Company registration number 12716936 (England and Wales)
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr P N J Stenner
Mrs A Stenner
Company number
12716936
Registered office
Unit 20
Dawlish Business Park
Dawlish
Devon
EX7 0NH
Auditor
Darnells Audit Limited
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 39
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Fair review of the recent historical financial results
The directors of Teignmouth Maritime and Property Holdings Limited consider that the Key Financial Performance Indicators (KFPI's) are Sales Revenue, Gross Margin, Earnings before Interest, Corporation Tax, Depreciation and Amortisation (EBITDA), the Net Assets attributable to the Shareholders Interest together with the available Cash Resources contained therein.
Together these KFPI's represent the principal indicators that demonstrate the quality of the trading performance and overall financial strength of the company and, separately, its fifty percent interest in the Equity of Hesselberg Hydro (UK) Limited. An overview of the results, which reflect these performance indicators, for both the latest period and the prior year, is given below:
2024
2023
£(000)
£(000)
Teignmouth Maritime and Property Holdings Group
Sales revenue
28,217
20,675
Gross profit
11,610
7,207
Percentage margin
41.15%
34.86%
EBITDA
7,144
4,046
Cash at bank
7,129
3,843
Net assets
10,418
5,896
2024
2023
(See note)
£(000)
£(000)
Hesselberg Hydro (UK) Limited
Sales revenue
10,747
2,110
Gross profit
2,736
895
Percentage margin
25.46%
42.42%
EBITDA
2,374
606
Cash at bank
1,553
523
Net assets
933
670
Note: Although the group only owns 50% of the issued share capital of Hesselberg Hydro (UK) Limited (HH) for the purposes of explanation and better understanding, the results shown in the table immediately above represent 100% of the audited trading results achieved by Hesselberg Hydro (UK) Limited in the year ended 31 March 2024, and the comparative year to 31st March 2023.
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Executive Summary

The Marine Civil Engineering and Contracting Division within the group is a specialised marine civil engineering contractor, and has rooted history of providing robust, safe and efficient solutions for marine infrastructure in the United Kingdom. The services provided by our associated company Hesselberg Hydro (UK) Limited, (“HH”) which original business was founded in Norway in 1986, specialises in the extensive use of Asphalt Coatings to provide protection to dams, rivers, and coastal erosion projects.

 

The group offers a broad range of Maritime Civil Engineering solutions, including coastal defence works, quay wall construction, under water concreting, dredging, installation of pontoons and marine piling. Our broadly based engineering expertise, a sterling safety record, and a commitment to quality, have combined to make TMS a dependable partner across the market in the United Kingdom.

 

The Statement of Income, which forms page 11 to these financial statements, records that the financial results for the year ended 31 March 2024, showing a Profit before taxation of £8,080,294 were a record. Within those results is the sum of £750,000 being a dividend received from our associated company HH.

 

The Current Year

The group's current financial year has started in an encouraging manner with contracts, either in progress or secured, amounting to £10.2 million. In addition, the contracts team have £10.5 million of contracts almost secured and the team believe that in respect of further tenders already submitted, the Group has a high expectancy of securing some £5.3 million.

 

Over the past year, our dedicated and highly experienced team of Estimators and Quantity Surveyors have been and are continuing to work to their capacity.    

 

As reported in last year’s Strategic Review, HH (an associated company of Teignmouth Maritime Services Limited) started that year with the benefit of a £20 million contract. This project, of which the first phase has now been completed, forms a part of the Southern Shoreline project at Canvey Island in Essex, undertaken to strengthen the Southern Sea Wall and provide erosion protection. The works, which are expected to be completed over the next twelve months are being carried out by HH on behalf of the main contractor, Balfour Beatty. This project is incremental to HH’s other normal business opportunities, which continue to be pursued.

 

Overall Performance Review

Again, as reported last year, the Group continues to see growth in demand for its services, including, but not limited to, failing coastal and port infrastructures together with longer term environmental concerns.

 

Market Analysis

Current indicators suggest that the UK Maritime Civil Engineering Services market, where the Group is a well-positioned niche operator, is poised for sustained long-term growth. This optimistic outlook is underpinned by a diverse array of requirements. These include the reinstatement of failed river crossing structures, reservoir maintenance, coastal and sea defence projects, and the rehabilitation of neglected Military and Naval Port infrastructures. Additionally, significant opportunities exist in the redevelopment of Ports and Harbours and the restoration of deteriorating Coastal and Victorian Maritime facilities.

