Company registration number SC444567 (Scotland)
GREENS RETAIL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GREENS RETAIL LTD
COMPANY INFORMATION
Directors
Mr A Aslam
Mr H Aslam
Mr R Rehman
Company number
SC444567
Registered office
Glenshire House
14 Randolph Place
Kirkcaldy
Fife
KY1 2YX
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
GREENS RETAIL LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
GREENS RETAIL LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

 

Greens Retail Ltd (“Greens”) operates a chain of convenience stores throughout Scotland. Greens are primarily involved in providing two categories of products: convenience retail and food-to-go.

 

Operating with the slogan ‘Redefining Convenience Retailing’, the provision of an industry-leading convenience retail proposition has been at the forefront of the business aims since inception, whilst a continued evolution of consumer trends has driven a recent increase in investment and focus on our food-to-go proposition.

 

Greens pride ourselves on continuing to be Scotland’s leading chain of convenience stores by providing an innovative approach to convenience retailing. This is pioneered by delivering on our four objectives of retail excellence - to achieve in each of our stores:

 

1) exceptional customer service;

2) the highest store standards;

3) a determined commitment to our local communities; and

4) a product offering which meets consumer needs by focussing on range, availability, and value.

 

Greens’ convenience product offerings are generally geared around the ‘food for now’ and ‘food for later’ shopper missions. In addition, recent investments have led to widening our store propositions hence as well as providing convenience we are also becoming destination stores whereby consumers are travelling to frequent a Greens store. This includes offering in-store bakery and butchery concessions with locally sourced, quality products; Food-to-Go partnerships such as with Subway, Pizza Hut Delivery and other brands to follow; and creating high-growth categories by having ‘store within a store’ destinations.

Review of the business

Total Revenue was £26.6m in the 12 months to 31st March 2024 (22/23: £18.5m). This increase in Revenue was a direct result of both the continued consolidation and growth of the store estate, increasing from 15 sites in FY 22/23 to 19 sites at the end of FY 23/24 as well as continued year on year (YOY) growth in the existing store estate of over 11%.

 

With the majority of new acquisitions having taken place in late Q3 / Q4 of FY 23/24, the business has yet to benefit from the increased economies of scale. This combined with increased promotional strategies has resulted in GP remaining consistent at 24.7% (22/23 - 25.3%) resulting in an overall increase to £6.5m (22/23 £4.7m) with an increase of over 1% expected in FY 24/25.

 

Profit in the year before taxation was £454,312 compared with a profit of £137,708 for the previous period. Although a strong trading result, this was driven down lower than expected through continued significant investment into the central structure preparing for upcoming expansion with the business now able to support up to 60 stores with minimal additional investment into central resources.

 

 

EBITDA after non-recurring items increased to £1,034,766 (22/23: £854,342). This is a direct result of the continued expansion driving continued growth in both operating profitability and decreasing central overheads per site.

 

The directors consider the trading results to be strong and in line with expectations amidst a challenging wider economic climate.

 

Financial Position

At the balance sheet date, shareholder funds increased to £1,834,499 (22/23: £1,554,403), representing an increase of 18.1% during the reporting period.

 

The directors consider the company to be performing well financially and thus continue with investment into the current estate as well as planned expansion primarily by way of acquisitions of trading sites.

GREENS RETAIL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Key performance indicators

Greens Retail adopt a number of KPIs used to measure its performance and progress against strategic objectives. Of these, the directors consider Turnover, Gross Profit (“GP”) and EBITDA (after non-recurring items) to be the most representative of the company’s financial performance.

2023/2024
2022/2023
Turnover
£26.6m
£18.5m
Gross Profit
£6.5m
£4.7m
EBITDA (after non-recurring items)
£1.03m
£854k

The KPIs for the year are in line with directors’ expectations and strategic objectives. The work through FY 22/23 to ensure the existing store state was leaner and the overall business was geared for growth has directly resulted in positive increases in each of the 3 KPIs used to measure the company’s performance.

 

This is expected to continue to grow with substantial further expansion planned for FY 24/25.

Principal Risks & Uncertainties

 

The directors of the company confirm they have carried out a robust assessment of the principal risks facing the company, including those that would threaten its business model, future performance, solvency, or liquidity. These include the points outlined below, though these should not be considered to be a complete set of all potential risks and uncertainties.

