Company registration number 13486187 (England and Wales)
R. ADAMS & SONS HOLDINGS LTD
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
R. ADAMS & SONS HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr M D Adams
Mr A P Adams
Company number
13486187
Registered office
The Timber Yard
Liveridge Hill
Stratford Road
Henley-In-Arden
Solihull
B95 5QS
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
34 Poplar Road
Solihull
West Midlands
B91 3AF
R. ADAMS & SONS HOLDINGS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 28
R. ADAMS & SONS HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Review of the business

The company's financial results for the year and its financial position at the year end can be found in the annexed

financial statements.

In summary, the group achieved a profit before taxation of £826,234 compared to £642,418 in the previous year. Turnover was £14,501,944 in 2024, an increase of £799,351 (5.8%) from 2023.

Cash funds held as at year end have decreased by £28,518 to £248,795.

The group balance sheet is showing net assets of £2,801,868 as at year end (2023 - £2,394,548).

The directors are satisfied with the trading results and the position of the company at the year end.

Principal risks and uncertainties

The directors consider that the principal risks and uncertainties of the business in the near future are from inflationary pressures relating to rising fuel prices and changes in interest rates. These risks are monitored regularly by senior management in order to minimise any impact. The directors are confident that these risks will be managed based on post year end trading.

Key performance indicators

The directors consider the key performance indicators to be gross profit margins, cash balances and net assets position on the balance sheet. Gross profit margin for 2024 is 13.1% (2023 - 11.5%).

The group endeavours to pay its suppliers within the agreed upon credit terms and as a consequence the group monitors their actual creditor days. Creditors days on average have decreased from 26 days in 2023 to 22 days in 2024. The average calculation basis will always be distorted by the impact of the timing of trading activity.

Future Developments

The directors aim to maintain the same management policies which have resulted in the company's performance to date.

On behalf of the board

Mr M D Adams
Mr A P Adams
Director
Director
30 January 2025
30 January 2025
R. ADAMS & SONS HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Principal activities

The principal activity of the company and group continued to be that of road haulage and building material aggregate sales.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £242,500. 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:

Mr M D Adams
Mr A P Adams
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.

R. ADAMS & SONS HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M D Adams
Mr A P Adams
Director
Director
30 January 2025
30 January 2025
R. ADAMS & SONS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R. ADAMS & SONS HOLDINGS LTD
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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:

R. ADAMS & SONS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R. ADAMS & SONS HOLDINGS LTD
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates and judgemental areas of the financial statements such as valuation of tangible fixed assets. Audit procedures performed included:

R. ADAMS & SONS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R. ADAMS & SONS HOLDINGS LTD
- 6 -

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the 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.

Peter Ormerod FCA
For and on behalf of
30 January 2025
Ormerod Rutter Limited
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
R. ADAMS & SONS HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
14,501,944
13,702,593
Cost of sales
(12,605,786)
(12,131,494)
Gross profit
1,896,158
1,571,099
Administrative expenses
(821,052)
(761,270)
Operating profit
4
1,075,106
809,829
Interest receivable and similar income
7
6,480
4,038
Interest payable and similar expenses
8
(255,352)
(171,449)
Profit before taxation
826,234
642,418
Tax on profit
9
(176,414)
(257,869)
Profit for the financial year
24
649,820
384,549
Profit for the financial year is all attributable to the owners of the parent company.
R. ADAMS & SONS HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1
1
Tangible assets
12
5,608,304
4,018,301
5,608,305
4,018,302
Current assets
Stocks
15
57,879
68,615
Debtors
16
2,550,709
2,838,948
Cash at bank and in hand
248,795
277,313
2,857,383
3,184,876
Creditors: amounts falling due within one year
17
(3,151,339)
(2,824,787)
Net current (liabilities)/assets
(293,956)
360,089
Total assets less current liabilities
5,314,349
4,378,391
Creditors: amounts falling due after more than one year
18
(1,611,512)
(1,258,961)
Provisions for liabilities
Deferred tax liability
21
900,969
724,882
(900,969)
(724,882)
Net assets
2,801,868
2,394,548
Capital and reserves
Called up share capital
23
200
200
Profit and loss reserves
24
2,801,668
2,394,348
Total equity
2,801,868
2,394,548

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mr M D Adams
Mr A P Adams
Director
Director
Company registration number 13486187 (England and Wales)
R. ADAMS & SONS HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
415,248
-
0
Investments
13
100
100
415,348
100
Current assets
Debtors
16
685,968
738,031
Cash at bank and in hand
100
100
686,068
738,131
Creditors: amounts falling due within one year
17
(1,205)
(1,324)
Net current assets
684,863
736,807
Net assets
1,100,211
736,907
Capital and reserves
Called up share capital
23
200
200
Profit and loss reserves
24
1,100,011
736,707
Total equity
1,100,211
736,907

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £605,804 (2023 - £383,509 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mr M D Adams
Mr A P Adams
Director
Director
Company registration number 13486187 (England and Wales)
R. ADAMS & SONS HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
200
2,273,799
2,273,999
Year ended 30 April 2023:
Profit and total comprehensive income
-
384,549
384,549
Dividends
10
-
(264,000)
(264,000)
Balance at 30 April 2023
200
2,394,348
2,394,548
Year ended 30 April 2024:
Profit and total comprehensive income
-
649,820
649,820
Dividends
10
-
(242,500)
(242,500)
Balance at 30 April 2024
200
2,801,668
2,801,868
R. ADAMS & SONS HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,939,777
1,658,681
Interest paid
(255,352)
(171,449)
Income taxes paid
-
0
(569)
Net cash inflow from operating activities
1,684,425
1,486,663
Investing activities
Purchase of tangible fixed assets
(684,569)
(161,404)
Proceeds from disposal of tangible fixed assets
96,250
377,801
Repayment of loans
123,214
(166,585)
Interest received
6,480
4,038
Net cash (used in)/generated from investing activities
(458,625)
53,850
Financing activities
Proceeds from new bank loans
250,000
-
Repayment of bank loans
(54,925)
(9,685)
Payment of finance leases obligations
(1,205,582)
(1,056,234)
Dividends paid to equity shareholders
(242,500)
(264,000)
Net cash used in financing activities
(1,253,007)
(1,329,919)
Net (decrease)/increase in cash and cash equivalents
(27,207)
210,594
Cash and cash equivalents at beginning of year
243,196
32,602
Cash and cash equivalents at end of year
215,989
243,196
Relating to:
Cash at bank and in hand
248,795
277,313
Bank overdrafts included in creditors payable within one year
(32,806)
(34,117)
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

R. Adams & Sons Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Timber Yard, Liveridge Hill, Stratford Road, Henley-In-Arden, Solihull, B95 5QS.

 

The group consists of R. Adams & Sons Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

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.

R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company R. Adams & Sons Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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

 

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

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

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.

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.

 

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.

R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.7
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
Nil depreciation
Improvements to property
10% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
15% on 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.

1.8
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.

R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.9
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.

1.10
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.

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.

1.11
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.

1.12
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.

R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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.

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.

R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.13
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.

1.14
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.

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.

R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.15
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.

1.16
Retirement benefits

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

1.17
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Haulage Sales
11,986,843
11,310,777
Yard Sales
2,149,033
2,078,240
Crushed Brick Sales
73,916
73,143
Other
292,152
240,433
14,501,944
13,702,593
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,501,944
13,702,593
2024
2023
£
£
Other revenue
Interest income
6,480
4,038
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
3,150
-
Depreciation of owned tangible fixed assets
171,839
687,096
Depreciation of tangible fixed assets held under finance leases
633,486
-
Profit on disposal of tangible fixed assets
(38,254)
(2,003)
Operating lease charges
181,634
474,378
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,150
-
Audit of the financial statements of the company's subsidiaries
12,600
15,000
15,750
15,000
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Drivers
52
52
-
-
Office
6
9
-
-
Workshop
4
3
-
-
Yard
1
1
-
-
Total
63
65
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,764,783
2,731,016
-
0
-
0
Social security costs
287,528
287,247
-
-
Pension costs
117,024
100,450
-
0
-
0
3,169,335
3,118,713
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,526
706
Other interest income
954
3,332
Total income
6,480
4,038
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
6,194
3,344
Interest on invoice finance arrangements
89,704
70,757
Interest on finance leases and hire purchase contracts
159,454
97,348
Total finance costs
255,352
171,449
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
176,414
257,869

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
826,234
642,418
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
206,559
122,059
Tax effect of expenses that are not deductible in determining taxable profit
7,045
131,029
Tax effect of income not taxable in determining taxable profit
(16,140)
(18,556)
Tax effect of utilisation of tax losses not previously recognised
-
0
(585)
Unutilised tax losses carried forward
111,203
-
0
Group relief
(2,176)
-
0
Permanent capital allowances in excess of depreciation
(130,077)
73,304
Other permanent differences
-
0
(49,382)
Taxation charge
176,414
257,869
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
242,500
264,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
68,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
67,999
Carrying amount
At 30 April 2024
1
At 30 April 2023
1
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Intangible fixed assets
(Continued)
- 22 -
12
Tangible fixed assets
Group
Freehold land and buildings
Improvements to property
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
-
0
334,186
593,880
140,140
5,568,193
6,636,399
Additions
415,248
9,905
12,265
27,651
1,988,255
2,453,324
Disposals
-
0
-
0
-
0
-
0
(176,500)
(176,500)
At 30 April 2024
415,248
344,091
606,145
167,791
7,379,948
8,913,223
Depreciation and impairment
At 1 May 2023
-
0
213,135
401,419
109,331
1,894,213
2,618,098
Depreciation charged in the year
-
0
30,368
49,989
10,113
714,855
805,325
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(118,504)
(118,504)
At 30 April 2024
-
0
243,503
451,408
119,444
2,490,564
3,304,919
Carrying amount
At 30 April 2024
415,248
100,588
154,737
48,347
4,889,384
5,608,304
At 30 April 2023
-
0
121,051
192,461
30,809
3,673,980
4,018,301
Company
Freehold land and buildings
£
Cost
At 1 May 2023
-
0
Additions
415,248
At 30 April 2024
415,248
Depreciation and impairment
At 1 May 2023 and 30 April 2024
-
0
Carrying amount
At 30 April 2024
415,248
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 23 -

