Company Registration No. SC144330 (Scotland)
Rettie & Company Limited
Annual report and
group financial statements
for the year ended 30 April 2024
Rettie & Company Limited
Company information
Directors
Simon Rettie
Susan Rettie
Matthew Benson
Secretary
David Gibson
Company number
SC144330
Registered office
Deuchrie
Dunbar
East Lothian
EH42 1TG
Independent auditors
Saffery LLP
9 Haymarket Square
Edinburgh
EH3 8RY
Bankers
Bank of Scotland plc
43 Comely Bank Place
Edinburgh
EH4 1AF
Solicitors
Shepherd & Wedderburn LLP
1 Exchange Crescent
Conference Square
Edinburgh
EH3 8UL
Rettie & Company Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group profit and loss account
8
Consolidated balance sheet
9
Company balance sheet
10
Company statement of changes in equity
11
Consolidated statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
Rettie & Company Limited
Strategic report
For the year ended 30 April 2024
1
The directors present their strategic report and financial statements for the year ended 30 April 2024.
Review of Business
Rettie & Co provides a full range of property related professional services to clients which encompasses the following range of activities: Residential Sales, New Homes Sales, Land & Development services, Rural Property & Farm sales, Letting & Property Management and Professional Services. This comprehensive level of in-house property knowledge and expertise provides all clients with a complete level of service and will ensure a solid foundation for the company to continue to trade successfully in difficult markets.
Principal Risks
The principal risks to the business remain economic outlook, with market stability and confidence affecting both residential and commercial property sectors. Continued uncertainty around mortgage rates, economic growth and cost inflation impacting on employment security will remain key factors affecting future trading performance. Further potential legislative changes in the property sector will continue to influence the property markets.
Performance
Continued economic challenges and ongoing legislative changes in the residential property market impacted our trading environment but the following results were achieved in the financial year to 30th April 2024 - agency fees decreased 7%, new development fees decreased by 24% whilst management fees increased 21%.
Non transactional income increased on previous year and represented 11% of turnover in the year to 30th April 2024.
Key performance indicators
In the 2023/24 year Rettie & Co achieved sales with a gross value of £624 million resulting in static turnover at £10.9 million. The group gross profit margin of 38% is stated at £4.3 million for the year and after administration costs, bonus payments and corporation tax the net profit is reported at £0.874 million. These results are in line with the expectations of the directors.
Future Developments
The robust management controls and strategic decisions implemented by the directors have ensured a debt free balance sheet and a good level of liquidity which will enable Rettie & Co to expand and develop new business opportunities as they arise. This will allow both growth in brand value and market share throughout the property sector in Scotland.
Simon Rettie
Director
20 February 2025
Rettie & Company Limited
Directors' report
For the year ended 30 April 2024
2
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activities of the company during the year were estate agency, letting agents and property management.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £871,500. 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:
Simon Rettie
Susan Rettie
Matthew Benson
Chris Hall
(Resigned 30 April 2024)
Auditor
Saffery LLP have expressed their willingness to remain in office as auditors of the company.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
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 auditor of the company 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 auditor of the company is aware of that information.
On behalf of the board
Simon Rettie
Director
20 February 2025
Rettie & Company Limited
Directors' responsibilities statement
For the year ended 30 April 2024
3
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Rettie & Company Limited
Independent auditor's report
To the members of Rettie & Company Limited
4
Opinion
We have audited the financial statements of Rettie & Company Limited (Company) (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group and of the parent company's affairs as at 30 April 2024 and of the group's 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 group and parent 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.
Rettie & Company Limited
Independent auditor's report (continued)
To the members of Rettie & Company Limited
5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
Rettie & Company Limited
Independent auditor's report (continued)
To the members of Rettie & Company Limited
6
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the limited liability partnership’s financial statements to material misstatement and how fraud might occur, including through discussions with the members, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the limited liability partnership by discussions with members and updating our understanding of the sector in which the limited liability partnership operates.
