Company Registration No. SC179863 (Scotland)
CRAIG INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CRAIG INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
J Douglas Craig OBE, MA, CA, DHC (Chairman)
Jill MacDonald
Stephen McHardy
Steven Craig
Andrew Adams
Secretary
Ledingham Chalmers LLP
Company number
SC179863
Registered office
Johnstone House
52-54 Rose Street
Aberdeen
United Kingdom
AB10 1HA
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
United Kingdom
AB10 1YL
Bankers
HSBC
95-99 Union Street
Aberdeen
United Kingdom
AB11 6BD
CRAIG INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
CRAIG INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

 

Principal activity and fair review of the business

The company's principal activity during the year was as an international supply house providing procurement services to some of the largest energy companies both in the North Sea and across the world. Turnover for the year was £44.8million (2023 - £45.3 million) with an operating profit of £428k (2023 - £352k). At the year end, the company had net assets of £4.4 million (2023 - £4.4 million).

 

The company's strategy is to develop key relationships with large international customers with the goal of becoming a global partner and being the first contact for all of their supplies in our chosen international markets. The goods supplied to customers are generally high volume, low value items. It is therefore a key focus of management to ensure the service provided is ahead of our competitors and as efficient as possible.

 

The company is a subsidiary of Craig Group Limited. The company has a number of subsidiaries which operate in selected overseas locations. The overseas activities complement the UK business and use the same operating platforms to deliver client service. The results of Craig International Limited represent the company only and Craig Group Limited reports the consolidated results.

Principal risks and uncertainties

Market and economic risk

The principal risks to the business are the worldwide energy prices and government fiscal policies which directly impacts activity levels of the energy sector as well as other macro economic factors in our markets.

 

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses cash generated from operations, bank finance and short term directors' loans to provide adequate working and long term capital.

 

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 may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Development and performance

Future developments

The company continues to drive new and innovative processes which streamline the supply chain for its clients. The utilisation of AI technology and in-house IT developments are a key focus for the business ahead.

 

The retention of key contracts combined with new entrants into the energy sector and an increase in marine clients in the North Sea provide stability to the business. The company has further identified untapped opportunities with clients out with the energy industry which will future proof the business going forward.

 

Key performance indicators

The key performance indicators the directors monitor are turnover and operating profit and are as disclosed in the profit and loss account. In terms of the financial position, the directors consider debtors, net current assets and borrowing levels which are shown on the balance sheet and related notes.

 

Turnover for the year was £44.8 million (2023: £45.3m), and operating profit was £428k (2023: £352k). In terms of the financial position, the director considers debtors, net current assets and borrowing levels. At 30 April 2024, the company had debtors of £16.1m (2023: £17.1m), net current liabilities of £142k (2023: net current liabilities of £145k), bank finance of £8.3m (2023: £6.4m) and a loan from a director of £120k (2023: £468k).

 

The company measures on time delivery and win/loss ratio of quotes to improve performance and efficiency of its operations.

 

CRAIG INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Going concern

At 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, being a period of at least 12 months from the approval of the financial statements. In making this assessment, the Directors have reviewed sensitised trading and cashflow forecasts, which include consideration of the impact of the current economic environment on the business. The net current liability position is a result of intercompany creditor balances  which will not required to be repaid to the detriment of the company’s financial position.

 

On this basis, the Directors continue to adopt the going concern basis in preparing the financial statements.

Section 172(1) statement

This statement, is intended to show how the directors have approached and met their responsibilities under s172 Companies Act 2006 during the period. The statement has been prepared in response to the obligations as set out in the Companies (Miscellaneous Reporting) Regulations 2018, and the UK Corporate Governance Code 2018.

 

As required by s172 of the UK Companies Act 2006, a director of a company must act in a way they consider, is in good faith, and would most likely promote the success of the company for the benefit of its shareholders. In doing this, the directors must have regard, amongst other matters, to the:

 

 

Effective engagement with our key stakeholders is critical to the long-term success of the business. Dialogue with stakeholders assists in identifying the effects of group policies and practices, predicting future developments and trends and realigning strategy.