 

Moreover, the concept of Island Working - involving specialized projects on islands and remote coastal areas around the UK - further underscores the potential for expansion and the strategic importance of the Group in addressing these unique challenges.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Assessment of principal risks and uncertainties

The group's principal operational risks include the potential cost impact of adverse weather, difficult and unforeseen construction site conditions. Where those risks are capable of being identified at an early stage in the construction programme, the group seeks to introduce strategies to implement controls aimed to minimise the worst effects upon the individual project concerned. The strategies employed include, an in-depth investigation of the risk and its potential effects, followed wherever possible by the introduction of operational alternatives to manage and mitigate the financial impact, accompanied, whenever possible by resorting to less unfavourable contractual terms associated with the project.

The group’s risks also include its reliance upon the underlying financial and commercial strength of both its immediate customer base and the group’s specialist sub-contractors, employed in key support roles in the construction process. This risk is managed by a robust credit control approach.

 

UK Economy risk

The degree of risk primarily relates to the extent and speed of the group’s ability to react where there is an economic downturn, affecting those sectors within the construction industry we traditionally serve.

Historically, the group has managed to mitigate the worst elements of risk by always aiming to spread the workload over a broad number of sectors within our industry, including major civil engineering contractors, local authorities, port owners and operators, water utilities and a range of private clients.

To further manage this area of risk in times of a slowdown, and at the same time retain our dedicated workforce, the group seeks to redeploy members of its skilled workforce, freed from completed civil engineering projects, to carry out planned and preventative maintenance of the vessel fleet and major plant assets owned and operated by Marine Plant Hire (UK) Limited. Since the acquisition of Hesselberg Hydro, a sharing of resource has been adopted which further evens the utilisation of the workforce and which works in both directions.

Significant focus and attention are placed on minimising potential bad debt risk. The group maintains a dedicated credit control department where strict criteria are applied to the recovery of all debts within agreed credit terms. New customers are carefully vetted, including the use of credit agency references, and ensuring credit terms are only agreed within strict limits, approved by the Directors.

Change of government in the UK presents an opportunity for the Group to leverage its size and flexibility within the marine civil engineering sector. Regardless of shifts in policy or budget allocations, the Group's ability to adapt and pivot across various segments of the maritime market positions us advantageously. Should a new administration prioritise environmental sustainability, we are prepared to expand our involvement in coastal defence and climate resilience projects. Conversely, if the focus shifts towards infrastructure modernisation or defence, our expertise in refurbishing Naval and Military ports ensures we can capitalize on those opportunities. Our strategic adaptability allows us to thrive under varying governmental policies, making any changes in spending work to our benefit.

 

Margin risk

This risk relates to our ability to accurately assess the costs of projects at the tendering stage and the subsequent control of those costs down to the final delivery of a completed project. In addition, there are inherent risks, which arise as a result of specific contractual terms and conditions being imposed within a particular contract. The group’s ability to manage and mitigate this area of risk is achieved through a formalised bid review process and contractual control procedures, overseen by the Commercial Director’s department.

 

 

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

To maintain and improve margins and, at the same time mitigate risk, the group carries out systematic reviews of the methodology and cost implications of work tendered for. These include situation reviews (SWOT analysis) conducted by the directors as part of a process involving meetings with the estimators, project managers and other members of the project management team. An extension of this process is carried through to contract completion, involving continuous reviews of actual costs to forecasts. The results of the reviews are interrogated during a project to see what variations to working methodologies it may be possible to employ to secure the required margin over the lifespan of the project.

Inflation risk

At the present time there are fewer signs of a continuation of the recent trend in inflationary pressures upon certain of the key areas within the group's cost base.

The group seeks various ways to mitigate the full impact of cost inflation upon our margins. These include maintaining a close contact with our key suppliers, contemporaneously reducing lead times between the award of a contract and the start date of a project and, where possible, committing to early ordering of raw materials, as opposed to a “Just in time” approach.

As a result of the group’s strong liquidity position, some mitigation of the full effects of cost inflation has been possible, where our bids for raw materials, involving significant quantities of timber and or steel, the subject of short periods in the validity of supplier prices, is, in most cases, capable of being satisfactorily negotiated, agreed, and the price locked in.

Nevertheless, the unpredictability of cost inflation always remains a source of concern and vigilance.

Skilled Workforce Shortages

The need to train and retain a skilled workforce is of paramount importance to ensure the overall longer-term success of the business. We seek to mitigate this risk by monitoring the training requirements of each of our individual employees. An essential part of this process is to provide our employees with the best practical experience available and to ensure that individuals are given the opportunity to develop their professional engineering and other relevant skills, which in turn provides them with worthwhile opportunities for progression within the group.

As a part of the group’s training programme, regular reviews are conducted to ensure the most appropriate personnel are deployed to projects. This monitoring process is completed by a dedicated member of staff logging and managing a bespoke training database.

Supply Chain Risks

The UK marine civil engineering sector faces several supply chain risks that could impact project timelines and costs. A significant risk is the diversion of goods shipped to the UK due to the increased activity of African pirates targeting major shipping lanes. These disruptions can lead to delays in the delivery of critical materials and equipment, which are essential for large-scale projects such as port redevelopments, coastal defences, and maritime facility restorations. The unpredictability of such attacks necessitates rerouting ships through longer, safer routes, thereby increasing shipping times and costs.

This risk area is managed in a similar manner to the Inflation Risk, where the importance of early procurement of materials and bought in services are key.

Health and Safety

The management of Health and Safety includes both internal and external audits and inspections. Contributions from regular weekly meetings within the Health & Safety Department, Health & Safety Committee meetings and Monthly Operational Management Meetings track and plan company progression and education of health and safety within our organisation. Internal annual, bi-annual & GAP audits ensure that all Health & Safety documentation within the organisation are up to date and in line with current government legislation.

Periodic reviews carried out by external accreditation bodies contribute to improvements in Health and Safety within our organisation. The entire process is monitored by our dedicated Director of Health and Safety.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The group always seeks to comply with relevant Government guidelines, in order to provide a framework for operations to be carried out in a safe manner. This applies in our Offices, Workshops, on board our owned and chartered Vessels and throughout our construction sites.

The group recognises the paramount importance of the safety and wellbeing of the Company’s employees and to that end is continuously seeking to improve the management of the risks associated with Health, Safety and Wellbeing, in an effective manner.

Legislative Risks

The group always strives to comply with applicable legislation, including various Construction Industry and the Maritime Coastguard Agency Schemes.

Competitive risks

The group recognises that it is always exposed to competitive third-party civil engineering businesses operating within our traditional market. The group aims to mitigate these risks through a combination of early-stage personal interaction with our customers. This includes advice aimed at cost reduction, often through the adoption of construction methodology with a view to achieving a competitive price advantage.

 

Financial instruments

The group's principal financial instruments comprise Trade Debtors and Trade Creditors, together with Bank and other loans. Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments it employed, is summarised below:

 

On behalf of the board

Mr P N J Stenner
Director
25 April 2025
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

The directors present their annual report and financial statements for the year ended 31 March 2024. Information required to be disclosed under schedule 7 of the Companies Act 2006 is set out in the Strategic Report on pages 1-5.

Principal activities

The principal activity of the company during the year was that of an investment holding company providing management services to the group.

 

The principal activities of the group during the year were those of marine civil engineering contractors, and marine vessel and plant hire specialists.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £163,665. The directors do not recommend payment of a further dividend.

Directors

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

Mr P N J Stenner
Mrs A Stenner
Future developments

The directors remain very optimistic and upbeat as they continue their assertive focus on reducing costs and improving margins, whilst striving to expand the group's operations and maintain turnover in the upcoming financial year.

Auditor

The auditor, Darnells Audit Limited, 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
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.

Medium-sized companies exemption

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

On behalf of the board
Mr P N J Stenner
Director
25 April 2025
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of Teignmouth Maritime and Property Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
- 9 -
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:

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.

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 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, misrepresentation or through collusion.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

 

 

The primary responsibility for the prevention and detection of fraud rests with those charged with governance of the company and management.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
- 10 -

We assessed the susceptibility of the company's and the group's financial statements to material misstatement, including how fraud might occur, by:

 

 

We evaluated the conditions in the context of incentives and/or pressure to commit fraud, considering the opportunity to commit fraud and the potential rationalisation of the fraudulent act.

Based on this understanding, we designed our audit procedures to detect material misstatements in respect of irregularities, including fraud, and to identify non-compliance with the laws and regulations above, as follows:

 

 

We corroborated our enquiries through inspection of supporting documentation and records, as well as reviewing correspondence with regulatory bodies where available.

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

Use of our report

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

Sean Murphy BA FCA (Senior Statutory Auditor)
For and on behalf of Darnells Audit Limited
25 April 2025
Statutory Auditor
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
28,216,610
20,675,189
Cost of sales
(16,606,721)
(13,468,106)
Gross profit
11,609,889
7,207,083
Administrative expenses
(4,738,618)
(3,326,653)
Other operating income
14,916
34,330
Operating profit
4
6,886,187
3,914,760
Share of profits of associates
1,154,276
323,862
Interest receivable and similar income
8
69,602
15,273
Interest payable and similar expenses
9
(29,781)
(42,798)
Profit before taxation
8,080,284
4,211,097
Tax on profit
10
(2,010,388)
(853,460)
Profit for the financial year
6,069,896
3,357,637
Profit for the financial year is attributable to:
- Owners of the parent company
3,738,619
1,946,134
- Non-controlling interests
2,331,277
1,411,503
6,069,896
3,357,637
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,738,619
1,946,134
- Non-controlling interests
2,331,277
1,411,503
6,069,896
3,357,637
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
(443,870)
(510,768)
Tangible assets
13
3,522,998
2,867,541
Investment property
14
2,376,459
461,492
Investments
15
862,024
752,947
6,317,611
3,571,212
Current assets
Stocks
20
41,095
9,975
Debtors
21
3,779,145
4,289,514
Cash at bank and in hand
7,128,586
3,843,103
10,948,826
8,142,592
Creditors: amounts falling due within one year
22
(6,160,212)
(5,100,465)
Net current assets
4,788,614
3,042,127
Total assets less current liabilities
11,106,225
6,613,339
Creditors: amounts falling due after more than one year
23
(20,427)
(63,087)
Provisions for liabilities
Deferred tax liability
26
668,115
654,145
(668,115)
(654,145)
Net assets
10,417,683
5,896,107
Capital and reserves
Called up share capital
28
78,419
78,419
Share premium account
675,014
675,014
Profit and loss reserves
6,450,412
2,325,750
Equity attributable to owners of the parent company
7,203,845
3,079,183
Non-controlling interests
3,213,838
2,816,924
10,417,683
5,896,107
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
25 April 2025
Mr P N J Stenner
Director
Company registration number 12716936 (England and Wales)
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
102,615
3,861
Investment property
14
2,376,459
461,492
Investments
15
1,136,459
1,636,469
3,615,533
2,101,822
Current assets
Stocks
20
9,009
-
Debtors
21
7,228
1,661
Cash at bank and in hand
848,424
444,094
864,661
445,755
Creditors: amounts falling due within one year
22
(1,073,227)
(559,773)
Net current liabilities
(208,566)
(114,018)
Total assets less current liabilities
3,406,967
1,987,804
Provisions for liabilities
Deferred tax liability
26
6,969
29,389
(6,969)
(29,389)
Net assets
3,399,998
1,958,415
Capital and reserves
Called up share capital
28
78,419
78,419
Share premium account
675,014
675,014
Profit and loss reserves
2,646,565
1,204,982
Total equity
3,399,998
1,958,415

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 £1,605,248 (2023: £479,117 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
25 April 2025
Mr P N J Stenner
Director
Company registration number 12716936 (England and Wales)
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
78,419
675,014
654,727
1,408,160
1,518,213
2,926,373
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,946,134
1,946,134
1,411,503
3,357,637
Dividends
11
-
-
(275,111)
(275,111)
-
(275,111)
Minority share of net assets on acquisition of subsidiary
-
-
-
-
(112,792)
(112,792)
Balance at 31 March 2023
78,419
675,014
2,325,750
3,079,183
2,816,924
5,896,107
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
3,738,619
3,738,619
2,331,277
6,069,896
Dividends
11
-
-
(163,665)
(163,665)
(1,384,655)
(1,548,320)
Other adjustments - see below
-
-
549,708
549,708
(549,708)
-
Balance at 31 March 2024
78,419
675,014
6,450,412
7,203,845
3,213,838
10,417,683
Other adjustments above relate to the correction of the balance on the Profit and Loss Reserve, which was understated by £549,708 at 31 March 2023, arising from errors in the calculation of the Non-controlling interest in the Profit for the financial year over a number of years. As this adjustment does not affect either the group's Profit after tax or the group's Net assets, a prior year adjustment to restate the comparative figures is not considered necessary.
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
78,419
675,014
838,837
1,592,270
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
479,117
479,117
Dividends
11
-
-
(112,972)
(112,972)
Balance at 31 March 2023
78,419
675,014
1,204,982
1,958,415
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,605,248
1,605,248
Dividends
11
-
-
(163,665)
(163,665)
Balance at 31 March 2024
78,419
675,014
2,646,565
3,399,998
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
6,599,834
4,833,736
Interest paid
(29,781)
(42,798)
Income taxes paid
(899,671)
(381,768)
Net cash inflow from operating activities
5,670,382
4,409,170
Investing activities
Purchase of tangible fixed assets
(989,284)
(1,145,327)
Proceeds from disposal of tangible fixed assets
45,301
11,925
Purchase of investment property
(1,914,967)
(118,991)
Proceeds from disposal of associates
-
284,766
Proceeds from disposal of joint ventures
-
(284,766)
Purchase of investments
-
(4,500)
Interest received
69,602
15,273
Dividends received
750,000
-
0
Net cash used in investing activities
(2,039,348)
(1,241,620)
Financing activities
Receipt of unpaid share capital
110,191
39,990
Proceeds from borrowings
1,000,000
-
Repayment of bank loans
(9,887)
(232,365)
Repayment of loans by/(loans to) associates and joint ventures
148,920
4,664
Payment of finance leases obligations
(46,455)
(133,898)
Dividends paid to equity shareholders
(1,548,320)
(387,903)
Net cash used in financing activities
(345,551)
(709,512)
Net increase in cash and cash equivalents
3,285,483
2,458,038
Cash and cash equivalents at beginning of year
3,843,103
1,385,065
Cash and cash equivalents at end of year
7,128,586
3,843,103
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
33
940,332
(26,413)
Interest paid
(22,473)
-
0
Net cash inflow/(outflow) from operating activities
917,859
(26,413)
Investing activities
Purchase of tangible fixed assets
(111,268)
-
0
Purchase of investment property
(1,914,967)
(118,991)
Proceeds from disposal of investments
-
0
(4,500)
Dividends received
1,676,371
510,554
Net cash (used in)/generated from investing activities
(349,864)
387,063
Financing activities
Dividends paid to equity shareholders
(163,665)
(112,972)
Net cash used in financing activities
(163,665)
(112,972)
Net increase in cash and cash equivalents
404,330
247,678
Cash and cash equivalents at beginning of year
444,094
196,416
Cash and cash equivalents at end of year
848,424
444,094
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
1
Accounting policies
Company information

Teignmouth Maritime and Property Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 20, Dawlish Business Park, Dawlish, Devon, EX7 0NH.

 

The group consists of Teignmouth Maritime and Property Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Teignmouth Maritime and Property Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
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.

1.5
Turnover

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

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

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.

1.6
Intangible fixed assets - goodwill

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

 

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

1.7
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.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -

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% per annum on a straight-line basis
Plant and equipment
10% per annum on a reducing balance basis
Fixtures and fittings
20% per annum on a straight-line basis
Motor vehicles
25% per annum 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 recognised in the profit and loss account.

1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long-term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.10
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.

1.11
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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
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

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
Deferred tax

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

 

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

1.14
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.

1.15
Retirement benefits

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

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
1.16
Leases

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

 

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

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

1.17
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.

2
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Contract values and outcomes

Valuations which include an estimate of costs to complete and remaining revenues are carried out monthly with particular consideration at the year end. These assessments may include a degree of inherent uncertainty when estimating contract profitability and any impairment provision that may be required.

 

At 31 March 2024 the accrual for further costs to come on contracts included in Gross amounts due to contract customers under Creditors falling due within one year totalled £553,718 (2023: £464,400).

3
Turnover and other revenue

All of the group's turnover derives from its principal activity in the UK. An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Marine and civil engineering contracting services
28,216,610
20,675,189
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 25 -
2024
2023
£
£
Other revenue
Interest income
69,602
15,273
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
302,422
180,613
Depreciation of tangible fixed assets held under finance leases
21,847
17,450
(Profit)/loss on disposal of tangible fixed assets
(35,743)
314
Amortisation of intangible assets
(66,898)
(66,558)
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 group and company
3,975
3,450
Audit of the financial statements of the company's subsidiaries
27,650
24,250
31,625
27,700
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
2
2
2
2
61
64
-
-
19
18
-
-
Total
82
84
2
2
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,422,807
4,308,283
48,423
44,425
Social security costs
29,907
30,111
-
-
Pension costs
364,422
214,700
-
0
-
0
5,817,136
4,553,094
48,423
44,425
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
49,381
44,425
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
69,602
15,273
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
69,602
15,273
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
933
31,854
Other interest on financial liabilities
22,473
-
23,406
31,854
Other finance costs:
Interest on finance leases and hire purchase contracts
4,128
7,055
Other interest
2,247
3,889
Total finance costs
29,781
42,798
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,055,717
624,933
Adjustments in respect of prior periods
(59,299)
-
0
Total current tax
1,996,418
624,933
Deferred tax
Origination and reversal of timing differences
62,044
228,527
Previously unrecognised tax loss, tax credit or timing difference
(48,074)
-
0
Total deferred tax
13,970
228,527
Total tax charge
2,010,388
853,460

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
8,080,284
4,211,097
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
2,020,071
800,108
Tax effect of expenses that are not deductible in determining taxable profit
46,833
29,736
Tax effect of income not taxable in determining taxable profit
-
0
(2,825)
Gains not taxable
(31)
-
0
Unutilised tax losses carried forward
25,654
6,013
Adjustments in respect of prior years
(59,299)
-
0
Effect of change in corporation tax rate
-
(64,600)
Permanent capital allowances in excess of depreciation
(29,470)
120,860
Depreciation on assets not qualifying for tax allowances
-
(13,237)
Other permanent differences
6,630
16,778
Group Adjustment
-
0
(39,373)
Taxation charge
2,010,388
853,460
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim dividends paid
163,665
112,972
The dividends above were paid to the directors.
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
(678,902)
Amortisation and impairment
At 1 April 2023
(168,134)
Amortisation charged for the year
(66,898)
At 31 March 2024
(235,032)
Carrying amount
At 31 March 2024
(443,870)
At 31 March 2023
(510,768)

Included in the Goodwill above is negative goodwill arising on the acquisition of Teignmouth Maritime Services Limited with a cost of £685,622 (2023: £685,622) and a net book value of £438,350 (2023: £512,432).

Company
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
318,229
2,626,910
37,865
353,601
3,336,605
Additions
515,950
130,395
37,129
305,810
989,284
Disposals
-
0
(8,524)
-
0
(15,162)
(23,686)
At 31 March 2024
834,179
2,748,781
74,994
644,249
4,302,203
Depreciation and impairment
At 1 April 2023
8,564
325,825
10,617
124,058
469,064
Depreciation charged in the year
3,797
230,713
10,085
79,674
324,269
Eliminated in respect of disposals
-
0
(627)
-
0
(13,501)
(14,128)
At 31 March 2024
12,361
555,911
20,702
190,231
779,205
Carrying amount
At 31 March 2024
821,818
2,192,870
54,292
454,018
3,522,998
At 31 March 2023
309,665
2,301,085
27,248
229,543
2,867,541
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 29 -
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
5,214
-
0
5,214
Additions
17,773
93,495
111,268
At 31 March 2024
22,987
93,495
116,482
Depreciation and impairment
At 1 April 2023
1,353
-
0
1,353
Depreciation charged in the year
1,655
10,859
12,514
At 31 March 2024
3,008
10,859
13,867
Carrying amount
At 31 March 2024
19,979
82,636
102,615
At 31 March 2023
3,861
-
0
3,861
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023
461,492
461,492
Additions through external acquisition
1,914,967
1,914,967
At 31 March 2024
2,376,459
2,376,459

The investment properties were valued by the directors at 31 March 2024 based on open market value for existing use. In the opinion of the directors the carrying value of investment properties is not significantly different from their open market value.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
2,283,958
368,991
2,283,958
368,991
Long leasehold
92,501
92,501
92,501
92,501
2,376,459
461,492
2,376,459
461,492

Details of the leasing arrangements relating to investment properties are set out in note 29 to the financial statements.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
778,641
1,278,651
Investments in associates
17
391,016
413,681
353,318
353,318
Investments in joint ventures
18
466,508
334,766
-
0
-
0
Other investments
4,500
4,500
4,500
4,500
862,024
752,947
1,136,459
1,636,469
Movements in fixed asset investments
Group
Shares in associates and joint ventures
Other
Total
£
£
£
Cost or valuation
At 1 April 2023
748,447
4,500
752,947
Share of retained profit for the year
859,077
-
859,077
Dividend received from joint venture
(750,000)
-
(750,000)
At 31 March 2024
857,524
4,500
862,024
Carrying amount
At 31 March 2024
857,524
4,500
862,024
At 31 March 2023
748,447
4,500
752,947
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other
Total
£
£
£
Cost or valuation
At 1 April 2023
1,631,969
4,500
1,636,469
Valuation changes
(500,010)
-
(500,010)
At 31 March 2024
1,131,959
4,500
1,136,459
Carrying amount
At 31 March 2024
1,131,959
4,500
1,136,459
At 31 March 2023
1,631,969
4,500
1,636,469
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Subsidiaries
(Continued)
- 31 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Teigmouth Maritime Services Limited
Unit 20 Dawlish Business Park, Dawlish, Devon EX7 0NH
Marine and civil engineering contractor
Ordinary
32.40
Marine Plant Hire (UK) Limited
Unit 20 and 22B Dawlish Business Park, Dawlish, England. EX7 0NH
Marine Plant Hire
Ordinary
56.64
Teignmouth Maritime Group (UK) Limited
Unit 20 Dawlish Business Park, Dawlish, Devon EX7 0NH
Dormant
Ordinary
56.64

The group acquired 32.4% of the issued share capital of Teignmouth Maritime Services Limited which, excluding the treasury shares held in itself by Teignmouth Maritime Services Limited, gives the group 56.6% of the voting rights.

17
Associates

Details of associates at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Teignmouth Maritime Properties Limited
Unit 20 Dawlish Business Park, Dawlish, Devon EX7 0NH
Property development and boat storage
Ordinary
47

The investment in Teignmouth Maritime Properties Limited has been accounted for by the Group using the equity method of accounting.

18
Joint ventures

Details of joint ventures at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Indirect
Hesselberg Hydro (UK) Limited
C/o Teignmouth Maritime Services Limited, Unit 20 Dawlish Business Park, Dawlish, Devon EX7 0NH
Civil engineering
Ordinary
-
50.00

The investment in Hesselberg Hydro (UK) Limited is held by Teignmouth Maritime Services Limited, and has been accounted for by the Group using the equity method of accounting.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
19
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at undiscounted amount receivable:
Trade and other debtors
3,553,440
4,086,216
3,756
1,647
Instruments measured at cost less impairment:
Equity instruments - investments in associates and joint ventures
857,524
748,447
1,136,459
1,636,469
Carrying amount of financial liabilities
Instruments measured at amortised cost:
Bank and other borrowings
(1,024,948)
(34,835)
-
-
Obligations under hire purchase contracts
(38,160)
(84,615)
Instruments measured at undiscounted amount receivable:
Trade and other creditors
(1,861,942)
(3,072,156)
(551,573)
(331)
20
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
41,095
9,975
9,009
-
0
21
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,862,690
3,818,783
3,656
1,547
Gross amounts owed by contract customers
1,684,416
-
0
-
0
-
0
Amounts owed by undertakings in which the company has a participating interest
32
148,952
-
-
Other debtors
19,471
25,827
116
114
Prepayments and accrued income
212,536
185,761
3,456
-
0
3,779,145
4,179,323
7,228
1,661
Amounts falling due after more than one year:
Unpaid share capital
-
110,191
-
-
Total debtors
3,779,145
4,289,514
7,228
1,661
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
22
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
24
10,142
9,909
-
0
-
0
Obligations under finance leases
25
32,539
46,454
-
0
-
0
Other borrowings
24
1,000,000
-
0
1,000,000
-
0
Trade creditors
1,000,314
897,628
456
4,841
Gross amounts owed to contract customers
749,096
2,080,101
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
58,121
546,732
Corporation tax payable
1,200,696
399,148
-
0
-
0
Other taxation and social security
858,062
934,888
-
-
Other creditors
42,931
43,357
-
0
-
0
Accruals and deferred income
1,266,432
688,980
14,650
8,200
6,160,212
5,100,465
1,073,227
559,773

Group

 

Obligations under finance leases and hire purchase contracts are secured upon the assets acquired.

 

Other borrowings comprise a short-term loan repayable within 12 months, which is secured (see note 24 to the financial statements.

 

 

Company

 

Other borrowings comprise a short-term loan repayable within 12 months, which is secured (see note 24 to the financial statements.

23
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
24
14,806
24,926
-
0
-
0
Obligations under finance leases
25
5,621
38,161
-
0
-
0
20,427
63,087
-
-

Obligations under finance leases and hire purchase contracts are secured upon the assets acquired.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
24
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
24,948
34,835
-
0
-
0
Other loans
1,000,000
-
0
1,000,000
-
0
1,024,948
34,835
1,000,000
-
Payable within one year
1,010,142
9,909
1,000,000
-
0
Payable after one year
14,806
24,926
-
0
-
0

Group

 

Included in the bank loans above are:

 

 

Other borrowings comprise a short-term loan repayable within 12 months, secured upon an investment property owned by the group and bearing interest at 8% above the bank base rate.

 

 

Company

 

Other borrowings comprise a short-term loan repayable within 12 months, secured upon an investment property owned by the company and bearing interest at 8% above the bank base rate.