 

Changes in customer preferences and shopping behaviour

Customers have increasingly been looking to shop more locally in recent years as a result of being ‘time-poor’ as well as a drive towards supporting local businesses. The key impending challenge to the company has been around displacement of sales from convenience to home delivery or customers visiting alternative grocery format stores. In practice, Covid-19 has generally had a positive effect on convenience retail market share with consumers continuing to shop more locally and buying ‘little and often.’ This trend has continued post Covid-19 and is leading to continued sales growth.

 

More recently, the cost of living crisis has the ability to displace sales to more value driven shopping formats such as to ‘discounters.’ The company remains aware of this risk and continues to utilise its agility by constantly evolving its consumer offering and proposition.

 

Competition

Given the location centric nature of convenience retail, localised (new) competition poses a direct challenge to any of our stores. This is mitigated by our shift to destination stores and our focus on retail excellence, ensuring we are well placed to be a destination of choice. Further, opening further branches minimises risk and impact to the wider business from an isolated impact from competition.

 

Recruitment, Development and Retention of Key People

The company's success relies on our ability to recruit, develop and retain senior management who are experienced in our industry, as well as attract and maintain a skilled head-office based workforce to support stores. Further, our store success is reliant on passionate and driven store managers to propel their respective store KPIs. The company continues to invest in our people, to ensure we are recruiting, developing and retaining exceptional talent. People being one of our ‘4 P’s’ stems around placing our people at the heart of all we do and ensuring colleague benefits continue to make us an employer of choice. Succession planning of key employees is also continuously reviewed.

 

Legislative Rises in Labour Costs

With our most significant overhead being labour costs (in line with most bricks and mortar retail businesses), the rising National Minimum Wage (“NMW”) is a cause for concern. This is mitigated with an ongoing drive towards efficiency from an in-store operational perspective as well as a constant drive towards improving product margins.

GREENS RETAIL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Suppliers

The inflationary pressures facing the macro environment present a credible risk of leading to an increase in product costs and more specifically on fuel and delivery costs. This is mitigated by the continued review of our supply contract with Nisa Retail Ltd with a further renegotiation expected in FY 24/25. This will reflect the continued increased buying power and resulting in a relatively secure supply chain with any increase on costs being market wide. In addition, we continue to develop a supportive, mutual relationship with all suppliers ensuring we are buying competitively and able to pass on value to consumers.

 

Liquidity & Financing

Liquidity and financing risks relate to the company’s ability to pay for goods and services required to trade on a day-to-day basis. The company has three main sources of financing facilities; funds generated as non-operating revenue, borrowing facilities, and trade credit from suppliers. The primary risk element here is a reduction in trade credit facilities which could lead to a reduction in the trading ability of the company. This is mitigated through fixed supply agreements limiting any potential reductions.

 

Failure of Information Systems

The company is dependent on the efficient and uninterrupted operation of our Information technology (“IT”) and electronic point-of-sale (“EPOS”) Systems which are vulnerable to failure, damage, and cyber-attacks. The company has carried out significant investment into IT systems including off-site and cloud based backups, contingency to ensure continuity of trade in the event of IT failure and insurance to mitigate any potential risk.

On behalf of the board

Mr A Aslam
Director
10 February 2025
GREENS RETAIL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of operating a chain of convenience stores throughout Scotland.

Results and dividends

The results for the year are set out on page 9.

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:

Mr A Aslam
Mr H Aslam
Mr R Rehman
Disabled persons

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

Employee involvement

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

 

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

 

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

GREENS RETAIL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
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:

 

 

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.

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.

Medium-sized companies exemption

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

On behalf of the board
Mr A Aslam
Director
10 February 2025
GREENS RETAIL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENS RETAIL LTD
- 6 -
Opinion

We have audited the financial statements of Greens Retail Ltd (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

GREENS RETAIL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENS RETAIL LTD (CONTINUED)
- 7 -
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'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.

