Company registration number 09956206 (England and Wales)
Heneghan Holdings Limited
Annual Report and Financial Statements
for the year ended 30 April 2024
Heneghan Holdings Limited
Company Information
Directors
M Heneghan
P W Heneghan
J McDermott
J Cook
(Appointed 1 September 2023)
Secretary
P W Heneghan
Company number
09956206
Registered office
3 Landmark Court
Revie Road
Beeston
Leeds
West Yorkshire
LS11 8JT
Auditor
B M Howarth Ltd
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
Heneghan Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
Heneghan Holdings Limited
Strategic Report
for the year ended 30 April 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Review of the business
The company is an investment holding company and the principal activity of its subsidiary undertaking continues to be groundworks and cabling for the telecommunications industry.
Results and performance
The results of the Group for the year, as set out on pages 8 to 30, show a profit on ordinary activities before tax of £18,740,299 (2023: Profit £12,120,220). The shareholders’ funds of the Group total £9,153,143 (2023: £18,256,970).
The performance of the Group during the financial year is in line with expectations.
Business environment
The telecoms market remains buoyant because of market pressure from the public for greater digital services and government focus on providing fibre internet accessibility throughout the country.
The wider marketplace remains very competitive, with wholesale / large retail internet providers looking to control their cost base through negotiated rate reductions and geographically standardised rate cards.
Strategy
The Company’s success is dependent on the proper selection, pricing and ongoing management of the contracts it applies for and is awarded. Compliance with the contracts’ parameters is crucial, hence we must continue to maintain a high standard of quality control. We adopt the ‘Right First Time’ approach to our work. The Company will continue its efforts on achieving growth in its existing sector by tendering for further contracts that are suitable in size and geographical location.
Key performance indicators
We have made significant progress throughout the year in relation to key elements of our strategy. The Board monitors the progress of the Group by reference to the following KPIs:
Turnover – 2024: £53,880,365 (2023: £34,698,289)
Turnover has increased by 55.28%.
Operating profit – 2024: £18,646,828 (2023: £12,133,472)
Operating profit has increased due to a change in the nature of the contracts undertaken and the resulting benefits of our increased investment in additional management resources.
Heneghan Holdings Limited
Strategic Report (continued)
for the year ended 30 April 2024
- 2 -
Principal risks and uncertainties
The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval. Compliance with regulation, legal and ethical standards is a high priority for the Group and the management take on an important oversight role in this regard. The Board is responsible for satisfying itself that an internal control framework exists to manage financial risks.
Economic conditions impact our clients and our contracts, and there is a risk that our clients may seek to reduce their expenditure subject to their cash resources.
Sustainability disclosures and other environmental governance are evolving rapidly and the unknown impacts on ways of working and potential costs of implementation pose possible future risks to profit targets.
Other risks from our core business arise from accidental damage to other utilities infrastructure, potential claims for sub-standard work, and inclement weather as result of climate change.
Future developments
The company continues to respond to an increased use of PIA (physical infrastructure access) to deliver fibre to the home. Turnover is forecast to increase YOY with profitability expected to track at current year run rates.
The group have expanded their geographical footprint in FY24 to cover areas of the Midlands and Lincolnshire, with other satellite offices under consideration.
M Heneghan
Director
29 January 2025
Heneghan Holdings Limited
Directors' Report
for the year 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 company and group continued to be that of civil engineering.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Heneghan
P W Heneghan
P A Heneghan
(Resigned 8 March 2024)
J McDermott
J Cook
(Appointed 1 September 2023)
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Auditor
The auditor, B M Howarth Ltd, 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The 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.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Heneghan Holdings Limited
Directors' Report (continued)
for the year 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 is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
M Heneghan
Director
29 January 2025
Heneghan Holdings Limited
Independent auditor's report
to the members of Heneghan Holdings Limited
- 5 -
Opinion
We have audited the financial statements of Heneghan Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.
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.
Heneghan Holdings Limited
Independent auditor's report (continued)
to the members of Heneghan Holdings Limited
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the group accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by Directors;
Identifying and testing journal entries to ensure they are appropriate;
Sample testing of income and expenditure to ensure correct cut-off has been applied.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
Heneghan Holdings Limited
Independent auditor's report (continued)
to the members of Heneghan Holdings Limited
- 7 -
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.
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.
