Company registration number 07459638 (England and Wales)
BHARAT FORGE INTERNATIONAL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
BHARAT FORGE INTERNATIONAL LTD
COMPANY INFORMATION
Directors
Mr B N Kalyani
Mr A B Kalyani
Mr S G Joglekar
Mr K Dixit
Mr A S Pathak
(Appointed 1 October 2024)
Company number
07459638
Registered office
Boston House Business Centre
69-75 Boston Manor Road
Brentford
Middlesex
TW8 9JJ
Auditor
Eacotts International Limited
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
Business address
Boston House Business Centre
69-75 Boston Manor Road
Brentford
Middlesex
TW8 9JJ
BHARAT FORGE INTERNATIONAL LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 31
BHARAT FORGE INTERNATIONAL LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

Over a few years, the company has established firm foundations from which it can grow and flourish.

 

This year, there has been a drop in the company's turnover. Revenue for the year to 31 March 2025 was $378 million compared to $412 million in the same period in 2024.

Principal risks and uncertainties

The company is exposed to logistic and credit risks in accordance with group policies

 

Other risks include;

 

All companies within this market are exposed to these risks. These risks have been managed appropriately during the year and we will continue to manage them as they evolve.

 

In any event the company has the continued support of its parent Bharat Forge Limited to ensure that the company will have every opportunity to benefit from any improvement in the economic conditions in which the company operates. We therefore look forward with some confidence to 2025 and beyond.

Key performance indicators

The directors are of the opinion that the key performance indicator for this business is the reported turnover which has seen a drop from $412m in 2024 to $378m in 2025. In percentage terms it has decreased by 8.3%.

Section172 statement

Throughout, we have kept to our task and continued to promote the success of the company by:

 

 

 

 

 

 

On behalf of the board

Mr K Dixit
Director
6 May 2025
BHARAT FORGE INTERNATIONAL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of the distribution of forged and machined components for the automotive and industrial segments. The financial statements have been prepared in US Dollars.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr B N Kalyani
Mr A B Kalyani
Mr S G Joglekar
Mr K Dixit
Mr P G Pawar
(Resigned 1 October 2024)
Mr A S Pathak
(Appointed 1 October 2024)
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

Auditor

In accordance with the company's articles, a resolution proposing that Eacotts International Limited be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

BHARAT FORGE INTERNATIONAL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
On behalf of the board
Mr K Dixit
Director
6 May 2025
BHARAT FORGE INTERNATIONAL LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BHARAT FORGE INTERNATIONAL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BHARAT FORGE INTERNATIONAL LTD
- 5 -
Opinion

We have audited the financial statements of Bharat Forge International Ltd (the 'company') for the year ended 31 March 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

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:

BHARAT FORGE INTERNATIONAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BHARAT FORGE INTERNATIONAL LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

BHARAT FORGE INTERNATIONAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BHARAT FORGE INTERNATIONAL LTD
- 7 -

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above and the further non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

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.

Mr Jeffrey Smith (Senior Statutory Auditor)
For and on behalf of Eacotts International Limited
6 May 2025
Accountants
ICAEW Registered Auditors
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
BHARAT FORGE INTERNATIONAL LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
$
$
Revenue
2
378,102,126
412,274,098
Cost of sales
(369,645,524)
(403,868,686)
Gross profit
8,456,602
8,405,412
Other operating income
37,257
41,423
Administrative expenses
(2,369,881)
(3,105,175)
Operating profit
3
6,123,978
5,341,660
Investment revenues
7
3,736,090
2,221,770
Finance costs
8
(1,981,853)
(978,773)
Profit before taxation
7,878,215
6,584,657
Income tax expense
9
(1,368,579)
(1,850,000)
Profit for the year
6,509,636
4,734,657

The income statement has been prepared on the basis that all operations are continuing operations.