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

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the Company’s key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

GREENS RETAIL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENS RETAIL LTD (CONTINUED)
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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

Use of our report

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

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
10 February 2025
GREENS RETAIL LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
26,597,168
18,503,569
Cost of sales
(20,050,101)
(13,828,931)
Gross profit
6,547,067
4,674,638
Administrative expenses
(6,845,549)
(5,108,952)
Other operating income
856,137
632,345
Operating profit
4
557,655
198,031
Interest payable and similar expenses
7
(103,343)
(60,223)
Amounts written off investments
8
-
(100)
Profit before taxation
454,312
137,708
Tax on profit
9
(174,216)
(29,574)
Profit for the financial year
280,096
108,134

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

GREENS RETAIL LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
475,278
300,693
Other intangible assets
11
76,677
22,209
Total intangible assets
551,955
322,902
Tangible assets
12
2,782,131
1,532,601
3,334,086
1,855,503
Current assets
Stocks
13
1,981,721
1,800,090
Debtors
14
2,594,720
2,647,680
Cash at bank and in hand
159,958
202,238
4,736,399
4,650,008
Creditors: amounts falling due within one year
15
(3,988,074)
(3,246,754)
Net current assets
748,325
1,403,254
Total assets less current liabilities
4,082,411
3,258,757
Creditors: amounts falling due after more than one year
16
(1,992,409)
(1,542,455)
Provisions for liabilities
Deferred tax liability
19
255,503
161,899
(255,503)
(161,899)
Net assets
1,834,499
1,554,403
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
1,834,399
1,554,303
Total equity
1,834,499
1,554,403

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

The financial statements were approved by the board of directors and authorised for issue on 10 February 2025 and are signed on its behalf by:
Mr A Aslam
Director
Company registration number SC444567 (Scotland)
GREENS RETAIL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
1,446,169
1,446,269
Year ended 31 March 2023:
Profit and total comprehensive income
-
108,134
108,134
Balance at 31 March 2023
100
1,554,303
1,554,403
Year ended 31 March 2024:
Profit and total comprehensive income
-
280,096
280,096
Balance at 31 March 2024
100
1,834,399
1,834,499
GREENS RETAIL LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
909,884
81,099
Interest paid
(103,343)
(60,223)
Income taxes (paid)/refunded
(164,435)
159,274
Net cash inflow from operating activities
642,106
180,150
Investing activities
Purchase of intangible assets
(291,595)
(303,210)
Proceeds from disposal of intangibles
545,000
20,000
Purchase of tangible fixed assets
(730,448)
(429,205)
Proceeds from disposal of tangible fixed assets
143,975
489,996
Proceeds from disposal of subsidiaries
-
0
100
Proceeds from disposal of investments
-
0
(100)
Net cash used in investing activities
(333,068)
(222,419)
Financing activities
Repayment of borrowings
2,424
2,272
Proceeds from new bank loans
194,500
243,000
Repayment of bank loans
(297,623)
(81,258)
Payment of finance leases obligations
(250,619)
(42,502)
Net cash (used in)/generated from financing activities
(351,318)
121,512
Net (decrease)/increase in cash and cash equivalents
(42,280)
79,243
Cash and cash equivalents at beginning of year
202,238
122,995
Cash and cash equivalents at end of year
159,958
202,238
GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

Greens Retail Ltd is a private company limited by shares incorporated in Scotland. The registered office is Glenshire House, 14 Randolph Place, Kirkcaldy, Fife, KY1 2YX.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements the directors consider that the company has adequate resources to continue in operational existence for a period of not less than twelve months. The directors have reviewed the cashflow requirements and consider that both short term liquidity and longer term financial viability is appropriate and as such continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

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

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

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other Intangible Assets
5-10% Straight Line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% Reducing balance/lease term
Computers
33% Straight line
Motor vehicles
25% Reducing balance

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

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

 

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

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

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -

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.

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
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.

GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

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

 

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

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Leases

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

 

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

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

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.

GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
26,597,168
18,503,569
2024
2023
£
£
Turnover analysed by geographical market
UK
26,597,168
18,503,569
2024
2023
£
£
Other revenue
Commisions received
316,655
226,253
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0
Depreciation of owned tangible fixed assets
170,251
127,990
Depreciation of tangible fixed assets held under finance leases
292,598
353,976
(Profit)/loss on disposal of tangible fixed assets
(50,495)
3,488
Amortisation of intangible assets
62,542
38,832
Profit on disposal of intangible assets
(545,000)
(20,000)
Operating lease charges
733,965
509,138
5
Employees