James Bell (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
29 January 2025
Heneghan Holdings Limited
Group Statement of Comprehensive Income
for the year ended 30 April 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
53,880,365
34,698,289
Cost of sales
(30,466,092)
(18,093,837)
Gross profit
23,414,273
16,604,452
Administrative expenses
(4,824,829)
(4,504,730)
Other operating income
57,384
13,750
Operating profit
3
18,646,828
12,113,472
Interest receivable
5
206,517
23,166
Interest payable
6
(113,046)
(16,418)
Profit before taxation
18,740,299
12,120,220
Tax on profit
7
(4,708,644)
(2,391,005)
Profit for the financial year
14,031,655
9,729,215
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Heneghan Holdings Limited
Group Statement Of Financial Position
as at 30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,870,296
3,849,449
Current assets
Stocks
13
340,439
901,235
Debtors
14
6,012,451
11,167,246
Cash at bank and in hand
8,111,280
11,962,911
14,464,170
24,031,392
Creditors: amounts falling due within one year
15
(8,397,976)
(8,968,152)
Net current assets
6,066,194
15,063,240
Total assets less current liabilities
9,936,490
18,912,689
Creditors: amounts falling due after more than one year
16
(71,107)
(8,631)
Provisions for liabilities
Deferred tax liability
18
712,240
647,088
(712,240)
(647,088)
Net assets
9,153,143
18,256,970
Capital and reserves
Called up share capital
21
215
111
Share premium account
1
1
Profit and loss reserves
9,152,927
18,256,858
Total equity
9,153,143
18,256,970
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
29 January 2025
P W Heneghan
Director
Company registration number 09956206 (England and Wales)
Heneghan Holdings Limited
Company Statement Of Financial Position
as at 30 April 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,632,272
3,612,761
Investments
11
14,800
100
3,647,072
3,612,861
Current assets
Debtors
14
2,722,802
1,376,184
Cash at bank and in hand
616,543
815,591
3,339,345
2,191,775
Creditors: amounts falling due within one year
15
(5,472,261)
(218,708)
Net current (liabilities)/assets
(2,132,916)
1,973,067
Total assets less current liabilities
1,514,156
5,585,928
Creditors: amounts falling due after more than one year
16
(71,107)
(8,631)
Provisions for liabilities
18
(674,541)
(605,935)
Net assets
768,508
4,971,362
Capital and reserves
Called up share capital
21
215
111
Share premium account
1
1
Profit and loss reserves
768,292
4,971,250
Total equity
768,508
4,971,362
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 £18,932,628 (2023 - £3,351,767 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
29 January 2025
P W Heneghan
Director
Company Registration No. 09956206
Heneghan Holdings Limited
Group Statement Of Changes In Equity
for the year ended 30 April 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
111
1
8,527,643
8,527,755
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
9,729,215
9,729,215
Balance at 30 April 2023
111
1
18,256,858
18,256,970
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
14,031,655
14,031,655
Issue of share capital
21
104
-
104
Other movements
-
-
(23,135,586)
(23,135,586)
Balance at 30 April 2024
215
1
9,152,927
9,153,143
Heneghan Holdings Limited
Company Statement of Changes in Equity
for the year ended 30 April 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
111
1
1,619,483
1,619,595
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
3,351,767
3,351,767
Balance at 30 April 2023
111
1
4,971,250
4,971,362
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
18,932,628
18,932,628
Issue of share capital
21
104
-
104
Other movements
-
-
(23,135,586)
(23,135,586)
Balance at 30 April 2024
215
1
768,292
768,508
Heneghan Holdings Limited
Group Statement of Cash Flows
for the year ended 30 April 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
22,735,542
5,843,766
Interest paid
(113,046)
(16,418)
Income taxes paid
(3,389,205)
(255,365)
Net cash inflow from operating activities
19,233,291
5,571,983
Investing activities
Purchase of tangible fixed assets
(994,887)
(2,724,095)
Proceeds from disposal of tangible fixed assets
198,496
129,556
Purchase of subsidiaries, net of cash acquired
144,274
-
Repayment of loans
510,000
(541,435)
Interest received
206,517
23,166
Net cash generated from/(used in) investing activities
64,400
(3,112,808)
Financing activities
Proceeds from issue of shares
104
-
Contributions
(23,135,586)
-
Payment of finance leases obligations
(13,840)
(289,712)
Net cash used in financing activities
(23,149,322)
(289,712)
Net (decrease)/increase in cash and cash equivalents
(3,851,631)
2,169,463
Cash and cash equivalents at beginning of year
11,962,911
9,793,448
Cash and cash equivalents at end of year
8,111,280
11,962,911
Heneghan Holdings Limited
Company Statement of Cash Flows
for the year ended 30 April 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
4,365,534
(369,727)
Interest paid
(7,031)
(11,542)
Net cash inflow/(outflow) from operating activities
4,358,503
(381,269)
Investing activities
Purchase of tangible fixed assets
(929,432)
(2,612,486)
Proceeds from disposal of tangible fixed assets
178,896
129,556
Purchase of subsidiaries
(14,700)
Repayment of loans
541,435
(541,435)
Interest received
5,572
373
Dividends received
18,810,000
3,185,857
Net cash generated from investing activities
18,591,771
161,865
Financing activities
Proceeds from issue of shares
104
-
Contributions
(23,135,586)
-
Payment of finance leases obligations
(13,840)
(289,712)
Net cash used in financing activities
(23,149,322)
(289,712)
Net decrease in cash and cash equivalents
(199,048)
(509,116)
Cash and cash equivalents at beginning of year
815,591
1,324,707
Cash and cash equivalents at end of year
616,543
815,591
Heneghan Holdings Limited
Notes to the Financial Statements
for the year ended 30 April 2024
- 15 -
1
Accounting policies
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.
