MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company registration number SC470531 (Scotland)
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
COMPANY INFORMATION
Directors
Mr Daniel McCulloch
Mrs Anne McCulloch
(Appointed 20 December 2024)
Company number
SC470531
Registered office
Craigiemains
10A Main Street
Ballantrae
Girvan
KA26 0NB
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Business address
Craigiemains
10A Main Street
Ballantrae
Girvan
KA26 0NB
Bankers
Royal Bank of Scotland plc
Glasgow City Branch (A)
10 Gordon Street
Glasgow
G1 3PL
Solicitors
The McKinstry Company
146 Dalrymple Street
Girvan
Ayrshire
KA26 9BQ
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12 - 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 - 36
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Review of the business

Building upon the investments made in the previous financial year, 2023-2024 has been a year marked with significant changes for the McCulloch Group across all business units. With initial growth within the international marketspace alongside continued increased spend domestically from clients as the post-COVID budget spends continue, the year has also presented opportunities to realign the Group for future strategic success. As the year progressed however, the Group did not achieve budgetary targets, and therefore the impacts of this have been felt.

During the period this report relates to of FY24 the UK business has continued to deliver significant works for the Group’s domestic client base, building upon legacy relationships whilst identifying new opportunities including those in Europe. With initial works having been completed by this business unit within Ireland and also Amsterdam – these works were delivered successfully and have become springboards upon which further works will be secured; this includes the intention to negotiate a significant framework agreement within one of these regions allowing diversification of revenue for the Group. Internationally through our sales and leasing business unit (which directly correlates to the success of our manufacturing business) focus has continued around the further development of our market share within the north and south American markets. Notably through the appointment of a strategic distribution partner – DavRail Incorporated covering America, Canada, Mexico and Brazil. This appointment was agreed by the Board in January 2024. In this market area the Group successfully has been involved in a number of projects under the ‘Tren Maya’ construction works – the building of the largest rail project globally at this time. The Group has successfully sold and leased McCulloch equipment into contractors completing these works, a testament to the quality and reputation of McCulloch plant internationally.

In the final quarter of the financial year 2024 the UK market shifted to a downward trend due to the impact of the change of ‘control periods’ by Network Rail. With budgets awarded on a five-year basis it is normal for works delivery (and therefore orders by clients) to naturally be lower at the beginning and end of these periods of time. This interim change of demand for the UK business arrived at a time of significant change for the Group through the departure of key management personnel, however through the united approach of the Board combined with the interim leadership measures identified the business has successfully traded through this period – strategically working with advisers to ensure a strong financial and operational position to strategically build the Group moving forward. These strategic developments have been critical to realigning the business following the continued trend of loss making operations over recent years; and include the development of an organisational restructuring to ensure overheads are appropriate for the business overarching strategy.

Additionally, the Group has continued to trade with periods of instability of international sales revenue. As commented on earlier in this report, the International arm of the Group is critical to supporting and the generation of revenue for the manufacturing business unit. With sales revenue being behind budget and not consistently delivering to the Group’s cashflow this has created challenging times for the Group with treasury management. Following the introduction of interim management processes to the Group the decision to restructure the business development team was taken.

Throughout the financial year the Group has also continued to carry substantial overhead costs which have been introduced over previous financial years. These costs were reflective of previous executive strategy, and the Board identified areas which were attributing to the loss position for the Group and not directly supporting revenue. Post year end further works were done in this area.

 

 

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

Key risks to the Group business activities are predominantly captured under the headings of workforce, restructuring and sales. Opportunities continue throughout the financial year, following FY23, for the diversification of revenue streams into the Group – the Directors regularly review these opportunities considering required investment to facilitate those of strategic and commercial value to the Group.

Whilst our ongoing development of the basic benefits being offered to colleagues across the business, particularly track operations colleagues, continues we have noticed a difference in our retention rates of our workforce. However, it is noted by Management and Directors that this is an area requiring further careful attention to ensure the McCulloch Group is an employer of choice within the industry – thereby supporting to overcome our challenges in relation to recruitment. Within the period FY24 further investment in this area has been made; most notably through the provision of death in service benefit and improved holiday allowances for track colleagues.

The changing of Control Periods presents a period of uncertainty for the UK operations as both Network Rail and Principal Contractors review their current spends in line with new budgets being awarded. McCulloch Group management remain engaged with and active participants of a number of trade bodies who report these pressures are being felt across the industry and not just within the Group.

We continue to face the risk of variance within international sales and leasing opportunities; however, work continues apace to overcome this – most notably as discussed earlier in this report. The development of strategic international partnerships will be critical to providing a more regular and secure cash flow in this area of business operation, however Management recognises the need to invest further in areas of manufacturing workforce, equipment, and stock. Internationally the Group requires to develop a predictable sales pipeline to support the ambitions of overhead investments, and treasury management.

Given the significant investments being made by the business internally, along with the highlighted reductions in revenue, careful monitoring and management of the businesses finances has been carried out by Directors and Management to ensure sustainability for the future. This has included strategic input from advisers to support reviewing organisational structures and overheads. Engagement with third sector partners such as Scottish Enterprise, East Ayrshire Council and South Ayrshire Council has been critical in this regard.

Development and performance

Continued investment into the UK fleet has been key within FY24, this included the ‘refurbishment’ of existing assets and the introduction of new assets to the fleet.

Our team based in our Manufacturing and Innovation centre have continued with the development of the McCulloch Turnout Solution; completing design works following initial testing and beginning the process of applying for ‘product approval’ with Network Rail.

The development of the partnership between the McCulloch Group and DavRail Incorporated through the awarding of the exclusive distribution agreement is understood to be instrumental in the furtherance of our market share within the Americas.

 

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Other information and explanations

The Board of Directors and Management identify gross margin, staff, and plant utilisation as the key Group KPI’s. The strength of the company is also measured on the “current ratio” and “net worth per balance sheet”. The balance sheet net worth has reduced following the losses incurred for the year under review and the payment of shareholder dividends. It should be noted that the end of the financial year the Board agreed to suspend all future shareholder dividends until the Group businesses performance returned to a state of profitability.

Overall, the reduction in gross margins for the Group in the financial year 2023/24 was 7.13% . This is a significant reduction and is reflective of the impact felt through the reduction of UK rail work with the control period changes and lack of predictable international revenue. This reduction has presented treasury challenges however through careful management internally and the support of external advisers the Group has met all obligations.

Turnover year on year has increased £4.1M

The sale of equipment overseas realised total turnover of £1.3M in the year, a decrease of £5.3M from the previous year. This decrease has been attributed to performance of the business development strategy, which has subsequently been redeveloped in line with the Group restructuring efforts.

Domestic sales within the UK have increased £8.1M to £16.6M in the year. This significant achievement is reflective of the peak of budgetary release prior to the immediate end of a Network Rail control period, and additionally includes revenue from new business development areas including works completed in the Republic of Ireland and mainland Europe through the domestic plant hire and contracting business.

S & C Engineering Limited (S & C) has continued to provide the most significant area of loss for the Group following the decision to remove external manufacturing work and focus purely on the delivery of internal works and supporting the international business.

2024

2023

Gross Profit Margin

29.97%

37.10%

Average number of employees

151

138

Wages: Turnover

41.23%

44.59%

Net current assets

£598k

£1.39M

Balance Sheet Net Worth

£3.5M

£4.5M

 

 

Other performance indicators

Given the businesses requirement to restructure, the Board of Directors have taken the commercial decision to write off various inter Group financial loans including the closure of outstanding balances from an accountancy perspective. Overall reflecting upon forecasts for the next financial year, the Directors realise the importance of strong governance, cost control and requirement to restructure. Additionally, the board identifies opportunities for growth following a period of consolidation to strengthen the Group’s position.

The Board of Directors are content with the ongoing developments being made by the Management within the daily operations of the business, ultimately which are being reflected in the KPIs of the Group, in particular through this interim period of challenge and transition.

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Future Events

Post completion of the financial year the Group completed a major restructuring of the business units. This included the realignment to two trading units, reductions of headcount of indirect staff as well as direct staff where work was not forecasted within the foreseeable future and redevelopment of the Group’s interim strategy.

