Company registration number 06512836 (England and Wales)
LEN WRIGHT SALADS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
LEN WRIGHT SALADS LTD
COMPANY INFORMATION
Directors
I Torley
C Wright
L Wright
J Baybutt
M Blane
(Appointed 16 August 2024)
S Macleod
(Appointed 16 August 2024)
S Seaton
(Appointed 16 August 2024)
J Rawlinson
(Appointed 16 August 2024)
Company number
06512836
Registered office
Hazeldene Distribution Centre
Taylors Meanygate
Tarleton
Preston
Lancashire
PR4 6XB
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
Hazeldene Distribution Centre
Taylors Meanygate
Tarleton
Preston
Lancashire
PR4 6XB
Bankers
National Westminster Bank PLC
97 Fishergate
Preston
Lancashire
PR1 2AE
LEN WRIGHT SALADS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
LEN WRIGHT SALADS 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
2023/24 has been another busy year with LWS and other food manufacturers with continuing challenges of National Minimum wage and other inflationary cost increases in raw materials, supplies and energy impacted upon by a number of external factors including the continuing conflict in Ukraine/Russia. Inflation thankfully has dropped from the peak of 11.1% in October 2022 and reduced steadily since to 2.3% by April 2024. During the period the business saw an increase in turnover of 8.78% which is again a testament to the strength and efficiency of the company. Our customer feedback continues to show that the company continues to perform well in both the supply chain, service to customers and quality of products offered.
During the period, the company continued further investment in new production equipment, enabling increased productivity, efficiency without compromising on safety which allowed the company to expand on its current operations and will further increase turnover in the coming years.
The company has once again passed all of its external audits from BRC, Red Tractor, F2F, Leaf Marque along with all of the audits carried out by customers. The company was subjected to its annual ethical audit, which it met and again passed all the standards set down.
Principal risks and uncertainties
The business has limited control over the prices of raw materials and their availability and Minimum Wage. We have seen in the current year the impact of bad weather not just in the UK but also in Europe which has caused us to look at alternative suppliers to strengthen our supply chain. The ongoing conflict in Ukraine/Russia has also impacted the cost of some raw materials and the cost of Transport and Energy. This in turn affects the company’s sales both quantifiably and financially. Despite this, the directors remain confident that the company is in a good position and is introducing additional mixes and lines to the sales in order to counteract any decline in volumes. As usual the company’s focus remains strong by providing and meeting the customers’ needs within its varied business lines and its strong customer relationships. The company continues its expansion growing its own produce which will help to minimise crop related risk as well as expansion in sourcing produce from additional suppliers overseas further reducing any potential risks in the supply chain. |
Key performance indicators
As noted below, the financial key performance indicators monitored this year are sales values and gross margin due to significant investment and the continued expansion of the company. Other important financial key performance indicators are also noted above and include performance at all external audits in relation to the company's processes and procedures. All were passed with no issues noted.
2024 2023
Turnover £52.9m £48.6m
Growth rate 8.78% 5.38%
Gross profit £10.2m £8.6m
Gross profit margin 19.21% 17.80%
Future performance
During 2024/25 we will be investing in our site to not only expand our whole produce offering but also to provide the building block for future growth and further development. This year’s performance is testament to the hard work and dedication of our staff. We have no doubt there will be more changes in the years to come but we are equally confident in the skills and commitment of our employees to adapt and deliver for our customers and our shareholders during 2024/25 and beyond.
LEN WRIGHT SALADS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Section 172(1) Statement
The directors of Len Wright Salads Ltd consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1) (a) - (f) of the Companies Act 2006) in the decisions taken during the year ended 30 April 2024:
Our plan was designed to have a long term beneficial impact on the company and to contribute to its success in delivering a high quality of service across all areas of our business.
Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and well being of our team members is one of our primary considerations in the way we do business.
Engagement with suppliers and customers is key to our success. We meet with our key stakeholders regularly throughout the year and take appropriate action, where necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.
Our plan takes into account the impact of the company operations on the community, environment and our wider social responsibilities, in particular how we comply with environmental legislation, pursue waste saving opportunities and react promptly to local community concerns.
Our intention is to behave responsibly and ensure that management operate the business in a responsible manner. Operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our responsible behaviour.