Basis of consolidation
In the parent company financial statements, Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
The consolidated group financial statements consist of the financial statements of the parent company Heneghan Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
1
Accounting policies
(continued)
- 16 -
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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 separately from goodwill 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:
Negative goodwill
On consumption of benefits of assets to which it relates
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line on buildings, no depreciation on land
Leasehold land and buildings
20% reducing balance
Plant and equipment
25% reducing balance and 20% straight line
Fixtures and fittings
15% reducing balance and 25% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
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.
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
1
Accounting policies
(continued)
- 17 -
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 statement of financial position when the group becomes party to the contractual provisions of the instrument.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 18 -
2
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
206,517
23,166
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
-
2,514
Research and development costs
23
49
Fees payable to the group's auditor for the audit of the group's financial statements
10,000
5,000
Depreciation of owned tangible fixed assets
834,728
604,742
Depreciation of tangible fixed assets held under finance leases
16,109
73,586
Profit on disposal of tangible fixed assets
(64,452)
(19,069)
Amortisation of intangible assets
(1,215,778)
-
Impairment of intangible assets
(137,209)
Operating lease charges
148,622
75,258
4
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
Directors
8
8
5
5
Production
31
16
-
-
Admin and management
27
19
-
-
Total
66
43
5
5
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,958,846
1,637,249
Social security costs
139,884
142,198
-
-
Pension costs
321,335
533,484
3,420,065
2,312,931
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 19 -
5
Interest receivable
2024
2023
£
£
Interest income
Interest on bank deposits
206,343
23,166
Other interest income
174
-
Total income
206,517
23,166
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
206,343
23,166
6
Interest payable
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
813
335
Other finance costs:
Interest on finance leases and hire purchase contracts
7,031
11,527
Other interest
105,202
4,556
Total finance costs
113,046
16,418
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
4,658,960
2,142,550
Adjustments in respect of prior periods
(71,380)
Total current tax
4,658,960
2,071,170
Deferred tax
Origination and reversal of timing differences
49,684
319,835
Total tax charge
4,708,644
2,391,005
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
7
Taxation
(continued)
- 20 -
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
18,740,299
12,120,220
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
4,685,075
2,363,443
Tax effect of expenses that are not deductible in determining taxable profit
129,241
8,830
Tax effect of utilisation of tax losses not previously recognised
(5,812)
Unutilised tax losses carried forward
(11,753)
Adjustments in respect of prior years
(71,380)
Effect of change in corporation tax rate
-
(750)
Permanent capital allowances in excess of depreciation
61,897
90,862
Deferred tax adjustments in respect of prior years
(7,800)
Current year profits pre-acquisition
(142,204)
Taxation charge
4,708,644
2,391,005
8
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Negative goodwill
9
(137,209)
-
Recognised in:
Administrative expenses
(137,209)
-
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 21 -
9
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 May 2023
Additions - business combinations
55,334
(1,408,321)
(1,352,987)
At 30 April 2024
55,334
(1,408,321)
(1,352,987)
Amortisation and impairment
At 1 May 2023
Amortisation charged for the year
55,334
(1,271,112)
(1,215,778)
Impairment losses
(137,209)
(137,209)
At 30 April 2024
55,334
(1,408,321)
(1,352,987)
Carrying amount
At 30 April 2024
At 30 April 2023
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
More information on impairment movements in the year is given in note 8.
