BRODIE HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Company registration number SC706476 (Scotland)
BRODIE HOLDINGS LTD
COMPANY INFORMATION
Directors
Mrs Debbie Hilferty
Mr Gerry Hilferty
Mr Benjamin Ackroyd
Mr Robert Taylor
Company number
SC706476
Registered office
Bonnyton Rail Depot
Bonnyton Industrial Estate
Munro Place
Kilmarnock
Ayrshire
KA1 2NP
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Business address
Caledonia Works
23 West Langlands Street
Kilmarnock
Ayrshire
KA1 2PY
Bankers
Virgin Money
30 The Foregate
Kilmarnock
Ayrshire
KA1 1JH
Solicitors
Freeths Scotland LLP
1st Floor 1
Atlantic Quay
1 Robertson Street
Glasgow
G2 8JB
BRODIE HOLDINGS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
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
Company statement of cash flows
13
Notes to the financial statements
14 - 27
BRODIE HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Review of the business

The directors are satisfied with the performance and results for the year. Trading levels increased throughout the year and that trend continues in to the new year where the company is well positioned to continue to grow with a very positive outlook.

 

 

Principal risks and uncertainties

The directors have assessed the main risk facing the group as being competition from other companies within the industry. The directors believes that the reputation of the group and the quality of service provided will mitigate this risk.

Key performance indicators

Revenue and EBITDA are the key performance indicators used by the directors to manage the business. Other indicators are used in the daily operations of the business but are ultimately used to drive revenue and EBITDA. The following is based on the main trading company of the group - Brodie Engineering Limited.

 

        2025         2024         2023

Revenue    £9,868,941     £6,905,479    £7,011,019

EBITDA        £ 204,080     £ (200,329)    £ (17,066)

Other information and explanations

The group is committed to investing in its people and assets to continue to grow and utilise the opportunity that a second depot has created.

On behalf of the board

Mr Gerry Hilferty
Director
16 July 2025
BRODIE HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

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

Principal activities

In the year under review, the group operated as a provider of design, overhaul, manufacture, construction, and general engineering solutions primarily to the railway industry. The group was also involved in the rental of commercial premises.

Results and dividends

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

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

Directors

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

Mrs Debbie Hilferty
Mr Gerry Hilferty
Mr Benjamin Ackroyd
Mr Robert Taylor
Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Gerry Hilferty
Director
16 July 2025
BRODIE HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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.

BRODIE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRODIE HOLDINGS LTD
- 4 -
Opinion

We have audited the financial statements of Brodie Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BRODIE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRODIE HOLDINGS LTD
- 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 detailed below:

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BRODIE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRODIE HOLDINGS LTD
- 6 -

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.

Stephen Bargh CA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd
16 July 2025
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
BRODIE HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
9,868,942
6,905,479
Cost of sales
(5,000,432)
(3,345,126)
Gross profit
4,868,510
3,560,353
Administrative expenses
(4,729,071)
(3,999,345)
Other operating income
6,599
5,000
Operating profit/(loss)
4
146,038
(433,992)
Interest payable and similar expenses
6
(18,401)
(59,875)
Profit/(loss) before taxation
127,637
(493,867)
Tax on profit/(loss)
7
(77,979)
97,079
Profit/(loss) for the financial year
49,658
(396,788)
Other comprehensive income
Revaluation of tangible fixed assets
-
0
572,657
Tax relating to other comprehensive income
9,535
(125,985)
Total comprehensive income for the year
59,193
49,884
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BRODIE HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
9
2,458,264
2,584,498
2,458,264
2,584,498
Current assets
Stocks
12
920,118
445,782
Debtors
13
2,538,194
579,883
Cash at bank and in hand
496,663
-
0
3,954,975
1,025,665
Creditors: amounts falling due within one year
14
(4,440,905)
(1,616,704)
Net current liabilities
(485,930)
(591,039)
Total assets less current liabilities
1,972,334
1,993,459
Creditors: amounts falling due after more than one year
15
-
(10,959)
Provisions for liabilities
Deferred tax liability
18
116,450
185,809
(116,450)
(185,809)
Net assets
1,855,884
1,796,691
Capital and reserves
Called up share capital
20
202
202
Revaluation reserve
446,277
446,672
Profit and loss reserves
1,409,405
1,349,817
Total equity
1,855,884
1,796,691