I Torley
Director
30 January 2025
LEN WRIGHT SALADS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. 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:
I Torley
C Wright
L Wright
J Baybutt
M Blane
(Appointed 16 August 2024)
S Macleod
(Appointed 16 August 2024)
S Seaton
(Appointed 16 August 2024)
J Rawlinson
(Appointed 16 August 2024)
Financial instruments
Treasury operations and financial instruments
The company operates a treasury function which is responsible for managing the liquidity, interest, foreign currency and credit risks associated with the company’s activities.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
LEN WRIGHT SALADS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Business relationships
| Why it is important to engage | | Stakeholders key interest |
| Engagement with our customers enables us to understand our customers’ needs, empowers us to deliver relevant produce along with an excellent level of service whilst retaining existing customers and attracting new ones. | Social media, website and satisfaction surveys. Regular meetings to build long-term relationships and product updates. | Availability of a range of products and prices. |
| Our employees are fundamental in delivering the customer experience and the key to our business success. | Recognition and reward environment, regular training and apprenticeship programmes along with bonus schemes. Group forums and completion of annual surveys. | Career progression, remuneration and benefits, training and development, employee interaction and well-being. |
| Engagement with our supply chain ensures that we are able to supply our customers with the products they desire whilst maintaining supply security as much as possible. | Regular supplier meetings, in some cases daily, and discussions to enable us to build long term relationships and assess continuity and security of supply. | Logistical efficiencies, cost efficiencies, maintenance of quality product supply and good working relationships. |
| Policies and regulatory changes may provide opportunities or pose risks to our operations. | Engaging with HMRC and HSE etc. Submission of tax returns and payment of all taxes. | Payment of the correct tax at the correct times. Compliance with laws and regulations. |
Future developments
The company continues to aim for consistent growth in revenues and profits.
Auditor
The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 May 2023 to 30 April 2024, pursuant to the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the Government's Streamlined Energy and Carbon Reporting (SECR) policy.
The statement of carbon emissions is in compliance with Streamlined Energy and Carbon Reporting (SECR) covering energy use and associated greenhouse gas emissions relating to gas, electricity and transport, intensity ratios and information relating to energy efficiency actions.
We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.
The table below provides a summary of all energy consumption for the relevant scope and associated carbon emissions.
LEN WRIGHT SALADS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
4,498,430
4,017,316
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
211.54
20.02
- Fuel consumed for owned transport
8.13
7.86
219.67
27.88
Scope 2 - indirect emissions
- Electricity purchased
345.59
500.94
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
565.26
528.82
Intensity ratio
Tonnes CO2e per average employee
2.6
2.6
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.
Measures taken to improve energy efficiency
We have installed 100kw PV solar energy panels and are in negotiations to install a further 600Kwh. We have replaced our lighting throughout the building with LED lighting and we have installed a number of electric vehicle hook-up points. We monitor and promote car sharing with staff who travel by car to work. We are reducing water consumption by installing remote electronic measuring equipment. We have engaged a consultancy company, “Made Smarter”, who provide assistance with manufacturers to develop technology to improve efficiency in their processes.
We are also in the process of utilising Heat produced by our on site CHP which will be used to provide heat and hot water across the site including our two houses – thus reducing use of Gas for heating and hot water.
LEN WRIGHT SALADS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
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
I Torley
Director
30 January 2025
LEN WRIGHT SALADS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEN WRIGHT SALADS LTD
- 7 -
Opinion
We have audited the financial statements of Len Wright Salads Ltd (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
LEN WRIGHT SALADS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEN WRIGHT SALADS LTD (CONTINUED)
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement included within the directors' report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Companies Act 2006, UK tax, employment and pension law, food and hygiene and Health & Safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
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 management bias in accounting estimates and judgements and risk of fraudulent revenue recognition.
LEN WRIGHT SALADS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEN WRIGHT SALADS LTD (CONTINUED)
- 9 -
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management about actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions;
reviewed post year end documentation and transactions surrounding the year end to ensure cut-off has been correctly applied; and
in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.
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 Atkinson F.C.A.
Senior Statutory Auditor
For and on behalf of JS. Audit Limited
30 January 2025
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
LEN WRIGHT SALADS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
52,864,837
48,597,379
Cost of sales
(42,709,198)
(39,948,452)
Gross profit
10,155,639
8,648,927
Administrative expenses
(8,928,492)
(6,846,738)
Other operating income
265,148
127,620
Operating profit
4
1,492,295
1,929,809
Interest receivable and similar income
8
40,986
8,296
Interest payable and similar expenses
9
(471,590)
(392,389)
Profit before taxation
1,061,691
1,545,716
Tax on profit
10
(20,319)
(384,047)
Profit for the financial year
1,041,372
1,161,669
The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.
LEN WRIGHT SALADS LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
10,279,170
12,903,787
Investments
13
119,729
119,729
10,398,899
13,023,516
Current assets
Stocks
15
1,438,493
1,096,676
Debtors
16
5,428,501
5,044,074
Cash at bank and in hand
2,861,231
1,395,114
9,728,225
7,535,864
Creditors: amounts falling due within one year
17
(7,644,587)
(7,000,458)
Net current assets
2,083,638
535,406
Total assets less current liabilities
12,482,537
13,558,922
Creditors: amounts falling due after more than one year
18
(4,342,103)
(5,588,193)
Provisions for liabilities
Deferred tax liability
21
13,487
703,238
(13,487)
(703,238)
Government grants
22
(1,246,309)
(1,428,225)
Net assets
6,880,638
5,839,266
Capital and reserves
Called up share capital
24
1
1
Share premium account
25
1,200,000
1,200,000
Capital redemption reserve
25
4,001
4,001
Profit and loss reserves
25
5,676,636
4,635,264
Total equity
6,880,638
5,839,266
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:
I Torley
Director
Company registration number 06512836 (England and Wales)
LEN WRIGHT SALADS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
1
1,200,000
4,001
4,723,595
5,927,597
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
1,161,669
1,161,669
Dividends
11
-
-
-
(1,250,000)
(1,250,000)
Balance at 30 April 2023
1
1,200,000
4,001
4,635,264
5,839,266
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
1,041,372
1,041,372
Balance at 30 April 2024
1
1,200,000
4,001
5,676,636
6,880,638
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
1
Accounting policies
Company information
Len Wright Salads Ltd is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Hazeldene Distribution Centre, Taylors Meanygate, Tarleton, Preston, Lancashire, PR4 6XB.
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 £.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Len Wright Salads Group Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus 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 the sale of packaged fresh produce provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from 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.
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum straight line basis
Plant and machinery
10% to 33% per annum straight line basis
Fixtures, fittings & equipment
20% and 33% per annum straight line basis
Motor vehicles
25% per annum reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in unlisted investments 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.
1.6
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.
1.7
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.
1.8
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.
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
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.
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.
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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.
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Income from the Coronavirus Job Retention Scheme is included within other operating income and is accounted for on a receivable basis.
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.
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider there to be the following area of significant estimation:
Estimated useful lives and residual value of fixed assets - depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Produce sales
47,568,864
43,519,603
Handling, distribution and transport
5,295,973
5,077,776
52,864,837
48,597,379
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
50,595,519
47,576,358
Europe
2,269,318
1,021,021
52,864,837
48,597,379
2024
2023
£
£
Other significant revenue
Interest income
40,986
8,296
Grants received
181,915
53,412
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(31,528)
(30,503)
Government grants
(181,915)
(53,412)
Depreciation of owned tangible fixed assets
3,061,619
1,398,300
Depreciation of tangible fixed assets held under finance leases
-
1,874
Profit on disposal of tangible fixed assets
-
(10,890)
Operating lease charges
29,000
36,844
The depreciation has increased in the year due to a change in estimate. The Directors have revised the useful economic life of factory machinery to between 3 and 10 years straight line. This is based on previous experience of replacing and repairing machinery which indicated that the policy previously in place should be revised to reflect the more accurate life of assets held.
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,500
14,925
For other services
Taxation compliance services
2,000
1,800
Other taxation services
10,000
All other non-audit services
5,500
9,035
7,500
20,835
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration
33
33
Production
184
173
Total
217
206
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
6,684,734
5,952,102
Social security costs
610,379
549,504
Pension costs
166,358
159,086
7,461,471
6,660,692
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
155,841
223,303
Company pension contributions to defined contribution schemes
31,666
23,660
187,507
246,963
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
98,444
Company pension contributions to defined contribution schemes
n/a
18,553
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
40,986
8,296
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
215,395
136,153
Interest on finance leases and hire purchase contracts
547
578
Other interest
255,648
255,658
471,590
392,389
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
754,465
213,422
Adjustments in respect of prior periods
(44,395)
18,187
Total current tax
710,070
231,609
Deferred tax
Origination and reversal of timing differences
(458,329)
152,438
Adjustment in respect of prior periods
(231,422)
Total deferred tax
(689,751)
152,438
Total tax charge
20,319
384,047
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
1,061,691
1,545,716
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
265,423
301,415
Tax effect of expenses that are not deductible in determining taxable profit
59,728
22,690
Tax effect of income not taxable in determining taxable profit
(10,818)
(21,340)
Adjustments in respect of prior years
(44,395)
Group relief
(69,226)
Depreciation on assets not qualifying for tax allowances
51,029
31,182
Under/(over) provided in prior years
18,187
Deferred tax adjustments in respect of prior years
(231,422)
Effect of change in tax rate
31,913
Taxation charge for the year
20,319
384,047
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 22 -
A UK corporation tax rate of 25% was announced in the Chancellor’s Budget of 3 March 2021. The 25% rate applied from April 2023 and deferred tax has been calculated at this rate.
11
Dividends
2024
2023
£
£
Interim paid
1,250,000
12
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
8,205,836
9,661,673
724,631
1,141,553
19,733,693
Additions
8,750
422,131
6,121
437,002
At 30 April 2024
8,214,586
10,083,804
730,752
1,141,553
20,170,695
Depreciation and impairment
At 1 May 2023
959,527
5,053,164
497,495
319,720
6,829,906
Depreciation charged in the year
164,292
2,584,604
88,515
224,208
3,061,619
At 30 April 2024
1,123,819
7,637,768
586,010
543,928
9,891,525
Carrying amount
At 30 April 2024
7,090,767
2,446,036
144,742
597,625
10,279,170
At 30 April 2023
7,246,309
4,608,509
227,136
821,833
12,903,787
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
£
£
Plant and machinery
6,560
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
80
80
Unlisted investments
119,649
119,649
119,729
119,729
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
14
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
T. Wilson & Sons (Transport) Limited
Hazeldene Distribution Centre Taylors Meanygate, Tarleton, Preston, England, PR4 6XB
Haulage
Ordinary
100.00
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,438,493
1,096,676
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,950,225
3,720,517
Other debtors
1,158,458
1,135,001
Prepayments and accrued income
319,818
188,556
5,428,501
5,044,074
The movement on the debtor provisions in the year was:
2024
2023
£
£
Balance at 1 May
6,298
99,220
Provided in the year
82,553
3,069
Reversed in the year
(76,467)
(95,991)
Balance at 30 April
12,384
6,298
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
959,914
912,896
Obligations under finance leases
20
3,743
Other borrowings
19
253,546
301,884
Trade creditors
3,323,688
3,906,142
Amounts owed to group undertakings
80
80
Corporation tax
754,465
213,422
Other taxation and social security
87,780
108,759
Other creditors
1,265
1,743
Accruals
2,263,849
1,551,789
7,644,587
7,000,458
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
4,071,740
5,085,883
Other borrowings
19
270,363
502,310
4,342,103
5,588,193
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,113,560
1,485,963
19
Loans and overdrafts
2024
2023
£
£
Bank loans
5,031,654
5,991,569
Bank overdrafts
7,210
Other loans
523,909
804,194
5,555,563
6,802,973
Payable within one year
1,213,460
1,214,780
Payable after one year
4,342,103
5,588,193
Bank loans and overdrafts and certain other loans are secured by way of a fixed and floating charge over the assets of the company. The bank loans are due to be repaid in full by 2038 and have an interest rate of 2.05% over base or 4.5% fixed. The other loans have an interest rate of 4.75% fixed.
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
3,743
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. 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.
Obligations under finance leases are secured upon the assets to which they relate.
21
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
26,200
703,238
Short term timing differences
(12,713)
-
13,487
703,238
2024
Movements in the year:
£
Liability at 1 May 2023
703,238
Credit to profit or loss
(689,751)
Liability at 30 April 2024
13,487
The deferred tax liability set out above is expected to reverse within 4 years and relates to accelerated capital allowances that are expected to mature within the same period.
22
Government grants
2024
2023
£
£
Arising from government grants
1,246,309
1,428,225
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
166,358
159,086
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.
At the reporting date there were outstanding contributions amounting to £3,651 (2023: £2,871).
24
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
136 Ordinary shares of 1p each
1
1
25
Reserves
Capital redemption reserve
The capital redemption reserve relates to the reserves relating to the redemption of shares in previous periods.
Profit and loss reserves
Profit and loss account - includes all current and prior year retained profit and losses.
Share premium account
Share premium account - represents the amount received for the sale of shares in the company above their nominal value.
26
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
21,855
11,029
Between two and five years
38,246
60,101
11,029
LEN WRIGHT SALADS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
269,433
205,888
2,503,477
2,462,435
The other related parties disclosed are entities connected by virtue of common directors.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
100,829
245,435
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
19,232
61,601
28
Ultimate controlling party
The ultimate parent company is Len Wright Salads Group Limited.
Len Wright Salads Group Limited is the smallest and largest group into which the company is consolidated. Len Wright Salads Group Limited prepares consolidated financial statements including the financial statements of this company and these are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
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