Company registration number 05478154 (England and Wales)
DRYWALL SOLUTIONS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Mitchells Limited
Chartered Accountants
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
DRYWALL SOLUTIONS UK LIMITED
COMPANY INFORMATION
Directors
Mr A E Meola
Mr J R Hesler Jnr
Mr I Rusu
Company number
05478154
Registered office
Park Mill
Burydell Lane
Park Street
St. Albans
Cambs
AL2 2EZ
Auditor
Mitchells Limited
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
Bankers
HSBC Bank plc
31 Chequer Street
Hertfordshire
St Albans
AL1 3YN
DRYWALL SOLUTIONS UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 11
Profit and loss account
12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
17 - 30
DRYWALL SOLUTIONS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business. The directors consider the key financial performance indicators to be turnover, gross margin, net assets and the current ratio. Turnover and gross margin provide a good measure of the performance of the Company, whilst the current ratio demonstrates the financial strength of the Company.

 

Turnover decreased by 42.4% (2023 (as restated) – decreased by 3.9%) due to a significant slowdown in housebuilding, driven by interest rate uncertainties, reduced mortgage affordability, and a general downturn in the construction industry. Major housebuilders have scaled back new site starts, while planning delays and increased regulatory requirements have further impacted project pipelines. Additionally, ongoing labour shortages, material cost inflation, and supply chain disruptions have contributed to project delays and increased costs. Consumer confidence has also weakened, leading to a decline in demand for new-build homes. Despite these challenges, the Company continues to navigate a highly competitive market, focusing on cost efficiency and operational resilience.

 

The Company's gross profit margin has increased to 26.78% (2023 (as restated) - 8.83%) despite the reduction in turnover, reflecting a strategic shift towards higher-margin projects and improved cost management. The Company has focused on securing profitable contracts while reducing reliance on lower-margin work, ensuring stronger financial resilience. Operational efficiencies, better procurement strategies, and closer collaboration with subcontractors to ensure successful project delivery have contributed to improved profitability. Additionally, while material costs remain elevated, greater price stability has allowed for more effective cost control. The Company continues to operate in a highly competitive market but remains focused on maintaining strong margins through disciplined project selection and operational improvements.

 

The statement of financial position of the Company has increased to £694k (2023 (as restated) - £376k) primarily due to a strategic focus on reducing creditors and strengthening financial stability. The Company has prioritised debt reduction to improve long-term resilience while also managing lower levels of work in progress and outstanding receivables in line with reduced turnover. Additionally, a disciplined approach to overhead control and optimised cash flow management has ensured financial efficiency during a challenging market. The overall decrease compared to prior years also reflects the ongoing impact of its fellow subsidiary, Jessella Limited, entering administration in February 2023.

 

Forward Outlook

 

Looking ahead, the Company remains committed to maintaining a robust financial position while continuing to secure profitable pipeline work and adapt to market conditions

 

Key Performance Indicators

 

Gross profit margin - 2024: 26.78%; 2023 (as restated): 8.83%

 

Net profit/(loss) margin - 2024: 1.75%; 2023 (as restated): (8.22)%

 

Current ratio - 2024: 1.33; 2023 (as restated): 1.21

DRYWALL SOLUTIONS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Financial risk management objectives and policies

 

The company finances its operations through a mixture of retained profits and monies advanced from the directors. The management's objectives are to:

 

 

 

 

As all of the company's surplus funds are invested in sterling bank accounts, we believe there is no price risk.

 

All normal banking arrangements are with Lloyds Bank plc and we believe our choice of bank minimises any credit risk. The company also relies on the support of the directors from time to time through the use of the directors' current accounts. Again we believe this minimises any credit risk.

Principal risks and uncertainties

As for many companies of our size, the business environment in which we operate continues to be challenging. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control. However, we will continue to show flexibility and respond to market conditions and opportunities as they arise. Management also reviews these risks and appropriate processes are put in place to monitor and mitigate them. The key business risks affecting the company are set out below.

 

Credit risk

 

The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow and liquidity risk. The use of financial derivatives is governed by the company's policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The company does not use derivative financial instruments for speculative purposes.

 

The company's principal financial assets are bank balances and cash, trade and other debtors. The company's credit risk is primarily attributable to its trade debtors.

 

The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because of the extensive customer database.

 

Liquidity risk

 

In order to maintain liquidity to ensure that sufficient funds are available for on-going operations and future developments, the company primarily uses it's available cash in the bank.

 

The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate with its current working capital and will not require, in the short to medium term, any bank borrowings.

 

Competition

 

The competition consists of numerous steel stockholders both in the local area plus further afield. There is always a threat of losing customer orders, primarily on price, however by providing a customer focused service, an extensive stock range plus a quality service, we strive to keep this threat to a minimum.

 

DRYWALL SOLUTIONS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

On behalf of the board

Mr J R Hesler Jnr
Director
30 May 2025
DRYWALL SOLUTIONS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be construction related, including the screeding, drylining and system partitioning.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £14,300. 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 A E Meola
Mr J R Hesler Jnr
Mr T C Harris
(Resigned 31 January 2025)
Mr I Rusu
Mr R Wardlaw
(Resigned 30 June 2023)
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 company’s auditor 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 company’s auditor 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 J R Hesler Jnr
Director
30 May 2025
DRYWALL SOLUTIONS UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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 company and of the profit or loss of the company 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 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.

DRYWALL SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRYWALL SOLUTIONS UK LIMITED
- 6 -
Opinion

We have audited the financial statements of Drywall Solutions UK Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, 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 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 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:

DRYWALL SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRYWALL SOLUTIONS UK LIMITED (CONTINUED)
- 7 -
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.

DRYWALL SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRYWALL SOLUTIONS UK LIMITED (CONTINUED)
- 8 -

Identifying and responding to risks of material misstatement due to fraud

 

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

- Enquiring of Directors, the Audit and Risk Committee, internal audit, compliance officers and inspection of policy documentation as to the Company's high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Company's channel for "whistleblowing", as well as whether they have knowledge of any actual, suspected or alleged fraud.

 

- Reading Board and all relevant Committee minutes.

 

- Considering remuneration incentive schemes (primarily the annual incentive plan) and performance targets for management and Directors, including underlying profit from operations targets for management remuneration.

 

- Using analytical procedures to identify any unusual or unexpected relationships.

 

- Using our own forensic specialists to assist us in identifying fraud risks based on discussions of the circumstances of the Company.

 

We communicated identified fraud risk factors throughout the audit team and remained alert to any indications of fraud throughout the audit. This included communication from the Company component audit teams of relevant fraud risks identified at the Company level and request to component audit teams to report to the Company audit team any instances of fraud that could give rise to a material misstatement at the Company.

 

As required by auditing standards, and taking into account possible pressures to meet profit targets and our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that revenue earned from construction and support services is recorded in the wrong period and the risk that Company and component management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgements such as the estimation of forecast costs and the recognition of variable consideration.

 

On this audit we do not believe there is a fraud risk related to revenue recognition in the Infrastructure Investments segment based on the contractual nature of the segment's revenue with no significant judgement or estimation required in recognising revenue.

 

We also performed procedures including:

 

- Identifying journal entries and other adjustments to test for all full scope components based on specific risk-based criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts, those posted by users who post journals infrequently and those with missing user identification; and

 

- Assessing significant accounting estimates for bias.

 

We discussed with the Audit and Risk Committee matters related to actual or suspected fraud, for which disclosure is not necessary, and considered any implications for our audit.

DRYWALL SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRYWALL SOLUTIONS UK LIMITED (CONTINUED)
- 9 -

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors and other management (as required by auditing standards), and from inspection of the Company's regulatory and legal correspondence and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations.

 

As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements.

 

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. This included communication to audit teams of relevant laws and regulations identified at the Company level, and a request to report any instances of non-compliance with laws and regulations that could give rise to a material misstatement at the Company.

 

The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation), distributable profits legislation, and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety, antibribery, employment law and environmental law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not

detect that breach.

 

We discussed with the Audit and Risk Committee matters related to actual or suspected breaches of laws or regulations, for which disclosure is not necessary, and considered any implications for our audit.

DRYWALL SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRYWALL SOLUTIONS UK LIMITED (CONTINUED)
- 10 -

Context of the ability of the audit to detect fraud or breaches of law or regulation

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

 

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

 

 

 

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

DRYWALL SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRYWALL SOLUTIONS UK LIMITED (CONTINUED)
- 11 -
Mr David Gair ACA
Senior Statutory Auditor
For and on behalf of Mitchells Limited
30 May 2025
Chartered Accountants
Statutory Auditor
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
DRYWALL SOLUTIONS UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
as restated
Notes
£
£
Turnover
3
11,437,601
19,865,024
Cost of sales
(8,374,859)
(18,110,625)
Gross profit
3,062,742
1,754,399
Administrative expenses
(2,626,031)
(3,198,253)
Operating profit/(loss)
4
436,711
(1,443,854)
Interest receivable and similar income
8
692
-
0
Interest payable and similar expenses
9
(237,621)
(189,317)
Profit/(loss) before taxation
199,782
(1,633,171)
Tax on profit/(loss)
10
132,449
434,846
Profit/(loss) for the financial year
332,231
(1,198,325)

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

The notes on pages 17 to 30 form part of these financial statements.

DRYWALL SOLUTIONS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
as restated
£
£
Profit/(loss) for the year
332,231
(1,198,325)
Other comprehensive income
-
-
Total comprehensive income for the year
332,231
(1,198,325)

The notes on pages 17 to 30 form part of these financial statements.

DRYWALL SOLUTIONS UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
22,663
29,798
Current assets
Debtors
13
9,148,462
11,967,332
Cash at bank and in hand
1,408
1,408
9,149,870
11,968,740
Creditors: amounts falling due within one year
14
(6,530,066)
(9,857,813)
Net current assets
2,619,804
2,110,927
Total assets less current liabilities
2,642,467
2,140,725
Creditors: amounts falling due after more than one year
15
(2,430,552)
(2,199,625)
Provisions for liabilities
Deferred tax liability
17
(481,962)
(434,846)
481,962
434,846
Net assets
693,877
375,946
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
693,777
375,846
Total equity
693,877
375,946

The notes on pages 17 to 30 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
Mr J R Hesler Jnr
Director
Company registration number 05478154 (England and Wales)
DRYWALL SOLUTIONS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
100
1,910,171
1,910,271
Year ended 31 March 2023:
Loss and total comprehensive income
-
(1,198,325)
(1,198,325)
Dividends
11
-
(336,000)
(336,000)
Balance at 31 March 2023
100
375,846
375,946
Year ended 31 March 2024:
Profit and total comprehensive income
-
332,231
332,231
Dividends
11
-
(14,300)
(14,300)
Balance at 31 March 2024
100
693,777
693,877

The notes on pages 17 to 30 form part of these financial statements.

DRYWALL SOLUTIONS UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
749,302
1,072,910
Interest paid
(237,621)
(189,317)
Income taxes refunded
536,985
186,858
Net cash inflow from operating activities
1,048,666
1,070,451
Investing activities
Purchase of tangible fixed assets
(5,229)
(9,079)
Interest received
692
-
0
Net cash used in investing activities
(4,537)
(9,079)
Financing activities
Proceeds from new bank loans
-
0
4,376,625
Repayment of bank loans
(348,849)
(5,626,625)
Dividends paid
(14,300)
(336,000)
Net cash used in financing activities
(363,149)
(1,586,000)
Net increase/(decrease) in cash and cash equivalents
680,980
(524,628)
Cash and cash equivalents at beginning of year
(1,053,667)
(529,039)
Cash and cash equivalents at end of year
(372,687)
(1,053,667)
Relating to:
Cash at bank and in hand
1,408
1,408
Bank overdrafts included in creditors payable within one year
(374,095)
(1,055,075)

The notes on pages 17 to 30 form part of these financial statements.

DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
1
Accounting policies
Company information

Drywall Solutions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Park Mill, Burydell Lane, Park Street, St. Albans, Cambs, AL2 2EZ.

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
Going concern

The company meets its day-to-day working capital requirements through its bank facilities. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.true

1.3
Turnover

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

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

1.4
Tangible fixed assets

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

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

Fixtures, fittings and equipment
20% straight line basis
Motor vehicles
25% straight line basis

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

DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.5
Impairment of fixed assets

At each reporting period 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.

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

1.6
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.7
Cash and cash equivalents

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

DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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 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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’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
Sale of goods and services
11,437,601
19,865,024
DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Other revenue
Interest income
692
-
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
12,213
19,212
Loss on disposal of tangible fixed assets
151
-
Operating lease charges
73,572
57,600
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,500
12,500

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

6
Employees

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

2024
2023
Number
Number
23
31

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,429,045
1,562,953
Social security costs
156,963
199,340
Pension costs
24,801
29,462
1,610,809
1,791,755
DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
200,096
298,096
Company pension contributions to defined contribution schemes
-
3,963
200,096
302,059
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
91,000
100,555
Company pension contributions to defined contribution schemes
-
1,321
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
692
-
0
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
237,621
189,317
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(85,333)
-
0
Deferred tax
Origination and reversal of timing differences
(47,116)
(434,846)
Total tax credit
(132,449)
(434,846)
DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 24 -

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

2024
2023
£
£
Profit/(loss) before taxation
199,782
(1,633,171)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
49,946
(310,302)
Tax effect of expenses that are not deductible in determining taxable profit
22,706
24,355
Change in unrecognised deferred tax assets
(6,796)
(104)
Adjustments in respect of prior years
(85,333)
-
0
Other permanent differences
-
0
1,699
Capital allowances
-
0
(518)
R&D expenditure
(112,972)
(157,431)
R&D expenditure surrendered for tax credit
-
0
111,816
Effect of change in tax rates
-
0
(104,361)
Taxation credit for the year
(132,449)
(434,846)
11
Dividends
2024
2023
£
£
Final paid
14,300
336,000
DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
12
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
152,842
60,634
213,476
Additions
5,229
-
0
5,229
Disposals
(106,492)
-
0
(106,492)
At 31 March 2024
51,579
60,634
112,213
Depreciation and impairment
At 1 April 2023
123,044
60,634
183,678
Depreciation charged in the year
12,213
-
0
12,213
Eliminated in respect of disposals
(106,341)
-
0
(106,341)
At 31 March 2024
28,916
60,634
89,550
Carrying amount
At 31 March 2024
22,663
-
0
22,663
At 31 March 2023
29,798
-
0
29,798
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
371,006
Gross amounts owed by contract customers
1,629,666
3,177,503
Corporation tax recoverable
85,916
537,568
Amounts owed by group undertakings
6,870,244
6,870,244
Amounts owed by undertakings in which the company has a participating interest
207,782
226,005
Other debtors
234,263
614,657
Prepayments and accrued income
120,591
170,349
9,148,462
11,967,332

Debtors are measured at transaction price, less any impairment.

DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
721,319
1,982,075
Trade creditors
1,478,418
2,640,241
Gross amounts owed to contract customers
507,065
2,271,515
Amounts owed to group undertakings
690,385
558,334
Taxation and social security
1,551,978
1,619,078
Other creditors
1,548,201
702,996
Accruals and deferred income
32,700
83,574
6,530,066
9,857,813

Bank overdrafts totalling £374,095 (2023 - £1,055,075) are repayable on demand and are secured by a fixed floating charge.

 

Bank loans totalling £347,224 (2023 - £927,000) are secured by a fixed and floating charge, that covers all undertakings of the Group.

Short term creditors are measured at the transaction price.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
2,430,552
2,199,625

Bank loans totalling £2,430,552 (2023 - £2,199,625) are secured by a fixed and floating charge, that covers all undertakings of the Group.

Long term creditors are measured at the transaction price.

16
Loans and overdrafts
2024
2023
£
£
Bank loans
2,777,776
3,126,625
Bank overdrafts
374,095
1,055,075
3,151,871
4,181,700
Payable within one year
721,319
1,982,075
Payable after one year
2,430,552
2,199,625
DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed assets
(6,259)
(5,535)
Short term
(3,358)
(1,261)
Losses and other deductions
(472,345)
(428,050)
(481,962)
(434,846)
2024
Movements in the year:
£
Asset at 1 April 2023
(434,846)
Credit to profit or loss
(47,116)
Asset at 31 March 2024
(481,962)
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,801
29,462

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. The pension cost charge represents contributions payable by the Company to the fund and amounted £22,711 (2023 - £29,462).

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
24
24
24
24
Ordinary B shares of £1 each
26
26
26
26
Ordinary C shares of £1 each
24
24
24
24
Ordinary D shares of £1 each
26
26
26
26
100
100
100
100
DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
20
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
47,723
2,788
Between two and five years
87,249
-
0
134,972
2,788
21
Related party transactions

The company has taken advantage of the exemption from disclosing transactions with group companies, available under FRS 102 (section 33). The group publishes consolidated accounts.

22
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1
-
12,517
-
(8,000)
4,517
Director 2
-
700
400
-
1,100
13,217
400
(8,000)
5,617
23
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Mis-statement of assets and liabilities in previous year
-
(1,351,384)
Equity as previously reported
1,910,271
1,727,330
Equity as adjusted
1,910,271
375,946
Analysis of the effect upon equity
Profit and loss reserves
-
(1,351,384)
DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Prior period adjustment
(Continued)
- 29 -
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Mis-statement of assets and liabilities in previous year
(1,351,384)
Profit as previously reported
153,059
Loss as adjusted
(1,198,325)
Notes to reconciliation

The comparative figures for the year ended 31 March 2023 have been restated for prior period errors identified during the current financial year. A restatement has been made to the 2023 comparative figures to reflect a decrease in the profit before tax of £1,830,018. The effect on the tax charge on the decreased profit is £451,652 resulting in a decrease in reserves carried forward as at 31 March 2023 of £1,378,366.

24
Ultimate controlling party

The Company's ultimate parent undertaking and controlling party is DWS Holdings Ltd, a company registered in England and Wales. DWS holdings Ltd prepares consolidated accounts which are available at Companies House.

 