25
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
33,937
50,582
-
0
-
0
In two to five years
5,709
39,647
-
0
-
0
39,646
90,229
-
-
Less: future finance charges
(1,486)
(5,614)
-
0
-
0
38,160
84,615
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
26
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
686,800
624,756
Tax losses
(56,144)
(8,070)
Investment property
37,459
37,459
668,115
654,145
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
25,654
-
Tax losses
(56,144)
(8,070)
Investment property
37,459
37,459
6,969
29,389
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
654,145
29,389
Charge/(credit) to profit or loss
13,970
(22,420)
Liability at 31 March 2024
668,115
6,969

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

27
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
364,422
214,700

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.

TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
28
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of 10p each
392,095
392,095
39,209
39,209
Ordinary "B" shares of 10p each
392,095
392,095
39,210
39,210
784,190
784,190
78,419
78,419
29
Operating lease commitments
Lessor

The group owns a long leasehold flat as an investment property for rental purposes (see note 14 to the financial statements. The property is let under an assured shorthold tenancy for the next 3 months.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
10,800
12,000
10,800
12,000
30
Events after the reporting date

Prior to 6 November 2024, the company held a majority shareholding in both Teignmouth Maritime Services Limited and Marine Plant Hire (UK) Limited.

On 6 November 2024, Teignmouth Maritime Services Limited acquired the remaining issued share capital of Marine Plant Hire (UK) Limited, resulting in it becoming a wholly-owned subsidiary.

On 24 March 2025, the company completed the disposal of its principal trading subsidiary, Teignmouth Maritime Services Limited, together with its subsidiary Marine Plant Hire (UK) Limited.

31
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
617,062
568,341
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
31
Related party transactions
(Continued)
- 37 -
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Income from services provided
Charges for services received
2024
2023
2024
2023
£
£
£
£
Group
Entities over which the entity has control, joint control or significant influence
160,052
45,756
5,745
19,740
Other related parties
6,700
-
77,670
138,100
Company
Entities over which the entity has control, joint control or significant influence
48,153
44,425
48,423
44,425

Other related parties include entities in which the directors and their close family members have an interest.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities over which the group has control, joint control or significant influence
32
-
Other related parties
-
8,122
Company
Other related parties
14,650
8,200

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
5,638
148,952
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
31
Related party transactions
(Continued)
- 38 -
Other information

Group

 

During the year the group received rent from a share in an investment property, jointly owned by a close family member of one of the directors. Included in the figures above are the group's share of the rent received of £6,700 (2023: £5,500), and rent of £6,600 (2023: £6,600) paid to the close family member.

 

 

Company

 

During the year the company received rent from a share in an investment property, jointly owned by a close family member of one of the directors. The company's share of the rent received was £6,700 (2023: £5,500), and rent of £6,600 (2023: £6,600) was paid to the close family member.

32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
6,069,896
3,357,637
Adjustments for:
Share of results of associates and joint ventures
(1,154,276)
(323,862)
Taxation charged
2,010,388
853,460
Finance costs
29,781
42,798
Investment income
(69,602)
(15,273)
(Gain)/loss on disposal of tangible fixed assets
(35,743)
314
Amortisation and impairment of intangible assets
(66,898)
(66,558)
Depreciation and impairment of tangible fixed assets
324,269
198,063
Movements in working capital:
(Increase)/decrease in stocks
(31,120)
5,534
Decrease/(increase) in debtors
251,258
(992,079)
(Decrease)/increase in creditors
(728,119)
1,897,702
Cash generated from operations
6,599,834
4,957,736
TEIGNMOUTH MARITIME AND PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 39 -
33
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
1,605,248
479,117
Adjustments for:
Taxation credited
(22,420)
(1,266)
Finance costs
22,473
-
0
Investment income
(1,676,371)
(510,554)
Depreciation and impairment of tangible fixed assets
12,514
1,043
Movements in working capital:
Increase in stocks
(9,009)
-
(Increase)/decrease in debtors
(5,567)
3,189
Increase in creditors
1,013,464
2,058
Cash generated from/(absorbed by) operations
940,332
(26,413)
34
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,843,103
3,285,483
7,128,586
Borrowings excluding overdrafts
(34,835)
(990,113)
(1,024,948)
Obligations under finance leases
(84,615)
46,455
(38,160)
3,723,653
2,341,825
6,065,478
35
Analysis of changes in net funds/(debt) - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
444,094
404,330
848,424
Borrowings excluding overdrafts
-
(1,000,000)
(1,000,000)
444,094
(595,670)
(151,576)
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr P N J StennerMrs A 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