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

2024
2023
Number
Number
312
258
GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,352,752
3,117,055
Social security costs
246,744
166,097
Pension costs
51,123
31,195
4,650,619
3,314,347
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
53,000
89,600
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
99,585
47,857
Other interest on financial liabilities
3,758
12,151
103,343
60,008
Other finance costs:
Interest on finance leases and hire purchase contracts
-
175
Other interest
-
0
40
103,343
60,223
8
Amounts written off investments
2024
2023
£
£
Other gains and losses
-
(100)
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
80,612
48,438
GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
2024
2023
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
93,604
(18,864)
Total tax charge
174,216
29,574

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
454,312
137,708
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
113,578
26,165
Tax effect of expenses that are not deductible in determining taxable profit
(21,586)
-
0
Adjustments in respect of prior years
(11,380)
-
0
Permanent capital allowances in excess of depreciation
-
0
33,168
Amortisation on assets not qualifying for tax allowances
-
0
7,378
Adjustments in respect of financial assets
-
0
(30,883)
Deferred tax movement
93,604
(18,864)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
12,610
Taxation charge for the year
174,216
29,574
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
-
100
Recognised in:
Amounts written off investments
-
100

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
11
Intangible fixed assets
Goodwill
Other Intangible Assets
Total
£
£
£
Cost
At 1 April 2023
369,148
25,617
394,765
Additions
235,000
56,595
291,595
At 31 March 2024
604,148
82,212
686,360
Amortisation and impairment
At 1 April 2023
68,455
3,408
71,863
Amortisation charged for the year
60,415
2,127
62,542
At 31 March 2024
128,870
5,535
134,405
Carrying amount
At 31 March 2024
475,278
76,677
551,955
At 31 March 2023
300,693
22,209
322,902
12
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
2,454,399
165,419
172,890
2,792,708
Additions
1,680,084
34,238
91,537
1,805,859
Disposals
(16,986)
(7,496)
(101,647)
(126,129)
At 31 March 2024
4,117,497
192,161
162,780
4,472,438
Depreciation and impairment
At 1 April 2023
1,154,477
48,643
56,987
1,260,107
Depreciation charged in the year
384,162
54,169
24,518
462,849
Eliminated in respect of disposals
(4,714)
(2,523)
(25,412)
(32,649)
At 31 March 2024
1,533,925
100,289
56,093
1,690,307
Carrying amount
At 31 March 2024
2,583,572
91,872
106,687
2,782,131
At 31 March 2023
1,299,922
116,776
115,903
1,532,601
GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 22 -

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

2024
2023
£
£
Plant and equipment
1,543,494
749,405
Motor vehicles
43,542
76,235
1,587,036
825,640
13
Stocks
2024
2023
£
£
Raw materials and consumables
1,981,721
1,800,090
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
840,380
430,581
Other debtors
1,732,299
2,202,198
Prepayments and accrued income
22,041
14,901
2,594,720
2,647,680
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
47,043
71,200
Obligations under finance leases
18
426,977
217,790
Other borrowings
17
31,315
28,891
Trade creditors
2,153,056
1,794,512
Corporation tax
123,889
207,712
Other taxation and social security
348,051
631,820
Other creditors
797,410
244,388
Accruals and deferred income
60,333
50,441
3,988,074
3,246,754

HSBC Bank Plc hold security over all assets and undertakings of the company by way of a floating charge.

GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
197,646
276,612
Obligations under finance leases
18
1,259,050
643,445
Other creditors
535,713
622,398
1,992,409
1,542,455
17
Loans and overdrafts
2024
2023
£
£
Bank loans
244,689
347,812
Other loans
31,315
28,891
276,004
376,703
Payable within one year
78,358
100,091
Payable after one year
197,646
276,612
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
426,977
217,790
In two to five years
1,259,050
643,445
1,686,027
861,235

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
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
255,503
161,899
GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Deferred taxation
(Continued)
- 24 -
2024
Movements in the year:
£
Liability at 1 April 2023
161,899
Charge to profit or loss
93,604
Liability at 31 March 2024
255,503

The deferred tax liability set out above is expected to reverse within 3 years and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,123
31,195

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.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
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
408,283
200,669
Between two and five years
1,345,823
643,082
In over five years
4,023,105
1,207,222
5,777,211
2,050,973
GREENS RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
23
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
280,096
108,134
Adjustments for:
Taxation charged
174,216
29,574
Finance costs
103,343
60,223
(Gain)/loss on disposal of tangible fixed assets
(50,495)
3,488
Gain on disposal of intangible assets
(545,000)
(20,000)
Amortisation and impairment of intangible assets
62,542
38,832
Depreciation and impairment of tangible fixed assets
462,849
481,966
Other gains and losses
-
100
Movements in working capital:
Increase in stocks
(181,631)
(1,027,861)
Decrease/(increase) in debtors
52,960
(1,065,813)
Increase in creditors
551,004
1,472,456
Cash generated from operations
909,884
81,099
24
Analysis of changes in net debt
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
202,238
(42,280)
-
159,958
Borrowings excluding overdrafts
(376,703)
100,699
-
(276,004)
Obligations under finance leases
(861,235)
250,619
(1,075,411)
(1,686,027)
(1,035,700)
309,038
(1,075,411)
(1,802,073)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mr A AslamMr H AslamMr R RehmanfalsefalseSC4445672023-04-012024-03-31SC444567bus:Director12023-04-012024-03-31SC444567bus:Director22023-04-012024-03-31SC444567bus:Director32023-04-012024-03-31SC444567bus:RegisteredOffice2023-04-012024-03-31SC4445672024-03-31SC4445672022-04-012023-03-31SC444567core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31SC444567core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31SC444567core:Goodwill2024-03-31SC444567core:Goodwill2023-03-31SC444567core:OtherResidualIntangibleAssets2024-03-31SC444567core:OtherResidualIntangibleAssets2023-03-31SC4445672023-03-31SC444567core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-31SC444567core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31SC444567core:FurnitureFittings2024-03-31SC444567core:ComputerEquipment2024-03-31SC444567core:MotorVehicles2024-03-31SC444567core:FurnitureFittings2023-03-31SC444567core:ComputerEquipment2023-03-31SC444567core:MotorVehicles2023-03-31SC444567core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC444567core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC444567core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-31SC444567core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-31SC444567core:CurrentFinancialInstruments2024-03-31SC444567core:CurrentFinancialInstruments2023-03-31SC444567core:Non-currentFinancialInstruments2024-03-31SC444567core:Non-currentFinancialInstruments2023-03-31SC444567core:ShareCapital2024-03-31SC444567core:ShareCapital2023-03-31SC444567core:RetainedEarningsAccumulatedLosses2024-03-31SC444567core:RetainedEarningsAccumulatedLosses2023-03-31SC444567core:ShareCapital2022-03-31SC444567core:RetainedEarningsAccumulatedLosses2022-03-31SC44456712023-04-012024-03-31SC44456712022-04-012023-03-31SC44456722023-04-012024-03-31SC44456722022-04-012023-03-31SC4445672023-03-31SC4445672022-03-31SC444567core:Goodwill2023-04-012024-03-31SC444567core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-31SC444567core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-31SC444567core:FurnitureFittings2023-04-012024-03-31SC444567core:ComputerEquipment2023-04-012024-03-31SC444567core:MotorVehicles2023-04-012024-03-31SC444567dpl:Item12023-04-012024-03-31SC444567dpl:Item12022-04-012023-03-31SC444567dpl:Item22023-04-012024-03-31SC444567dpl:Item22022-04-012023-03-31SC444567core:UKTax2023-04-012024-03-31SC444567core:UKTax2022-04-012023-03-31SC44456732023-04-012024-03-31SC44456732022-04-012023-03-31SC44456742023-04-012024-03-31SC44456742022-04-012023-03-31SC444567core:Goodwill2023-03-31SC444567core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31SC444567core:Goodwillcore:ExternallyAcquiredIntangibleAssets2023-04-012024-03-31SC444567core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2023-04-012024-03-31SC444567core:ExternallyAcquiredIntangibleAssets2023-04-012024-03-31SC444567core:FurnitureFittings2023-03-31SC444567core:ComputerEquipment2023-03-31SC444567core:MotorVehicles2023-03-31SC444567core:PlantMachinery2024-03-31SC444567core:PlantMachinery2023-03-31SC444567core:Non-currentFinancialInstruments12024-03-31SC444567core:Non-currentFinancialInstruments12023-03-31SC444567core:WithinOneYear2024-03-31SC444567core:WithinOneYear2023-03-31SC444567core:BetweenTwoFiveYears2024-03-31SC444567core:BetweenTwoFiveYears2023-03-31SC444567core:MoreThanFiveYears2024-03-31SC444567core:MoreThanFiveYears2023-03-31SC444567bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC444567bus:FRS1022023-04-012024-03-31SC444567bus:Audited2023-04-012024-03-31SC444567bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP