Company registration number 11411783 (England and Wales)
ROMAC LOGISTICS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ROMAC LOGISTICS LTD
COMPANY INFORMATION
Directors
Mr R McAdoo
Mr D T B Graham
Mr A J Newnes
Mr D O'Dwyer
(Appointed 1 December 2023)
Ms C A Fowler
(Appointed 10 January 2025)
Company number
11411783
Registered office
84-90 Higher Road
Manchester
M41 9AP
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
ROMAC LOGISTICS LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
ROMAC LOGISTICS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
Overall the directors are pleased with the performance of the company. During the year the company's turnover increased to £68,458,061 which resulted in a profit before tax of £2,772,807.
During the year the company invested £5,049,077 in motor vehicles, plant and machinery, fixtures fittings and equipment.
Principal risks and uncertainties
The directors have considered the exposure of the company to financial risks. The company is funded through its profits and certain borrowings. The directors regularly monitor cash flow projections of the company in order to ensure that it has sufficient available funds for its continuing operations.
The key risks and uncertainties affecting the company are considered to be
Competitive risks : The company operates in a number of highly competitive markets alongside many other business. The company is at the forefront of the latest market developments and looks to maintain a strong position in each of these markets.
Liquidity risks : The company utilises a mixture of short term and long term debt finance that is structured to ensure this meets the requirements of both the short term and long term plans of the company.
Credit Risks : The companies primary credit risk is from its trade receivables. To mitigate this risk the trade receivables are well spread alongside appropriate regular credit checks.
Future developments
Post year end the company has opened additional regional depots in order to continue its growth, whilst investing in its asset base and the expansion of its customer offering.
Key performance indicators
The Directors use a number of key performance indicators both financial and non-financial to monitor the performance of its business activities, these include but are not limited to revenue, cash generation, working capital management alongside a number of asset and employee based indicators.
The directors have and will continue to monitor all of the KPI's and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.
Promoting the success of the company
The directors of Romac Logistics Ltd consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1) (a) - (f) of the Companies Act 2006) in the decisions taken during the year ended 31 March 2024.
ROMAC LOGISTICS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
This is an overview of how Directors performed their duty to promote the success of the company under section 172 of the Companies Act 2006.
Duty to promote the success of the Company
In executing our strategy, Directors must act in accordance with a set of general duties detailed in section 172 of the Companies Act 2006. These general duties include a duty to promote the success of the Company, and specifically, to act in a way that the Director considers, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so, having regard (amongst other matters) to the:
Likely consequences of any decision in the long-term.
Interests of the Company’s employees.
Need to foster the Company’s business relationships with suppliers, customers, and others: and
Impact of the Company maintaining a reputation for high standards of business conduct
This statement has been prepared in accordance with the requirements of The Companies (Miscellaneous Reporting) Regulations 2018, which require the Company to describe how the Directors have had regard to the matters set out in section 172 of the Companies Act 2006 during the financial year under review. It is noted that the Directors have always acted in accordance with such duties in their decision making and they will continue to do so. Considering the additional disclosure requirements, we have set out in the strategic report how the Directors have fulfilled their duties during the year ended 31 March 2024.
Having regard to the likely consequences of any decisions in the long-term
The Board cultivates strong relationships with key stakeholders so that it is well placed and sufficiently informed to take their considerations into account when making decisions and assessing any likely long-term impact of those decisions. Romac Logistics Ltd’s core strategy is to provide a bespoke operating model and be the best-in-class for the services it provides and this core strategy underpins all Board decisions and the creation of long-term value for all stakeholders.
Having regard to the interest of the Company’s employees
The Board understands that the Company’s employees are fundamental to its long-term success. The health, safety and well-being of the employees are of paramount importance alongside the provision of an ethical workplace. The Company engages in an active way with its employees.
Having regard to the need to foster the Company's business relationships with suppliers, customers, and others
Fostering positive business relationships with key stakeholders, such as suppliers and customers is also important to the success of the Company’s businesses. As a result of Romac’s model, engagement with customers is maintained by the Board of Directors. The Board has been and continues to be, available to support the business in this area as and when required and will continue to maintain the relationships with key suppliers and customers. Our business has heavily invested in their relationships with suppliers and customers throughout the year ended 31 March 2024.
ROMAC LOGISTICS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Mr R McAdoo
Director
12 February 2025
ROMAC LOGISTICS 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 a chilled and ambient logistics provider.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £30,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R McAdoo
Mr D T B Graham
Mr A J Newnes
Mr R M Benson
(Resigned 1 December 2023)
Mr P J Deeprose
(Appointed 1 December 2023 and resigned 29 November 2024)
Mr D O'Dwyer
(Appointed 1 December 2023)
Ms C A Fowler
(Appointed 10 January 2025)
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.
Auditor
Sumer Auditco Limited were appointed as auditor of the company during the year and are deemed to be reappointed under section 487 (2) of the Companies Act 2006.
ROMAC LOGISTICS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Energy and carbon report
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 April 2023 to 31 March 2024, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.
Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’ issued by DEFRA, using DEFRA's 2022 and 2023 conversion factors as appropriate. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.
We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.
During the reporting period, we have we have updated our energy management systems to identify and eliminate waste and address any consumption issues. We have a significant investment program in place for the replacement of diesel trucks with trucks using gas , including bio-methane from certified renewable source(s). We are pleased with our progress and have one of the largest and ever expanding fleet of gas powered trucks in the UK.
The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratios.
Streamlined Energy and Carbon Reporting (continued)
31/03/2024 31/03/2023
Total Energy Consumption - Used for Emissions Calculation (kWh) 155,212,716 105,931,888
Gas Combustion Emissions, Scope 1 (tCO2e) 67.52 28.03
Purchased Electricity Emissions, Scope 2 (tCO2e) 371.91 437.10
Transport Fuel (tCO2e) 33,591.47 24,748.51
Total Gross Reported Emissions (tCO2e) 34,030.90 25,213.63
Turnover (£) 68,458,061 52,179,261
Intensity Ratio: Turnover (tCO2e /£100,000) 1.8 2.8
Total Employees (including agency staff) 656 544
Intensity Ratio: Turnover (tCO2e /Total Employees) 51.88 48.32
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.
ROMAC LOGISTICS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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
Mr R McAdoo
Director
12 February 2025
ROMAC LOGISTICS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROMAC LOGISTICS LTD
- 7 -
Opinion
We have audited the financial statements of Romac Logistics Ltd (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, 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:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ROMAC LOGISTICS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROMAC LOGISTICS LTD (CONTINUED)
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
ROMAC LOGISTICS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROMAC LOGISTICS LTD (CONTINUED)
- 9 -
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect; laws related to health and safety and employment.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.
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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:
Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Nilesh Modhvadia (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
12 February 2025
ROMAC LOGISTICS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
68,458,061
52,179,261
Cost of sales
(56,967,228)
(40,853,177)
Gross profit
11,490,833
11,326,084
Administrative expenses
(7,319,184)
(7,426,480)
Other operating income
157
Operating profit
4
4,171,649
3,899,761
Interest payable and similar expenses
8
(1,398,842)
(1,035,981)
Profit before taxation
2,772,807
2,863,780
Tax on profit
9
(361,251)
(767,853)
Profit for the financial year
2,411,556
2,095,927
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ROMAC LOGISTICS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
£
£
Profit for the year
2,411,556
2,095,927
Other comprehensive income
Revaluation of tangible fixed assets
60,500
Total comprehensive income for the year
2,472,056
2,095,927
ROMAC LOGISTICS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
15,051,146
14,874,408
Current assets
Stocks
12
320,262
317,248
Debtors
13
16,926,929
12,627,015
Investments
14
74,450
74,450
Cash at bank and in hand
1,971,360
2,714,344
19,293,001
15,733,057
Creditors: amounts falling due within one year
15
(19,659,745)
(16,503,425)
Net current liabilities
(366,744)
(770,368)
Total assets less current liabilities
14,684,402
14,104,040
Creditors: amounts falling due after more than one year
16
(4,934,294)
(6,717,716)
Provisions for liabilities
Deferred tax liability
19
1,661,849
1,740,121
(1,661,849)
(1,740,121)
Net assets
8,088,259
5,646,203
Capital and reserves
Called up share capital
21
100
100
Revaluation reserve
974,000
1,003,500
Profit and loss reserves
7,114,159
4,642,603
Total equity
8,088,259
5,646,203
The financial statements were approved by the board of directors and authorised for issue on 12 February 2025 and are signed on its behalf by:
Mr R McAdoo
Director
Company registration number 11411783 (England and Wales)
ROMAC LOGISTICS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100
1,093,500
2,486,676
3,580,276
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
2,095,927
2,095,927
Dividends
10
-
-
(30,000)
(30,000)
Transfers
-
(90,000)
90,000
-
Balance at 31 March 2023
100
1,003,500
4,642,603
5,646,203
Year ended 31 March 2024:
Profit
-
-
2,411,556
2,411,556
Other comprehensive income:
Revaluation of tangible fixed assets
-
60,500
-
60,500
Total comprehensive income
-
60,500
2,411,556
2,472,056
Dividends
10
-
-
(30,000)
(30,000)
Transfers
-
(90,000)
90,000
-
Balance at 31 March 2024
100
974,000
7,114,159
8,088,259
ROMAC LOGISTICS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
5,052,457
4,862,754
Interest paid
(1,398,842)
(1,035,981)
Net cash inflow from operating activities
3,653,615
3,826,773
Investing activities
Purchase of tangible fixed assets
(5,049,077)
(8,493,040)
Proceeds from disposal of tangible fixed assets
1,961,471
2,564,091
Proceeds from disposal of investments
321,095
Net cash used in investing activities
(3,087,606)
(5,607,854)
Financing activities
Other loans repaid
(380,000)
(380,000)
Advances from banking facilities
1,035,932
2,324,295
Proceeds / (repayments) from finance leases obligations
(1,934,925)
1,363,419
Dividends paid
(30,000)
(30,000)
Net cash (used in)/generated from financing activities
(1,308,993)
3,277,714
Net (decrease)/increase in cash and cash equivalents
(742,984)
1,496,633
Cash and cash equivalents at beginning of year
2,714,344
1,217,711
Cash and cash equivalents at end of year
1,971,360
2,714,344
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information
Romac Logistics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 84-90 Higher Road, Manchester, M41 9AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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 and the directors have prepared forecasts to support this assumption. Thus the directors 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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15 - 25% straight line
Fixtures and fittings
10 - 25% straight line
Motor vehicles
15 - 25% straight line
Leasehold equipment
Over the lifetime of the respective asset
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
1.8
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.
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
Key Estimates
Bad Debt Provision
The bad debt provision is calculated following a review of older outstanding balances on a customer by customer basis. The provision as at 31 March 2024 amounted to £Nil (2023 : £Nil).
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Logistics
68,458,061
52,179,261
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
68,458,061
52,179,261
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
2,728,379
2,411,269
Loss on disposal of tangible fixed assets
26,645
65,274
Loss on disposal of investments
76,389
Operating lease charges
1,098,599
866,277
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,000
16,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
294
231
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,732,489
3,459,394
Social security costs
239,177
369,847
Pension costs
37,415
98,066
4,009,081
3,927,307
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
635,583
588,645
Company pension contributions to defined contribution schemes
-
76,316
635,583
664,961
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
200,000
187,000
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on banking facilities
793,646
489,585
Other finance costs:
Interest on finance leases and hire purchase contracts
571,820
546,396
Other interest
33,376
1,398,842
1,035,981
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
439,523
Deferred tax
Origination and reversal of timing differences
(78,272)
767,853
Total tax charge
361,251
767,853
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 22 -
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
2,772,807
2,863,780
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
693,202
544,118
Gains not taxable
9,842
14,514
Effect of change in corporation tax rate
(125,791)
Permanent capital allowances in excess of depreciation
(102,265)
Additional deferred tax movement
(113,737)
209,221
Taxation charge for the year
361,251
767,853
10
Dividends
2024
2023
£
£
Final paid
30,000
30,000
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Leasehold equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
1,066,891
1,571,048
14,086,945
1,350,000
18,074,884
Additions
21,701
2,817,508
2,209,868
5,049,077
Disposals
(2,854,342)
(2,854,342)
At 31 March 2024
1,088,592
4,388,556
13,442,471
1,350,000
20,269,619
Depreciation and impairment
At 1 April 2023
118,271
274,441
2,717,764
90,000
3,200,476
Depreciation charged in the year
64,860
225,682
2,347,837
90,000
2,728,379
Eliminated in respect of disposals
(710,382)
(710,382)
At 31 March 2024
183,131
500,123
4,355,219
180,000
5,218,473
Carrying amount
At 31 March 2024
905,461
3,888,433
9,087,252
1,170,000
15,051,146
At 31 March 2023
948,620
1,296,607
11,369,181
1,260,000
14,874,408
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Tangible fixed assets
(Continued)
- 23 -
The leasehold equipment was revalued to market value in the year to 31 March 2022, following a professional valuation by GMN Refrigeration Ltd. The Directors believe this valuation is still appropriate.
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
856,882
796,714
Fixtures and fittings
271,103
1,674
Motor vehicles
9,379,491
10,906,529
10,507,476
11,704,917
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
320,262
317,248
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,670,451
7,940,664
Other debtors
5,381,259
3,436,725
Prepayments and accrued income
1,875,219
1,249,626
16,926,929
12,627,015
14
Current asset investments
2024
2023
£
£
Unlisted investments
74,450
74,450
Current asset investments consist of assets that are due to be disposed within 12 months from the reporting date.
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
15
Creditors: amounts falling due within one year
2024
2023
£
£
Bank facilities
7,687,459
6,651,527
Obligations under finance leases
18
2,405,364
3,124,554
Other loans
17
380,000
380,000
Trade creditors
5,263,857
4,112,642
Corporation tax
439,523
Other taxation and social security
2,665,624
1,101,002
Other creditors
531,477
848,044
Accruals and deferred income
286,441
285,656
19,659,745
16,503,425
Banking facilities and other loans are secured by a fixed and floating charge over the assets owned by the company.
Obligations under finance leases are secured directly against the respective assets that they relate to.
16
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other loans
17
665,000
1,045,000
Obligations under finance leases
18
4,156,981
5,372,716
Directors loan account
17
112,313
300,000
4,934,294
6,717,716
Obligations under finance leases are secured directly against the respective assets that they relate to.
Other loans are secured by a fixed and floating charge over the assets owned by the company.
17
Loans and overdrafts
2024
2023
£
£
Other loans
1,045,000
1,425,000
Directors loans
112,313
300,000
1,157,313
1,725,000
Payable within one year
380,000
380,000
Payable after one year
777,313
1,345,000
Other loans are secured by a fixed and floating charge over the assets owned by the company.
Directors loans are unsecured.
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
2,405,364
3,124,554
In two to five years
4,156,981
5,372,716
6,562,345
8,497,270
Finance lease payments represent rentals payable by the company for certain items of motor vehicles. 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
1,684,349
2,065,478
Tax losses
-
(302,857)
Revaluations
(22,500)
(22,500)
1,661,849
1,740,121
2024
Movements in the year:
£
Liability at 1 April 2023
1,740,121
Credit to profit or loss
(78,272)
Liability at 31 March 2024
1,661,849
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,415
98,066
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.
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
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
5,965,040
2,804,454
Between two and five years
17,141,425
8,394,217
In over five years
4,504,718
4,683,689
27,611,183
15,882,360
23
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
4,516,207
2,314,471
24
Ultimate controlling party
The ultimate controlling party is Mr R McAdoo by virtue of his 100% shareholding.
ROMAC LOGISTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
25
Cash generated from operations
2024
2023
£
£
Profit after taxation
2,411,556
2,095,927
Adjustments for:
Taxation charged
361,251
767,853
Finance costs
1,398,842
1,035,981
Loss on disposal of tangible fixed assets
26,645
65,274
(Gain)/loss on disposal of investment property
76,389
Depreciation and impairment of tangible fixed assets
2,728,379
2,411,269
Movements in working capital:
Increase in stocks
(3,014)
(12,309)
Increase in debtors
(4,271,257)
(3,719,606)
Increase in creditors
2,400,055
2,141,976
Cash generated from operations
5,052,457
4,862,754
26
Analysis of changes in net debt
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,714,344
(742,984)
1,971,360
Borrowings excluding overdrafts
(8,376,527)
(468,245)
(8,844,772)
Obligations under finance leases
(8,497,270)
1,934,925
(6,562,345)
(14,159,453)
723,696
(13,435,757)
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