Company registration number 00566699 (England and Wales)
ROBAND ELECTRONICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
ROBAND ELECTRONICS LIMITED
COMPANY INFORMATION
Directors
A L Gold
R Cavalli
M J Gold
Secretary
A L Gold
Company number
00566699
Registered office
Charlwood Works
Lowfield Heath Road
Charlwood
Horley
Surrey
RH6 0BU
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
ROBAND ELECTRONICS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 29
ROBAND ELECTRONICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present the strategic report for the year ended 31 May 2024.
Review of the business
There have not been any significant changes in the principal activities of the company in the year under review. The directors are not aware of any likely major changes in the principal activities in the next year at the date of this report.
The results for the year improved in comparison to prior years. The company’s turnover increased by 3% to £3.870m (2023 - £3.746m ).
The management remain optimistic for the forthcoming years as development programmes start transitioning into production and customers share more optimistic projections and our relationships are very strong. It is recognised lead in times will be longer but that that our capability remains very strong. However, the short term will remain more challenging during the transition from development into mature production items.
Principal risks and uncertainties
Change in government policy and defence spending
The company continually reviews and identifies such risks and takes an active role in reviewing the operational developments to ensure the risk is managed effectively.
Competitive risks
Competitive pressures in the electronics business are a continuing risk for the company. The company manages the risk by ensuring it develops new and more efficient products and keep up to date with technological change and attracting new clients while retaining existing clients with its advertising campaigns.
Market risks
The company's profit margins are constantly under pressure. To manage this risk, the company actively reviews the terms of significant contracts and continues to invest in the development of new electronic equipment.
Legislative risks
In the last few years many of the cost increases faced by businesses in the manufacturing industry have been driven by new legislation. Many of these incremental costs have been in the area of employment costs such as the introduction of the UK national minimum wage. There is also the increasing burden of complying with more stringent health and safety standards which has contributed to a steady increase in costs. As best practice the company continues to work with external consultant specialists in areas such as health and safety to ensure that all business compliance has been observed and that the business processes have been optimised.
Financial instruments
The company does not trade in derivative based financial instruments. However, it finances its activities with a combination of cash and short term deposits. Other financial assets and liabilities such as trade debtors and trade creditors, arise directly from the company's operating activities.
ROBAND ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Development and performance
The company is exposed to certain risks arising from its use of financial instruments and they are as follows:
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Credit risk
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Key performance indicators
In line with our operating objectives, we use financial key performance indicators. KPI's are used to measure our primary objectives of the business and the performance of the company which helps to add value for our shareholders.
The company's financial KPI's used to measure performance are highlighted as follows:
Other information and explanations
Employee involvement
The company has established policies for recruiting, training and development and is committed to achieving excellent health, safety and the welfare of employees and their working environment. The company's policy is to discuss with employees matters likely to affect employee' interests.
Environmental policy
The company recognises the importance of having a full and comprehensive Environmental Management System and in December 2013 the company gained the ISO14001 certification.
Research and development
The company continues to invest in the development of new electronic equipment. The directors regard the investment in research and development as integral to the continuing success of the business and ensuring customers' needs and requirements are met.
ROBAND ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
A L Gold
Director
18 February 2025
ROBAND ELECTRONICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company is the development and manufacture of electronic equipment.
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:
A L Gold
R Cavalli
M J Gold
Future developments
The company continues to invest in new products and continues its advertising campaign through their website. New opportunities have been identified and won. The domestic customer base is expanding. We have successfully replaced original suppliers on legacy products.
The directors believe that the coming year will see continued challenges in the design and research side of the business, aimed at complex innovative products both for the military and commercial sectors. The directors are confident that due to their market niche they can provide high quality bespoke products at competitive prices.
Auditor
The auditor, Gravita II LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; 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.
ROBAND ELECTRONICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
Information disclosed in strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
A L Gold
Director
18 February 2025
ROBAND ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBAND ELECTRONICS LIMITED
- 6 -
Opinion
We have audited the financial statements of Roband Electronics Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of comprehensive income, the statement of financial position, 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 May 2024 and of its loss 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.
ROBAND ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBAND ELECTRONICS LIMITED (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:
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 set out on page 4, 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
The extent to which the audit was considered capable of detecting irregularities including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the development and manufacturing sector of electronic equipment;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, employment, environmental, health & safety legislation, and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
ROBAND ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBAND ELECTRONICS LIMITED (CONTINUED)
- 8 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
understanding the business model as part of the control and business environment;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence and enquiring of management as to actual and potential non-compliance with laws and regulations.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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.
Bashir Khan ACCA (Senior Statutory Auditor)
For and on behalf of Gravita II LLP, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
18 February 2025
ROBAND ELECTRONICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
3,870,121
3,745,721
Cost of sales
(3,068,385)
(2,643,617)
Gross profit
801,736
1,102,104
Administrative expenses
(1,044,996)
(1,076,365)
Operating (loss)/profit
4
(243,260)
25,739
Interest receivable and similar income
8
3,080
1,078
Interest payable and similar expenses
9
(15,913)
(11,676)
(Loss)/profit before taxation
(256,093)
15,141
Tax on (loss)/profit
10
93,590
47,792
(Loss)/profit for the financial year
(162,503)
62,933
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
ROBAND ELECTRONICS LIMITED
STATEMENT OF FINANCIAL POSITION
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,496,731
3,529,343
Current assets
Stocks
13
1,293,396
1,175,855
Debtors
14
1,127,420
810,636
Cash at bank and in hand
446,059
452,772
2,866,875
2,439,263
Creditors: amounts falling due within one year
15
(2,830,933)
(2,656,421)
Net current assets/(liabilities)
35,942
(217,158)
Total assets less current liabilities
3,532,673
3,312,185
Creditors: amounts falling due after more than one year
16
(413,055)
(25,404)
Provisions for liabilities
Deferred tax liability
18
429,925
434,585
(429,925)
(434,585)
Net assets
2,689,693
2,852,196
Capital and reserves
Called up share capital
20
50,000
50,000
Revaluation reserve
21
2,339,316
2,347,853
Capital redemption reserve
22
2,600
2,600
Profit and loss reserves
23
297,777
451,743
Total equity
2,689,693
2,852,196
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
A L Gold
Director
Company registration number 00566699 (England and Wales)
ROBAND ELECTRONICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
50,000
2,356,393
2,600
406,270
2,815,263
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
62,933
62,933
Dividends
11
-
-
-
(26,000)
(26,000)
Transfers
-
(8,540)
-
8,540
-
Balance at 31 May 2023
50,000
2,347,853
2,600
451,743
2,852,196
Year ended 31 May 2024:
Loss and total comprehensive income
-
-
-
(162,503)
(162,503)
Transfers
-
(8,537)
-
8,537
-
Balance at 31 May 2024
50,000
2,339,316
2,600
297,777
2,689,693
ROBAND ELECTRONICS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(299,096)
393,837
Interest paid
(15,913)
(11,676)
Income taxes refunded
48,204
42,019
Net cash (outflow)/inflow from operating activities
(266,805)
424,180
Investing activities
Purchase of tangible fixed assets
(21,873)
(31,346)
Proceeds from disposal of tangible fixed assets
2,748
1,311
Repayment of loans
(114)
Interest received
3,080
1,078
Net cash used in investing activities
(16,159)
(28,957)
Financing activities
Repayment of borrowings
365,818
(127,793)
Dividends paid
(26,000)
Net cash generated from/(used in) financing activities
365,818
(153,793)
Net increase in cash and cash equivalents
82,854
241,430
Cash and cash equivalents at beginning of year
363,205
121,775
Cash and cash equivalents at end of year
446,059
363,205
Relating to:
Cash at bank and in hand
446,059
452,772
Bank overdrafts included in creditors payable within one year
(89,567)
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
1
Accounting policies
Company information
Roband Electronics Limited is a company limited by shares incorporated and domiciled in England. The registered office address is Charlwood Works, Lowfield Heath Road, Charlwood, Horley, Surrey, RH6 0BU and the principal place of business is Charlwood Works, Lowfield Heath Road, Charlwood, Horley, Surrey, RH6 0BU.
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 at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets by £nil (2023 - £217,158).true
The validity of the going concern basis depends upon the ability of the company to realise its assets and discharge its liabilities in the normal course of business for the foreseeable future and to meet or exceed its projected trading figures.
The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from a connected entity under common control, to enable it to pay its debts as they fall due for at least 12 months from the date of approval of these financial statements.
The financial statements do not include any adjustments that would result from a withdrawal of support from the connected entity.
1.3
Turnover
Turnover represents amounts receivable for goods and services in the course of business, net of VAT, returns and trade discounts.
Revenue representing the sale of manufactured electronic equipment 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.
Revenue representing the development of electronic equipment and or from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 14 -
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.
With the exception of freehold land and buildings, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment losses. Freehold land and buildings is stated in the balance sheet at revalued amounts, being the fair value on the date of revaluation less any subsequent depreciation and impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that with could be determined using fair values at the reporting end date.
If an asset’s carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity. However, the increase shall be recognised in profit and loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. The decrease of an asset’s carrying amount as a result of revaluation shall be recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% (on a straight line basis)
Plant and machinery
20% (on a reducing balance basis)
Fixtures, fittings & office equipment
20% - 40% (on a reducing balance basis)
Motor vehicles
33% (on a reducing balance basis)
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The assets residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
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).
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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
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 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 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.
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.
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’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
Loans and receivables
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
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 and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock provision
When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. See note 13 for the net carrying amount of the stock and associated provision.
Freehold Buildings
Accounting for freehold buildings involves the use of estimates for determining the fair value of freehold properties held. Land and buildings are recorded at fair value either based on directors' valuation or external valuation if there has been any significant movements in the property market.
At the end of each reporting period, the directors update their assessment of the fair value of each property, taking into account the most recent independent valuations and changes in the market.
The latest external valuation was performed in May 2020 by Graves Jenkins Limited, independent valuers not connected with the company. The valuation conforms to International Valuation Standards and was based on market transactions on arm's length terms for similar properties. The directors have reviewed these valuations and as at 31 May 2024 made an assessment that there are no changes in the market and that these valuations are still appropriate.
Accounting for freehold buildings also involves the use of estimates for determining the useful lives over which these are to be depreciated and the existence and amount of any impairment.
Freehold buildings are depreciated on a straight line basis over their estimated useful lives and taking into account their expected residual values. When the company estimates useful lives, various factors are considered including the expected usage of the asset.
The Directors regularly review the assets lives and change them as necessary to reflect the estimated current remaining lives in light of future economic utilisation and physical condition of the assets concerned. A significant change in asset lives can have a significant change on depreciation and amortisation charges for the period.
There have been no significant revisions to the estimated lives of freehold properties during the year.
WIP
When calculating the work in progress, the labour value is calculated by management at 25% of the component value which is then added to the cost of raw materials.
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Production
2,513,233
2,598,242
Development
820,296
781,533
Outside guarantee repairs & other
536,592
365,946
3,870,121
3,745,721
2024
2023
£
£
Turnover analysed by geographical market
UK
3,603,068
2,892,142
Europe
127,170
656,114
Rest of the world
139,883
197,465
3,870,121
3,745,721
2024
2023
£
£
Other revenue
Interest income
3,080
1,078
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
7,394
10,358
Depreciation of owned tangible fixed assets
49,720
51,793
Loss/(profit) on disposal of tangible fixed assets
2,017
(1,311)
Operating lease charges
5,222
5,004
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
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
19,900
22,000
For other services
Taxation compliance services
7,250
6,500
Other taxation services
7,250
6,500
All other non-audit services
400
400
14,900
13,400
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
3
3
Administration
13
13
Production
52
48
Total
68
64
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,087,011
2,055,873
Social security costs
209,587
215,304
Pension costs
52,429
55,185
2,349,027
2,326,362
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
148,687
156,195
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,059
872
Other interest income
21
206
Total income
3,080
1,078
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,059
872
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
165
62
Other interest on financial liabilities
15,748
11,614
15,913
11,676
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(88,930)
(46,739)
Deferred tax
Origination and reversal of timing differences
(4,660)
(1,053)
Total tax credit
(93,590)
(47,792)
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
10
Taxation
(Continued)
- 22 -
The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(256,093)
15,141
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(64,023)
2,877
Tax effect of expenses that are not deductible in determining taxable profit
770
1,068
Permanent capital allowances in excess of depreciation
7,026
1,764
Research and development
(88,930)
(46,739)
Other tax adjustments
33,846
6,129
Deferred tax
(4,660)
(1,053)
Utilisation of tax losses
(11,838)
Tax losses carried forward
22,381
Taxation credit for the year
(93,590)
(47,792)
The company has estimated losses of £1.46m (2023: £1.4m) available for carry forward against future trading profits. On the basis of these financial statements, no provision has been made for corporation tax.
11
Dividends
2024
2023
£
£
Interim paid
26,000
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
12
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & office equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 June 2023
3,425,000
1,025,184
580,379
5,676
5,036,239
Additions
19,373
2,500
21,873
Disposals
(21,313)
(5,676)
(26,989)
At 31 May 2024
3,425,000
1,025,184
578,439
2,500
5,031,123
Depreciation and impairment
At 1 June 2023
41,094
933,263
527,194
5,345
1,506,896
Depreciation charged in the year
13,694
18,370
17,070
586
49,720
Eliminated in respect of disposals
(16,843)
(5,381)
(22,224)
At 31 May 2024
54,788
951,633
527,421
550
1,534,392
Carrying amount
At 31 May 2024
3,370,212
73,551
51,018
1,950
3,496,731
At 31 May 2023
3,383,906
91,921
53,185
331
3,529,343
An external valuation was carried out on the property in December 2020 by Graves Jenkins on an open market value basis.
As at 31 May 2024, the directors consider the market value of the property to be largely unchanged from the previous external valuation and as such consider the value to remain £3,425,000.
The revaluation surplus is disclosed in note 21.
If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
702,710
702,710
Accumulated depreciation
(72,047)
(66,890)
Carrying value
630,663
635,820
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
13
Stocks
2024
2023
£
£
Raw materials and consumables
1,053,731
943,388
Work in progress
232,130
220,780
Finished goods and goods for resale
7,535
11,687
1,293,396
1,175,855
Stock of raw materials and consumables is stated after provisions for impairment of £753,916 (2023: £764,840).
There is no significant difference between the replacement cost of work in progress and finished goods and goods for resale and their carrying amounts.
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
812,158
577,028
Corporation tax recoverable
135,669
94,943
Other debtors
114
Prepayments and accrued income
179,479
138,665
1,127,420
810,636
Trade debtors disclosed above are measured at amortised cost.
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
89,567
Other borrowings
17
112,350
134,183
Trade creditors
387,241
215,096
Taxation and social security
261,617
233,281
Other creditors
210,001
227,228
Accruals and deferred income
1,859,724
1,757,066
2,830,933
2,656,421
Other borrowings includes a loan secured by way of a fixed and floating charge over all of the property or undertaking of the company.
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
17
413,055
25,404
Other borrowings includes a loan secured by way of a fixed and floating charge over all of the property or undertaking of the company.
17
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
89,567
Other loans
525,405
159,587
525,405
249,154
Payable within one year
112,350
223,750
Payable after one year
413,055
25,404
Other borrowings represent an amount due to a related party and is secured by a fixed and floating charge over all the assets of the company.
The aggregate secured liability is £525,404 (2023: £159,587). This is repayable by February 2029.
The capital and interest are repayable annually in arrears in equal instalments. The interest on the loan is payable at a rate of 7% per annum.
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
29,691
34,351
Revaluations
400,234
400,234
429,925
434,585
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
18
Deferred taxation
(Continued)
- 26 -
2024
Movements in the year:
£
Liability at 1 June 2023
434,585
Credit to profit or loss
(4,660)
Liability at 31 May 2024
429,925
The deferred tax liability, insofar it relates to accelerated capital allowances as set out above, is expected to reverse and mature within the same period.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,429
55,185
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.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
21
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,347,853
2,356,393
Transfer to retained earnings
(8,537)
(8,540)
At the end of the year
2,339,316
2,347,853
Property revaluation reserve represents accumulated revaluations of freehold land and buildings and deferred tax adjustments.
22
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the year
2,600
2,600
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
22
Capital redemption reserve
(Continued)
- 27 -
Capital redemption reserve represents a statutory, non-distributable reserve into which amounts have been transferred following the redemption or purchase of the company's shares out of distributable profits.
23
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
451,743
406,270
(Loss)/profit for the year
(162,503)
62,933
Dividends declared and paid in the year
-
(26,000)
Transfer from revaluation reserve
8,537
8,540
At the end of the year
297,777
451,743
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
24
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
5,179
5,179
Between two and five years
14,241
19,420
19,420
24,599
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
113,337
130,404
Transactions with related parties
During the year the company entered into the following transactions with related parties:
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
25
Related party transactions
(Continued)
- 28 -
Dividends
Interest paid
2024
2023
2024
2023
£
£
£
£
Other related parties
-
6,487
15,748
11,614
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
737,079
384,610
26
Directors' transactions
During the year the company granted a loan of £115 (2023: Nil) to a director.
During the year the company paid dividends of £Nil (2023: £19,513) to a director.
27
Ultimate controlling party
The ultimate controlling party is A L Gold, a company director and majority shareholder.
28
Cash (absorbed by)/generated from operations
2024
2023
£
£
(Loss)/profit after taxation
(162,503)
62,933
Adjustments for:
Taxation credited
(93,590)
(47,792)
Finance costs
15,913
11,676
Investment income
(3,080)
(1,078)
Loss/(gain) on disposal of tangible fixed assets
2,017
(1,311)
Depreciation and impairment of tangible fixed assets
49,720
51,793
Movements in working capital:
Increase in stocks
(117,541)
(120,097)
(Increase)/decrease in debtors
(275,944)
159,012
Increase in creditors
285,912
278,701
Cash (absorbed by)/generated from operations
(299,096)
393,837
ROBAND ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
29
Analysis of changes in net funds/(debt)
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
452,772
(6,713)
446,059
Bank overdrafts
(89,567)
89,567
363,205
82,854
446,059
Borrowings excluding overdrafts
(159,587)
(365,818)
(525,405)
203,618
(282,964)
(79,346)
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