Company registration number 10459571 (England and Wales)
GMA HOLDINGS LIMITED
GROUP ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
GMA HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr G Dixon
Mrs A Dixon
Company number
10459571
Registered office
Nunthorpe Hall
Eastside
Nunthorpe
Middlesbrough
TS7 0NP
Auditor
Davies Tracey
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
GMA HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 27
GMA HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the period ended 30 September 2024.

Review of the business

This was the last year we operated Elizabeth House, the home being sold in early October 2024 just after the end of this accounting period leaving Nunthorpe Hall as the sole remaining care home, Fountains Court having been sold in 2023. GMA Healthcare Ltd has therefore reduced from a group of three care homes in 2023 to just one by October 2024.

 

While underlying sales increased by 12% on a pro rata basis, profitability was impacted by significant repair costs associated with Nunthorpe Hall and more generally, a significant increase in utility costs.

Principal risks and uncertainties

The group is now reliant on the performance of Nunthorpe Hall alone as opposed to three care homes. This home is primarily reliant on privately funded residents. Risks are mitigated by the level of care provided which is reflected in the home's excellent reputation.

 

Inflation risk is reflected in staff costs, utilities and food. This is mitigated by careful cost control and supplier management.

 

We continue to take steps to manage infection control and operate stringent quality policies and procedures.

On behalf of the board

Mr G Dixon
Director
27 June 2025
GMA HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their annual report and financial statements for the period ended 30 September 2024.

Principal activities

The principal activity of the group continued to be that of residential care.

Results and dividends

The results for the period are set out on page 7.

Ordinary dividends were paid amounting to £3,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr G Dixon
Mrs A Dixon
Post reporting date events

Elizabeth House was sold in October 2024 shortly after the date of the balance sheet.

Future developments

We are not expecting any major developments for the group during the next accounting period and we expect Nunthorpe Hall to build upon its excellent reputation as the only CQC Outstanding rated care home in the area.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

GMA HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
On behalf of the board
Mr G Dixon
Director
27 June 2025
GMA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GMA HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of GMA Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

GMA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GMA HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is the extent to which an audit conducted under ISAs (UK) is capable of detecting irregularity, including fraud. Our procedures include:

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

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.

GMA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GMA HOLDINGS LIMITED
- 6 -

Other matters which we are required to address

The parent company and group took advantage of audit exemption available to smaller companies in respect of the year ended 31 March 2023 and consequently the corresponding figures in these financial statements are unaudited.

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.

Christopher Neasham (Senior Statutory Auditor)
For and on behalf of Davies Tracey
Chartered Accountants and Statutory Auditors
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
27 June 2025
GMA HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
Period
Year
ended
ended
30 September
31 March
2024
2023
Notes
£
£
Turnover
3
4,276,955
4,029,692
Cost of sales
(2,759,355)
(2,502,289)
Gross profit
1,517,600
1,527,403
Administrative expenses
(1,473,818)
(1,007,593)
Other operating income
62,163
60,730
Operating profit
4
105,945
580,540
Interest receivable and similar income
7
123,121
56,307
Interest payable and similar expenses
8
(50,560)
(11,163)
Profit/(loss) on disposal of operations
- Profit on sale of business
-
788,597
- Profit on sale of fixed assets
-
1,906,727
Profit before taxation
178,506
3,321,008
Tax on profit
9
(64,103)
(275,095)
Profit for the financial period
114,403
3,045,913
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
GMA HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
12
5,982,037
625,255
Investment property
13
375,000
-
0
6,357,037
625,255
Current assets
Stocks
16
5,215
1,000
Debtors
17
1,730,481
4,784,000
Cash at bank and in hand
164,306
1,898,107
1,900,002
6,683,107
Creditors: amounts falling due within one year
18
(224,988)
(764,792)
Net current assets
1,675,014
5,918,315
Total assets less current liabilities
8,032,051
6,543,570
Creditors: amounts falling due after more than one year
19
(1,400,000)
-
Provisions for liabilities
Deferred tax liability
21
63,232
73,890
(63,232)
(73,890)
Deferred income
22
(147,007)
(159,271)
Net assets
6,421,812
6,310,409
Capital and reserves
Called up share capital
24
150
150
Capital redemption reserve
25
25
Profit and loss reserves
6,421,637
6,310,234
Total equity
6,421,812
6,310,409

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

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Mr G Dixon
Director
Company registration number 10459571 (England and Wales)
GMA HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Investments
14
2
76
2
76
Current assets
Debtors
17
6,149
1,075
Creditors: amounts falling due within one year
18
(3,000)
-
Net current assets
3,149
1,075
Net assets
3,151
1,151
Capital and reserves
Called up share capital
24
150
150
Profit and loss reserves
3,001
1,001
Total equity
3,151
1,151