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 16 July 2025 and are signed on its behalf by:
16 July 2025
Mr Gerry Hilferty
Director
Company registration number SC706476 (Scotland)
BRODIE HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
10
101
101
101
101
Current assets
Debtors
13
100
100
Creditors: amounts falling due within one year
14
(7,560)
(2,682)
Net current liabilities
(7,460)
(2,582)
Net liabilities
(7,359)
(2,481)
Capital and reserves
Called up share capital
20
202
202
Profit and loss reserves
(7,561)
(2,683)
Total equity
(7,359)
(2,481)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £4,878 (2024 - £4,291 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
16 July 2025
Mr Gerry Hilferty
Director
Company registration number SC706476 (Scotland)
BRODIE HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
202
-
0
1,746,605
1,746,807
Year ended 31 March 2024:
Loss for the year
-
-
(396,788)
(396,788)
Other comprehensive income:
Revaluation of tangible fixed assets
-
572,657
-
572,657
Tax relating to other comprehensive income
-
(125,985)
-
0
(125,985)
Total comprehensive income
-
446,672
(396,788)
49,884
Balance at 31 March 2024
202
446,672
1,349,817
1,796,691
Year ended 31 March 2025:
Profit for the year
-
-
49,658
49,658
Other comprehensive income:
Tax relating to other comprehensive income
-
9,535
-
0
9,535
Total comprehensive income
-
9,535
49,658
59,193
Transfers
-
(9,930)
9,930
-
Balance at 31 March 2025
202
446,277
1,409,405
1,855,884
BRODIE HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
202
1,608
1,810
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(4,291)
(4,291)
Balance at 31 March 2024
202
(2,683)
(2,481)
Year ended 31 March 2025:
Profit and total comprehensive income
-
(4,878)
(4,878)
Balance at 31 March 2025
202
(7,561)
(7,359)
BRODIE HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
699,757
(99,462)
Interest paid
(18,401)
(59,875)
Income taxes refunded
-
0
44,855
Net cash inflow/(outflow) from operating activities
681,356
(114,482)
Investing activities
Purchase of tangible fixed assets
(52,424)
(19,917)
Proceeds from disposal of tangible fixed assets
-
293,535
Net cash (used in)/generated from investing activities
(52,424)
273,618
Financing activities
Payment of finance leases obligations
(13,151)
(13,151)
Net cash used in financing activities
(13,151)
(13,151)
Net increase in cash and cash equivalents
615,781
145,985
Cash and cash equivalents at beginning of year
(119,118)
(265,103)
Cash and cash equivalents at end of year
496,663
(119,118)
Relating to:
Cash at bank and in hand
496,663
-
Bank overdrafts included in creditors payable within one year
-
(119,118)
BRODIE HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

Brodie Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Bonnyton Rail Depot, Bonnyton Industrial Estate, Munro Place, Kilmarnock, Ayrshire, KA1 2NP.

 

The group consists of Brodie Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

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

 

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.4
Going concern

At the 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.

BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.5
Turnover

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

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

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Development costs
25% Straight Line
1.7
Tangible fixed assets

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

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

Freehold land and buildings
2% Straight Line
Leasehold land and buildings
2%, 10% and 25% Reducing Balance
Plant and equipment
10% and 25% Reducing Balance
Fixtures, fittings and equipment
25% Reducing Balance
Motor vehicles
25% 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.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries 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.

BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.9
Impairment of fixed assets

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

1.10
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.

1.11
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.

1.12
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.

BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.

Derecognition of financial liabilities

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

1.13
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.

1.14
Taxation

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

BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
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.

1.15
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.

1.16
Retirement benefits

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

1.17
Leases

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

 

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

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

BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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
2025
2024
£
£
Turnover analysed by class of business
Sales
9,868,942
6,905,479
4
Operating profit/(loss)
2025
2024
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
758
(135)
Fees payable to the group's auditor for the audit of the group's financial statements
4,800
4,220
Depreciation of owned tangible fixed assets
178,658
334,572
Profit on disposal of tangible fixed assets
-
(30,947)
Operating lease charges
418,029
375,656
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production staff
78
58
-
-
Administration staff
16
24
-
-
Directors
2
2
-
-
Total
96
84
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,792,623
3,677,310
-
0
-
0
Social security costs
431,699
386,882
-
-
Pension costs
465,495
128,604
-
0
-
0
5,689,817
4,192,796
-
0
-
0
6
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,119
14,039
Other finance costs:
Other interest
15,282
45,836
Total finance costs
18,401
59,875
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
137,803
-
0
Deferred tax
Origination and reversal of timing differences
(59,824)
(97,079)
Total tax charge/(credit)
77,979
(97,079)
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Taxation
(Continued)
- 21 -

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

2025
2024
£
£
Profit/(loss) before taxation
127,637
(493,867)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
31,909
(123,467)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
10,327
Unutilised tax losses carried forward
-
0
1,073
Effect of change in corporation tax rate
-
1,397
Depreciation on assets not qualifying for tax allowances
12,448
13,170
Other permanent differences
(1,246)
421
Deferred tax asset not recognised
34,868
-
0
Taxation charge/(credit)
77,979
(97,079)

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
(9,535)
125,985
8
Intangible fixed assets
Group
Development costs
£
Cost
At 1 April 2024 and 31 March 2025
133,185
Amortisation and impairment
At 1 April 2024 and 31 March 2025
133,185
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Intangible fixed assets
(Continued)
- 22 -
9
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
1,535,000
1,763,606
961,347
151,557
180,200
4,591,710
Additions
-
0
-
0
44,032
8,392
-
0
52,424
At 31 March 2025
1,535,000
1,763,606
1,005,379
159,949
180,200
4,644,134
Depreciation and impairment
At 1 April 2024
-
0
957,430
782,513
143,460
123,809
2,007,212
Depreciation charged in the year
30,700
38,180
83,167
6,370
20,241
178,658
At 31 March 2025
30,700
995,610
865,680
149,830
144,050
2,185,870
Carrying amount
At 31 March 2025
1,504,300
767,996
139,699
10,119
36,150
2,458,264
At 31 March 2024
1,535,000
806,176
178,834
8,097
56,391
2,584,498
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
-
0
55,870
-
0
-
0
10
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
101
101
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
101
Carrying amount
At 31 March 2025
101
At 31 March 2024
101
11
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
Brodie Engineering Limited
Bonnyton Rail Depot, Bonnyton Industrial Estate, Munro Place, Kilmarnock, KA1 2NP
Ordinary shares
100.00
Brodie Properties Limited
As above
Ordinary shares
100.00
12
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
920,118
445,782
-
-
13
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,235,677
290,343
-
0
-
0
Gross amounts owed by contract customers
225,275
72,947
-
0
-
0
Corporation tax recoverable
342
342
-
0
-
0
Other debtors
100
100
100
100
Prepayments and accrued income
1,076,800
216,151
-
0
-
0
2,538,194
579,883
100
100
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
14
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
16
-
0
119,118
-
0
-
0
Obligations under finance leases
17
10,959
13,151
-
0
-
0
Payments received on account
2,235,397
364,638
-
0
-
0
Trade creditors
670,864
292,336
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
7,560
2,682
Corporation tax payable
137,803
-
0
-
0
-
0
Other taxation and social security
676,315
415,419
-
-
Other creditors
81,786
303,136
-
0
-
0
Accruals and deferred income
627,781
108,906
-
0
-
0
4,440,905
1,616,704
7,560
2,682
15
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
-
0
10,959
-
0
-
0
16
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
-
0
119,118
-
0
-
0
Payable within one year
-
0
119,118
-
0
-
0

The bank overdraft is secured by floating charges and standard security over the property owned by the company.

17
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,959
13,151
-
0
-
0
In two to five years
-
0
10,959
-
0
-
0
10,959
24,110
-
-
BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Finance lease obligations
(Continued)
- 25 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases are secured over the assets to which they relate.

18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
106,915
59,824
Revaluations
9,535
125,985
116,450
185,809
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
185,809
-
Credit to profit or loss
(59,824)
-
Credit to other comprehensive income
(9,535)
-
Liability at 31 March 2025
116,450
-
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
465,495
128,604

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.

BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
202
202
202
202
21
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
35,000
35,000
-
-
Between two and five years
140,000
140,000
-
-
In over five years
1,099,583
1,134,583
-
-
1,274,583
1,309,583
-
-
22
Related party transactions

Included within 'Other creditors' falling due within one year is an amount due to a company related by virtue of common control of £Nil (2023: £935,720). The amount is interest free and has no fixed terms for repayment.

23
Directors' transactions

Dividends totalling £0 (2024 - £0) were paid in the year from group companies in respect of shares held by the directors.

BRODIE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
24
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Profit/(loss) after taxation
49,658
(396,788)
Adjustments for:
Taxation charged/(credited)
77,979
(97,079)
Finance costs
18,401
59,875
Gain on disposal of tangible fixed assets
-
(30,947)
Depreciation and impairment of tangible fixed assets
178,658
334,572
Movements in working capital:
(Increase)/decrease in stocks
(474,336)
63,107
(Increase)/decrease in debtors
(1,958,311)
702,179
Increase/(decrease) in creditors
2,807,708
(734,381)
Cash generated from/(absorbed by) operations
699,757
(99,462)
25
Cash generated from operations - company
2025
2024
£
£
Loss after taxation
(4,878)
(4,291)
Movements in working capital:
Decrease in debtors
-
1,610
Increase in creditors
4,878
2,681
Cash generated from operations
-
-
26
Analysis of changes in net funds/(debt) - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
-
496,663
496,663
Bank overdrafts
(119,118)
119,118
-
0
(119,118)
615,781
496,663
Obligations under finance leases
(24,110)
13,151
(10,959)
(143,228)
628,932
485,704
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