BHARAT FORGE INTERNATIONAL LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
$
$
Profit for the year
6,509,636
4,734,657
Other comprehensive income:
Items that may be reclassified to profit or loss
Investments held at fair value through other comprehensive income:
- Valuation loss arising in the year
(6,382)
(1,719,300)
Total comprehensive income for the year
6,503,254
3,015,357
BHARAT FORGE INTERNATIONAL LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
$
$
Non-current assets
Property, plant and equipment
10
6,234,636
6,559,029
Other receivables
14
23,769
17,933
Deferred tax asset
21
965,797
534,376
7,224,202
7,111,338
Current assets
Inventories
12
153,058,804
144,213,304
Trade and other receivables
14
166,988,736
154,007,526
Current tax recoverable
637,741
-
0
Cash and cash equivalents
6,434
4,341
320,691,715
298,225,171
Current liabilities
Trade and other payables
19
254,185,948
232,647,290
Current tax liabilities
-
0
810,289
Borrowings
16
37,356,739
41,897,092
Lease liabilities
20
135,834
143,301
291,678,521
275,497,972
Net current assets
29,013,194
22,727,199
Non-current liabilities
Lease liabilities
20
331,867
436,262
Net assets
35,905,529
29,402,275
Equity
Called up share capital
23
104,774
104,774
Revaluation reserve
24
(694,185)
(687,803)
Retained earnings
36,494,940
29,985,304
Total equity
35,905,529
29,402,275
The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
Mr K Dixit
Director
Company registration number 07459638 (England and Wales)
BHARAT FORGE INTERNATIONAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Revaluation reserve
Retained earnings
Total
$
$
$
$
Balance at 1 April 2023
104,774
1,031,497
25,250,647
26,386,918
Year ended 31 March 2024:
Profit
-
-
4,734,657
4,734,657
Other comprehensive income:
Adjustments to fair value of financial assets
-
(1,719,300)
-
(1,719,300)
Total comprehensive income
-
(1,719,300)
4,734,657
3,015,357
Balance at 31 March 2024
104,774
(687,803)
29,985,304
29,402,275
Year ended 31 March 2025:
Profit
-
-
6,509,636
6,509,636
Other comprehensive income:
Adjustments to fair value of financial assets
-
(6,382)
-
(6,382)
Total comprehensive income
-
(6,382)
6,509,636
6,503,254
Balance at 31 March 2025
104,774
(694,185)
36,494,940
35,905,529
BHARAT FORGE INTERNATIONAL LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
6,154,483
(24,429,247)
Interest paid
(1,981,853)
(978,773)
Income taxes paid
(3,248,030)
(1,795,044)
Net cash inflow/(outflow) from operating activities
924,600
(27,203,064)
Investing activities
Purchase of investments
(6,382)
-
0
Interest received
3,736,090
2,221,770
Net cash generated from investing activities
3,729,708
2,221,770
Financing activities
Payment of lease liabilities
(111,862)
(106,342)
Net cash used in financing activities
(111,862)
(106,342)
Net increase/(decrease) in cash and cash equivalents
4,542,446
(25,087,636)
Cash and cash equivalents at beginning of year
(41,892,751)
(16,805,115)
Cash and cash equivalents at end of year
(37,350,305)
(41,892,751)
Relating to:
Bank balances and short term deposits
6,434
4,341
Bank overdrafts
(37,356,739)
(41,897,092)
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

Bharat Forge International Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Boston House Business Centre, 69-75 Boston Manor Road, Brentford, Middlesex, TW8 9JJ. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in US Dollars, 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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors also confirm continuous support from the parent company, Bharat Forge Limited. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.

 

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

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

The company recognises revenue from the following major sources:

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of goods

Revenue from sale of goods is recognised at the point in time when control of the asset is transferred to the customer. Generally this is the date on which the goods are withdrawn from the warehouse. Where goods are shipped directly to the customer the revenue is recognised on the date which the goods reach the customer. The normal credit term is 30 - 90 days upon withdrawal or delivery.

Interest income

Interest income is recognised on receipt.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold buildings
Straight line over 30 years
Fixtures, fittings & equipment
10-20% Straight line
Plant and machinery
33% Straight line
Motor vehicles
20% Straight line
Right of use asset
Straight line over expected lease term

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 income statement.

1.5
Impairment of tangible and intangible assets

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

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

 

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

 

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

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Inventories

Inventories 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 inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

Basic financial assets, which include trade and other receivables 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.

Financial assets held at amortised cost

Financial assets with fixed or determinable payments and fixed maturity dates that the Company has the positive intent and ability to hold to maturity are classified as held to maturity investments.

 

Held to maturity investments are measured at amortised cost using the effective interest method less any impairment, with revenue recognised on an effective yield basis.