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 22 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 May 2023
1,084,100
58,973
1,509,631
62,235
91,886
3,252,093
6,058,918
Additions
75,967
102,370
9,778
38,207
768,564
994,886
Business combinations
167
10,675
10,842
Disposals
(28,000)
(387,390)
(415,390)
At 30 April 2024
1,160,067
58,973
1,584,168
82,688
130,093
3,633,267
6,649,256
Depreciation and impairment
At 1 May 2023
5,328
21,230
786,741
15,418
20,405
1,360,347
2,209,469
Depreciation charged in the year
16,425
7,549
187,994
10,367
23,538
604,964
850,837
Eliminated in respect of disposals
(16,680)
(264,666)
(281,346)
At 30 April 2024
21,753
28,779
958,055
25,785
43,943
1,700,645
2,778,960
Carrying amount
At 30 April 2024
1,138,314
30,194
626,113
56,903
86,150
1,932,622
3,870,296
At 30 April 2023
1,078,772
37,743
722,890
46,817
71,481
1,891,746
3,849,449
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 23 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
1,084,100
1,305,584
15,759
3,224,303
5,629,746
Additions
75,967
78,901
6,000
768,564
929,432
Disposals
(28,000)
(365,240)
(393,240)
At 30 April 2024
1,160,067
1,356,485
21,759
3,627,627
6,165,938
Depreciation and impairment
At 1 May 2023
5,328
659,066
1,935
1,350,656
2,016,985
Depreciation charged in the year
16,425
164,123
2,824
602,109
785,481
Eliminated in respect of disposals
(16,680)
(252,120)
(268,800)
At 30 April 2024
21,753
806,509
4,759
1,700,645
2,533,666
Carrying amount
At 30 April 2024
1,138,314
549,976
17,000
1,926,982
3,632,272
At 30 April 2023
1,078,772
646,518
13,824
1,873,647
3,612,761
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
64,002
50,125
64,002
50,125
Motor vehicles
86,409
160,522
86,409
160,522
150,411
210,647
150,411
210,647
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
14,800
100
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
11
Fixed asset investments
(continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
100
Additions
14,700
At 30 April 2024
14,800
Carrying amount
At 30 April 2024
14,800
At 30 April 2023
100
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
Heneghan & Sons Limited
Unit 3, Landmark Court, Leeds, England, LS11 8JT
Civil engineering
Ordinary
100.00
A1 Traffic Management Limited
Unit 3, Landmark Court, Leeds, England, LS11 8JT
Specialised construction
Ordinary
100.00
Heneghan Comms Limited
Unit 3, Landmark Court, Leeds, England, LS11 8JT
Civil engineering
Ordinary & B Ordinary
100.00
Utilise-App Limited
Unit 3, Landmark Court, Leeds, England, LS11 8JT
Software development
Ordinary
100.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Stock and work in progress
340,439
901,235
-
-
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 25 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
754,412
4,948,529
10,429
Corporation tax recoverable
4,245
Amounts owed by group undertakings
-
-
2,644,648
-
Other debtors
783,736
3,613,992
6,186
1,319,717
Prepayments and accrued income
4,458,211
2,604,725
61,539
56,467
6,000,604
11,167,246
2,722,802
1,376,184
Amounts falling due after more than one year:
Deferred tax asset (note 18)
11,847
Total debtors
6,012,451
11,167,246
2,722,802
1,376,184
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
64,078
140,394
64,078
140,394
Trade creditors
2,110,554
2,390,594
52,945
51,644
Amounts owed to group undertakings
5,143,823
Corporation tax payable
3,408,997
2,134,997
207,125
Other taxation and social security
276,072
1,117,018
-
15,410
Deferred income
19
4,290
4,290
Other creditors
701,078
1,606,332
11,260
Accruals and deferred income
1,832,907
1,578,817
8,397,976
8,968,152
5,472,261
218,708
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
71,107
8,631
71,107
8,631
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 26 -
17
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
64,078
140,394
64,078
140,394
In two to five years
71,107
8,631
71,107
8,631
135,185
149,025
135,185
149,025
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 32 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
723,219
647,088
-
-
Tax losses
-
-
11,753
-
Short term timing differences
(10,979)
-
94
-
712,240
647,088
11,847
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
674,541
605,935
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
647,088
605,935
Charge to profit or loss
49,684
68,606
Charge to equity
3,621
-
Liability at 30 April 2024
700,393
674,541
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 27 -
19
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
4,290
-
4,290
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
321,335
533,484
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.
