Company Registration No. SC300196 (Scotland)
M & H LOGISTICS (GLASGOW) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
M & H LOGISTICS (GLASGOW) LIMITED
COMPANY INFORMATION
Directors
T Wotherspoon
T Marley
Secretary
T Marley
Company number
SC300196
Registered office
130 Cambuslang Road
Glasgow
United Kingdom
G32 8NB
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
M & H LOGISTICS (GLASGOW) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
M & H LOGISTICS (GLASGOW) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Fair review of the business
The directors of the business are pleased with the outturn for the year to 30 April 2024.
We believe that our plan for the period has been well executed and within expectation.
The focus of the directors and management team has been to consolidate its customer base towards those which offer a sensible margin, strong creditworthiness and a sustainable, long term approach to working together.
Market conditions were reasonably stable and trading conditions were therefore supportive to most in the sector. Our vehicle fleet and profile remains capable of delivering the business needs and our overall staff numbers are stable with low turnover of employees in the business.
Administration costs incurred during the year have increased significantly due to some unexpected costs that are not expected to recur. The directors will continue to closely monitor the level of expenditure across the business.
The directors see some market headwinds coming in the year ahead. Our strategy for managing those headwinds is to continue operating with low levels of debt and capital commitments, to allow the business to remain agile. Our customer base is largely counter cyclical and our intake on new customers is pre-vetted thoroughly to ensure we and the type of business that is aligned with management’s strategy.
The outlook for the year ahead remains a positive one for M&H Logistics (Glasgow) Limited and we expect to build upon the good work delivered by all of our people in this period.
Principal risks and uncertainties
The company continues to operate in a very competitive UK transport industry in which cost pressures and a shortage of experienced and qualified drivers continue to affect all participants. The directors believe the key risks facing the business are:
Pressure on margins due to industry-wide price competition
Shortage of experience and qualified drivers
Significant increase in fuel prices
Key performance indicators
The directors regularly review and consider the measures below:
Turnover - £10,919,884 (2023 - £9,166,857)
Gross Profit margin 24.8% (2023 - 23.8%)
Net profit before tax £63,570 (2023 - £52,415)
Net assets £960,303 (2023 - £1,280,609)
T Marley
Director
31 January 2025
M & H LOGISTICS (GLASGOW) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of freight transport by road.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £299,298. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
T Wotherspoon
T Marley
Post reporting date events
In September 2023 the company refinanced a bank loan due for repayment with a 5 year loan for £500,000. This loan is repayable in monthly instalments.
Auditor
Johnston Carmichael LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
T Marley
Director
31 January 2025
M & H LOGISTICS (GLASGOW) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
M & H LOGISTICS (GLASGOW) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M & H LOGISTICS (GLASGOW) LIMITED
- 4 -
Opinion
We have audited the financial statements of M & H Logistics (Glasgow) Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 30 April 2024 and of its loss 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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
M & H LOGISTICS (GLASGOW) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M & H LOGISTICS (GLASGOW) LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
The financial statements are not in agreement with the accounting records and returns; or
Certain disclosures of remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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, 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.
We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:
Companies Act 2006;
UK VAT and Corporation Tax legislation;
UK Generally Accepted Accounting Practice; and
Road Haulage Association regulations.
M & H LOGISTICS (GLASGOW) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M & H LOGISTICS (GLASGOW) LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections and relevant correspondence with regulatory bodies.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:
The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:
Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;
Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Performing audit procedures over the risk of revenue recognition and its inclusion within the financial statements, including performing sales cutoff testing ensuring transactions were recorded in the appropriate accounting period;
Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and
Agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
M & H LOGISTICS (GLASGOW) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M & H LOGISTICS (GLASGOW) LIMITED
- 7 -
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 Hamilton (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
31 January 2025
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
M & H LOGISTICS (GLASGOW) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,919,884
9,166,857
Cost of sales
(8,212,235)
(6,985,371)
Gross profit
2,707,649
2,181,486
Administrative expenses
(3,012,497)
(2,011,347)
Other operating income
411,156
263,942
Exceptional items
4
(357,594)
Operating profit
5
106,308
76,487
Interest payable and similar expenses
8
(42,738)
(24,072)
Profit before taxation
63,570
52,415
Tax on profit
9
(84,578)
(36,415)
(Loss)/profit for the financial year
(21,008)
16,000
The profit and loss account has been prepared on the basis that all operations are continuing operations.