 

Shareholders

The chairman (ultimate shareholder) and Board have monthly meetings to discuss operations, new opportunities and general strategy for the company.

 

Workforce

The company is committed to being a responsible business, maintaining and improving the methods by which employees are involved and can contribute. The company's approach is to fully discuss any matters that may impact the employee’s interests, through regular staff communications and meetings.

 

Customers

The company is committed to developing and maintaining strong client relationships for the long term. Management engage with customers on regular basis, to assess activity levels and performance. Management embraces customer feedback regarding service and quality, which is given the highest priority, so enabling the company to provide a better all-round service.

 

Suppliers

The company are committed to developing and maintaining strong supplier relationships for the long term.

 

Community and the environment

The group constantly aims to provide added value while supplying goods to customers in a low carbon or carbon neutral way.

On behalf of the board

J Douglas Craig OBE, MA, CA, DHC (Chairman)
Director
CRAIG INTERNATIONAL LIMITED
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.

Branches

The results of the company include those from the company's branch in Oman.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid or declared (2023 - £nil).

Directors

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

J Douglas Craig OBE, MA, CA, DHC (Chairman)
Jill MacDonald
Stephen McHardy
Steven Craig
Andrew Adams
Auditor
The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and Carbon Reporting

The company has taken advantage of the Streamlined Energy and Carbon Reporting disclosure exemptions in preparing these financial statements, as permitted by The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 as this information is included in the Directors’ Report of Craig Group Limited, the immediate and ultimate parent undertaking.

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. It has done so in respect of future developments, financial risk management as well as engagement with suppliers, customers and others which have been covered as part of the Section 172(1) statement to the extent these are applicable.

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
J Douglas Craig OBE, MA, CA, DHC (Chairman)
Director
29 January 2025
CRAIG INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

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:

 

 

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.

CRAIG INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRAIG INTERNATIONAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Craig International Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, 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:

 

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 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.

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:

 

CRAIG INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAIG INTERNATIONAL LIMITED
- 6 -
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:

 

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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

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

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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

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

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

CRAIG INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAIG INTERNATIONAL LIMITED
- 7 -

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

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes. We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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.

Jenny Junnier (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
29 January 2025
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
CRAIG INTERNATIONAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
44,818,267
45,294,116
Cost of sales
(41,697,600)
(42,259,558)
Gross profit
3,120,667
3,034,558
Administrative expenses
(3,494,308)
(3,380,991)
Other operating income
801,614
698,900
Operating profit
4
427,973
352,467
Interest receivable and similar income
7
84,811
-
0
Interest payable and similar expenses
8
(489,743)
(268,404)
Profit before taxation
23,041
84,063
Tax on profit
9
(18,206)
(4,166)
Profit for the financial year
4,835
79,897

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

CRAIG INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
4,835
79,897
Other comprehensive (expenditure)/income
Currency translation differences
-
0
3,910
Total comprehensive income for the year
4,835
83,807
CRAIG INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
796,094
764,937
Investments
11
3,773,802
3,785,324
4,569,896
4,550,261
Current assets
Stocks
13
825,430
786,902
Debtors
14
16,085,755
17,093,924
Cash at bank and in hand
813,080
200,978
17,724,265
18,081,804
Creditors: amounts falling due within one year
15
(17,866,159)
(18,227,104)
Net current liabilities
(141,894)
(145,300)
Total assets less current liabilities
4,428,002
4,404,961
Provisions for liabilities
Deferred tax liability
17
21,809
3,603
(21,809)
(3,603)
Net assets
4,406,193
4,401,358
Capital and reserves
Called up share capital
19
900,000
900,000
Profit and loss reserves
20
3,506,193
3,501,358
Total equity
4,406,193
4,401,358
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
J Douglas Craig OBE, MA, CA, DHC (Chairman)
Director
Company Registration No. SC179863
CRAIG INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
900,000
3,417,551
4,317,551
Year ended 30 April 2023:
Profit for the year
-
79,897
79,897
Other comprehensive income:
Currency translation differences
-
3,910
3,910
Total comprehensive income for the year
-
0
83,807
83,807
Balance at 30 April 2023
900,000
3,501,358
4,401,358
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
4,835
4,835
Balance at 30 April 2024
900,000
3,506,193
4,406,193
CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