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
40,254
53,672
-
0
-
0
Motor vehicles
4,334,191
3,033,216
-
0
-
0
4,374,445
3,086,888
-
-

Freehold land and buildings with a carrying amount of £415,248 (2023 - £Nil) have been pledged to secure borrowings of the group.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
100
Carrying amount
At 30 April 2024
100
At 30 April 2023
100
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
14
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
R. Adams & Sons Limited
(i)
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

(i)
The Timber Yard, Liveridge Hill Stratford Road, Henley In Arden, Solihull, B95 5QS
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
57,879
68,615
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,409,648
2,535,206
-
0
-
0
Corporation tax recoverable
21,823
21,823
-
0
-
0
Amounts owed by group undertakings
-
-
685,968
737,704
Other debtors
68,446
195,030
-
0
-
0
Prepayments and accrued income
50,792
86,562
-
0
-
0
2,550,709
2,838,621
685,968
737,704
Deferred tax asset (note 21)
-
0
327
-
0
327
2,550,709
2,838,948
685,968
738,031
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
82,806
44,008
-
0
-
0
Obligations under finance leases
20
1,312,953
947,365
-
0
-
0
Trade creditors
1,023,817
858,362
-
0
-
0
Other taxation and social security
262,695
213,649
-
-
Other creditors
439,179
731,505
134
463
Accruals and deferred income
29,889
29,898
1,071
861
3,151,339
2,824,787
1,205
1,324
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
179,167
24,201
-
0
-
0
Obligations under finance leases
20
1,432,345
1,234,760
-
0
-
0
1,611,512
1,258,961
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
229,167
34,092
-
0
-
0
Bank overdrafts
32,806
34,117
-
0
-
0
261,973
68,209
-
-
Payable within one year
82,806
44,008
-
0
-
0
Payable after one year
179,167
24,201
-
0
-
0

Bank loans at the beginning of the year were secured by way of a Government backed guarantee. During the year, a new loan was advanced to the company, secured over freehold land and buildings.

 

Other creditors includes amounts due under a factoring facility of £428,486 (2023 - £724,636). All monies due or to become due from the group to the factoring company, HSBC Invoice Finance (UK) Ltd, are secured against trade debtors and by the way of fixed and floating charges over the assets of the subsidiary company, R. Adams & Sons Limited.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,312,953
947,365
-
0
-
0
In two to five years
1,432,345
1,234,760
-
0
-
0
2,745,298
2,182,125
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery, and motor vehicles. 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 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
21
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
900,969
724,882
-
327
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
-
-
327
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 May 2023
724,555
(327)
Charge to profit or loss
176,414
327
Liability at 30 April 2024
900,969
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
117,024
100,450

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The company's commitments for defined contribution pension liabilities at the year end totalled £2,658 (2023 - £3,094).

R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
80
80
80
80
Ordinary A of £1 each
80
80
80
80
Ordinary Deferred of £1 each
20
20
20
20
Ordinary Preferred of £1 each
20
20
20
20
200
200
200
200

 

24
Reserves
Profit and loss reserves

Retained earnings represents accumulated realised profits less accumulated realised loss, net of dividends.

25
Controlling party

There is no ultimate controlling party.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
649,820
384,549
Adjustments for:
Taxation charged
176,414
257,869
Finance costs
255,352
171,449
Investment income
(6,480)
(4,038)
Gain on disposal of tangible fixed assets
(38,254)
(2,003)
Depreciation and impairment of tangible fixed assets
805,325
687,096
Movements in working capital:
Decrease/(increase) in stocks
10,736
(2,632)
Decrease/(increase) in debtors
164,698
(384,996)
(Decrease)/increase in creditors
(77,834)
551,387
Cash generated from operations
1,939,777
1,658,681
R. ADAMS & SONS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
27
Analysis of changes in net debt - group
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
277,313
(28,518)
-
248,795
Bank overdrafts
(34,117)
1,311
-
(32,806)
243,196
(27,207)
-
215,989
Borrowings excluding overdrafts
(34,092)
(195,075)
-
(229,167)
Obligations under finance leases
(2,182,125)
1,205,582
(1,768,755)
(2,745,298)
(1,973,021)
983,300
(1,768,755)
(2,758,476)
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