Laws and regulations of direct significance in the context of the limited liability partnership include The Companies Act 2006 as applied to limited liability partnerships and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the limited liability partnership’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the limited liability partnership’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Rettie & Company Limited
Independent auditor's report (continued)
To the members of Rettie & Company Limited
7
This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jamie Younger Bsc CA (Senior Statutory Auditor)
for and on behalf of Saffery LLP
27 February 2025
Statutory Auditors
9 Haymarket Square
Edinburgh
EH3 8RY
Rettie & Company Limited
Group profit and loss account
For the year ended 30 April 2024
8
2024
2023
Notes
£
£
Turnover
11,323,431
11,365,378
Cost of sales
(6,998,448)
(6,538,558)
Gross profit
4,324,983
4,826,820
Administrative expenses
(3,557,192)
(3,658,060)
Other operating income
340,160
259,500
Operating profit
4
1,107,951
1,428,260
Interest receivable and similar income
6
4,321
1,032
Other gains and losses
8
45,110
-
Profit before taxation
1,157,382
1,429,292
Taxation
9
(283,738)
(286,539)
Profit for the financial year
873,644
1,142,753
Profit for the financial year is attributable to:
- Owners of the parent company
859,379
1,126,894
- Non-controlling interests
14,265
15,859
873,644
1,142,753
Total comprehensive income for the year is attributable to:
- Owners of the parent company
859,379
1,126,894
- Non-controlling interests
14,265
15,859
873,644
1,142,753
Rettie & Company Limited
Consolidated balance sheet
As at 30 April 2024
30 April 2024
9
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
15,100
15,100
Tangible assets
12
655,944
522,989
Investments
14
19,500
671,044
557,589
Current assets
Stocks
15
5,000
5,000
Debtors
16
1,960,927
2,867,233
Cash at bank and in hand
7,331,264
5,926,773
9,297,191
8,799,006
Creditors: amounts falling due within one year
18
(5,496,905)
(4,882,310)
Net current assets
3,800,286
3,916,696
Total assets less current liabilities
4,471,330
4,474,285
Provisions for liabilities
19
(8,674)
1,852
Net assets
4,462,656
4,476,137
Capital and reserves
Called up share capital
21
1,090
1,090
Share premium account
121,210
121,210
Capital redemption reserve
25
25
Profit and loss reserves
4,301,208
4,313,273
Equity attributable to owners of the parent company
4,423,533
4,435,598
Non-controlling interests
39,123
40,539
4,462,656
4,476,137
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
20 February 2025
Simon Rettie
Director
Rettie & Company Limited
Company balance sheet
As at 30 April 2024
30 April 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
655,944
522,989
Investments
14
95,200
114,700
751,144
637,689
Current assets
Stocks
15
5,000
5,000
Debtors
16
2,113,658
2,965,207
Cash at bank and in hand
6,708,029
5,114,082
8,826,687
8,084,289
Creditors: amounts falling due within one year
18
(5,107,246)
(4,295,960)
Net current assets
3,719,441
3,788,329
Total assets less current liabilities
4,470,585
4,426,018
Provisions for liabilities
19
(8,674)
1,852
Net assets
4,461,911
4,427,870
Capital and reserves
Called up share capital
21
1,090
1,090
Share premium account
121,210
121,210
Capital redemption reserve
25
25
Profit and loss reserves
4,339,586
4,305,545
Total equity
4,461,911
4,427,870
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
20 February 2025
Simon Rettie
Director
Company Registration No. SC144330
Rettie & Company Limited
Company statement of changes in equity
For the year ended 30 April 2024
11
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
1,090
121,210
25
4,171,932
4,294,257
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
1,133,613
1,133,613
Dividends
10
-
-
-
(1,000,000)
(1,000,000)
Balance at 30 April 2023
1,090
121,210
25
4,305,545
4,427,870
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
905,541
905,541
Dividends
10
-
-
-
(871,500)
(871,500)
Balance at 30 April 2024
1,090
121,210
25
4,339,586
4,461,911
Rettie & Company Limited
Group statement of changes in equity
For the year ended 30 April 2024
12
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 May 2022
1,090
121,210
25
4,186,379
4,308,704
24,680
4,333,384
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
-
1,126,894
1,126,894
15,859
1,142,753
Dividends
10
-
-
-
(1,000,000)
(1,000,000)
-
(1,000,000)
Balance at 30 April 2023
1,090
121,210
25
4,313,273
4,435,598
40,539
4,476,137
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
859,379
859,379
14,265
873,644
Dividends
10
-
-
-
(871,444)
(871,444)
(15,681)
(887,125)
Balance at 30 April 2024
1,090
121,210
25
4,301,208
4,423,533
39,123
4,462,656
Rettie & Company Limited
Group statement of cash flows
For the year ended 30 April 2024
13
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,534,227
940,482
Income taxes paid
(278,141)
(519,893)
Net cash inflow from operating activities
2,256,086
420,589
Investing activities
Purchase of tangible fixed assets
(305,799)
(65,724)
Proceeds from disposal of tangible fixed assets
44,042
-
Proceeds from disposal of investments
64,610
-
Repayment of loans
228,356
-
Interest received
4,321
1,032
Net cash generated from/(used in) investing activities
35,530
(64,692)
Financing activities
Dividends paid to equity shareholders
(871,444)
(1,000,000)
Dividends paid to non-controlling interests
(15,681)
Net cash used in financing activities
(887,125)
(1,000,000)
Net increase/(decrease) in cash and cash equivalents
1,404,491
(644,103)
Cash and cash equivalents at beginning of year
5,926,773
6,570,876
Cash and cash equivalents at end of year
7,331,264
5,926,773
Rettie & Company Limited
Group statement of cash flows (continued)
For the year ended 30 April 2024
14
1
Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’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.
Measurement of development costs
Estimates and assessments are made on the measurement of development costs incurred as at the year end. Any amounts accrued will be based on best estimate of actual amounts to be incurred.
Measurement of bad debt provision
Trade debtors is a highly significant balance to the financial statements. The directors consider, in consultation with the finance team, the likelihood of any irrecoverable debt, and provide for this accordingly.
2
Accounting policies
Company information
Rettie & Company Limited (Company) (“the company”) is a private company limited by shares incorporated in Scotland. The registered office is Deuchrie, Dunbar, East Lothian, EH42 1TG.
The group consists of Rettie & Company Limited (Company) and all of its subsidiaries.
2.1
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.
Rettie & Company Limited
Notes to the financial statements
For the year ended 30 April 2024
2
Accounting policies (continued)
15
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £905,541 (2023: £1,133,613 profit).
The consolidated financial statements incorporate those of Rettie & Company Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
2.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover represents the total value, excluding Value Added Tax, of goods sold and services rendered during the year where a right to consideration arises. Turnover in respect of property sales commission is recognised on a missives concluded basis. Where missives have not concluded, a proportion of related turnover is recognised in so far as it represents recoverable advertising and other costs and outlays incurred. All turnover arose in the UK.
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
2
Accounting policies (continued)
16
2.4
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
2.5
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:
Freehold property
Not depreciated
Tenants improvements
2-25% straight line
Fixtures & fittings
20-25% straight line
Computer equipment
33.33% straight line
Motor vehicles
25% straight line
The Company does not depreciate its freehold property as in the opinion of the directors the properties are considered to have a high residual value, and a useful economic life in excess of 50 years. The depreciation charge is immaterial and no charge has therefore been made.
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 recognised in the profit and loss account.
Fixed asset investments are stated at cost less provision for diminution in value.
2.6
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
2
Accounting policies (continued)
17
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.
2.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.9
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
2
Accounting policies (continued)
18
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 group 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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
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 group's contractual obligations expire or are discharged or cancelled.
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
2
Accounting policies (continued)
19
2.10
Equity instruments
Equity instruments issued by the group 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 group.
2.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’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 taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
2.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.13
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
2.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2.15
Amounts due to landlords and tenants
Rental income received from tenants is included in Other Creditors until such time as payment is made to the landlord for rent. In the year to 30 April 2013, in line with new Scottish Government Tenancy Deposit Scheme legislation requiring deposits to be held by an independent third party, the majority of tenant deposits were transferred to the Deposit Scheme, and are therefore excluded from the bank and creditor balances of Rettie & Company Limited at the year end.
As at 30 April 2024, £1,114,370 (2023: £713,419) is included within Other Creditors in respect of net rental income due to the landlords, and £Nil (2023: £Nil) in respect of tenant deposits.
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
20
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,000
8,170
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
128,802
157,738
Operating lease charges
317,085
363,750
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
2024
2023
Number
Number
Sales and operational staff
106
86
Administrative and other staff
34
32
140
118
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
6,182,481
5,677,985
Social security costs
803,362
846,797
Pension costs
123,666
112,959
7,109,509
6,637,741
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,321
1,032
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
6
Interest receivable and similar income (continued)
21
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4,321
1,032
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
665,607
715,127
Company pension contributions to defined contribution schemes
2,642
42,642
668,249
757,769
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
260,069
268,453
8
Other gains and losses
2024
2023
£
£
Gain on disposal of financial assets held at cost
45,110
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
323,377
319,342
Adjustments in respect of prior periods
(50,165)
(7,375)
Total current tax
273,212
311,967
Deferred tax
Origination and reversal of timing differences
10,526
(25,428)
Total tax charge
283,738
286,539
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 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
1,157,382
1,429,292
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
289,346
278,569
Tax effect of expenses that are not deductible in determining taxable profit
15,091
Adjustments in respect of prior years
(7,375)
Other short term adjustments
(5,602)
Other tax adjustments
30,856
5,284
Fixed asset differences
(36,464)
572
Taxation charge
283,738
286,539
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
871,500
1,000,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
556,349
Amortisation and impairment
At 1 May 2023 and 30 April 2024
541,249
Carrying amount
At 30 April 2024
15,100
At 30 April 2023
15,100
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
11
Intangible fixed assets (continued)
23
Company
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
441,250
Amortisation and impairment
At 1 May 2023 and 30 April 2024
441,250
Carrying amount
At 30 April 2024
At 30 April 2023
12
Tangible fixed assets
Group
Freehold property
Tenants improvements
Fixtures & fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
134,739
515,971
280,159
234,127
303,434
1,468,430
Additions
105,140
4,357
16,837
179,465
305,799
Disposals
(75,500)
(75,500)
At 30 April 2024
239,879
515,971
284,516
250,964
407,399
1,698,729
Depreciation and impairment
At 1 May 2023
89,935
224,667
249,277
183,134
198,428
945,441
Depreciation charged in the year
23,231
12,268
11,950
34,980
46,373
128,802
Eliminated in respect of disposals
(31,458)
(31,458)
At 30 April 2024
113,166
236,935
261,227
218,114
213,343
1,042,785
Carrying amount
At 30 April 2024
126,713
279,036
23,289
32,850
194,056
655,944
At 30 April 2023
44,804
291,304
30,882
50,993
105,006
522,989
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
12
Tangible fixed assets (continued)
24
Company
Freehold property
Tenants improvements
Fixtures & fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
134,739
515,971
280,158
234,127
303,434
1,468,429
Additions
105,140
4,357
16,837
179,465
305,799
Disposals
(75,500)
(75,500)
At 30 April 2024
239,879
515,971
284,515
250,964
407,399
1,698,728
Depreciation and impairment
At 1 May 2023
89,935
224,667
249,276
183,134
198,428
945,440
Depreciation charged in the year
23,231
12,268
11,950
34,980
46,373
128,802
Eliminated in respect of disposals
(31,458)
(31,458)
At 30 April 2024
113,166
236,935
261,226
218,114
213,343
1,042,784
Carrying amount
At 30 April 2024
126,713
279,036
23,289
32,850
194,056
655,944
At 30 April 2023
44,804
291,304
30,882
50,993
105,006
522,989
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
25
13
Subsidiaries
These financial statements are separate company financial statements for Rettie Short Lets Limited.
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
shares held
% Held
Direct
Rettie Short Lets Limited
Scotland
Letting agents
A Ordinary
84
Rettie Financial Services Ltd
Scotland
Financial services
Ordinary
100
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Rettie Short Lets Limited
250,523
91,441
Rettie Financial Services Ltd
(169,678)
(38,603)
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
19,500
95,200
114,700
Movements in fixed asset investments
Group
Unlisted investments
£
Cost or valuation
At 30 April 2024
19,500
Valuation changes
(19,500)
At 30 April 2024
-
Carrying amount
At 30 April 2024
-
At 30 April 2023
19,500
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
14
Fixed asset investments (continued)
26
Movements in fixed asset investments
Company
Unlisted investments
£
Cost or valuation
At 30 April 2023
114,700
Additions
100
Valuation changes
(19,500)
At 30 April 2024
95,300
Carrying amount
At 30 April 2024
95,300
At 30 April 2023
114,700
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
5,000
5,000
5,000
5,000
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
807,486
1,117,273
798,251
1,115,614
Corporation tax recoverable
142,675
142,675
Amounts owed by group undertakings
269,387
572,899
467,361
716,360
Other debtors
741,379
1,177,061
705,371
1,133,233
1,960,927
2,867,233
2,113,658
2,965,207
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
27
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,818,220
2,863,615
1,970,983
2,965,207
Equity instruments measured at cost less impairment
-
19,500
95,200
114,700
Carrying amount of financial liabilities
Measured at amortised cost
4,610,201
4,102,084
4,260,353
3,553,033
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
272,019
325,429
270,935
325,316
Corporation tax payable
176,488
38,742
143,512
8,101
Other taxation and social security
710,216
741,484
703,381
734,826
Other creditors
2,063,134
1,280,808
1,714,370
731,906
Accruals and deferred income
2,275,048
2,495,847
2,275,048
2,495,811
5,496,905
4,882,310
5,107,246
4,295,960
19
Deferred taxation
Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Short term timing differences
(17,211)
(12,560)
Fixed asset timing differences
25,885
10,708
8,674
(1,852)
Liabilities
Liabilities
2024
2023
Company
£
£
Short term timing differences
(1,852)
(12,560)
Fixed asset timing differences
10,526
10,708
8,674
(1,852)
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
19
Deferred taxation (continued)
28
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 May 2023
(1,852)
(1,852)
Charge to profit or loss
10,526
10,526
Liability at 30 April 2024
8,674
8,674
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
123,666
112,959
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
21
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1,090 Ordinary shares of £1 each
1,090
1,090
22
Reserves
Share premium
The excess of consideration received for shares issued above their nominal value net of transaction costs.
Capital redemption reserve
The nominal value of shares repurchased.
Profit and loss reserves
Cumulative profit and loss net of distributions to owners.
23
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
23
Operating lease commitments (continued)
29
Within one year
180,190
193,355
180,190
193,355
Between two and five years
414,176
479,234
414,176
479,234
In over five years
182,258
284,758
182,258
284,758
776,624
957,347
776,624
957,347
24
Controlling party
The ultimate controlling party is Simon Rettie, a director, due to his controlling interest in the company.
25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
873,644
1,142,753
Adjustments for:
Taxation charged
283,738
286,540
Investment income
(4,321)
(1,032)
Depreciation and impairment of tangible fixed assets
128,802
157,738
Other gains and losses
(45,110)
-
Movements in working capital:
Increase in stocks
-
(5,000)
Decrease/(increase) in debtors
820,625
(322,685)
Increase/(decrease) in creditors
476,849
(317,832)
Cash generated from operations
2,534,227
940,482
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
30
26
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
5,926,773
1,404,491
7,331,264
27
Analysis of changes in net funds - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
5,114,082
1,593,947
6,708,029
Rettie & Company Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
31
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate remuneration
655,996
668,249
During the year, the company managed several properties owned by members. Included in turnover is £3,835 (2023: £5,792) charged to the members for managing these. The rates charged are considered to be at market value.
The company has previously advanced two employee loans. One was advanced at an interest rate of 3% above the Bank of England base rate per annum, this is repayable in 2025 and at the year end, £32,661 (2023: £160,000) was outstanding. The other loan was advanced at an interest rate of 4.5% per annum and is repayable in 2023. At the year end, £25,916 (2023: 300,000) was due from that member.
During the year, the company charged various related parties £462,430 (2023: £482,118) for recharges of costs; £1,502,460 (2023: £1,674,458) for salaries recharges; and £250,500 (2023: £265,100) in respect of management fees. At the year end, £210,786 (2023: £331,267) was due from these related parties. These related parties are all subject to common control.
During the year, the company rented a property from the Retirement Benefit Scheme for £56,750 (2023: £56,750).
Simon Rettie and Susan Rettie are directors of the company and are beneficiaries of Rettie & Company Directors Benefit Scheme. Simon Rettie is the ultimate controlling party of Rettie & Company Limited, Rettie Partnerships LLP, Rettie Bearsden LLP, Rettie Borders LLP, Rettie Berwick LLP, Rettie West End LLP, Rettie Newcastle LLP, Rettie Short Lets Limited and Rettie Financial Services Limited.
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.210Simon RettieSusan RettieMatthew BensonChris HallDavid 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