Craig International Limited is a private company limited by shares incorporated and domiciled in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA. The company's trading address is Craig House, Tern Place, Bridge of Don, Aberdeen, Scotland, AB23 8JX. The company's registered number is SC179863.

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 pound sterling.

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:

 

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.

 

Craig International Limited is a wholly owned subsidiary of Craig Group Limited and the results of Craig International Limited are included in the consolidated financial statements of Craig Group Limited which are available from Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectationtrue that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the approval of the financial statements. In making this assessment, the Directors have reviewed sensitised trading and cashflow forecasts, which include consideration of the impact of the current economic environment on the business. The net current liability position is a result of intercompany creditor balances  which will not required to be repaid to the detriment of the company’s financial position.

 

On this basis, the directors continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover and other operating income

Turnover represents amounts derived from procurement and the provision of services to third party customers.

Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods) or as services are provided.

Other income includes management charges levied on group entities for their share of management time and resources. Management charges are recognised in the period to which they relate.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
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 straight line bases:

Tenant's improvements
6-7% per annum
Fixtures, fittings & equipment
5-50% per annum
Motor vehicles
25% per annum
Freehold property
Not depreciated
Freehold property improvements
10% per annum

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.

No depreciation is charged on freehold property as, in the opinion of the directors, the residual value is not materially different to the carrying value which makes depreciation immaterial.

1.5
Fixed asset investments

Interests in subsidiaries 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.

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

1.6
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets and fixed asset investments 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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are valued using the average cost method. 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.

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 and bank overdrafts and other forms of bank financing. Bank overdrafts and financing are shown within current liabilities.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include certain 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.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank financing and loans from fellow group companies, 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.

 

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. Accounts 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.

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

 

The company’s liability for tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.13
Retirement benefits

The company operates defined contribution pension schemes. The assets of these schemes are held separately in independently administered funds. The amount charged to the profit and loss account represents the contributions payable to the schemes in respect of the accounting period.

1.14
Leases

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

1.15
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.

 

The assets and liabilities of overseas branches are translated at the closing exchange rates. Profit and loss accounts of such branches are consolidated at the average rates of exchange during the period. The average rate is a reasonable approximation of actual daily rates for each transaction. Gains and losses arising on these transactions are taken to the statement of comprehensive expenditure for the period.

1.16

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirement to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Craig Group Limited, a company incorporated in Scotland, and is included in the consolidated accounts of that company.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the balance sheet date.

Recoverability of intercompany debtors

Recoverability of amounts due from fellow group undertakings, is a judgement exercised by management which has a significant effect on the company's balance sheet (see note 14). Management review the level of debtors and assess recoverability on a regular basis.

Carrying value of fixed asset investments

The directors regularly assess the carrying value of fixed asset investments (which include certain intercompany loans due from subsidiaries) (see note 11 and note 14) and recognise an impairment charge in the profit and loss account if any impairment indicators are identified.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -

The directors consider that there are no other judgements, estimates or underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

 

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Procurement and the provision of services
44,818,267
45,294,116
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom and Europe
40,651,668
37,986,815
Rest of the World
4,166,599
7,307,301
44,818,267
45,294,116
2024
2023
£
£
Other significant revenue
Interest income
84,811
-
Group management fees
796,614
698,900
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
24,827
(31,561)
Fees payable to the company's auditor
98,000
99,873
Depreciation of owned tangible fixed assets
116,426
72,521
Profit on disposal of tangible fixed assets
(13,500)
(3,934)
Operating lease charges
63,550
163,002

The company pays the audit fees for the audit of the consolidated group accounts of Craig Group Limited as well as itself. The consolidated group accounts of Craig Group Limited provide a detailed note on auditors remuneration.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
5
Employees

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

2024
2023
Number
Number
Management and administration
21
18
Operations
32
31
Total
53
49

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,975,864
1,727,525
Social security costs
203,622
187,257
Pension costs
75,699
69,968
2,255,185
1,984,750
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
439,206
428,023
Company pension contributions to defined contribution schemes
32,835
31,609
472,041
459,632

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
142,859
140,721
Company pension contributions to defined contribution schemes
13,386
13,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
84,811
-
0
CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Bank interest
489,743
268,404
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
563
Deferred tax
Origination and reversal of timing differences
33,745
3,603
Adjustment in respect of prior periods
(15,539)
-
0
Total deferred tax
18,206
3,603
Total tax charge
18,206
4,166

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
23,041
84,063
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
5,760
21,016
Tax effect of expenses that are not deductible in determining taxable profit
18,489
4,897
Adjustments in respect of prior years
(15,539)
-
0
Other tax adjustments
-
0
13,366
Movement in deferred tax not recognised
-
0
(46,051)
Fixed asset differences
9,496
-
0
Remeasurement of deferred tax for changes in tax rates
-
0
10,938
Taxation charge for the year
18,206
4,166
CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
10
Tangible fixed assets
Land and buildings
Tenant's improvements
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
665,374
5,905
1,344,168
94,537
2,109,984
Additions
17,436
-
0
43,652
86,495
147,583
Disposals
-
0
-
0
-
0
(74,834)
(74,834)
At 30 April 2024
682,810
5,905
1,387,820
106,198
2,182,733
Depreciation
At 1 May 2023
33,696
(27,575)
1,245,562
93,364
1,345,047
Depreciation charged in the year
37,983
-
0
63,354
15,089
116,426
Eliminated in respect of disposals
-
0
-
0
-
0
(74,834)
(74,834)
At 30 April 2024
71,679
(27,575)
1,308,916
33,619
1,386,639
Carrying amount
At 30 April 2024
611,131
33,480
78,904
72,579
796,094
At 30 April 2023
631,678
33,480
98,606
1,173
764,937

Included in land and buildings is a freehold property with carrying value of £304,030 (2023: £304,030) which has not been depreciated. The non-depreciation of the buildings element of property is not in accordance with FRS 102 but in the directors' opinion, the effect of this departure is not considered material.

11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
495,958
495,906
Loans to subsidiaries
12
3,277,844
3,289,418
3,773,802
3,785,324
CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost
At 1 May 2023
495,906
3,289,418
3,785,324
Additions
52
29,182
29,234
Repayments
-
(40,756)
(40,756)
At 30 April 2024
495,958
3,277,844
3,773,802
Carrying amount
At 30 April 2024
495,958
3,277,844
3,773,802
At 30 April 2023
495,906
3,289,418
3,785,324
CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
12
Subsidiaries

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

Name of undertaking
Country of incorporation
Nature of business
Class of
% Held
shares held
Direct
Craig International Supplies (West Africa)
Ghana
Dormant
Ordinary
100.00
Craig International Supplies Austria
Austria
International supply house
Ordinary
100.00
Craig International Supplies Canada
Canada
International supply house
Ordinary
100.00
* Craig International For Trading in Oil Field Equipment LLC
Qatar
International supply house
Ordinary
49.00
Craig International Supplies Germany GmbH
Germany
International supply house
Ordinary
100.00
Craig Supplies Inc
USA
International supply house
Ordinary
100.00
Craig International Middle East DMCC
Dubai
International supply house
Ordinary
100.00
Craig International Supplies Mozambique
Mozambique
Dormant
Ordinary
100.00
* C R A I G International Mechanical & Engineering Equipment Trading LLC
Dubai
International supply house
Ordinary
49.00
Craig International Supplies (Proprietary) Limited
South Africa
International supply house
Ordinary
100.00
Craig International Supplies Singapore PTE. LTD
Singapore
International supply house
Ordinary
100.00
Craig International (Australia) PTY Ltd
Australia
International supply house
Ordinary
100.00
Craig International Supplies Limited
UK
Dormant
Ordinary
100.00

*Craig International For Trading in Oil Field Equipment LLC and C R A I G International Mechanical & Engineering Equipment Trading LLC are recognised as subsidiaries on the basis that Craig International Limited controls the entities.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Subsidiaries
(Continued)
- 23 -

The registered addresses of the above are as follows:

13
Stocks
2024
2023
£
£
Finished goods held for resale
825,430
786,902
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,755,647
10,484,905
Amounts owed by group undertakings
4,434,005
5,465,985
Other debtors
44,027
46,629
Prepayments and accrued income
852,076
1,096,405
16,085,755
17,093,924

Amounts owed by group undertakings are interest free and repayable on demand.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank finance and overdrafts
16
8,284,279
6,370,695
Trade creditors
4,880,949
5,710,884
Amounts owed to group undertakings
3,661,908
4,848,433
Corporation tax
563
563
Other taxation and social security
245,767
180,194
Other creditors
782,012
1,070,148
Accruals and deferred income
10,681
46,187
17,866,159
18,227,104

Amounts owed to group undertakings are interest free and repayable on demand.

 

Bank financing of £4,097,408 (2023 - £6,370,695) is secured by a floating charge over the company's assets. The remaining amount of £4,186,871 (2023 - £nil) relates to an overdraft incurred within an intercompany cash pooling arrangement that is secured by a cross guarantee from other group companies.

 

Other creditors includes £119,521 (2023 - £468,222) owed to a director. See note 25 for details.

16
Loans and overdrafts
2024
2023
£
£
Bank finance
4,097,408
6,370,695
Bank overdraft
4,186,871
-
Payable within one year
8,284,279
6,370,695
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
21,809
3,603
CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
Deferred taxation
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 May 2023
3,603
Charge to profit or loss
18,206
Liability at 30 April 2024
21,809
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,699
69,968

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.

Contributions totalling £12,062 (2023 - £11,187) were payable to the fund at the year end and are included in creditors.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
900,000
900,000
900,000
900,000
20
Profit and loss reserves

The profit and loss reserve represents cumulative realisable profits and losses less distributions.

21
Financial commitments, guarantees and contingent liabilities

At the year end, the company has entered into a forward contract to buy NOK 1,031,982 at a strike rate of 13.43305. The forward contract has a start date of 26 March 2024 and a maturity date of 27 June 2024.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
22
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
63,000
63,000
Between two and five years
178,500
241,500
241,500
304,500
23
Related party transactions

The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
2024
2023
£
£
Entities with common directors
24,540
3,600

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with common directors
353,732
350,922

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with common directors
27,540
4,800
24
Ultimate controlling party

The company's ultimate parent company is Craig Group Limited (SC578050), a company incorporated in the United Kingdom. Craig Group Limited is controlled by J Douglas Craig.

The only group into which the results of the company are consolidated is that headed by Craig Group Limited, whose group financial statements can be obtained from Companies House.

CRAIG INTERNATIONAL LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
25
Directors' transactions

During the year to 30 April 2024, a director provided total loans to the company of £500,000 (2023 - £1,700,000). During the year, £848,701 (2023 - £2,501,977) has been repaid to the director. The balance due to the director at the year end was £119,521 (2023 - £468,222). The director's loan is interest free and has no fixed repayment terms.

 

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