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,000 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Mr G Dixon
Director
Company registration number 10459571 (England and Wales)
GMA HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
150
25
3,264,321
3,264,496
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
3,045,913
3,045,913
Balance at 31 March 2023
150
25
6,310,234
6,310,409
Period ended 30 September 2024:
Profit and total comprehensive income
-
-
114,403
114,403
Dividends
10
-
-
(3,000)
(3,000)
Balance at 30 September 2024
150
25
6,421,637
6,421,812
GMA HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
150
1,001
1,151
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 March 2023
150
1,001
1,151
Period ended 30 September 2024:
Profit and total comprehensive income
-
5,000
5,000
Dividends
10
-
(3,000)
(3,000)
Balance at 30 September 2024
150
3,001
3,151
GMA HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
170,572
638,102
Interest paid
(50,560)
(11,163)
Income taxes paid
(593,839)
(257,089)
Net cash (outflow)/inflow from operating activities
(473,827)
369,850
Investing activities
Proceeds from disposal of business
-
788,597
Purchase of tangible fixed assets
(5,493,247)
(69,304)
Proceeds from disposal of tangible fixed assets
-
2,781,021
Purchase of investment property
(375,000)
-
Repayment of loans
3,088,152
(2,594,114)
Interest received
123,121
56,307
Net cash (used in)/generated from investing activities
(2,656,974)
962,507
Financing activities
Proceeds from new bank loans
1,400,000
-
Dividends paid to equity shareholders
(3,000)
-
0
Net cash generated from financing activities
1,397,000
-
Net (decrease)/increase in cash and cash equivalents
(1,733,801)
1,332,357
Cash and cash equivalents at beginning of period
1,898,107
565,750
Cash and cash equivalents at end of period
164,306
1,898,107
GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information

GMA Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of GMA Holdings Limited and all of its subsidiaries.

1.1
Reporting period

These financial statements are for the period from 1 April 2023 to 30 September 2024 with comparative figures for the year to 31 March 2023. The comparative figures are not entirely comparable. The accounting reference date has been changed for operational reasons.

1.2
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.

1.3
Business combinations

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

 

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

1.4
Basis of consolidation

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

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -

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

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

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

 

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

 

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

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

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

 

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

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

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

1.8
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.

GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -

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

Freehold land and buildings
over 50 to 75 years straight line
Leasehold land and buildings
4% straight line
Plant and equipment
20% reducing balance and 25% straight line
Fixtures and fittings
20% reducing balance

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

1.9
Investment property

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

 

1.10
Fixed asset investments

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

 

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

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

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

 

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

 

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

 

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

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

GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.12
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.

1.13
Financial instruments

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

 

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

 

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

Basic financial assets

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

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.

GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

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

1.14
Equity instruments

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

1.15
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

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

GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
123,121
56,307
Grants received
12,264
52,532
4
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Government grants
(12,264)
(52,532)
Fees payable to the group's auditor for the audit of the group's financial statements
3,000
-
Depreciation of owned tangible fixed assets
136,465
81,686
GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 20 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Care
57
84
-
-
Housekeeping and domestic
8
15
-
-
Catering
8
10
-
-
Maintenance
1
2
-
-
Administration
6
8
-
-
Management
4
6
-
-
Total
84
125
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,243,147
1,996,382
-
0
-
0
Social security costs
131,058
104,725
-
-
Pension costs
114,153
29,687
-
0
-
0
2,488,358
2,130,794
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
80,000
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
20,975
-
0
Other interest income
102,146
56,307
Total income
123,121
56,307
GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
37,447
-
Other interest
13,113
11,163
Total finance costs
50,560
11,163
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
77,902
277,334
Adjustments in respect of prior periods
(3,141)
(624)
Total current tax
74,761
276,710
Deferred tax
Origination and reversal of timing differences
(10,658)
(1,615)
Total tax charge
64,103
275,095

The standard rate of corporation tax has changed form the previous period which reflects the increase in the main rate of corporation tax enacted by the United Kingdom Government.

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
178,506
3,321,008
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
44,627
630,992
Tax effect of expenses that are not deductible in determining taxable profit
19,516
9,807
Gains not taxable
-
0
(383,584)
Adjustments in respect of prior years
3,104
-
0
Effect of change in corporation tax rate
-
24,311
Permanent capital allowances in excess of depreciation
-
0
(5,265)
Other non-reversing timing differences
-
0
(542)
Under/(over) provided in prior years
(3,141)
(624)
Tax at marginal rate
(3)
-
0
Taxation charge
64,103
275,095
GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 22 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
3,000
-
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 30 September 2024
215,000
Amortisation and impairment
At 1 April 2023 and 30 September 2024
215,000
Carrying amount
At 30 September 2024
-
0
At 31 March 2023
-
0
The company had no intangible fixed assets at 30 September 2024 or 31 March 2023.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 April 2023
-
0
507,277
210,896
505,305
1,223,478
Additions
5,487,447
-
0
5,800
-
0
5,493,247
At 30 September 2024
5,487,447
507,277
216,696
505,305
6,716,725
Depreciation and impairment
At 1 April 2023
-
0
87,424
149,489
361,310
598,223
Depreciation charged in the period
44,295
30,437
18,534
43,199
136,465
At 30 September 2024
44,295
117,861
168,023
404,509
734,688
Carrying amount
At 30 September 2024
5,443,152
389,416
48,673
100,796
5,982,037
At 31 March 2023
-
0
419,853
61,407
143,995
625,255
The company had no tangible fixed assets at 30 September 2024 or 31 March 2023.
GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 23 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 30 September 2024
-
-
Additions through external acquisition
375,000
-
At 30 September 2024
375,000
-

The directors do not consider the market value of the investment property as at 30 September 2024 to be materially different from cost.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2
76
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
76
Additions
1
Disposals
(75)
At 30 September 2024
2
Carrying amount
At 30 September 2024
2
At 31 March 2023
76
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Nunthorpe Hall Care Limited
Nunthorpe Hall, Eastside, Nunthorpe, Middlesbrough
Ordinary
100.00
-
GMA (Cleveland Lodge) Limited
As above
Ordinary
100.00
-
GMA Healthcare Ltd
As above
Ordinary
0
100.00
GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
15
Subsidiaries
(Continued)
- 24 -

Nunthorpe Hall Care Limited (company number 15352028) and GMA (Cleveland Lodge) Limited (company number 10460615) were entitled to exemption from audit under section 479A of the Companies Act 2006.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
5,215
1,000
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
56,764
5,330
-
0
-
0
Amounts owed by group undertakings
-
-
6,149
1,075
Other debtors
1,654,341
4,737,369
-
0
-
0
Prepayments and accrued income
19,376
41,301
-
0
-
0
1,730,481
4,784,000
6,149
1,075
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
32,532
66,419
-
0
-
0
Corporation tax payable
122,460
641,538
-
0
-
0
Other taxation and social security
22,554
29,336
-
-
Other creditors
10,157
4,265
3,000
-
0
Accruals and deferred income
37,285
23,234
-
0
-
0
224,988
764,792
3,000
-
0
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
1,400,000
-
0
-
0
-
0
GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 25 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,400,000
-
0
-
0
-
0
Payable after one year
1,400,000
-
0
-
0
-
0

The long-term loans are secured by fixed and floating charges over certain property or undertakings of the group. The charges were satisfied on 9 October 2024.

The bank loan has a term of two years from the date the loan is made and an interest rate of 2.75% over the Bank of England base rate. The facility is repayable in full on the maturity date.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
63,711
75,444
Other timing differences
(479)
(1,554)
63,232
73,890
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 1 April 2023
73,890
-
Credit to profit or loss
(10,658)
-
Liability at 30 September 2024
63,232
-
GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 26 -
22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
147,007
159,271
-
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,153
29,687

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150
150
150
150
25
Related party transactions

The group has paid rent for the occupation of property owned by the directors totalling £333,699 (2023 : £330,000).

 

The group has paid dividends to the directors totalling £3,000 (2023 : £Nil).

 

Total remuneration paid to Key Management Personnel and their close family during the period amounted to £99,602.

 

During the period the group advanced £1,230,850 to its directors (2023 : £2,924,114). During the period the directors repaid £4,319,002 (2023 : £330,000) leaving an amount outstanding at the period end of £1,115,544 (2023 : £4,203,696). Interest is charged at a market rate of interest and amounts are repayable on demand.

 

During the period the group purchased land and buildings from the directors at market value of £3.225m.

26
Controlling party

The company is controlled by Mr G and Mrs A Dixon.

GMA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 27 -
27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
114,403
3,045,913
Adjustments for:
Taxation charged
64,103
275,095
Finance costs
50,560
11,163
Investment income
(123,121)
(56,307)
Gain on disposal of business
-
(2,695,324)
Depreciation and impairment of tangible fixed assets
136,465
81,686
Decrease in deferred income
(12,264)
(24,245)
Movements in working capital:
(Increase)/decrease in stocks
(4,215)
500
(Increase)/decrease in debtors
(34,633)
312
Decrease in creditors
(20,726)
(691)
Cash generated from operations
170,572
638,102
28
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,898,107
(1,733,801)
164,306
Borrowings excluding overdrafts
-
(1,400,000)
(1,400,000)
1,898,107
(3,133,801)
(1,235,694)
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