M & H LOGISTICS (GLASGOW) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,549,636
1,694,311
Investment properties
12
1,109,731
326,753
Investments
13
49
49
2,659,416
2,021,113
Current assets
Debtors
15
2,384,299
2,323,040
Investments
16
37,713
37,713
Cash at bank and in hand
305,464
186,173
2,727,476
2,546,926
Creditors: amounts falling due within one year
17
(3,688,275)
(3,210,894)
Net current liabilities
(960,799)
(663,968)
Total assets less current liabilities
1,698,617
1,357,145
Creditors: amounts falling due after more than one year
Loans and overdrafts
19
341,667
Obligations under finance leases
20
28,405
(341,667)
(28,405)
Provisions for liabilities
Provisions
21
392,537
Deferred tax liability
22
4,110
48,131
(396,647)
(48,131)
Net assets
960,303
1,280,609
Capital and reserves
Called up share capital
24
100
100
Revaluation reserve
244,521
251,931
Profit and loss reserves
715,682
1,028,578
Total equity
960,303
1,280,609
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
T Marley
Director
Company Registration No. SC300196
M & H LOGISTICS (GLASGOW) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
100
259,341
1,271,636
1,531,077
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
16,000
16,000
Dividends
10
-
-
(266,468)
(266,468)
Other movements
-
(7,410)
7,410
-
Balance at 30 April 2023
100
251,931
1,028,578
1,280,609
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(21,008)
(21,008)
Dividends
10
-
-
(299,298)
(299,298)
Other movements
-
(7,410)
7,410
-
Balance at 30 April 2024
100
244,521
715,682
960,303
M & H LOGISTICS (GLASGOW) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,441,675
424,704
Interest paid
(42,738)
(24,072)
Income taxes refunded/(paid)
1
Net cash inflow from operating activities
1,398,938
400,632
Investing activities
Purchase of tangible fixed assets
(43,083)
(63,942)
Proceeds on disposal of tangible fixed assets
24,750
113,253
Purchase of investment property
(910,004)
(236,984)
Proceeds on disposal of investment property
600,000
Receipts arising from loans made
(288,219)
Net cash (used in)/generated from investing activities
(928,337)
124,108
Financing activities
Repayment of borrowings
(54,110)
Proceeds of new bank loans
36,184
-
Repayment of bank loans
-
(45,478)
Payment of finance leases obligations
(34,086)
(255,174)
Dividends paid
(299,298)
(266,468)
Net cash used in financing activities
(351,310)
(567,120)
Net increase/(decrease) in cash and cash equivalents
119,291
(42,380)
Cash and cash equivalents at beginning of year
186,173
228,553
Cash and cash equivalents at end of year
305,464
186,173
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information
M & H Logistics (Glasgow) Limited is a private company limited by shares incorporated in Scotland. The registered office is 130 Cambuslang Road, Glasgow, United Kingdom, G32 8NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year to 30 April 2024 the business strategically reviewed the operations of the business and exited poorly performing contracts. The directors are confident that the company will have continued access to sufficient working capital facilities in order to meet its obligations as they fall due within the next 12 months. The company's term loan was renewed in September 2023 for a 5 year period. The directors have satisfied themselves that the forecasted trading and current working capital facilities provide sufficient headroom for at least a period of 12 months. trueThus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the rendering of services, namely the provision of haulage services, is recognised by reference to the stage of completion of the service at the statement of financial position date.
1.4
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
Straight line over 44 years and 5 years
Property improvements
10% on cost
Plant and equipment
33% on cost
Fixtures and fittings
15% on cost/over the lease term
Office equipment
33% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 leases asset are consumed.
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful lives of fixed assets
Depreciation is provided based on an assessment of an assets useful life and its residual value at the end of that life. Both of these are assessed as key sources of estimation uncertainty.
Valuation of investment properties £1,110k (2023 - £327k)
The investment properties are measured at fair value. Any gains in the value are recognised within the profit and loss. The current value of the investment property recognised within the financial statements as per note 12.
Valuation of freehold properties £1,419k (2023 - £1,441k)
The freehold properties are measured at fair value at the reporting date, with changes in fair value recognised in other operating income and accumulated in the revaluation reserve.
There are no other judgements of estimation uncertainties that have significant effect on the amounts recognised in the financial statements.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Haulage
8,392,009
8,298,040
Pallets
2,527,875
868,817
10,919,884
9,166,857
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other significant revenue
Rent
284,130
263,942
Insurance proceeds
127,026
-
4
Exceptional items
2024
2023
£
£
Income
Exceptional item - Other operating income
127,026
-
Expenditure
Exceptional items
-
357,594
Exceptional items include insurance proceeds due for the recovery of the repair costs on one of the investment properties.
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,500
15,000
Depreciation of owned tangible fixed assets
142,685
166,899
Depreciation of tangible fixed assets held under finance leases
32,860
27,998
(Profit)/loss on disposal of tangible fixed assets
(12,537)
69,004
Operating lease charges
1,134,478
1,090,545
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management & adminstration
17
14
Drivers
39
38
Warehouse
11
13
Total
67
65
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,018,001
1,925,280
Social security costs
196,614
191,825
Pension costs
179,449
139,655
2,394,064
2,256,760
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
22,560
24,001
Company pension contributions to defined contribution schemes
120,000
80,000
142,560
104,001
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
33,512
22,875
Other finance costs:
Interest on finance leases and hire purchase contracts
8,220
413
Other interest
1,006
784
42,738
24,072
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
128,599
83,085
Deferred tax
Origination and reversal of timing differences
(44,021)
(46,670)
Total tax charge
84,578
36,415
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
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
63,570
52,415
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
15,893
10,216
Tax effect of expenses that are not deductible in determining taxable profit
21,348
9,501
Fixed asst differences
47,337
26,969
Remeasurement of deferred tax for changes in tax rates
(10,271)
Taxation charge for the year
84,578
36,415
10
Dividends
2024
2023
£
£
Interim paid
299,298
266,468
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
11
Tangible fixed assets
Freehold land and buildings
Property improvements
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 May 2023
1,899,382
151,101
26,275
198,869
94,345
407,690
2,777,662
Additions
25,080
4,245
6,919
6,839
43,083
Disposals
(32,569)
(32,569)
At 30 April 2024
1,924,462
151,101
30,520
205,788
101,184
375,121
2,788,176
Depreciation and impairment
At 1 May 2023
458,540
105,814
22,625
191,101
94,345
210,926
1,083,351
Depreciation charged in the year
47,211
17,870
5,065
5,268
2,280
97,851
175,545
Eliminated in respect of disposals
(20,356)
(20,356)
At 30 April 2024
505,751
123,684
27,690
196,369
96,625
288,421
1,238,540
Carrying amount
At 30 April 2024
1,418,711
27,417
2,830
9,419
4,559
86,700
1,549,636
At 30 April 2023
1,440,842
45,287
3,650
7,768
196,764
1,694,311
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
30,814
63,673
Freehold land and buildings with a carrying amount of £1,418,711 (2023 - £ 1,440,842) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings.
Land and buildings with a carrying amount of £1,401,954 were revalued on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors assess that the fair market value is not materially different from the carrying amount.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold land and buildings
2024
2023
£
£
Cost
1,457,857
1,432,777
Accumulated depreciation
(358,758)
(325,625)
Carrying value
1,099,099
1,107,152
12
Investment property
2024
£
Fair value
At 1 May 2023
326,753
Additions through external acquisition
910,004
Net gains or losses through fair value adjustments
(127,026)
At 30 April 2024
1,109,731
Investment property comprises of three residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
During the year the company acquired an additional investment property at a cost of £904,336 and additions of £5,668 were made to an existing property. No properties were sold in the year.
The fair value adjustment of £127,026 is in relation to an impairment to one of the properties due to damage caused by flooding. The property is due to be repaired post year-end and the costs incurred are to be recovered through insurance.
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in associates
14
49
49
14
Associates
Details of the company's associates at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Pachuco Limited
4d Auchingramont Road, Hamilton, ML3 6JT
Ordinary
49.00
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,568,711
1,335,248
Other debtors
449,624
736,801
Prepayments and accrued income
365,964
250,991
2,384,299
2,323,040
16
Current asset investments
2024
2023
£
£
Unlisted investments
37,713
37,713
Unlisted investments above comprise private registrations.
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
616,652
976,245
Obligations under finance leases
20
28,405
34,086
Trade creditors
1,723,090
1,280,018
Corporation tax
270,067
141,467
Other taxation and social security
315,915
316,533
Other creditors
377,469
229,090
Accruals and deferred income
356,677
233,455
3,688,275
3,210,894
Finance lease creditors are secured against the assets to which they relate.
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
341,667
Obligations under finance leases
20
28,405
341,667
28,405
Finance lease creditors are secured against the assets to which they relate.
19
Loans and overdrafts
2024
2023
£
£
Bank loans
958,319
976,245
Payable within one year
616,652
976,245
Payable after one year
341,667
The company's invoice discounting facility is secured by a charge over the company's debtor book.
Barclays Bank loan is secured by floating charges over the assets and undertakings of the company and a first legal charge over the company's property in Cambuslang in favour of the Barclays Bank plc. This loan was refinanced in September 2023 and has an expiry date of September 2028.
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
28,405
34,086
In two to five years
28,405
28,405
62,491
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Provisions for liabilities
2024
2023
£
£
Dilapidation provision
392,537
-
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Provisions for liabilities
(Continued)
- 25 -
Movements on provisions:
Dilapidation provision
£
Additional provisions in the year
392,537
Provisions relate to dilapidation costs on leasehold properties.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
25,390
52,046
Short-term timing differences
(21,280)
(3,915)
4,110
48,131
2024
Movements in the year:
£
Liability at 1 May 2023
48,131
Credit to profit or loss
(44,021)
Liability at 30 April 2024
4,110
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
179,449
139,655
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
964,743
435,289
Between two and five years
1,277,017
416,721
In over five years
245,595
2,487,355
852,010
Contingent rents recognised as income in the year amount to £284,130 (2023 - £263,942).
26
Related party transactions
At the balance sheet date debtors include £121,344, net of a provision for £339,707 recorded in the current year, (2023 - £415,749 gross and provision £nil) due from companies in which M & H Logistics (Glasgow) Limited have common directors. The amounts are interest free and have no fixed repayment date
At the balance sheet date creditors include £125,840 (2023 - £178,211) due to companies in which M & H Logistics (Glasgow) Limited have common directors. The amounts are interest free and have no fixed repayment date
27
Directors' transactions
Dividends totalling £299,298 (2023 - £266,468) were paid in the year in respect of shares held by the company's directors.
At 30 April 2024, a sum of £34,500 (2023 - nil) was due to a Trust in which the directors are trustees.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
T Wotherspoon -
-
193,259
(398,519)
(205,260)
T Marley -
-
94,961
57,835
152,796
288,220
(340,684)
(52,464)
28
Ultimate controlling party
The company was under the control of T Wotherspoon throughout the current and previous year by virtue of his interest in the issued share capital of the company.
M & H LOGISTICS (GLASGOW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
29
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(21,008)
16,000
Adjustments for:
Taxation charged
84,578
36,415
Finance costs
42,738
24,072
(Gain)/loss on disposal of tangible fixed assets
(12,537)
69,004
Depreciation and impairment of tangible fixed assets
175,545
194,897
Impairment of investment properties
127,026
-
Increase in provisions
392,537
218,000
Movements in working capital:
(Increase)/decrease in debtors
(61,259)
859,991
Increase/(decrease) in creditors
714,055
(993,675)
Cash generated from operations
1,441,675
424,704
30
Analysis of changes in net debt
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
186,173
119,291
305,464
Borrowings excluding overdrafts
(976,245)
17,926
(958,319)
Obligations under finance leases
(62,491)
34,086
(28,405)
(852,563)
171,303
(681,260)
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