21
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
215 (2023: 100) Ordinary shares of £1 each
215
100
0 (2023: 11) Ordinary A shares of £1 each
-
11
215
111
22
Acquisition of a business
On 7 March 2024 the group acquired 100 percent of the issued capital of A1 Traffic Management Limited.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
10,841
-
10,841
Trade and other receivables
2,279,449
-
2,279,449
Cash and cash equivalents
9,077
-
9,077
Trade and other payables
(1,147,170)
-
(1,147,170)
Deferred tax
(3,621)
-
(3,621)
Total identifiable net assets
1,148,576
-
1,148,576
Goodwill
(1,138,976)
Total consideration
9,600
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
22
Acquisition of a business
(continued)
- 28 -
The consideration was satisfied by:
£
Cash
9,600
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
1,276
Loss after tax
(120,827)
On 7 March 2024 the group acquired 100 percent of the issued capital of Heneghan Comms Limited.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Trade and other receivables
2,846,143
-
2,846,143
Cash and cash equivalents
142,382
-
142,382
Trade and other payables
(2,714,530)
-
(2,714,530)
Total identifiable net assets
273,995
-
273,995
Goodwill
(269,345)
Total consideration
4,650
The consideration was satisfied by:
£
Cash
4,650
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Loss after tax
(27)
23
Controlling party
The company's parent undertaking is Heneghan Trustees Limited, which is registered in England and Wales, its registered office is Unit 3 Landmark Court, Leeds, England, LS11 8JT.
The smallest and largest undertaking for which the company is a member and for which group financial statements are prepared is Heneghan Holdings Limited.
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 29 -
24
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
18,932,628
3,351,767
Adjustments for:
Taxation charged
275,731
295,677
Finance costs
7,031
11,542
Investment income
(18,815,572)
(3,186,230)
Gain on disposal of tangible fixed assets
(54,456)
(19,069)
Depreciation and impairment of tangible fixed assets
785,481
629,101
Movements in working capital:
(Increase)/decrease in debtors
(1,888,053)
307,855
Increase/(decrease) in creditors
5,118,454
(1,760,370)
Increase in deferred income
4,290
-
Cash generated from/(absorbed by) operations
4,365,534
(369,727)
25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
14,031,655
9,729,215
Adjustments for:
Taxation charged
4,708,644
2,391,005
Finance costs
113,046
16,418
Investment income
(206,517)
(23,166)
Gain on disposal of tangible fixed assets
(64,452)
(19,069)
Amortisation and impairment of intangible assets
(1,352,987)
-
Depreciation and impairment of tangible fixed assets
850,837
678,328
Movements in working capital:
Decrease in stocks
560,796
313,437
Decrease/(increase) in debtors
9,836,211
(5,949,109)
Decrease in creditors
(5,745,981)
(1,293,293)
Increase in deferred income
4,290
-
Cash generated from operations
22,735,542
5,843,766
Heneghan Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 30 April 2024
- 30 -
26
Analysis of changes in net debt - group
2024
£
Opening net funds/(debt)
Cash and cash equivalents
11,962,911
Obligations under finance leases
(149,025)
11,813,886
Changes in net debt arising from:
Cash flows of the entity
(3,830,726)
Acquisition and disposal of subsidiaries
(7,065)
Closing net funds/(debt) as analysed below
7,976,095
Closing net funds/(debt)
Cash and cash equivalents
8,111,280
Obligations under finance leases
(135,185)
7,976,095
27
Analysis of changes in net debt - company
2024
£
Opening net funds/(debt)
Cash and cash equivalents
815,591
Obligations under finance leases
(149,025)
666,566
Changes in net debt arising from:
Cash flows of the entity
(199,908)
Acquisition and disposal of subsidiaries
14,700
Closing net funds/(debt) as analysed below
481,358
Closing net funds/(debt)
Cash and cash equivalents
616,543
Obligations under finance leases
(135,185)
481,358
28
Company information
Heneghan Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3 Landmark Court, Revie Road, Beeston, Leeds, West Yorkshire, LS11 8JT.
The group consists of Heneghan Holdings Limited and all of its subsidiaries.
2024-04-302023-05-01falsefalseCCH SoftwareCCH Accounts Production 2024.310M HeneghanP W HeneghanP A HeneghanJ McDermottJ CookP W 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