Given continued impact generated through the issues highlighted above the Group undertook a process of releasing excess assets; thus, directly supporting the business to deliver upon the overall ambitions of the restructuring project. Through this process the strategic aim of the business has been to support the return to strong profitability within the UK Rail business unit, whilst the development of an equally strong (and predictable) international pipeline is created.

Additionally, in December 2024 two of the founding shareholders exited the business following acquisition of the entire shareholding of the remaining founding shareholders. Given differences in relation to the strategic development and direction of the Group this change will further allow the businesses to trade freely with clear and effective leadership.

Looking ahead into FY25 the impacts of the restructuring, and subsequent carried loss, are being positively noted. With turnover returning to normalised levels and profitability being delivered across the Group. The Directors and management continue to manage the Group’s financial position intensively in line with accurate commercial reporting from both business units.

 

On behalf of the board

Mr Daniel McCulloch
Director
25 April 2025
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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

Principal activities

The principal activity of the company and group continued to be that of provision of services in rail handling and rail logistics.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £193,200. 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 Daniel McCulloch
Mr William McCulloch
(Resigned 20 December 2024)
Mr David Girdler
(Resigned 30 November 2023)
Mrs Anne McCulloch
(Appointed 20 December 2024)
Auditor

In accordance with the company's articles, a resolution proposing that William Duncan + Co (Audit) Ltd be reappointed as auditor of the group will be put at a General Meeting.

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 Daniel McCulloch
Director
25 April 2025
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

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.

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MCCULLOCH GROUP HOLDINGS LTD
- 7 -
Opinion

We have audited the financial statements of McCulloch Group Holdings Ltd (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:

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCULLOCH GROUP HOLDINGS LTD
- 8 -
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.

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCULLOCH GROUP HOLDINGS LTD
- 9 -

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.

Mr Neil Reid FCCA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd
25 April 2025
Accountants
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
17,866,184
13,754,779
Cost of sales
(12,512,297)
(8,718,704)
Gross profit
5,353,887
5,036,075
Administrative expenses
(6,290,363)
(5,672,664)
Other operating income
37,958
35,054
Operating loss
4
(898,518)
(601,535)
Interest receivable and similar income
7
3,594
6,528
Interest payable and similar expenses
8
(84,989)
(35,403)
Loss before taxation
(979,913)
(630,410)
Tax on loss
9
174,798
(49,053)
Loss for the financial year
25
(805,115)
(679,463)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
169,405
258,607
Tangible assets
12
3,441,928
3,875,180
3,611,333
4,133,787
Current assets
Stocks
15
803,104
618,257
Debtors
16
2,046,466
2,915,213
Cash at bank and in hand
596,462
1,301,240
3,446,032
4,834,710
Creditors: amounts falling due within one year
17
(2,847,725)
(3,442,455)
Net current assets
598,307
1,392,255
Total assets less current liabilities
4,209,640
5,526,042
Creditors: amounts falling due after more than one year
18
(566,308)
(717,407)
Provisions for liabilities
Deferred tax liability
21
121,395
288,383
(121,395)
(288,383)
Net assets
3,521,937
4,520,252
Capital and reserves
Called up share capital
23
400
400
Share premium account
24
1,100
1,100
Profit and loss reserves
25
3,520,437
4,518,752
Total equity
3,521,937
4,520,252

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

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 Daniel McCulloch
Director
Company registration number SC470531 (Scotland)
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
-
0
4,500
Tangible assets
12
2,367,719
2,778,927
Investments
13
101,202
101,202
2,468,921
2,884,629
Current assets
Stocks
15
75,060
70,599
Debtors
16
906,999
648,362
Cash at bank and in hand
1
96,270
982,060
815,231
Creditors: amounts falling due within one year
17
(633,298)
(474,389)
Net current assets
348,762
340,842
Total assets less current liabilities
2,817,683
3,225,471
Creditors: amounts falling due after more than one year
18
(446,012)
(624,319)
Provisions for liabilities
Deferred tax liability
21
223,303
249,558
(223,303)
(249,558)
Net assets
2,148,368
2,351,594
Capital and reserves
Called up share capital
23
400
400
Share premium account
24
1,100
1,100
Profit and loss reserves
25
2,146,868
2,350,094
Total equity
2,148,368
2,351,594

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £10,027 (2023 - £1,728,112 profit).

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

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 13 -
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 Daniel McCulloch
Director
Company registration number SC470531 (Scotland)
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
400
1,100
5,491,415
5,492,915
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(679,463)
(679,463)
Dividends
10
-
-
(293,200)
(293,200)
Balance at 31 March 2023
400
1,100
4,518,752
4,520,252
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(805,115)
(805,115)
Dividends
10
-
-
(193,200)
(193,200)
Balance at 31 March 2024
400
1,100
3,520,437
3,521,937
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
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
400
1,100
915,182
916,682
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,728,112
1,728,112
Dividends
10
-
-
(293,200)
(293,200)
Balance at 31 March 2023
400
1,100
2,350,094
2,351,594
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
(10,026)
(10,026)
Dividends
10
-
-
(193,200)
(193,200)
Balance at 31 March 2024
400
1,100
2,146,868
2,148,368
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(652,662)
983,694
Interest paid
(84,989)
(35,403)
Income taxes refunded
281,506
-
0
Net cash (outflow)/inflow from operating activities
(456,145)
948,291
Investing activities
Purchase of intangible assets
(16,307)
(14,925)
Proceeds from disposal of intangibles
4,500
-
Purchase of tangible fixed assets
(348,478)
(121,552)
Proceeds from disposal of tangible fixed assets
321,500
242,015
Interest received
3,594
6,528
Net cash (used in)/generated from investing activities
(35,191)
112,066
Financing activities
Repayment of borrowings
(15,285)
(29,114)
Repayment of bank loans
(34,802)
(49,651)
Payment of finance leases obligations
(103,457)
(252,275)
Dividends paid to equity shareholders
(193,200)
(293,200)
Net cash used in financing activities
(346,744)
(624,240)
Net (decrease)/increase in cash and cash equivalents
(838,080)
436,117
Cash and cash equivalents at beginning of year
1,301,240
865,123
Cash and cash equivalents at end of year
463,160
1,301,240
Relating to:
Cash at bank and in hand
596,462
1,301,240
Bank overdrafts included in creditors payable within one year
(133,302)
-
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
26,793
323,270
Interest paid
(55,124)
(15,997)
Net cash (outflow)/inflow from operating activities
(28,331)
307,273
Investing activities
Purchase of intangible assets
-
0
(4,500)
Proceeds from disposal of intangibles
4,500
-
0
Purchase of tangible fixed assets
(143,504)
(1,157,199)
Proceeds from disposal of tangible fixed assets
225,000
199,884
Purchase of subsidiaries
-
0
(2)
Interest received
57
5,254
Dividends received
96,600
1,036,022
Net cash generated from investing activities
182,653
79,459
Financing activities
Repayment of bank loans
(7,529)
(22,379)
Payment of finance leases obligations
(183,164)
(205,570)
Dividends paid to equity shareholders
(193,200)
(293,200)
Net cash used in financing activities
(383,893)
(521,149)
Net decrease in cash and cash equivalents
(229,571)
(134,417)
Cash and cash equivalents at beginning of year
96,270
230,687
Cash and cash equivalents at end of year
(133,301)
96,270
Relating to:
Cash at bank and in hand
1
96,270
Bank overdrafts included in creditors payable within one year
(133,302)
-
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
1
Accounting policies
Company information

McCulloch Group Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Craigiemains, 10A Main Street, Ballantrae, Girvan, KA26 0NB.

 

The group consists of McCulloch Group Holdings Ltd 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 McCulloch Group Holdings Ltd 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.

1.4
Going concern

At the date on which 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 represents amounts receivable for rail maintenance services net of VAT and trade discounts.

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -

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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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, which is 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.

1.8
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
No depreciation as in progress
Patents, trade marks & designs
20years over the lifetime of the patent, 10years of the trade mark or 6 or 15 years over the lifetime of the design depending on jurisdiction
1.9
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.

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
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
2% straight line
Leasehold improvements
Over the term of the lease
Plant and equipment
20% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
33% reducing balance
Portacabin offices
5% 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 recognised in the profit and loss account.

1.10
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.

1.11
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.12
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.

1.13
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.

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.14
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, 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.

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.

1.15
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.

1.16
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.

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
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.

1.17
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.

1.18
Retirement benefits

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

1.19
Leases

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

 

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

1.20
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.

MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Turnover
17,866,184
13,754,778
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,591,608
8,462,578
North America
1,274,576
3,637,663
Australasia
-
1,654,538
17,866,184
13,754,779
2024
2023
£
£
Other revenue
Interest income
3,594
6,528
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses/(gains)
30,236
(24,024)
Research and development costs
222,979
246,112
Fees payable to the group's auditor for the audit of the group's financial statements
4,000
4,000
Depreciation of owned tangible fixed assets
429,240
369,057
Depreciation of tangible fixed assets held under finance leases
75,957
134,421
Profit on disposal of tangible fixed assets
(44,967)
(123,958)
Amortisation of intangible assets
72,940
13,001
Loss on disposal of intangible assets
28,069
-
Operating lease charges
263,372
183,672
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
5
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
4
3
2
2
Administrative
33
21
33
21
Direct
114
114
-
-
Total
151
138
35
23

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,489,378
5,368,446
1,772,849
1,322,794
Social security costs
622,648
605,817
177,619
180,490
Pension costs
255,674
212,331
124,100
123,920
7,367,700
6,186,594
2,074,568
1,627,204
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
100,986
140,325
Company pension contributions to defined contribution schemes
5,734
101,635
106,720
241,960

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 3).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,594
6,528
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,594
6,528
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
41,121
10,159
Other finance costs:
Interest on finance leases and hire purchase contracts
43,868
25,244
Total finance costs
84,989
35,403
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(7,809)
-
0
Deferred tax
Origination and reversal of timing differences
(166,989)
49,053
Total tax (credit)/charge
(174,798)
49,053

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(979,913)
(630,410)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(244,978)
(119,778)
Tax effect of expenses that are not deductible in determining taxable profit
39,015
1,452
Effect of change in corporation tax rate
-
103,265
Permanent capital allowances in excess of depreciation
-
0
19,698
Depreciation on assets not qualifying for tax allowances
8,643
8,644
Other non-reversing timing differences
-
0
472
Under/(over) provided in prior years
(7,100)
(89,760)
Other Adjustments
29,622
-
0
Deferred tax asset not recognised
-
0
125,060
Taxation (credit)/charge
(174,798)
49,053
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
193,200
293,200
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
11
Intangible fixed assets
Group
Goodwill
Software
Patents, trade marks & designs
Total
£
£
£
£
Cost
At 1 April 2023
547,961
4,500
323,291
875,752
Additions
-
0
-
0
16,307
16,307
Disposals
-
0
-
0
(28,069)
(28,069)
Transfers
-
0
(4,500)
-
0
(4,500)
At 31 March 2024
547,961
-
0
311,529
859,490
Amortisation and impairment
At 1 April 2023
547,961
-
0
69,184
617,145
Amortisation charged for the year
-
0
-
0
72,940
72,940
At 31 March 2024
547,961
-
0
142,124
690,085
Carrying amount
At 31 March 2024
-
0
-
0
169,405
169,405
At 31 March 2023
-
0
4,500
254,107
258,607
Company
Software
£
Cost
At 1 April 2023
4,500
Transfers
(4,500)
At 31 March 2024
-
0
Amortisation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
4,500
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Portacabin offices
Total
£
£
£
£
£
£
£
£
£
Cost
At 1 April 2023
1,401,814
289,346
20,974
4,404,365
154,055
172,876
721,142
122,248
7,286,820
Additions
-
0
-
0
5,700
129,772
1,864
8,032
203,110
-
0
348,478
Disposals
(184,870)
-
0
-
0
(93,579)
-
0
-
0
(156,046)
-
0
(434,495)
Transfers
-
0
-
0
4,500
-
0
-
0
-
0
-
0
-
0
4,500
At 31 March 2024
1,216,944
289,346
31,174
4,440,558
155,919
180,908
768,206
122,248
7,205,303
Depreciation and impairment
At 1 April 2023
69,656
103,897
-
0
2,586,914
35,407
142,929
448,553
24,284
3,411,640
Depreciation charged in the year
15,566
26,421
-
0
294,071
10,788
18,786
130,080
9,485
505,197
Eliminated in respect of disposals
(16,638)
-
0
-
0
(66,367)
-
0
-
0
(70,457)
-
0
(153,462)
At 31 March 2024
68,584
130,318
-
0
2,814,618
46,195
161,715
508,176
33,769
3,763,375
Carrying amount
At 31 March 2024
1,148,360
159,028
31,174
1,625,940
109,724
19,193
260,030
88,479
3,441,928
At 31 March 2023
1,332,158
185,449
20,974
1,817,451
118,648
29,947
272,589
97,964
3,875,180
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 29 -
Company
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
1,051,814
20,974
1,732,019
35,012
29,322
293,906
3,163,047
Additions
-
0
5,700
129,772
-
0
8,032
-
0
143,504
Disposals
(184,870)
-
0
-
0
-
0
-
0
(54,396)
(239,266)
Transfers
-
0
4,500
-
0
-
0
-
0
-
0
4,500
At 31 March 2024
866,944
31,174
1,861,791
35,012
37,354
239,510
3,071,785
Depreciation and impairment
At 1 April 2023
69,656
-
0
206,692
8,826
10,619
88,327
384,120
Depreciation charged in the year
15,566
-
0
271,039
6,710
11,449
67,087
371,851
Eliminated in respect of disposals
(16,638)
-
0
-
0
-
0
-
0
(35,267)
(51,905)
At 31 March 2024
68,584
-
0
477,731
15,536
22,068
120,147
704,066
Carrying amount
At 31 March 2024
798,360
31,174
1,384,060
19,476
15,286
119,363
2,367,719
At 31 March 2023
982,158
20,974
1,525,327
26,186
18,703
205,579
2,778,927
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
101,202
101,202
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
101,202
Carrying amount
At 31 March 2024
101,202
At 31 March 2023
101,202
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
McCulloch International Ltd
United Kingdom
Ordinary
100.00
McCulloch Rail (formerly W&D McCulloch Limited)
United Kingdom
Ordinary
100.00
Smillie & Cuthbertson (Holdings) Limited
United Kingdom
Ordinary
100.00
McCulloch Plant Limited (formerly Smillie & Cuthbertson Limited)
Unoted Kingdom
Ordinary
100.00
McCulloch Group Ltd
United Kingdom
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
465,497
284,235
-
-
Work in progress
222,722
57,325
-
-
Finished goods and goods for resale
114,885
276,697
75,060
70,599
803,104
618,257
75,060
70,599
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,463,280
1,172,327
4,654
-
0
Corporation tax recoverable
-
0
273,696
-
0
-
0
Amounts owed by group undertakings
-
-
757,116
526,392
Other debtors
200,877
386,011
61,233
47,364
Prepayments and accrued income
382,309
1,083,179
83,996
74,606
2,046,466
2,915,213
906,999
648,362
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
186,509
51,844
159,236
24,571
Obligations under finance leases
20
189,694
187,383
157,065
170,814
Other borrowings
19
9,167
15,286
-
0
-
0
Trade creditors
793,326
2,147,400
232,353
153,063
Other taxation and social security
377,206
409,844
41,989
46,118
Other creditors
63,167
43,736
23,791
11,333
Accruals and deferred income
1,228,656
586,962
18,864
68,490
2,847,725
3,442,455
633,298
474,389
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
124,244
160,409
92,426
101,318
Obligations under finance leases
20
442,064
547,832
353,586
523,001
Other borrowings
19
-
0
9,166
-
0
-
0
566,308
717,407
446,012
624,319
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
177,451
212,253
118,360
125,889
Bank overdrafts
133,302
-
0
133,302
-
0
Other loans
9,167
24,452
-
0
-
0
319,920
236,705
251,662
125,889
Payable within one year
195,676
67,130
159,236
24,571
Payable after one year
124,244
169,575
92,426
101,318

The long-term loans are secured by fixed charges over the property held on the balance sheet.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
189,694
187,383
157,065
170,814
In two to five years
442,064
547,832
353,586
523,001
631,758
735,215
510,651
693,815

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 four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
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
121,395
288,383
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Deferred taxation
(Continued)
- 33 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
223,303
249,558
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
288,383
249,558
Credit to profit or loss
(166,988)
(26,255)
Liability at 31 March 2024
121,395
223,303
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
255,674
212,331

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.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
300
300
300
300
400
400
400
400
24
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
1,100
1,100
1,100
1,100
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
4,518,752
5,491,415
2,350,094
915,182
Profit/(loss) for the year
(805,115)
(679,463)
(10,026)
1,728,112
Dividends
(193,200)
(293,200)
(193,200)
(293,200)
At the end of the year
3,520,437
4,518,752
2,146,868
2,350,094
26
Post balance sheet events

On the 20th December 2024 all shareholdings were transferred to JADA Holdings Limited forming a new group and ultimate parent company. JADA Holdings Limited is owned by Daniel and Anne McCulloch and it's registered office is 8 Main Street, Ballantrae, Girvan, Scotland, KA26 ONB.

27
Financial commitments, guarantees and contingent liabilities

The company is currently in a legal dispute regarding potential backdated rent liabilities totalling £105,841 for a period from 3rd February 2020 to 28th February 2025. Currently the outcome cannot be ascertained with any certainty and there has been no provision made in the accounts for any liability that may arise.

28
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
147,500
157,241
22,500
45,000
Between two and five years
236,022
310,438
-
48,750
In over five years
-
106,765
-
-
383,522
574,444
22,500
93,750
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
29
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss for the year after tax
(805,115)
(679,463)
Adjustments for:
Taxation (credited)/charged
(174,798)
49,053
Finance costs
84,989
35,403
Investment income
(3,594)
(6,528)
Gain on disposal of tangible fixed assets
(44,967)
(123,958)
Loss on disposal of intangible assets
28,069
-
Amortisation and impairment of intangible assets
72,940
13,001
Depreciation and impairment of tangible fixed assets
505,197
503,478
Movements in working capital:
Increase in stocks
(184,847)
(19,608)
Decrease/(increase) in debtors
595,051
(58,214)
(Decrease)/increase in creditors
(725,587)
1,270,530
Cash (absorbed by)/generated from operations
(652,662)
983,694
30
Cash generated from operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(10,026)
1,728,112
Adjustments for:
Taxation (credited)/charged
(26,255)
249,558
Finance costs
55,124
15,997
Investment income
(96,657)
(1,041,276)
Gain on disposal of tangible fixed assets
(42,139)
(109,492)
Depreciation and impairment of tangible fixed assets
371,851
357,969
Movements in working capital:
Increase in stocks
(4,461)
(70,599)
(Increase)/decrease in debtors
(258,637)
573,169
Increase/(decrease) in creditors
37,993
(1,380,168)
Cash generated from operations
26,793
323,270
MCCULLOCH GROUP HOLDINGS LTD
(FORMERLY KNOWN AS W & D MCCULLOCH (HOLDINGS) LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
31
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,301,240
(704,778)
596,462
Bank overdrafts
-
0
(133,302)
(133,302)
1,301,240
(838,080)
463,160
Borrowings excluding overdrafts
(236,705)
50,087
(186,618)
Obligations under finance leases
(735,215)
103,457
(631,758)
329,320
(684,536)
(355,216)
32
Analysis of changes in net debt - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
96,270
(96,269)
1
Bank overdrafts
-
0
(133,302)
(133,302)
96,270
(229,571)
(133,301)
Borrowings excluding overdrafts
(125,889)
7,529
(118,360)
Obligations under finance leases
(693,815)
183,164
(510,651)
(723,434)
(38,878)
(762,312)
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