Company registration number 07397993 (England and Wales)
RADICON TRANSMISSION UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RADICON TRANSMISSION UK LIMITED
COMPANY INFORMATION
Directors
C B Patel
D M Patel
P M Patel
P B Patel
Company number
07397993
Registered office
Unit J3 Lowfields Way
Lowfields Business Park
Elland
West Yorkshire
HX5 9DA
Auditor
SPW (UK) LLP
Gable House
239 Regents Park Road
London
N3 3LF
RADICON TRANSMISSION UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 28
RADICON TRANSMISSION UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Principal activities

The company is a producer of highly engineered gear systems, including gear units, geared pumps, screwjacks, and couplings as well as having a service and repair business. These systems are used by customers from a wide variety of industries and employed in several different applications.

Business Review

The trading performance, strategic initiatives, and key achievements for 2024/25 are discussed below:

 

Last year, the Benzlers Radicon Group (B‑R Group) reached important milestones as we continued to refine processes that underpin our ambition to become a leading global power transmission supplier. Despite a challenging economic backdrop marked by conflicts.

 

We enhanced collaboration with sister companies to leverage collective buying power and realised cost savings.

 

A coordinated, group‑wide approach to supplier selection has increased our negotiating leverage. We are actively onboarding new suppliers and reassessing existing relationships to maximise value for both Benzler and Radicon Group.

 

We continue to balance the stock to ensure the money we invest in inventory is offering our customers the best availability and shortest lead times.

 

We are creating further synergies between technical and engineering departments through the group. This is increasing knowledge sharing and experience throughout the group companies, so that we can fully utilise our technical expertise worldwide.

 

We are striving to significantly grow the business by expanding our product ranges and services, along with targeted industry/sector growth with our increased capabilities, whilst maximising our sales within existing customers, industries and territories. Our Sales team continue to improve coverage throughout the UK. There is a focus on major end users within the steel, water, port, energy and aggregate markets. We are also adapting to the changes in UK manufacturing profiles, and emerging markets.

Principal risks and uncertainties

2025/26 will see a significant focus on the strengthening relationship with Distribution, OEM and Service & Repair markets, the aim is to be the preferred supplier for industrial gear box and Gear motor within the UK. There continues to be a significant investment in people, processes and equipment.

Whilst having successfully moved to ISO9001 (2015), we will continue to improve our processes and management systems in line with the ISO requirements.

The principal risks and uncertainties going into 2025/26 are:

Competition: The UK is an extremely competitive market from both domestic and international competitors. The market is mature with some established manufacturers. Therefore, this adds importance to providing customer service, with lead times and product support being important in the market alongside price.

Global economic activity: Ongoing geopolitical conflicts and tariff wars—and their unpredictable outcomes—are causing businesses worldwide to pause capital expenditure programmes and implement cost‑cutting measures. As a group, Radicon maintains a strong balance sheet and sufficient liquidity to operate effectively throughout this turbulent period. The Directors believe we are well positioned to adapt to the evolving landscape while continuing to deliver excellent service to our customers.

The management are aware of the above risk factors and are confident to cope with them and grow the business.

 

RADICON TRANSMISSION UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Financial key performance indicators

The company's key financial and other performance indicators during the year were as follows:

Turnover (£'000): £8,860

Gross profit margin: 24%

Operating profit margin (before amortisation): 9%

Average number of employees (excluding directors): 52

The profit for the year amounted to (£'000) £703. The directors do not recommend a dividend.

 

This report was approved by the board on 22 April 2025 and signed on its behalf.

C B Patel
Director
RADICON TRANSMISSION UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Results and dividends

The profit for the year, after taxation amounted to £703,124 (2024 - £3,455,941).

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

Directors

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

C B Patel
D M Patel
P M Patel
P B Patel
Future developments

We are striving to significantly grow the business by focusing on OEM business, whilst maximising our sales within existing customer, industries and territories.

 

2025/26 will see a significant focus on the newer products of series EON2, planetary service and repairs and compact motors.

Auditor

SPW (UK) LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 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.

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.

RADICON TRANSMISSION UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Post balance sheet events

There have been no significant events affecting the Company since the year end.

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
C B Patel
Director
22 April 2025
RADICON TRANSMISSION UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RADICON TRANSMISSION UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Radicon Transmission UK Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

RADICON TRANSMISSION UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RADICON TRANSMISSION UK LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

RADICON TRANSMISSION UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RADICON TRANSMISSION UK LIMITED (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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.

Shirish Shah (Senior Statutory Auditor)
For and on behalf of SPW (UK) LLP, Statutory Auditor
Chartered Accountants
Gable House
239 Regents Park Road
London
N3 3LF
22 April 2025
RADICON TRANSMISSION UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
4
8,860,482
10,977,810
Cost of sales
(6,699,395)
(7,786,172)
Gross profit
2,161,087
3,191,638
Administrative expenses
(1,714,341)
(2,076,409)
Other operating income
29,073
7,877
Operating profit
5
475,819
1,123,106
Interest receivable and similar income
8
402,987
2,651,794
Interest payable and similar expenses
9
(54,397)
(28,414)
Profit before taxation
824,409
3,746,486
Tax on profit
10
(121,285)
(290,545)
Profit for the financial year
703,124
3,455,941

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

The notes on pages 13 to 28 form part of these financial statements.

RADICON TRANSMISSION UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
£
£
Profit for the year
703,124
3,455,941
Other comprehensive income
-
-
Total comprehensive income for the year
703,124
3,455,941

The notes on pages 13 to 28 form part of these financial statements.

RADICON TRANSMISSION UK LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,261,623
1,484,262
Other intangible assets
11
440,000
520,000
Total intangible assets
1,701,623
2,004,262
Tangible assets
12
1,199,747
93,699
Investments
13
14,793,350
14,793,350
17,694,720
16,891,311
Current assets
Stocks
15
2,250,354
2,758,825
Debtors
16
2,233,348
2,915,245
Cash at bank and in hand
3,000,112
1,337,509
7,483,814
7,011,579
Creditors: amounts falling due within one year
17
(1,325,947)
(1,729,945)
Net current assets
6,157,867
5,281,634
Total assets less current liabilities
23,852,587
22,172,945
Creditors: amounts falling due after more than one year
18
(995,218)
(7,717)
Provisions for liabilities
Deferred tax liability
20
-
0
10,983
-
(10,983)
Net assets
22,857,369
22,154,245
Capital and reserves
Called up share capital
22
12,486,287
12,486,287
Profit and loss reserves
10,371,082
9,667,958
Total equity
22,857,369
22,154,245

The notes on pages 13 to 28 form part of these financial statements.

RADICON TRANSMISSION UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 11 -

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 22 April 2025 and are signed on its behalf by:
C B Patel
Director
Company registration number 07397993 (England and Wales)
RADICON TRANSMISSION UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
12,486,287
6,212,017
18,698,304
Year ended 31 March 2024:
Profit and total comprehensive income
-
3,455,941
3,455,941
Balance at 31 March 2024
12,486,287
9,667,958
22,154,245
Year ended 31 March 2025:
Profit and total comprehensive income
-
703,124
703,124
Balance at 31 March 2025
12,486,287
10,371,082
22,857,369

The notes on pages 13 to 28 form part of these financial statements.

RADICON TRANSMISSION UK LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Change in accounting policy

For the financial year ended 31 March 2025, the directors have decided to implement early adoption of treatments of leases ahead of the mandatory implementation period. The decision was made to perform early adoption to keep the accounting policy for leases in line with the ultimate parent company.

 

The directors have assessed the net impact of the change in accounting policy in the prior year profit or loss and assessed there has been no material impact on the comparative figures

2
Accounting policies
Company information

Radicon Transmission UK Limited is a private company limited by shares incorporated in England and Wales. The registered office address can be found on the Company's information page.

2.1
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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2)

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Elecon Engineering Co Limited. These consolidated financial statements are available from its website; https://www.elecon.com/investors/financial-reports.

RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 14 -

The financial statements contain information about Radicon Transmission UK Limited as an individual and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiaries are consolidate under the ultimate parent company; Elecon Engineering Co Ltd, Anand Sojitra Road, Vallabh Vidyanagar - 381120, India.

2.2
Going concern

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

2.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

2.4
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 20 years.

2.5
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All other intangible assets are considered to have a finite useful life and amortised at 8% straight line.

RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 15 -
2.6
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to brining the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Plant and machinery
4 to 10 years
Computers equipment
2 to 5 years
Right of Use Asset
over the course of the lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are measured in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.8
Impairment of fixed assets

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

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.

RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 16 -

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.

2.9
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10
Cash and cash equivalents

Cash is represented in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11
Financial instruments
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.

RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 17 -
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.

2.12
Taxation

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

Current tax

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

 

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair value of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.13
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 18 -
2.14
Leases

All leases are accounted for in the same manner:

The initial measurement of the right of use asset and lease liability takes into account the value of lease incentives such as rent free periods, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event of condition that triggers the payment occurs.

In calculating the present value of lease payments, the company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

 

The company's lease liabilities are included in Interest-bearing loans and borrowings.

2.15
Foreign exchange

Functional and presentation currency

 

The Company's functional and presentational currency is GBP.

 

Transactions and balances

 

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 19 -
2.17

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.18

Debtors and Creditors

Debtors

 

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method, less any impairment.

 

Creditors

 

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, are measured subsequently at amortised cost using the effective interest method.

3
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 for the following financial statement areas:

4
Turnover and other revenue

The whole of the turnover is attributable to the one principal activity of the company.

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
6,592,768
8,097,864
Rest of the world
2,267,714
2,879,946
8,860,482
10,977,810
2025
2024
£
£
Other revenue
Interest income
104,893
19,296
Royalty income
7,841
7,877
Dividends received
298,094
2,632,498
Scrap sale
21,232
-
RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
5
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
5,386
12,854
Depreciation of owned tangible fixed assets
30,360
44,118
Depreciation of right of use assets
198,464
-
Amortisation of intangible assets
302,639
302,639
Operating lease charges
56,101
234,553
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,500
15,000

Total fees payable to the Company's auditors for non audit services were £4,250 (2024: £3,750)

7
Employees

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

2025
2024
Number
Number
Production staff
30
30
Distribution staff
14
14
Administrative staff
8
5
Directors
4
4
Total
56
53

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,767,644
1,903,958
Social security costs
189,145
201,869
Pension costs
64,215
75,562
2,021,004
2,181,389
RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
104,893
16,845
Other interest income
-
0
2,451
Total interest revenue
104,893
19,296
Other income from investments
Dividends received
298,094
2,632,498
Total income
402,987
2,651,794
9
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
-
0
28,414
Interest on finance leases and hire purchase contracts
54,397
-
54,397
28,414
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
138,672
299,004
Adjustments in respect of prior periods
-
0
820
Total UK current tax
138,672
299,824
Foreign current tax on profits for the current period
810
-
0
Total current tax
139,482
299,824
Deferred tax
Origination and reversal of timing differences
(18,197)
(9,279)
Total tax charge
121,285
290,545
RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 22 -

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

2025
2024
£
£
Profit before taxation
824,409
3,746,486
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
206,102
936,622
Tax effect of expenses that are not deductible in determining taxable profit
(5,902)
13,006
Tax effect of income not taxable in determining taxable profit
(74,524)
(658,125)
Adjustments in respect of prior years
-
0
820
Permanent capital allowances in excess of depreciation
12,996
7,501
Other timing differences leading to an increase (decrease) in taxation
(18,197)
(9,279)
Foreign income tax
810
-
0
Taxation charge for the year
121,285
290,545
11
Intangible fixed assets
Goodwill
Patents, Trademarks and Licenses
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
4,452,782
1,000,000
5,452,782
Amortisation and impairment
At 1 April 2024
2,968,520
480,000
3,448,520
Amortisation charged for the year
222,639
80,000
302,639
At 31 March 2025
3,191,159
560,000
3,751,159
Carrying amount
At 31 March 2025
1,261,623
440,000
1,701,623
At 31 March 2024
1,484,262
520,000
2,004,262

More information on impairment movements in the year is given in note .

RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
12
Tangible fixed assets
Plant and machinery
Computers equipment
Right of Use Asset
Total
£
£
£
£
Cost
At 1 April 2024
791,406
300,864
-
0
1,092,270
Additions
50,970
-
0
42,854
93,824
Disposals
-
0
-
0
(36,793)
(36,793)
Transfers
-
0
-
0
1,669,532
1,669,532
Prior period cost adjustment
9,914
72,827
-
0
82,741
At 31 March 2025
852,290
373,691
1,675,593
2,901,574
Depreciation and impairment
At 1 April 2024
726,144
272,427
-
0
998,571
Depreciation charged in the year
12,025
18,335
198,464
228,824
Eliminated in respect of disposals
-
0
-
0
(36,801)
(36,801)
Transfers
-
0
-
0
426,383
426,383
Prior period depreciation adjustment
17,603
67,247
-
0
84,850
At 31 March 2025
755,772
358,009
588,046
1,701,827
Carrying amount
At 31 March 2025
96,518
15,682
1,087,547
1,199,747
At 31 March 2024
65,262
28,437
-
0
93,699
Property, plant and equipment includes right-of use assets, as follows:
right-of-use assets
£
Net carrying value at 1 April 2024
Other movements
1,286,011
Depreciation charge
(198,464)
Net carrying value at 31 March 2025
1,087,547
RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 24 -

(i) Amounts recognised in the statement of comprehensive income

 

Depreciation charge of right-of use assets £198,464

Interest expense (included within finance costs) note 9 £54,397

 

(ii) The company's leasing activities and how these are accounted for

 

The company leases apartments and computer equipment. Rental contracts are typically made for fixed periods of 1 year, but may have extensive options.

 

Contracts may contain both lease and non lease components. The company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the company is a lessee, it has elected not to separate leases and non-lease components and instead accounts for these as a single lease component.

 

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

 

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

 

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

 

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the cases for leases in the company, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

 

To determine the incremental borrowing rate, the company:

 

The company is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

 

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

 

Right-of-use assets are measured at cost comprising the following:

 

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life. While the company revalue its land and buildings that are presented within property, plant and equipment, it has chosen not to do so for the right-of-use buildings held by the company.

 

RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 25 -
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
14,793,350
14,793,350
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Benzler Systems AB **
Porfyrgatan 7, 254 68 Helsingborg, Sweden
Ordinary
100.00
-
Radicon Drive System Inc *
2475 Alft Ln, Elgin, IL 60124, United States
Ordinary
100.00
-
Benzlers Transmission A.S. *
Kobenhavnsvej 8B, 3650 Olstykke, Denmark
Ordinary
0
100.00
Benzlers Antriebstechnik Gmbh *
Berliner Allee 59, D-40212 Düsseldorf, Deutschland
Ordinary
0
100.00
Benzlers TBA B.V. *
Jachthavenweg 2, 5928 NT Venlo, The Netherlands
Ordinary
0
100.00
OY Benzlers AB *
Strömbergintie 8 D LH, 00380 Helsinki, Finland
Ordinary
0
100.00
Benzlers Italia s.r.l. *
Via Manzoni 52, 20089 Rozzano MI, Italy
Ordinary
0
100.00
AB Benzlers *
Porfyrgatan 7, SE-254 68 Helsingborg, Sweden
Ordinary
0
100.00

Nature of business

 

Note *: Production, service and repair of gear systems

 

Note **: Investment holding company

 

15
Stocks
2025
2024
£
£
Raw materials and consumables
2,024,151
2,500,451
Work in progress
9,547
2,444
Finished goods and goods for resale
216,656
255,930
2,250,354
2,758,825
RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,869,876
2,286,958
Amounts owed by group undertakings
53,757
94,605
Amounts owed by connected companies
55,468
261,705
Prepayments and accrued income
247,033
271,977
2,226,134
2,915,245
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 20)
7,214
-
0
Total debtors
2,233,348
2,915,245
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
186,287
-
0
Trade creditors
334,698
442,066
Amounts owed to group undertakings
125,683
257,981
Amounts owed to connected companies
119,289
41,578
Corporation tax
138,672
299,004
Other taxation and social security
103,327
104,634
Other creditors
78,499
304,635
Accruals and deferred income
239,492
280,047
1,325,947
1,729,945
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
995,218
-
0
Amounts owed to group undertakings
-
0
7,717
995,218
7,717
RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
19
Lease liabilities
2025
2024
Maturity analysis
£
£
Within one year
186,287
-
0
In two to five years
995,218
-
0
Total undiscounted liabilities
1,181,505
-
0

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

2025
2024
£
£
Current liabilities
186,287
-
0
Non-current liabilities
995,218
-
0
1,181,505
-
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
54,397
-
Other leasing information is included in note 12.
20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
-
12,762
(19,306)
-
Net effect on leases
-
-
23,847
-
Other short term timing differences
-
(1,779)
2,673
-
-
10,983
7,214
-
RADICON TRANSMISSION UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 28 -
2025
Movements in the year:
£
Liability at 1 April 2024
10,983
Credit to profit or loss
(18,197)
Asset at 31 March 2025
(7,214)
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,215
75,562

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 to £64,214 (2024: £75,562). Contributions totalling £10,692 (2024: £9,778) were payable to the fund at the reporting date and are included in creditors.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
12,486,287
12,486,287
12,486,287
12,486,287
23
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

During the year the company made sales of goods and services to companies under the control of a director amounting to £528,384 (2024: £131,714) and purchases amounting to £2,843,813 (2024: £1,721,425). At the reporting date the company was owed £55,468 (2024: £261,705) from connected companies and owed £119,289 (2024: £41,578).

 

These transactions are considered to be at arms length.

24
Ultimate controlling party

The parent undertaking and the ultimate holding company is Elecon Engineering Co Ltd, a company registered in India. The registered office of the parent undertaking is Anand Sojitra Road, Vallabh Vidyanagar - 381120, India. The smallest and largest group financial statements in which the company's results are included, are available from this address.

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