Company registration number 08389436 (England and Wales)
KAYMET LONDON LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KAYMET LONDON LIMITED
COMPANY INFORMATION
Directors
Mr John Brearley
Mr Mark Brearley
Ms Ivana Milanovic
Company number
08389436
Registered office
52 Ossory Road
London
United Kingdom
SE1 5AN
Accountants
Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Business address
52 Ossory Road
London
United Kingdom
SE1 5AN
Bankers
Barclays
1 Churchill Place
London
United Kingdom
E14 5HP
KAYMET LONDON LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Accountants' report
4
Profit and loss account
5
Balance sheet
6
Statement of changes in equity
7
Notes to the financial statements
8 - 13
KAYMET LONDON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Review of the business

Kaymet London Ltd was incorporated in 2013 to take over and develop a long established manufacturing business producing homewares under the Kaymet name.

 

Kaymet started trading in 1947 manufacturing anodised aluminum ware including trays and trolleys, moving to a purpose built factory just off London’s Old Kent Road in 1957. The company exhibited at the Festival of Britain in 1951 and during its peak in the two following decades orders were shipped all over the world and the brand became a household name. By the 1980s though competition from cheaper products and changing tastes were gradually eroding the business such that by the 2010s it had lost viability and was facing being wound up.

 

Recognising the quality and provenance of the products Mark Brearley, his wife Ivana Milanovic and brother John Brearley took the opportunity to purchase the assets and revive the business as Kaymet London Ltd.

 

Significant and ongoing investment has been made in both equipment and the team since then. In addition the shareholders have personally purchased a freehold building on Ossory Road, Peckham, that Kaymet occupies on an arms-length rental basis. This has enabled Kaymet to return right to its roots near the Old Kent Road and it remains strongly committed to manufacturing there, in inner London.

 

While the husbandry since 2013 has been hard work, it is now bearing fruit. In the first year of trading the new company turned over just £231k and made a significant loss. By the year ended 31 March 2019 turnover had grown to £812k with customers in more than 40 countries worldwide. In that year Kaymet London Ltd produced its first profit before interest, tax, depreciation and amortisation (EBITDA).

 

The business continued to grow steadily during the first ten months of the year ended 31 March 2020. The last two months however were significantly impacted by the early effects of the coronavirus pandemic. We acted quickly, taking steps to protect Kaymet’s long term future, reducing costs wherever possible, furloughing staff, and accessing government support schemes. The effect was that, notwithstanding the sales decline to £784k in that year, Kaymet was still able to produce EBITDA profit.

 

The year ended 31 March 2021 saw continued significant disruption from the pandemic. Full year turnover was significantly down at £674k but the actions taken at the outset of the virus crisis, coupled with government grants, meant that again Kaymet managed to produce an EBITDA profit.

 

The year ended 31 March 2022 represented a significant recovery with a return to growth. Sales reached £916k.

 

The year ended 31 March 2023 saw that recovery consolidated. Sales exceeded £1 million for the first time and EBITA profit was £30k.

 

We had been delighted to report in 2019 that Kaymet was granted a Royal Warrant of Appointment to Her Majesty The Queen. Then in April 2020 Kaymet was honoured with a Queen’s Award for Enterprise in the International Trade category. The Queen's Award followed success achieving outstanding short-term international sales growth, with products stocked by more than 140 overseas re-sellers; over a three year period the company’s exports had grown by 212% and come to make-up close to 70% of turnover. This export growth complemented a 4.5x expansion of all Kaymet London’s sales over the nine years from inception.

 

 

 

 

KAYMET LONDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Review of the Business (cont)

The year ended 31 March 2024 brought the shocks of a sudden un-anticipated sales drop-off, together with some sharp cost increases. We are confident that these were a consequence of macro-economic shifts, together with some expensive post virus-crisis returns to normality, rather than errors by the team. The sales lull cut turnover by 19.7% compared with the previous year, down by close to £200k. The return to full business rates took a £9k bite, while resumption of full rent following a period of generous reliefs by our landlord took another £7k. Utilities cost jumped as inflated tariffs kicked-in, while many of our material costs continued their exaggerated inflation, no doubt in part as a consequence of worldwide supply chain disruption. The continued administrative, cost and supply issues resulting from Brexit are another factor; particularly frustrating for businesses like Kaymet that export a very high proportion of production to the EU.

 

One of the steps taken during the year to push sales up again was a return to trade show attendance. This was at a £9k cost, but the benefits of additional orders and new customers would not work through to turnover until the following year.

 

The result of these varied upsets was the fall to a £57.8k EBITA loss.

 

Looking forward we do though remain confident in the business's underlying strength, enhanced by the actions the Kaymet team have been taking to manage costs, boost sales (a fresh up-tick was already evident by the year end), and further the steady increase in the proportion of sales that are to hospitality businesses (rather than those who resell to the public). Alongside all this we continue to make investments that improve and broaden the product range, and prepare for trialling a direct online sales capability.

 

In the near term we face undoubted further cost pressures, but our customer base remains strong, the pace of enquires is impressive, our products are much praised (as is their provenance), and our visibility in the market continues to hearteningly exceed our modest real turnover clout.

 

From a financial perspective the investment, working capital needs, and losses of the business have been funded entirely by the shareholders who had injected £500k as at 31 March 2024. This was by way of loan which is only repayable with twelve months’ notice. This is shown as a separate item in the balance sheet.

On behalf of the board

Mr John Brearley
Director
26 March 2025
KAYMET LONDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the manufacture of anodised aluminium ware.

Directors

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

Mr John Brearley
Mr Mark Brearley
Ms Ivana Milanovic
Small companies exemption

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

On behalf of the board
Mr John Brearley
Director
26 March 2025
KAYMET LONDON LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KAYMET LONDON LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kaymet London Limited for the year ended 31 March 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of Kaymet London Limited, as a body, in accordance with the terms of our engagement letter dated 25 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Kaymet London Limited and state those matters that we have agreed to state to the board of directors of Kaymet London Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kaymet London Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Kaymet London Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kaymet London Limited. You consider that Kaymet London Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kaymet London Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Azets
26 March 2025
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
KAYMET LONDON LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2024
2023
£
£
Turnover
808,078
1,005,963
Cost of sales
(566,927)
(727,157)
Gross profit
241,151
278,806
Administrative expenses
(301,523)
(272,522)
Other operating income
2,570
3,104
Operating (loss)/profit
(57,802)
9,388
Interest payable and similar expenses
(1,479)
(1,615)
(Loss)/profit before taxation
(59,281)
7,773
Tax on (loss)/profit
-
0
-
0
(Loss)/profit for the financial year
(59,281)
7,773

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

KAYMET LONDON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,960
30,319
Tangible assets
4
35,099
23,881
54,059
54,200
Current assets
Stocks
187,000
179,000
Debtors
5
71,808
79,218
Cash at bank and in hand
15,041
39,781
273,849
297,999
Creditors: amounts falling due within one year
6
(91,128)
(51,176)
Net current assets
182,721
246,823
Total assets less current liabilities
236,780
301,023
Creditors: amounts falling due after more than one year
7
(530,185)
(535,147)
Net liabilities
(293,405)
(234,124)
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
(293,409)
(234,128)
Total equity
(293,405)
(234,124)

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr John Brearley
Director
Company Registration No. 08389436
KAYMET LONDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
4
(241,901)
(241,897)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
7,773
7,773
Balance at 31 March 2023
4
(234,128)
(234,124)
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(59,281)
(59,281)
Balance at 31 March 2024
4
(293,409)
(293,405)
KAYMET LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Company information

Kaymet London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 52 Ossory Road, London, United Kingdom, SE1 5AN.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.2
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

Revenue 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 it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

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

 

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

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

Software
20% straight line
Trademark
20% straight line
KAYMET LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.4
Tangible fixed assets

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

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

Leasehold improvements
10% straight line
Plant and machinery
20% straight line

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

1.5
Impairment of fixed assets

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

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

 

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

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

1.6
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.

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.

KAYMET LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.8
Financial instruments

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

 

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

 

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

Basic financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

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
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.

1.11
Retirement benefits

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

KAYMET LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.12
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.

2
Employees

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

2024
2023
Number
Number
Total
13
16
3
Intangible fixed assets
Software
Trademark
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
46,818
11,295
58,113
Amortisation and impairment
At 1 April 2023
18,728
9,066
27,794
Amortisation charged for the year
9,364
1,995
11,359
At 31 March 2024
28,092
11,061
39,153
Carrying amount
At 31 March 2024
18,726
234
18,960
At 31 March 2023
28,090
2,229
30,319
KAYMET LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023
8,381
99,220
107,601
Additions
-
0
23,838
23,838
At 31 March 2024
8,381
123,058
131,439
Depreciation and impairment
At 1 April 2023
1,444
82,276
83,720
Depreciation charged in the year
804
11,816
12,620
At 31 March 2024
2,248
94,092
96,340
Carrying amount
At 31 March 2024
6,133
28,966
35,099
At 31 March 2023
6,937
16,944
23,881
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
62,063
74,891
Other debtors
8,535
2,596
Prepayments and accrued income
1,210
1,731
71,808
79,218
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,962
4,962
Trade creditors
56,869
21,884
Taxation and social security
8,902
10,162
Other creditors
15,185
839
Accruals and deferred income
5,210
13,329
91,128
51,176
KAYMET LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,185
35,147
Other creditors
- Directors' loan accounts
500,000
500,000
530,185
535,147
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
-
0
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