 

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

In accordance with IFRS 9, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:

 

  1. a.    Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance

  2. b.    Lease receivables

  3. c.    Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of IAS 11 and IAS 18

  4. d.    Financial assets that are measured at fair value through the statement of other comprehensive income (FVTOCI)

 

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables or contract revenue receivables.

 

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

 

For recognition of impairment loss on other financial assets and risk exposure, the Company determines whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL.

 

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to consider:

 

 

 

As a practical expedient, the Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.

 

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss. This amount is reflected under the head ‘other expenses’ in the statement of profit and loss.

 

The balance sheet presentation for various financial instruments is described below:

 

 

ECL is presented as an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying amount.

 

Since financial assets are already reflected at fair value, impairment allowance is not further reduced from its value. Rather, ECL amount is presented as ‘accumulated impairment amount’ in the OCI.

 

For assessing increase in credit risk and impairment loss, the Company combines financial instruments on the basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely basis.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current 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.

1.13
Retirement benefits

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

1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than US Dollars 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 are included in the income statement for the period.

2
Revenue

An analysis of the company's revenue is as follows:

2025
2024
$
$
Revenue analysed by class of business
Forged and machined components for automotive and non-automotive industry
378,102,126
412,274,098
2025
2024
$
$
Other significant revenue
Interest income
3,736,090
2,221,770
2025
2024
$
$
Revenue analysed by geographical market
United States of America
321,387,174
323,511,024
Europe
51,532,173
83,997,833
United Kingdom
5,182,779
4,765,241
378,102,126
412,274,098
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
$
$
Exchange losses
366,073
601,294
Fees payable to the company's auditor for the audit of the company's financial statements
137,115
121,180
Depreciation of property, plant and equipment
324,393
426,368
Reversal of depreciation on land
-
(730,000)
Cost of inventories recognised as an expense
343,786,441
379,084,676
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the company
137,115
121,180
5
Employees

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

2025
2024
Number
Number
Directors
2
2
Administration
9
9
Total
11
11

Their aggregate remuneration comprised:

2025
2024
$
$
Wages and salaries
821,217
708,050
Social security costs
62,072
48,537
Pension costs
10,567
10,020
893,856
766,607
6
Directors' fees
2025
2024
$
$
Fees for qualifying services
258,708
252,458
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Directors' fees
(Continued)
- 22 -
Fees disclosed above include the following amounts paid to the highest paid director:
Fees for qualifying services
129,354
126,229
7
Investment income
2025
2024
$
$
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
3,736,090
2,221,770
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
2025
2024
$
$
Interest on bank overdrafts and loans
1,969,202
963,756
Other interest expense
12,651
15,017
Total interest expense
1,981,853
978,773
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
9
Income tax expense
2025
2024
$
$
Current tax
UK corporation tax on profits for the current period
1,800,000
2,350,000
Deferred tax
Origination and reversal of temporary differences
(431,421)
(500,000)
Total tax charge
1,368,579
1,850,000

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
$
$
Profit before taxation
7,878,215
6,584,657
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
1,969,554
1,646,164
Effect of expenses not deductible in determining taxable profit
54,244
308,770
Income not taxable
-
0
(102,136)
Adjustment in respect of prior years
(219,889)
-
0
Permanent capital allowances in excess of depreciation
(3,909)
(4,418)
Deferred tax adjustments in respect of prior years
(431,421)
-
0
Other timing differences
-
0
(3,901)
Other differences
-
0
5,521
Taxation charge for the year
1,368,579
1,850,000
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
10
Property, plant and equipment
Freehold buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Right of use asset
Total
$
$
$
$
$
$
Cost
At 1 April 2023 and 1 April 2024
7,366,098
101,742
564,987
106,119
1,095,290
9,234,236
At 31 March 2025
7,366,098
101,742
564,987
106,119
1,095,290
9,234,236
Accumulated depreciation and impairment
At 1 April 2023
1,954,105
89,169
419,964
85,593
430,008
2,978,839
Charge for the year
246,028
2,477
57,731
15,221
104,911
426,368
Eliminated on revaluation
(730,000)
-
0
-
0
-
0
-
0
(730,000)
At 31 March 2024
1,470,133
91,646
477,695
100,814
534,919
2,675,207
Charge for the year
164,028
4,129
48,598
-
0
107,638
324,393
At 31 March 2025
1,634,161
95,775
526,293
100,814
642,557
2,999,600
Carrying amount
At 31 March 2025
5,731,937
5,967
38,694
5,305
452,733
6,234,636
At 31 March 2024
5,895,965
10,096
87,292
5,305
560,371
6,559,029

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2025
2024
$
$
Net values at the year end
Property
452,733
560,371
Depreciation charge for the year
Property
104,911
104,911
11
Investments

The company holds an investment of 1,160,668 / 41.25% (2024: 51,536 / 1.82%) shares in Tevva Motors (Jersey) Limited. Tevva Motors (Jersey) Limited, incorporated in Jersey, holds an investment of 1.95m shares in Tevva Motors Limited or 19.70% of the company. The company's investment in Tevva Motors (Jersey) Limited has been included in the financial statements at the directors' valuation of $nil (2024: $nil).

 

Judgements and key sources of estimation uncertainty

 

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Investments
(Continued)
- 25 -
Fair value of financial assets

The directors consider that the carrying amounts of financial assets are carried at fair value in the financial statements.

12
Inventories
2025
2024
$
$
Finished goods
153,058,804
144,213,304
13
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

14
Trade and other receivables
Current
Non-current
2025
2024
2025
2024
$
$
$
$
Trade receivables
60,455,091
73,929,044
-
-
Deposits recoverable
-
0
-
0
23,769
17,933
VAT recoverable
18,225
18,471
-
-
Amount owed by parent undertaking
5,392,184
2,275,038
-
0
-
0
Amounts owed by fellow group undertakings
97,514,695
73,563,788
-
0
-
0
Amounts owed by joint ventures
1,505,147
1,988,113
-
0
-
0
Amounts owed by related parties
8,743
8,367
-
0
-
0
Other receivables
203,725
262,474
-
-
Prepayments
1,890,926
1,962,231
-
-
166,988,736
154,007,526
23,769
17,933

Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

15
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
16
Borrowings
2025
2024
$
$
Unsecured borrowings at amortised cost
Bank overdrafts
17,386,038
26,220,104
Secured borrowings at amortised cost
Bank overdrafts
19,970,701
15,676,988
Analysis of borrowings

The company's bankers hold security over all the company's assets (present, future, actual or contingent and whether incurred alone or jointly with another) including interest and expenses.

2025
2024
$
$
Current liabilities
37,356,739
41,897,092

 

17
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

Less than 1 year
$
At 31 March 2024
Bank overdraft
41,897,092
Trade payables
856,581
Other payables
231,790,709
274,544,382
At 31 March 2025
Bank overdraft
37,356,739
Trade payables
891,746
Other payables
253,294,202
291,542,687
18
Market risk
Market risk management
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
18
Market risk
(Continued)
- 27 -
Foreign exchange risk

The carrying amounts of the company's foreign currency denominated monetary assets and liabilities at the reporting date are as follows:

Assets
Liabilites
2025
2024
2025
2024
$
$
$
$
Euro
63,077,029
93,722,664
25,024,005
28,188,863
Pound sterling
2,134,456
3,115,163
24,319,627
17,783,384
65,211,485
96,837,827
49,343,632
45,972,247
Interest rate risk

The carrying amounts of financial liabilities which expose the company to cash flow interest rate risk are as follows:

Bank overdrafts carried at $37.4m (2024: $41.9m)
19
Trade and other payables
2025
2024
$
$
Trade payables
891,746
856,581
Amount owed to parent undertaking
250,275,462
229,427,822
Amounts owed to fellow group undertakings
249,726
233,722
Amounts owed to related parties
-
0
4,010
Accruals
1,511,465
1,508,893
Social security and other taxation
89,210
85,137
Other payables
1,168,339
531,125
254,185,948
232,647,290
20
Lease liabilities
2025
2024
Maturity analysis
$
$
Within one year
135,834
143,301
In two to five years
331,867
436,262
Total undiscounted liabilities
467,701
579,563
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Lease liabilities
(Continued)
- 28 -

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
$
$
Current liabilities
135,834
143,301
Non-current liabilities
331,867
436,262
467,701
579,563
The fair value of the company's lease obligations is approximately equal to their carrying amount.
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Revaluation
Provisions
Total
$
$
$
Asset at 1 April 2023
257,874
(292,250)
(34,376)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
-
(500,000)
(500,000)
Asset at 1 April 2024
257,874
(792,250)
(534,376)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(431,421)
-
(431,421)
Asset at 31 March 2025
(173,547)
(792,250)
(965,797)
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
10,567
10,020

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
23
Share capital
2025
2024
$
$
Ordinary share capital
Issued and fully paid
64,000 Ordinary shares of £1 each
104,774
104,774
104,774
104,774
24
Revaluation reserve
2025
2024
$
$
At the beginning of the year
(687,803)
1,031,497
Fair value adjustment - investments
(6,382)
(1,719,300)
At the end of the year
(694,185)
(687,803)

The revaluation reserve has arisen as a result of the revaluation through other comprehensive income of the investment in shares in Tevva Motors (Jersey) Limited. For further details see note 11.

25
Capital risk management

The company is not subject to any externally imposed capital requirements.

26
Related party transactions
Fees for qualifying services

Two directors received directors fees totaling $258,708 (2024: $252,458), please refer to note 6.

 

No guarantees have been given or received.

Other transactions with related parties

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

Sale of goods
Purchase of goods
2025
2024
2025
2024
$
$
$
$
Parent company
-
0
-
0
336,952,409
371,628,365
Other related parties
-
0
-
0
(50)
1,263,322
-
0
-
0
336,952,359
372,891,687
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
26
Related party transactions
(Continued)
- 30 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
$
$
Parent company
250,275,462
229,427,822
Other group companies
249,726
233,722
Key management personnel
-
0
183,213
Other related parties
-
0
4,010
250,525,188
229,848,767

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
$
$
Parent company
5,392,184
2,275,038
Other group companies
97,514,695
73,563,788
Other related parties
8,743
8,367
102,915,622
75,847,193
27
Controlling party

The immediate and ultimate parent company is Bharat Forge Limited, a company incorporated in India.

28
Cash generated from/(absorbed by) operations
2025
2024
$
$
Profit for the year before income tax
7,878,215
6,584,657
Adjustments for:
Finance costs
1,981,853
978,773
Investment income
(3,736,090)
(2,221,770)
Depreciation and impairment of property, plant and equipment
324,393
(303,632)
Movements in working capital:
(Increase)/decrease in inventories
(8,845,500)
15,213,397
Increase in contract assets
(5,836)
(338)
Increase in trade and other receivables
(12,981,210)
(24,581,123)
Increase/(decrease) in trade and other payables
21,538,658
(20,099,211)
Cash generated from/(absorbed by) operations
6,154,483
(24,429,247)
BHARAT FORGE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
29
Analysis of changes in net debt
1 April 2024
Cash flows
31 March 2025
$
$
$
Cash at bank and in hand
4,341
2,093
6,434
Bank overdrafts
(41,897,092)
4,540,353
(37,356,739)
(41,892,751)
4,542,446
(37,350,305)
Obligations under finance leases
(579,563)
111,862
(467,701)
(42,472,314)
4,654,308
(37,818,006)
1 April 2023
Cash flows
31 March 2024
Prior year:
$
$
$
Cash at bank and in hand
1,426,454
(1,422,113)
4,341
Bank overdrafts
(18,231,569)
(23,665,523)
(41,897,092)
(16,805,115)
(25,087,636)
(41,892,751)
Obligations under finance leases
(685,905)
106,342
(579,563)
(17,491,020)
(24,981,294)
(42,472,314)
BHARAT FORGE INTERNATIONAL LTD
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025
2025-03-312024-04-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr B N KalyaniMr A B KalyaniMr S G JoglekarMr K DixitMr P G PawarMr A S Pathak074596382024-04-012025-03-3107459638bus:RegisteredOffice2024-04-012025-03-31074596382025-03-3107459638core:ContinuingOperations2024-04-012025-03-31074596382023-04-012024-03-3107459638core:ContinuingOperations2023-04-012024-03-3107459638core:RetainedEarningsAccumulatedLosses2024-04-012025-03-3107459638core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31074596382024-03-3107459638core:RevaluationPropertyPlantEquipmentDeferredTax2023-03-31074596382023-03-3107459638core:RevaluationPropertyPlantEquipmentDeferredTax2024-03-3107459638core:RevaluationPropertyPlantEquipmentDeferredTax2025-03-3107459638core:CurrentFinancialInstruments2025-03-3107459638core:CurrentFinancialInstruments2024-03-31074596382024-03-3107459638core:Non-currentFinancialInstruments2025-03-3107459638core:Non-currentFinancialInstruments2024-03-3107459638core:ShareCapital2025-03-3107459638core:ShareCapital2024-03-3107459638core:RevaluationReserve2025-03-3107459638core:RevaluationReserve2024-03-3107459638core:RetainedEarningsAccumulatedLosses2025-03-3107459638core:RetainedEarningsAccumulatedLosses2024-03-3107459638core:OtherMiscellaneousReserve2023-03-3107459638core:ShareCapitalOrdinaryShares2025-03-3107459638core:ShareCapitalOrdinaryShares2024-03-3107459638core:FinancialLiabilitiesAmortisedCostcore:Unsecured2025-03-3107459638core:FinancialLiabilitiesAmortisedCostcore:Unsecured2024-03-3107459638core:FinancialLiabilitiesAmortisedCostcore:Secured2025-03-3107459638core:FinancialLiabilitiesAmortisedCostcore:Secured2024-03-3107459638core:FinancialInstrumentsFairValueThroughProfitOrLoss2024-04-012025-03-3107459638core:Held-to-maturityFinancialAssets2024-04-012025-03-3107459638core:LoansReceivables2024-04-012025-03-310745963812024-04-012025-03-310745963812023-04-012024-03-310745963822024-04-012025-03-310745963822023-04-012024-03-3107459638core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3107459638core:PlantMachinery2024-03-3107459638core:FurnitureFittings2024-03-3107459638core:MotorVehicles2024-03-3107459638core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-3107459638core:LandBuildingscore:OwnedOrFreeholdAssets2025-03-3107459638core:PlantMachinery2025-03-3107459638core:FurnitureFittings2025-03-3107459638core:MotorVehicles2025-03-3107459638core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2025-03-3107459638core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3107459638core:PlantMachinery2023-03-3107459638core:MotorVehicles2023-03-3107459638core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3107459638core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3107459638core:PlantMachinery2023-04-012024-03-3107459638core:FurnitureFittings2023-04-012024-03-3107459638core:MotorVehicles2023-04-012024-03-3107459638core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-3107459638core:LandBuildingscore:OwnedOrFreeholdAssets2024-04-012025-03-3107459638core:PlantMachinery2024-04-012025-03-3107459638core:FurnitureFittings2024-04-012025-03-3107459638core:MotorVehicles2024-04-012025-03-3107459638core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-04-012025-03-3107459638core:CurrentFinancialInstrumentscore:ValueBeforeAllowanceForImpairmentLoss2025-03-3107459638core:CurrentFinancialInstrumentscore:ValueBeforeAllowanceForImpairmentLoss2024-03-3107459638core:ParentEntitiescore:SaleOrPurchaseGoods2025-03-3107459638core:ParentEntitiescore:SaleOrPurchaseGoods2024-03-3107459638core:OtherRelatedPartiescore:SaleOrPurchaseGoods2025-03-3107459638core:OtherRelatedPartiescore:SaleOrPurchaseGoods2024-03-3107459638core:SaleOrPurchaseGoods2025-03-3107459638core:SaleOrPurchaseGoods2024-03-3107459638core:ParentEntities2025-03-3107459638core:AllSubsidiaries2025-03-3107459638core:OtherRelatedParties2025-03-3107459638core:ParentEntities2024-03-3107459638core:AllSubsidiaries2024-03-3107459638core:KeyManagementPersonnel2025-03-3107459638core:KeyManagementPersonnel2024-03-3107459638core:OtherRelatedParties2024-03-3107459638bus:PrivateLimitedCompanyLtd2024-04-012025-03-3107459638bus:Audited2024-04-012025-03-3107459638bus:FullIFRS2024-04-012025-03-3107459638bus:Director12024-04-012025-03-3107459638bus:Director22024-04-012025-03-3107459638bus:Director32024-04-012025-03-3107459638bus:Director42024-04-012025-03-3107459638bus:Director52024-04-012025-03-3107459638bus:Director62024-04-012025-03-3107459638bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:sharesiso4217:GBP