25
Cash generated from operations
2024
2023
£
£
Profit/(loss) for the year after tax
332,231
(1,198,325)
Adjustments for:
Taxation credited
(132,449)
(434,846)
Finance costs
237,621
189,317
Investment income
(692)
-
0
Loss on disposal of tangible fixed assets
151
-
Depreciation and impairment of tangible fixed assets
12,213
19,212
Movements in working capital:
Decrease in debtors
2,367,218
2,026,222
(Decrease)/increase in creditors
(2,066,991)
471,330
Cash generated from operations
749,302
1,072,910
DRYWALL SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
26
Analysis of changes in net debt
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,408
-
1,408
Bank overdrafts
(1,055,075)
680,980
(374,095)
(1,053,667)
680,980
(372,687)
Borrowings excluding overdrafts
(3,126,625)
348,849
(2,777,776)
(4,180,292)
1,029,829
(3,150,463)
2024-03-312023-04-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr A E MeolaMr J R Hesler JnrMr T C HarrisMr I RusuMr R Wardlaw054781542023-04-012024-03-3105478154bus:Director12023-04-012024-03-3105478154bus:Director22023-04-012024-03-3105478154bus:Director42023-04-012024-03-3105478154bus:Director32023-04-012024-03-3105478154bus:Director52023-04-012024-03-3105478154bus:RegisteredOffice2023-04-012024-03-3105478154bus:Agent12023-04-012024-03-31054781542024-03-31054781542022-04-012023-03-3105478154core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3105478154core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31054781542023-03-3105478154core:FurnitureFittings2024-03-3105478154core:MotorVehicles2024-03-3105478154core:FurnitureFittings2023-03-3105478154core:MotorVehicles2023-03-3105478154core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105478154core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105478154core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3105478154core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105478154core:CurrentFinancialInstruments2024-03-3105478154core:CurrentFinancialInstruments2023-03-3105478154core:ShareCapital2024-03-3105478154core:ShareCapital2023-03-3105478154core:RetainedEarningsAccumulatedLosses2024-03-3105478154core:RetainedEarningsAccumulatedLosses2023-03-3105478154core:ShareCapital2022-03-3105478154core:RetainedEarningsAccumulatedLosses2022-03-3105478154core:ShareCapitalOrdinaryShareClass12024-03-3105478154core:ShareCapitalOrdinaryShareClass12023-03-3105478154core:ShareCapitalOrdinaryShareClass22024-03-3105478154core:ShareCapitalOrdinaryShareClass22023-03-3105478154core:ShareCapitalOrdinaryShareClass32024-03-3105478154core:ShareCapitalOrdinaryShareClass32023-03-3105478154core:ShareCapitalOrdinaryShareClass42024-03-3105478154core:ShareCapitalOrdinaryShareClass42023-03-3105478154core:ShareCapitalOrdinaryShares2024-03-3105478154core:ShareCapitalOrdinaryShares2023-03-310547815412023-04-012024-03-310547815412022-04-012023-03-310547815422023-04-012024-03-310547815422022-04-012023-03-31054781542023-03-31054781542022-03-3105478154core:WithinOneYear2024-03-3105478154core:WithinOneYear2023-03-3105478154core:FurnitureFittings2023-04-012024-03-3105478154core:MotorVehicles2023-04-012024-03-3105478154core:UKTax2023-04-012024-03-3105478154core:UKTax2022-04-012023-03-310547815432023-04-012024-03-310547815432022-04-012023-03-310547815442023-04-012024-03-310547815442022-04-012023-03-310547815452023-04-012024-03-310547815452022-04-012023-03-3105478154core:FurnitureFittings2023-03-3105478154core:MotorVehicles2023-03-3105478154core:Non-currentFinancialInstruments2024-03-3105478154core:Non-currentFinancialInstruments2023-03-3105478154core:CurrentFinancialInstruments12024-03-3105478154core:CurrentFinancialInstruments12023-03-3105478154bus:OrdinaryShareClass12023-04-012024-03-3105478154bus:OrdinaryShareClass22023-04-012024-03-3105478154bus:OrdinaryShareClass32023-04-012024-03-3105478154bus:OrdinaryShareClass42023-04-012024-03-3105478154bus:OrdinaryShareClass12024-03-3105478154bus:OrdinaryShareClass12023-03-3105478154bus:OrdinaryShareClass22024-03-3105478154bus:OrdinaryShareClass22023-03-3105478154bus:OrdinaryShareClass32024-03-3105478154bus:OrdinaryShareClass32023-03-3105478154bus:OrdinaryShareClass42024-03-3105478154bus:OrdinaryShareClass42023-03-3105478154bus:AllOrdinaryShares2024-03-3105478154bus:AllOrdinaryShares2023-03-3105478154core:BetweenTwoFiveYears2024-03-3105478154core:BetweenTwoFiveYears2023-03-3105478154bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105478154bus:FRS1022023-04-012024-03-3105478154bus:Audited2023-04-012024-03-3105478154bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP