April 2023
26,001
88,168
346,984
654,167
1,115,320
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
300,194
300,194
Dividends
12
-
-
-
(120,000)
(120,000)
Balance at 30 April 2024
26,001
88,168
346,984
834,361
1,295,514
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information
Pattersons (Bristol) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pattersons, Winterstoke Road, BRISTOL, BS3 2NS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Pattersons (Holdings) Limited. These consolidated financial statements are available from its registered office, Pattersons, Winterstoke Road, Bristol, BS3 2NS.
1.2
Going concern
Atruet 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.
As disclosed in note 29, the preference shares were bought back by the Company on 28th October 2024. In doing so, the Company has been able to reduce the financial burden that the preference share payment terms created. This action has been crucial in ensuring that the Company will have the liquidity to be able to continue with the strategy, balancing investment in the future of the business with a plan to return the Company to profitability. On this basis the directors are satisfied that it is appropriate to adopt the going concern basis of preparation.
1.3
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.
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
5 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the term of the lease
Plant and equipment
5 years straight line
Motor vehicles
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
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 leases asset are consumed.
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation and Amortisation
The directors use their knowledge of the business and the industry to estimate the useful life and residual of intangible and tangible fixed assets in order to arrive at an applicable depreciation and amortisation rates. In accordance with section 17 of FRS102, the directors review and update these estimates if there are indicators that current estimates should change. During the year there was no change in the depreciation and amortisation rates.
It must be noted that there is inherent uncertainty with these estimates as factors such as unexpected wear and tear, technological advancement and changes in market price may result in future changes to the appropriate rate of depreciation.
Stock
The provision for obsolete and slow moving inventories is assessed on an item by item basis for damaged or slow moving stock.
Provision for bad and doubtful debts
Significant overdue items are assessed on the debtor's ledger with specific provision for debtors in financial difficulty.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
14,763,464
14,440,405
Sales of services
9,011
6,308
14,772,475
14,446,713
2024
2023
£
£
Other significant revenue
Interest income
3,406
1,145
Dividends received
9,968
6,328
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,772,475
14,425,853
Rest of Europe
-
12,533
Rest of the world
-
8,327
14,772,475
14,446,713
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
72,297
125,560
Profit on disposal of tangible fixed assets
(1,500)
(2,282)
Amortisation of intangible assets
62,194
74,835
Operating lease charges
487,832
531,659
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 company
20,520
18,780
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Selling and distribution
63
61
Administration
3
5
Total
66
66
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,788,431
1,686,017
Social security costs
169,839
149,172
Pension costs
56,154
45,852
2,014,424
1,881,041
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
121,471
75,372
Company pension contributions to defined contribution schemes
4,590
3,498
126,061
78,870
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,406
1,145
Other income from investments
Dividends received
9,968
6,328
Total income
13,374
7,473
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Interest receivable and similar income
(Continued)
- 21 -
Interest on financial assets not measured at fair value through profit or loss
3,406
1,145
Dividends from financial assets measured at fair value through profit or loss
9,968
6,328
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
20,269
24,605
Dividends on redeemable preference shares not classified as equity
66,800
73,860
Preference shares revaluation
45,510
870,024
132,579
968,489
Other finance costs:
Other interest
24,417
16,987
156,996
985,476
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
43,771
(48,172)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
113,827
61,350
Adjustments in respect of prior periods
57,431
Total current tax
113,827
118,781
Deferred tax
Origination and reversal of timing differences
689
61,236
Total tax charge
114,516
180,017
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
414,710
(331,620)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
103,678
(64,633)
Tax effect of expenses that are not deductible in determining taxable profit
29,149
194,296
Tax effect of income not taxable in determining taxable profit
(10,943)
Adjustments in respect of prior years
57,431
Group relief
(4,876)
(13,153)
Depreciation on assets not qualifying for tax allowances
(7,745)
Deferred tax adjustments in respect of prior years
1,989
Dividend income
(2,492)
(1,209)
Remeasurement of deferred tax for changes in tax rate
13,041
Taxation charge for the year
114,516
180,017
12
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
4.62
120,000
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
13
Intangible fixed assets
Software
£
Cost
At 1 May 2023
682,233
Additions - internally developed
186,194
At 30 April 2024
868,427
Amortisation and impairment
At 1 May 2023
504,579
Amortisation charged for the year
62,194
At 30 April 2024
566,773
Carrying amount
At 30 April 2024
301,654
At 30 April 2023
177,654
14
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
205,106
1,048,875
56,350
1,310,331
Additions
42,616
46,655
8,007
97,278
Disposals
(28,405)
(28,405)
At 30 April 2024
247,722
1,095,530
35,952
1,379,204
Depreciation and impairment
At 1 May 2023
104,477
909,136
51,328
1,064,941
Depreciation charged in the year
15,034
52,416
4,847
72,297
Eliminated in respect of disposals
(28,405)
(28,405)
At 30 April 2024
119,511
961,552
27,770
1,108,833
Carrying amount
At 30 April 2024
128,211
133,978
8,182
270,371
At 30 April 2023
100,629
139,739
5,022
245,390
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
16
26,875
26,875
Unlisted investments
10,852
10,852
37,727
37,727
16
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
Pattersons (Gloucester) Limited
England
Dormant
Ordinary
100.00
KMC Distribution Limited
England
Dormant
Ordinary
100.00
The address of the registered office of the subsidiaries are the same as Pattersons (Bristol) Limited.
17
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,744,374
1,769,311
18
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
897,167
693,427
19
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,638,639
2,878,460
Corporation tax recoverable
1,988
Other debtors
353,604
340,824
Prepayments and accrued income
287,951
298,545
3,282,182
3,517,829
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
20
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
22
473,506
224,534
Trade creditors
1,591,733
1,618,479
Amounts owed to group undertakings
777,192
1,054,024
Amounts owed to undertakings in which the company has a participating interest
14,500
14,500
Corporation tax
113,827
61,350
Other taxation and social security
382,432
361,542
Other creditors
293,619
392,638
Accruals and deferred income
584,803
567,659
4,231,612
4,294,726
Included within bank loans and overdrafts is an invoice financing account. The security for this account comprises a fixed charge over a deposit bank account.
21
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
22
1,027,985
982,475
22
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
473,506
224,534
Preference shares
1,027,985
982,475
1,501,491
1,207,009
Payable within one year
473,506
224,534
Payable after one year
1,027,985
982,475
Included within bank overdrafts is an invoice financing account. The security for this account comprises a fixed charge over a deposit bank account.
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
63,824
62,751
Short term timing differences
(1,899)
(1,515)
61,925
61,236
2024
Movements in the year:
£
Liability at 1 May 2023
61,236
Charge to profit or loss
689
Liability at 30 April 2024
61,925
The deferred tax asset set out above is expected to reverse within 12 months.
24
Provisions for liabilities
2024
2023
Notes
£
£
Other provisions
5,091
5,091
Deferred tax liabilities
23
61,925
61,236
67,016
66,327
Movements on provisions apart from deferred tax liabilities:
Other provisions
£
At 1 May 2023 and 30 April 2024
5,091
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
56,154
45,852
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
26
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
26,001
26,001
26,001
26,001
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
8.75% redeemable preference shares of £1 each
39,500
39,500
39,500
39,500
6% 'A' redeemable preference shares of £1 each
268,430
268,430
268,430
268,430
307,930
307,930
307,930
307,930
Preference shares classified as liabilities
307,930
307,930
The 8.75% redeemable preference shares are redeemable at the option of the company at par value. These shares carry no voting rights but rank in preference to the ordinary share capital upon liquidation, although they do not share in any surplus that may arise.
If the 8.75% redeemable preference shares had been redeemed on 30 April 2024 the redemption value at that date would have been £39,500 (2023 - £39,500). This redemption premium has been accrued in the financial statements.
The 6% 'A' redeemable preference shares are redeemable at the option of the company, increasing each year by a fraction equivalent to the increase in the official retail price index on each anniversary of 30 September 1988, as compared with such index at that date.
If the 6% 'A' redeemable preference shares had been redeemed on 30 April 2024 the redemption value at that date would have been £988,485 (2023 - £942,975). The redemption premium has been accrued in the financial statements.
The 6% 'A' redeemable preference shares carry no voting rights and rank after the 8.75% preference shares, but in preference to the ordinary share capital of the company. Upon liquidation they are entitled to a repayment of capital at their current redemption value, but do not share in any surplus that may arise. For each class of preference share, the dividends are payable at half yearly intervals. Dividends on the 6% preference shares are payable on the current redemption value.
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
27
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
343,134
257,455
Between two and five years
644,872
623,132
In over five years
210,000
315,000
1,198,006
1,195,587
28
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of intangible assets
77,307
-
29
Events after the reporting date
After the year end, the redeemable preference shares were bought back for 25% of their value. The value of the preference shares at 30 April 2024 is £1,027,985 and they have been bought back for a value of £256,996.
30
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent paid
2024
2023
£
£
Other related parties
105,000
105,000
PATTERSONS (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
30
Related party transactions
(Continued)
- 29 -
During the year, the company entered into the following transaction with related parties.
2024
2023
Amounts due to related parties
£
£
Persons with control, joint control or significant influence over the company
159,226
430,056
Entities over which the entity has control, joint control or significant influence
756,775
779,150
Key management personnel
2,978
2,861
Other related parties
111,858
231,922
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
36,652
15,109
31
Ultimate controlling party
The company is controlled by Pattersons (Holdings) Limited, a company registered in England and Wales, and the smallest and largest group into which the results of the company are consolidated.
In the opinion of the directors, Pattersons (Holdings) Limited is the company's ultimate parent company. Consolidated accounts of Pattersons (Holdings) Limited are available from Pattersons (Bristol) Limited, Winterstoke Road, Bristol, BS3 2NS.
Pattersons (Holdings) Limited is controlled by Mr C J Patterson, who is the ultimate controlling party of Pattersons (Bristol) Limited.
2024-04-302023-05-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310Mr C PattersonMrs S PattersonMr M SilcocksMr K TuckerMr J HoganMr J HoganMrs E Hogan011072102023-05-012024-04-3001107210bus:Director12023-05-012024-04-3001107210bus:Director22023-05-012024-04-3001107210bus:CompanySecretaryDirector12023-05-012024-04-3001107210bus:Director42023-05-012024-04-3001107210bus:Director52023-05-012024-04-3001107210bus:CompanySecretary12023-05-012024-04-3001107210bus:Director32023-05-012024-04-3001107210bus:Director62023-05-012024-04-3001107210bus:RegisteredOffice2023-05-012024-04-3001107210bus:Agent12023-05-012024-04-30011072102024-04-30011072102022-05-012023-04-3001107210core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3001107210core:RetainedEarningsAccumulatedLosses2023-05-012024-04-3001107210core:OtherResidualIntangibleAssets2024-04-3001107210core:OtherResidualIntangibleAssets2023-04-3001107210core:ComputerSoftware2024-04-3001107210core:ComputerSoftware2023-04-30011072102023-04-3001107210core:LeaseholdImprovements2024-04-3001107210core:FurnitureFittings2024-04-3001107210core:MotorVehicles2024-04-3001107210core:LeaseholdImprovements2023-04-3001107210core:FurnitureFittings2023-04-3001107210core:MotorVehicles2023-04-3001107210core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3001107210core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3001107210core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3001107210core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3001107210core:CurrentFinancialInstruments2024-04-3001107210core:CurrentFinancialInstruments2023-04-3001107210core:ShareCapital2024-04-3001107210core:ShareCapital2023-04-3001107210core:SharePremium2024-04-3001107210core:SharePremium2023-04-3001107210core:CapitalRedemptionReserve2024-04-3001107210core:CapitalRedemptionReserve2023-04-3001107210core:RetainedEarningsAccumulatedLosses2024-04-3001107210core:RetainedEarningsAccumulatedLosses2023-04-3001107210core:ShareCapital2022-04-3001107210core:SharePremium2022-04-3001107210core:CapitalRedemptionReserve2022-04-3001107210core:RetainedEarningsAccumulatedLosses2022-04-3001107210core:ShareCapital2022-05-012023-04-3001107210core:SharePremium2022-05-012023-04-3001107210core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3001107210core:ComputerSoftware2023-05-012024-04-3001107210core:LeaseholdImprovements2023-05-012024-04-3001107210core:FurnitureFittings2023-05-012024-04-3001107210core:MotorVehicles2023-05-012024-04-300110721012023-05-012024-04-300110721012022-05-012023-04-3001107210core:UKTax2023-05-012024-04-3001107210core:UKTax2022-05-012023-04-300110721022023-05-012024-04-300110721022022-05-012023-04-3001107210bus:OrdinaryShareClass12023-05-012024-04-3001107210bus:OrdinaryShareClass12022-05-012023-04-3001107210core:ComputerSoftware2023-04-3001107210core:ComputerSoftwarecore:InternallyGeneratedIntangibleAssets2023-05-012024-04-3001107210core:LeaseholdImprovements2023-04-3001107210core:FurnitureFittings2023-04-3001107210core:MotorVehicles2023-04-30011072102023-04-3001107210core:Non-currentFinancialInstruments2024-04-3001107210core:Non-currentFinancialInstruments2023-04-3001107210core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2024-04-3001107210core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-04-3001107210core:Subsidiary12023-05-012024-04-3001107210core:Subsidiary22023-05-012024-04-300110721012023-05-012024-04-3001107210core:Subsidiary112023-05-012024-04-3001107210core:Subsidiary212023-05-012024-04-3001107210core:FinancialLiabilitiesHeldForTradingcore:FinancialInstrumentsHeldForSale2024-04-3001107210core:WithinOneYear2024-04-3001107210core:WithinOneYear2023-04-3001107210core:BetweenTwoFiveYears2024-04-3001107210core:BetweenTwoFiveYears2023-04-3001107210core:MoreThanFiveYears2024-04-3001107210core:MoreThanFiveYears2023-04-3001107210bus:PrivateLimitedCompanyLtd2023-05-012024-04-3001107210bus:FRS1022023-05-012024-04-3001107210bus:Audited2023-05-012024-04-3001107210bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP