Company registration number SC686223 (Scotland)
G & A BARNIE GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
G & A BARNIE GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A Barnie
G Barnie
M M Barnie
R A Barnie
I D Roe
S A Gunn
D G McKiddie
P W Barclay
Company number
SC686223
Registered office
16 Carsegate Road South
Carsegate Industrial Estate
Inverness
Scotland
IV3 8LL
Auditor
Azets Audit Services
Titanium 1
King's Inch Place
Renfrew
Scotland
PA4 8WF
G & A BARNIE GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Group profit and loss account
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 40
G & A BARNIE GROUP 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.

 

G & A Barnie Group Holdings Limited operates from bases in Inverness, Elgin, Fort William, Stornoway, Wick, Aberdeen, Kirkwall, Perth and Livingston providing installation and maintenance services to a large customer base within industrial, commercial and domestic markets in the following disciplines:

 

Mechanical and Electrical

Plumbing

Gas and Oil Servicing

Sprinklers and Mist Systems

Fire and Security

CCTV

Door Access

Gates and Barriers

Air Ground Lighting Maintenance

Radar Installations

Renewable Technologies

 

The group's strategic objectives are to undertake profitable contracts for a diverse customer base utilising the extensive range of disciplines which the company has to offer.

Review of business

The board acknowledge the profits before tax of 3% of turnover achieved during the current year, which is an improvement on the prior year, as shown in the Profit and Loss account. This denotes a return to more stable trading conditions as the effects of inflationary pressures reduce. The group's trading subsidiary continues to deliver a diverse mix of projects across a wide customer base, with turnover increasing by 29% to £46.9m in the current year. Succession planning having, brought about the implementation of a management board, continues to identify dedicated, skilled individuals who may develop to become future management board members.

Principal risks and uncertainties

Principal risks to the group's trading subsidiary emanate from competitors securing major works at an uneconomic price. The group's trading subsidiary continues to submit competitive tenders in accordance with the its pricing policy with a view to maintaining profitability. In a fragile economy such as the Highlands and Islands which relies on publicly funded projects it is necessary to supplement local projects with contracts further afield. In order to mitigate this risk, the group continue to develop opportunities and deliver projects out with our usual geographic areas of business. The creation of Inverness and Cromarty Firth Green Freeport will provide a welcome boost to the local economy, whilst the developing distribution network for green energy throughout Scotland creates a range of opportunities.

Environmental, employee and social matters

The group takes its environmental responsibilities seriously and continues to install renewable technologies in their premises, actively seeking to reduce energy consumption; diversifying the vehicle fleet into hybrid and electric, whilst fulfilling its obligations under ISO14001 Environmental Management standard.

G & A BARNIE GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Employee information

The group issues notices providing information on matters of concern via the employee area of the group's website, this coupled with employee representation enhances communications across the branches; facilitating face to face consultation with concerned groups on significant matters affecting employment.

 

The recent introduction of GOALS: a platform by which employee performance can be reviewed and progression planned provides a clear route to promotion. The group continues to retain and develop a skilled workforce to meet market needs: this being underpinned by extensive apprenticeship and training programmes throughout the group.

 

Currently the management team meet and review/improve processes which underpin/affect group performance. Managers then involve other employees in varying roles to bring about improvements. From time to time the group gives employees the opportunity to purchase shares in response to demand.

 

During 2025 the group will hold another outdoor music festival in celebration of 40th year of business. This is being provided as entertainment for employees and their families in recognition of the acheivements of the last 4 decades.

 

Prior to Christmas employees are asked to nominate local charities to which the group may make donations. Employees vote and donations are distributed according to the voting result. Employees also organise charitable fundraising events in support of nominated charities.

Disabled persons

The group gives full and fair consideration to employment applications from disabled persons and fully examines retraining opportunities in the event that an employee becomes disabled and is no longer able to perform their previous function.

Key performance indicators

On a monthly basis we review the following costs as percentage of turnover and investigate any significant variances:

 

1) Purchases – direct cost of sales – expected 40%. The 2024 result is 40% (2023: 40%).

2) Wages – expected 40%. The 2024 result was 41% (2023: 43%).

3) Administration expenses (excluding payroll costs) – expected 12%. The 2024 result was 16% (2023: 18%).

 

The directors are pleased that these KPIs were broadly in line with the expectations and will look to improve the administration expenses KPI going forward.

 

We also monitor ongoing contracts, on a quarterly basis, to check that they are exceeding the minimum expected contribution to overhead of 20%. For the majority of our contracts we have met or exceed this KPI.

 

As a non-financial KPI, we also monitor staff turnover to try to identify when there may be internal or external factors causing employees to leave. If we identify certain trends then we can take any necessary action to try and reduce the rate of staff turnover. Headcount in the current year was 386, with 2023 being 340, showing a strong increase in staff numbers.

G & A BARNIE GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Promoting the success of the company

S172 statement

The directors have acted in a way that they considered to be most likely to promote the success of the group and in doing so had regard to:

 

a) The likely consequences of any decision in the long term

b) The interests of the group's employees

c) The need to foster the group's operations on the community and the environment

d) The impact of the group's operations on the community and the environment

e) The desirability of the group maintaining a reputation for high standards of business conduct, and

f) The need to act fairly as between members of the group

 

The group continues to develop a diverse customer base in its trading subsidiary who require the wide range of services offered both within our geographical location and much further afield, the delivery of which is dependent on the following:

 

1. Developing and retaining a highly skilled mobile workforce with the necessary knowledge and abilities to deliver first class product to the highest standards.

2. Sourcing products and services via a robust, reliable supply chain is key to achieving the above stategy; and

3. Engendering a relationship with clients where they are confident of the delivery of their project to their satisfaction. Working closely with clients, consultants and all stakeholders to achieve the desired outcome.

 

These measures are managed to come together, forming business relationships which flourish into partnering, or one to one arrangements as trust builds. This, while reducing emissions and energy consumption through continuing investment in electric/hybrid vehicles and the company’s programme of installing green technologies.

 

During recent years measures were implemented to plan succession, the aim of which was to ensure longevity of the group for years to come. Forward planning means that risks to the group are mitigated through full engagement and commitment of members of the management team, who recognise the impact that decisions have made on reputation and standing of the group when viewed by customers, suppliers, employees and the community and environment agencies.

The directors engage relevant stakeholds in decision making. High level communications through to on site decisions are arrived at through involvement of stakeholders at all levels. The group always seeks to make decisions which are benefical in the long term to itself, employees, customers, community and the environment while sustaining growth. Means of engagement range from formal meetings, daily dialogue have been used to seek opinion and vote on proposals.

 

All decisions reached include consideration fo the following standards:

 

ISO9001

ISO14001

ISO45000

 

Alongside the various regulations covering the full range of disciplines offered by the group.

During the course of management meetings strengths, weaknesses, opportunities and threats are analysed before embarking on a course of action. Reviews of future business currently secured and resource required for the delivery of these projects identifies peaks and dips in production.

 

Community engagement takes the form of charitable donations which are nominated and voted on by employees in each branch; sponsorship and liaising with Barnardos and MOD to provide work experience or indeed employment to individuals wishing to establish a career within the construction industry.

G & A BARNIE GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

Going forward we are engaged in several major projects spanning the next five years giving surety of employment. The group continues to grow and expects that trend to continue.

 

The group provides a fair, equal opportunities environment providing clear career path progression to its employees within GOALS framework; whilst rewarding performance with remuneration beyond industry norms and other enhanced terms and conditions.

 

The decision making process being informed by all of the above is reviewed through the medium of lessons learned forums, where further SWOT analysis take place. This in turn informs opinion, improves the quality of decisions reached, while providing a sound platform for robust interaction and continuous improvement in the future.

On behalf of the board

I D Roe
Director
30 January 2025
G & A BARNIE GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

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

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Barnie
G Barnie
M M Barnie
R A Barnie
I D Roe
S A Gunn
D G McKiddie
P W Barclay
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the group's performance.

Future developments

The directors will continue to look to grow turnover and profits through the securing of new contracts.

G & A BARNIE GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
6,013,168
5,545,273
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
52.00
47.00
- Fuel consumed for owned transport
1,248.00
1,175.00
1,300.00
1,222.00
Scope 2 - indirect emissions
- Electricity purchased
72.00
68.00
Scope 3 - other indirect emissions
- Business travel in employee-owned vehicles
3.00
16.00
Total gross emissions
1,375.00
1,306.00
Intensity ratio
in metric tonnes per £ turnover
0.000029
0.000036
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £ turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The installation of 250 additional solar PV panels and an LED replacement program in the head office buildings was well underway during 2023. We have also moved out of 2 older properties and into more energy efficient buildings. However, almost 90% of our carbon emissions are from fleet vehicles and we are still unable to make significant reductions here.

In the 2021 – 2022 report, the mileage conversion factor was used for transport. Since we have difficulty getting accurate mileage data, the diesel kWh conversion factor is now used instead. The 2021-2022 figures have been corrected accordingly to show the comparison to last year.

G & A BARNIE GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor 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 is aware of that information.

Auditor

In accordance with section 485 of the Companies Act 2006, a resolution proposing that Azets Audit Services be re-appointed will be put at a General Meeting.

On behalf of the board
I D Roe
Director
30 January 2025
G & A BARNIE GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G & A BARNIE GROUP HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of G & A Barnie Group Holdings Limited (the 'company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and 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 group's and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

G & A BARNIE GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G & A BARNIE GROUP HOLDINGS LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, 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 group's and 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 group or 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.

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.

G & A BARNIE GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G & A BARNIE GROUP HOLDINGS LIMITED
- 10 -

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

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

 

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

 

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

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

James McBride
For and on behalf of Azets Audit Services
31 January 2025
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
Scotland
PA4 8WF
G & A BARNIE GROUP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
as restated
Notes
£
£
Turnover
3
46,929,377
36,311,574
Cost of sales
(18,931,727)
(14,448,697)
Gross profit
27,997,650
21,862,877
Administrative expenses
(25,981,670)
(21,821,188)
Other operating income
13,282
16,096
Operating profit
6
2,029,262
57,785
Interest receivable and similar income
4,283
16,365
Interest payable and similar expenses
8
(587,668)
(372,602)
Profit/(loss) before taxation
1,445,877
(298,452)
Tax on profit/(loss)
9
(410,239)
(160,056)
Profit/(loss) for the financial year
22
1,035,638
(458,508)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
923,535
(484,542)
- Non-controlling interests
112,103
26,034
1,035,638
(458,508)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There is no other comprehensive income in the year or prior period.

 

The non-controlling interests share is 5% of G & A Barnie Group Limited's profit in the year.

The notes on pages 19 to 40 form part of these financial statements.

G & A BARNIE GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
10
4,350,207
4,986,824
Other intangible assets
10
51,115
50,506
Total intangible assets
4,401,322
5,037,330
Tangible assets
11
4,342,150
3,588,289
8,743,472
8,625,619
Current assets
Stocks
14
1,268,170
1,135,732
Debtors
15
11,098,890
8,804,276
Cash at bank and in hand
1,642,155
857,178
14,009,215
10,797,186
Creditors: amounts falling due within one year
16
(9,445,652)
(5,987,695)
Net current assets
4,563,563
4,809,491
Total assets less current liabilities
13,307,035
13,435,110
Creditors: amounts falling due after more than one year
17
(5,637,907)
(6,842,834)
Provisions for liabilities
Deferred tax liability
20
570,923
529,709
(570,923)
(529,709)
Net assets
7,098,205
6,062,567
Capital and reserves
Called up share capital
21
2,000
2,000
Share premium account
23
4,590,013
4,590,013
Profit and loss reserves
22
1,945,702
1,022,167
Equity attributable to owners of the parent company
6,537,715
5,614,180
Non-controlling interests
560,490
448,387
7,098,205
6,062,567
G & A BARNIE GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
I D Roe
Director
Company registration number SC686223 (Scotland)
G & A BARNIE GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
12
12,840,480
12,840,480
Current assets
Cash at bank and in hand
65,146
77,283
Creditors: amounts falling due within one year
16
(2,823,270)
(894,824)
Net current liabilities
(2,758,124)
(817,541)
Total assets less current liabilities
10,082,356
12,022,939
Creditors: amounts falling due after more than one year
17
(4,944,324)
(6,315,096)
Net assets
5,138,032
5,707,843
Capital and reserves
Called up share capital
21
2,000
2,000
Share premium account
23
4,590,013
4,590,013
Profit and loss reserves
22
546,019
1,115,830
Total equity
5,138,032
5,707,843

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £569,811 (2023 - £469,401 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
I D Roe
Director
Company registration number SC686223 (Scotland)
G & A BARNIE GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
2,000
4,590,013
1,843,404
6,435,417
422,353
6,857,770
Effect of change in accounting policy
-
-
(336,695)
(336,695)
-
(336,695)
As restated
2,000
4,590,013
1,506,709
6,098,722
422,353
6,521,075
Year ended 30 April 2023:
Loss and total comprehensive income
-
-
(484,542)
(484,542)
26,034
(458,508)
Balance at 30 April 2022 as restated
2,000
4,590,013
1,022,167
5,614,180
448,387
6,062,567
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
923,535
923,535
112,103
1,035,638
Balance at 30 April 2024
2,000
4,590,013
1,945,702
6,537,715
560,490
7,098,205
G & A BARNIE GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
2,000
4,590,013
983,124
5,575,137
Effect of change in accounting policy
-
-
(336,695)
(336,695)
As restated
2,000
4,590,013
646,429
5,238,442
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
469,401
469,401
Balance at 30 April 2023
2,000
4,590,013
1,115,830
5,707,843
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
(569,811)
(569,811)
Balance at 30 April 2024
2,000
4,590,013
546,019
5,138,032
G & A BARNIE GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,672,646
2,108,187
Interest paid
(587,668)
(372,602)
Income taxes paid
(30,402)
(600,001)
Net cash inflow from operating activities
3,054,576
1,135,584
Investing activities
Purchase of intangible assets
(37,002)
(33,916)
Purchase of tangible fixed assets
(1,394,149)
(691,966)
Proceeds from disposal of tangible fixed assets
27,438
41,474
Interest received
4,283
16,365
Net cash used in investing activities
(1,399,430)
(668,043)
Financing activities
Proceeds from borrowings
594,556
259,808
Repayment of borrowings
(1,170,793)
(746,249)
Proceeds from new bank loans
157,500
-
Payment of finance leases obligations
(451,432)
(747,836)
Net cash used in financing activities
(870,169)
(1,234,277)
Net increase/(decrease) in cash and cash equivalents
784,977
(766,736)
Cash and cash equivalents at beginning of year
857,178
1,623,914
Cash and cash equivalents at end of year
1,642,155
857,178
G & A BARNIE GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
1,099,601
(13,278)
Interest paid
(535,501)
(325,873)
Net cash inflow/(outflow) from operating activities
564,100
(339,151)
Investing activities
Dividends received
-
0
811,964
Net cash (used in)/generated from investing activities
-
811,964
Financing activities
Proceeds from borrowings
594,556
259,808
Repayment of borrowings
(1,170,793)
(746,249)
Net cash used in financing activities
(576,237)
(486,441)
Net decrease in cash and cash equivalents
(12,137)
(13,628)
Cash and cash equivalents at beginning of year
77,283
90,911
Cash and cash equivalents at end of year
65,146
77,283
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
1
Accounting policies
Company information

G & A Barnie Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is .

 

The group consists of G & A Barnie Group Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company G & A Barnie Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
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.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion. The group determines the stage of completion of a transaction or contract using surveys of work performed. 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.

1.6
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, which is 10 years.

 

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.

1.7
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.

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -

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
- 4 Years
1.8
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
- 1% straight line
Leasehold land and buildings
- Over lease period
Plant and equipment
- 15% reducing balance
Office equipment
- 25% reducing balance
Motor vehicles
- 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
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.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 23 -
1.13
Financial instruments

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

 

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

 

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

Basic financial assets

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

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 group 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 group after deducting all of its liabilities.

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 24 -
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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 25 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
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 board are satisfied that the accounting policies are appropriate and applied consistently. Key sources of estimation have been applied as follows:

 

Stock provision

 

Stocks are reviewed by the experienced team members, with any provisions being provided for when deemed appropriate.

 

Bad debt provision

 

Trade receivables are reviewed by the management team members, with any provisions being provided for when deemed appropriate.

 

Depreciation of fixed assets

 

The useful lives of property, plant and equipment are based on the knowledge of senior management , with reference to expected asset life cycles.

 

Investment in subsidiary

 

The investment in the subsidiary company is held at cost with impairment considered on an annual basis, considering the carrying value of G & A Barnie Group Limited as well as future expected performance.

 

Work in progress

 

Management bases its judgements of contract costs and revenues on the latest available information which includes contract valuations. The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. This stage of completion method places importance on accurate estimates of the extent of progress towards completion and may involve estimates on the scope of services required for fulfilling the contractual obligation.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sales
46,929,377
36,311,574
2024
2023
£
£
Turnover analysed by geographical market
UK
46,929,377
36,311,574
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
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
136
123
8
8
250
217
-
-
Total
386
340
8
8

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
17,007,259
13,694,402
-
0
-
0
Social security costs
1,683,787
1,443,665
-
-
Pension costs
399,194
458,478
-
0
-
0
19,090,240
15,596,545
-
0
-
0
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
874,951
844,938
Company pension contributions to defined contribution schemes
91,620
212,558
966,571
1,057,496
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
205,721
170,190
Company pension contributions to defined contribution schemes
18,000
38,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (2023 - 8).

 

The key management personnel are deemed to be directors. In addition to the emoluments above, there was employers NI costs of £113,808 (2023 - £106,123) to give total key management personnel remuneration of £1,084,759 (2023 - £1,126,492).

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
556,590
477,118
Depreciation of tangible fixed assets held under finance leases
428,966
448,923
Profit on disposal of tangible fixed assets
(9,282)
(21,559)
Amortisation of intangible assets
673,010
678,262
Operating lease charges
740,387
669,744
7
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
2,580
Audit of the financial statements of the company's subsidiaries
60,000
45,000
60,000
47,580

The audit fees applicable to G & A Barnie Group Holdings Limited is included in and paid by G & A Barnie Group Limited.

8
Interest payable and similar expenses
2024
2023
as restated
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
977
4,251
Other interest on financial liabilities
535,501
325,523
536,478
329,774
Other finance costs:
Interest on finance leases and hire purchase contracts
51,340
40,655
Other interest
(150)
2,173
Total finance costs
587,668
372,602
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
369,025
21,964
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
2024
2023
£
£
(Continued)
- 29 -
Deferred tax
Origination and reversal of timing differences
41,214
138,092
Total tax charge
410,239
160,056

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
as restated
£
£
Profit/(loss) before taxation
1,445,877
(298,452)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.35%)
361,469
(57,739)
Tax effect of expenses that are not deductible in determining taxable profit
5,810
-
0
Other movements
-
0
7,087
Depreciation & amortisation in excess of capital allowances
171,472
6,411
Deferred tax provision
41,214
138,092
Losses
(169,726)
3,229
Prior year adjustments
-
62,976
Taxation charge
410,239
160,056
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2023
6,366,158
145,819
6,511,977
Additions
-
0
37,002
37,002
At 30 April 2024
6,366,158
182,821
6,548,979
Amortisation and impairment
At 1 May 2022 as restated
1,379,334
95,313
1,474,647
Amortisation charged for the year
636,617
36,393
673,010
At 30 April 2024
2,015,951
131,706
2,147,657
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Intangible fixed assets
(Continued)
- 30 -
Carrying amount
At 30 April 2024
4,350,207
51,115
4,401,322
At 30 April 2022 as restated
4,986,824
50,506
5,037,330
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
-
0
1,121,867
994,541
253,428
2,790,265
5,160,101
Additions
241,738
628,406
111,945
20,375
755,109
1,757,573
Disposals
-
0
-
0
-
0
(2,789)
(34,904)
(37,693)
At 30 April 2024
241,738
1,750,273
1,106,486
271,014
3,510,470
6,879,981
Depreciation and impairment
At 1 May 2023
-
0
244,798
266,185
99,421
961,408
1,571,812
Depreciation charged in the year
202
174,263
126,044
43,072
641,975
985,556
Eliminated in respect of disposals
-
0
-
0
-
0
(697)
(18,840)
(19,537)
At 30 April 2024
202
419,061
392,229
141,796
1,584,543
2,537,831
Carrying amount
At 30 April 2024
241,536
1,331,212
714,257
129,218
1,925,927
4,342,150
At 30 April 2023
-
0
877,069
728,356
154,007
1,828,857
3,588,289
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
68,301
80,355
-
0
-
0
Motor vehicles
1,250,740
1,304,230
-
0
-
0
1,319,041
1,384,585
-
-
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
12,840,480
12,840,480
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
12,840,480
Carrying amount
At 30 April 2024
12,840,480
At 30 April 2023
12,840,480
13
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
G & A Barnie Group Ltd
16 Carsgate Road South, Inverness, IV3 8LL
Installation and
maintenance of services
relating to construction
and health & safety
Ordinary
95.00
Bar-Com (Inverness) Ltd
16 Carsgate Road South, Inverness, IV3 8LL
Dormant company
Ordinary
100.00
Bar-Tec (Scotland) Ltd
16 Carsgate Road South, Inverness, IV3 8LL
Dormant company
Ordinary
100.00
Bar-Res Ltd
16 Carsgate Road South, Inverness, IV3 8LL
Dormant company
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
G & A Barnie Group Ltd
10,450,446
2,242,065
Bar-Com (Inverness) Ltd
1
-
Bar-Tec (Scotland) Ltd
1
-
Bar-Res Ltd
1
-
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,268,170
1,135,732
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,351,844
4,951,784
-
0
-
0
Amounts recoverable under construction contracts
1,864,769
1,641,092
-
0
-
0
Corporation tax recoverable
-
0
67,634
-
0
-
0
Other debtors
580,574
391,202
-
0
-
0
Prepayments and accrued income
2,301,703
1,752,564
-
0
-
0
11,098,890
8,804,276
-
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
as restated
Notes
£
£
£
£
Bank loans
18
5,699
-
0
-
0
-
0
Obligations under finance leases
19
506,505
608,557
-
0
-
0
Other borrowings
18
1,623,927
829,392
1,623,927
829,392
Trade creditors
2,762,351
2,036,668
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
952,395
61,432
Corporation tax payable
270,989
-
0
-
0
-
0
Other taxation and social security
1,030,209
797,522
222,348
-
Other creditors
2,263,180
830,231
16,600
-
0
Accruals and deferred income
982,792
885,325
8,000
4,000
9,445,652
5,987,695
2,823,270
894,824
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 33 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
as restated
as restated
Notes
£
£
£
£
Bank loans and overdrafts
18
151,801
-
0
-
0
-
0
Obligations under finance leases
19
541,782
527,738
-
0
-
0
Other borrowings
18
4,944,324
6,315,096
4,944,324
6,315,096
5,637,907
6,842,834
4,944,324
6,315,096
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,540,775
2,335,310
1,540,775
2,335,310
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
157,500
-
0
-
0
-
0
Other borrowings
6,568,251
7,144,488
6,568,251
7,144,488
6,725,751
7,144,488
6,568,251
7,144,488
Payable within one year
1,629,626
829,392
1,623,927
829,392
Payable after one year
5,096,125
6,315,096
4,944,324
6,315,096

The group entered into a share purchase agreement on 26 February 2021 to the sum of £8,293,920. The loan notes are repayable in relevant proportions in relation to the deliverables of the agreement, paid in annual instalments and the applicable interest charged is on a variable rate basis.

In 2024 the subsidiary G & A Barnie Group Limited, received a bank loan of £157,500 from HSBC UK Bank PLC. The loan is repayable over 15 years and interest is charged at the Bank of England base rate plus 2.5%. The loan is secured by standard security over 28 Aird Crescent, Kirkhill, Inverness, IV5 7NA.

 

There is a Composite Company Limited Multilateral Guarantee dated 26 February 2021 given by KW1 (UK) Limited, G & A Barnie Group Limited, and G & A Barnie Group Holdings Limited.

There is also a first legal Scottish charge is dated 16 April 2024 and a floating charge dated 10 June 2015.

 

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 34 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
506,505
608,557
-
0
-
0
In two to five years
541,782
527,738
-
0
-
0
1,048,287
1,136,295
-
-

 

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
590,701
515,743
Retirement benefit obligations
(19,778)
13,966
570,923
529,709
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
529,709
-
Charge to profit or loss
41,214
-
Liability at 30 April 2024
570,923
-

 

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
800
900
800
900
Ordninary B shares of £1 each
1,200
1,100
1,200
1,100
2,000
2,000
2,000
2,000
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Share capital
(Continued)
- 35 -

During the year ended 30th April 2024, 100 ordinary A shares were converted into 100 ordinary B shares.

The "A" ordinary share and the "B" ordinary shares constitute different classes of shares, but rank equally in all respects, except to the entitlement to participate in dividend distributions. A dividend may be declared on the "B" ordinary shares to the exclusion of the "A" ordinary shares. Dividends at different rates may be declared on either both of the "A" ordinary shares and the "B" ordinary shares.

 

Both classes rank equally inrespect of voting rights and the right to distribution in the event of winding up. No redemption rights apply to either class of share.

22
Profit and loss reserves
Group
Company
2024
2023
2024
2023
as restated
as restated
£
£
£
£
At the beginning of the year
1,684,385
1,843,404
1,778,048
983,124
Prior year adjustment
(662,218)
(336,695)
(662,218)
(336,695)
As restated
1,022,167
1,506,709
1,115,830
646,429
Profit/(loss) for the year
923,535
(484,542)
(569,811)
469,401
At the end of the year
1,945,702
1,022,167
546,019
1,115,830

The revenue reserve includes all current and prior year retained profits or losses.

23
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
4,590,013
4,590,013
4,590,013
4,590,013

The share premium reserve includes all issued shares that have been cancelled.

G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 36 -
24
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
660,669
671,163
-
-
Between two and five years
2,443,806
2,499,773
-
-
In over five years
2,843,054
3,446,222
-
-
5,947,529
6,617,158
-
-

In addition to the above, the company entered into a 105-year lease in June 2013 in respect of ground rent for its Inverness depot. The company also entered into a 15-year lease in July 2015, extendable for 105 years from 2030, in respect of ground rent for its second Inverness depot, the current annual rent for both is £28,250.

 

25
Related party transactions
Key management personnel of the entity or its parent (in the aggregate)
2024
2023
£
£
Sales
15,926
3,939
Remuneration
1,084,759
1,126,492
Rent charged
-
1,781
Remuneration paid to family members of related party
85,845
69,245
Amount due to related party
7,622,484
6,539,799
Other related parties
2024
2023
£
£
Rent charged by associated undertaking
601,130
496,970
Rent charged
21,900
22,860
Remuneration paid to family members of related party
478,440
449,732
Amount due from related party
135,921
134,001
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 37 -
26
Directors' transactions

During the year the directors paid expenses on behalf of and introduced funds to the company totalling £937,894 (2023 - £5,898) and the company paid expenses on behalf of the directors totalling £4,194 (2023 - £2,910).

 

The amounts owed to the directors as at 30 April 2024 was £991,229 (2023 - £57,529), which is included in other creditors in the financial statements.

 

The loan to the directors have no fixed repayment terms and no interest is charged.

27
Controlling party

The directors of G & A Barnie Group Holdings Limited deem that there is no ultimate controlling party of the company and group.

28
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
1,035,638
(458,508)
Adjustments for:
Taxation charged
410,239
160,056
Finance costs
587,668
372,602
Investment income
(4,283)
(16,365)
Gain on disposal of tangible fixed assets
(9,282)
(21,559)
Amortisation and impairment of intangible assets
673,010
678,262
Depreciation and impairment of tangible fixed assets
985,556
926,041
Movements in working capital:
Increase in stocks
(132,438)
(310,593)
(Increase)/decrease in debtors
(2,362,248)
1,717,068
Increase/(decrease) in creditors
2,488,786
(938,817)
Cash generated from operations
3,672,646
2,108,187
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 38 -
29
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(569,811)
469,401
Adjustments for:
Finance costs
535,501
325,873
Investment income
-
0
(811,964)
Movements in working capital:
Increase in creditors
1,133,911
3,412
Cash generated from/(absorbed by) operations
1,099,601
(13,278)
30
Analysis of changes in net debt - group
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
857,178
784,977
-
1,642,155
Borrowings excluding overdrafts
(7,144,488)
418,737
-
(6,725,751)
Obligations under finance leases
(1,136,295)
451,432
(363,424)
(1,048,287)
(7,423,605)
1,655,146
(363,424)
(6,131,883)
31
Analysis of changes in net debt - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
77,283
(12,137)
65,146
Borrowings excluding overdrafts
(7,144,488)
576,237
(6,568,251)
(7,067,205)
564,100
(6,503,105)
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 39 -
32
Prior period adjustment
Reconciliation of changes in equity - group
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Adjustments to interest
(336,695)
(662,218)
Equity as previously reported
6,857,770
6,724,785
Equity as adjusted
6,521,075
6,062,567
Analysis of the effect upon equity
Profit and loss reserves
(336,695)
(662,218)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Adjustments to interest
(325,523)
Loss as previously reported
(132,985)
Loss as adjusted
(458,508)
Reconciliation of changes in equity - company
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Adjustments to interest
(336,695)
(662,218)
Equity as previously reported
5,575,137
6,370,061
Equity as adjusted
5,238,442
5,707,843
Analysis of the effect upon equity
Profit and loss reserves
(336,695)
(662,218)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Adjustments to interest
(325,523)
Profit as previously reported
794,924
Profit as adjusted
469,401
G & A BARNIE GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
32
Prior period adjustment
(Continued)
- 40 -
Notes to reconciliation

 

Adjustments to loan interest

In the period ended 30th April 2022, a restatement has occured as a result of unposted interest accrued on loan notes. This has increased other borrowings over 1 year from £5,652,878 to £5,989,573 and decreased profit for the period by £336,695. The subsequent effect on equity has decreased profit and loss reserves carried forward by £336,695.

 

In the year ended 30th April 2023, a restatement has occured as a result of unposted interest accrued on loan notes. This has increased other borrowings over 1 year from £5,989,573 (restated per above) to £6,315,096 and decreased profit for the year by £325,523. The subsequent effect on equity has decreased profit and loss reserves carried forward by £325,523

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