Company Registration No. SC071447 (Scotland)
IODS PIPE CLAD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
IODS PIPE CLAD LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 14
IODS PIPE CLAD LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2024
Notes
£'000
£'000
£'000
£'000
Non-current assets
Property, plant and equipment
4
2,817
167
Trade and other receivables
6
620
3,437
167
Current assets
Inventories
5
317
619
Trade and other receivables
6
385
1,135
Cash and cash equivalents
905
23
1,607
1,777
Current liabilities
7
(4,444)
(4,115)
Net current liabilities
(2,837)
(2,338)
Total assets less current liabilities
600
(2,171)
Non-current liabilities
7
(2,266)
-
Provisions for liabilities
Other provisions
10
(134)
(154)
Net liabilities
(1,800)
(2,325)
Equity
Called up share capital
12
25
25
Retained earnings
13
(1,825)
(2,350)
Total equity
(1,800)
(2,325)

The director of the company has elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
..............................
Mr M A Penman
Director
Company Registration No. SC071447
IODS PIPE CLAD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 2 -
Share capital
Retained earnings
Total
£'000
£'000
£'000
Balance at 1 April 2023
25
(3,722)
(3,697)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
1,372
1,372
Balance at 31 March 2024
25
(2,350)
(2,325)
Period ended 30 November 2024:
Profit and total comprehensive income for the period
-
525
525
Balance at 30 November 2024
25
(1,825)
(1,800)
IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

IODS Pipe Clad Limited is a private company limited by shares incorporated and domiciled in Scotland. The registered office is 2 Kelvin Park South, East Kilbride, Glasgow, United Kingdom, G75 0RH. The company's principal activities and nature of its operations are disclosed in the director's report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101). The company is a qualifying entity for the purposes of FRS 101 and these financial statements have been prepared in accordance with the Companies Act 2006.

The financial statements are the company’s first financial statements prepared under FRS 101. The company previously prepared its financial statements in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

The transition date to FRS 101 was 1 April 202 3. The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted in the UK, subject to the reduced disclosure exemptions permitted by FRS 101. There has been no impact to the statement of financial position or statement of changes in equity as a result of the transition to FRS 101 at either the transition date or the comparative statement of financial position date. The company has claimed exemption from the provisions under IFRS 16 Leases, that all disclosures are presented within a single note.

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 £'000.

The financial statements have been prepared under the historical cost convention. The material accounting policies applied in the preparation of these financial statements are set out below. In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken (where applicable):

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment;

- disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

- comparative narrative information;

- related party disclosures for transactions with the parent or wholly owned members of the group;

- disclosure of an opening statement of financial position at the date of transition to IFRS as well as the requirement to present three statements of financial position in accordance with IFRS 1; and

- certain disclosures required under IFRS 15 Revenue from Contracts with Customers.

No other optional exemptions were applied.

Where required, equivalent disclosures are given in the group accounts of National Industries Group (Holding) SAK. The group accounts of National Industries Group (Holding) SAK are available to the public and can be obtained as set out in note 15.

The company has adopted amendments to IAS 1 and IFRS Practice Statement 2 requiring that an entity discloses its material accounting policies, instead of its significant accounting policies.

IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.2
Reporting period

During the current period, the company shortened its accounting reference date to 3 0 November 202 4 to align with that of its parent undertaking. As a result, the current reporting period covers the 8 months to 3 0 November 202 4 whilst the prior reporting period covers the 12 months ended 31 March 2024. As a result prior period amounts (including related notes) are not directly comparable.

1.3
Going concern

The director has prepared the financial statements on a going concern basis. In making his assessment the director has considered the company's financial results in the year being a profit after tax of £525k, Net Current liabilities of £2,837k after excluding intercompany receivables of £620k which contributes to an overall Net liability position of £1,800k and the secured and forecast pipeline of work. The director has prepared a detailed cashflow projection out to 31 December 2027 that demonstrate that the company can meet its obligations as they fall due.true

These projections are considered to be a worst case scenario as it is the director's intention to operate with a finance facility in place and there are potential cash flow upsides that are not incorporated into the projections including a fellow group company, FTV Proclad International Limited, signing of a frame agreement with a major customer which secures a substantial order backlog for the company through referral of contracts to related entities within the group. Through the timely execution of the order book with the major customer, the director views that the company will be able to trade out of the net liability position throughout the 5-year term of the frame agreement. The directors are comfortable that they will be able to meet all liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.

It is the director's view that the primary risk associated with the cash flow projections is the delay in timing of secured work being completed due to supply chain or customer delays. The director is confident that the close working relationships they have fostered with the supply chain and key customers mitigates this risk to an acceptably low level and whilst acknowledging it cannot be eliminated the director believes they have levers available to them to mitigate this risk.

On this basis, the director is of the opinion that the company can meet its obligations as they fall due and have prepared the financial statements on a going concern basis.

1.4
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Revenue from the sale of goods is recognised in line with the contract with the customer, at the point when goods are delivered or when goods are dispatched, as this is the company's only performance obligation under the contracts. Certain contracts are made up of multiple items and revenue is therefore recognised as each line item is delivered or dispatched in line with the purchase order received from the customer as they have stand alone parts, quantities, sizes and prices.

Some larger contracts include milestones which can incur up front payments. These amounts are recognised as contract liabilities on the statement of financial position until such time the contractual conditions are fulfilled.

In respect of transactions where the company does not take ownership of the products being sold and acts as an agent, while receiving commissions from the company that sold the product, revenue represents the commission earned.

IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Property, plant and equipment

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

Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation is charged to the Income Statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives.

Depreciation is provided on the following bases:

Leasehold land and buildings
15 years
Fixtures and fittings
5 to 10 years
Plant, machinery and equipment
5 to 15 years
Motor vehicles
4 years
Right of use asset
10 years

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

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

1.6
Impairment of property, plant and equipment

At each reporting end date, the company reviews the carrying amounts of its property, plant and equipment t o 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.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories, production or conversion costs in bringing them to their existing location and condition. For work in progress and finished goods, cost is taken as production cost, which includes an appropriate proportion of attributable overheads.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Financial assets

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

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

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

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.

The impairment model is based on the premise of providing for expected losses. Expected credit losses are measured through a lifetime expected loss allowance for all trade receivables and contract assets.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities.

The company has no 'financial liabilities at fair value through profit or loss' at the reporting date.

Financial liabilities measured at amortised cost

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

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.12
Taxation

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

IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Current tax

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

Deferred tax

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

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

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

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

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Income Statement in the periods during which services are rendered by employees.

IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.16
Leases

The company recognises assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.

L ease liabilit ies are initially measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the company's incremental borrowing rate on commencement of the lease.

The right-of-use asset is initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

- Lease payments made at or before commencement of the lease;

- Initial direct costs incurred; and

- The amount of any provision recognised where the company is contractually required to dismantle, remove or restore the leased asset.

Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. The interest charged and the amortisation are recognised within the income statement.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Key sources of estimation uncertainty
Useful lives of property, plant and equipment

Property, plant and equipment are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives all known relevant factors are taken into account but there is an inherent uncertainty in making this assessment.

IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
2
Critical accounting estimates and judgements
(Continued)
- 9 -
Provisions

Provision is made for product warranties, bad debts and obsolete inventory. The bad debt and obsolete inventory provisions have been deemed appropriate at the period end based on management's best estimate of results and experience post-period end.

The companies provides warranties on certain goods sold and recognises a provision for expected future claims based on historical claims experience and current trends. The provision reflects management’s best estimate of the expenditure required to settle the present obligation at the reporting date.

As at 30 November 2024, the warranty provision amounted to £134,085 (31 March 2024: £154,089). The provision is calculated using an expected value methodology, applying a claim rate to relevant to past completed contracts. The key assumption underpinning the provision is the expected warranty claim rate. If the assumption was changed by 0.25% there would be a corresponding increase/decrease to provisions and income/expense of £58,348.

3
Employees

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

Period
Year
ended
ended
30 November
31 March
2024
2024
Number
Number
Shopfloor
31
31
Staff
16
18
Total
47
49
IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 10 -
4
Property, plant and equipment
Leasehold land and buildings
Fixtures and fittings
Plant, machinery and equipment
Motor vehicles
Right of use asset
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 31 March 2024
73
184
5,615
30
-
0
5,902
Additions
-
0
-
0
116
-
0
2,602
2,718
At 30 November 2024
73
184
5,731
30
2,602
8,620
Accumulated depreciation and impairment
At 31 March 2024
44
184
5,477
30
-
0
5,735
Charge for the period
2
-
0
53
-
0
13
68
At 30 November 2024
46
184
5,530
30
13
5,803
Carrying amount
At 30 November 2024
27
-
0
201
-
0
2,589
2,817
At 31 March 2024
29
-
0
138
-
0
-
0
167
5
Inventories
30 November
31 March
2024
2024
£'000
£'000
Raw materials
249
276
Work in progress
8
259
Finished goods
60
84
317
619

Raw materials are stated net of inventory provisions of £45,581 (31 March 2024: £132,238).

IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 11 -
6
Trade and other receivables
Current
Non-current
30 November
31 March
2024
2024
2024
2024
£'000
£'000
£'000
£'000
Trade receivables
308
875
-
-
Provision for bad and doubtful debts
(125)
(125)
-
-
183
750
-
-
Corporation tax recoverable
132
132
-
-
VAT recoverable
58
77
-
-
Amounts owed by fellow group undertakings
-
0
-
0
620
-
0
Other receivables
-
152
-
-
Prepayments and accrued income
12
24
-
-
385
1,135
620
-

The company had trade receivables of £966k net of any provision for doubtful debts as at 1 April 2023.

7
Liabilities
Current
Non-current
30 November
31 March
30 November
31 March
2024
2024
2024
2024
Notes
£'000
£'000
£'000
£'000
Trade and other payables
8
3,857
3,750
-
0
-
0
Taxation and social security
320
365
-
0
-
0
Lease liabilities
9
267
-
0
2,266
-
0
4,444
4,115
2,266
-
8
Trade and other payables
30 November
31 March
2024
2024
£'000
£'000
Trade payables
437
911
Accruals
1,691
586
Other payables and contract liabilities
1,729
2,253
3,857
3,750

Included within Other Payables and contract liabilities are contract liabilities of £1,600,079 (March 2024: £2,246,496). The opening contract liability at 1 April 2023 was £2,716,882.

During the period, revenue was recognised of £1,758,930 (March 2024: £1,125,919) which was included in the contract liability balance at the beginning of the year.

IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 12 -
9
Lease liabilities
30 November
31 March
2024
2024
Maturity analysis
£'000
£'000
Within one year
275
-
In two to five years
1,630
-
In over five years
1,359
-
Total undiscounted liabilities
3,264
-
Future finance charges and other adjustments
(731)
-
Lease liabilities in the financial statements
2,533
-

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

2024
2024
£'000
£'000
Current liabilities
267
-
0
Non-current liabilities
2,266
-
0
2,533
-

On 12 November 2024, the company entered into an agreement for the lease of industrial premises. The lease is due to expire on 30 January 2035 and includes a tenant break option on 30 January 2030 which has not yet been exercised. The total cash outflow in respect of the company's lease arrangements at the reporting date was £Nil.

10
Provisions for liabilities
30 November
31 March
2024
2024
£'000
£'000
Warranty
134
154
IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
10
Provisions for liabilities
(Continued)
- 13 -
Movements on provisions:
Warranty
£'000
At 1 April 2024
154
Reversal of provision
(20)
At 30 November 2024
134

A provision is recognised for expected obligations under warranty claims based on contractual terms negotiated with customers and which can be extend ed to three years after delivery of the goods.

11
Retirement benefit schemes
30 November
31 March
2024
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
51
82

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £77k, were payable to the fund (2024 - £31k) at the reporting date and are included in creditors.

12
Share capital
30 November
31 March
2024
2024
2024
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25
25
25,000
25,000
25
25

All shares rank pari passu for dividend rights and provide the holder with one vote.

13
Retained earnings

The retained earnings reserve relates to accumulated retained profits and losses net of any dividend paid.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was James Hamilton and the auditor was Johnston Carmichael LLP.
IODS PIPE CLAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 14 -
15
Controlling party

The immediate parent undertaking is FTV Proclad International Limited. The ultimate parent undertaking and controlling party is National Industries Group (Holding) SAK. This company is registered in Kuwait and copies of the financial statements which include the results of the company are available from PO Box, 13005 Safat, Kuwait.

2024-11-30 2024-04-01 Mr M A Penman Mr J D G Wilson Mrs B A Mincher Mr J R Mincher false false CCH Software iXBRL Review & Tag 2025.2 2026-02-13 James Hamilton Accounts have been prepared in accordance with the provisions of the small companies regime 2026-02-13 SC071447 2024-04-01 2024-11-30 SC071447 2024-11-30 SC071447 core:ContinuingOperations 2024-11-30 SC071447 2024-03-31 SC071447 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-11-30 SC071447 core:FurnitureFittings 2024-11-30 SC071447 core:PlantMachinery 2024-11-30 SC071447 core:MotorVehicles 2024-11-30 SC071447 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-11-30 SC071447 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-03-31 SC071447 core:FurnitureFittings 2024-03-31 SC071447 core:PlantMachinery 2024-03-31 SC071447 core:MotorVehicles 2024-03-31 SC071447 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 SC071447 core:ShareCapital 2024-11-30 SC071447 core:ShareCapital 2024-03-31 SC071447 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC071447 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC071447 2023-03-31 SC071447 core:ShareCapitalOrdinaryShares 2024-11-30 SC071447 core:ShareCapitalOrdinaryShares 2024-03-31 SC071447 bus:Director1 2024-04-01 2024-11-30 SC071447 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC071447 core:RetainedEarningsAccumulatedLosses 2024-04-01 2024-11-30 SC071447 2023-04-01 2024-03-31 SC071447 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-03-31 SC071447 core:FurnitureFittings 2024-03-31 SC071447 core:PlantMachinery 2024-03-31 SC071447 core:MotorVehicles 2024-03-31 SC071447 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 SC071447 2024-03-31 SC071447 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-04-01 2024-11-30 SC071447 core:FurnitureFittings 2024-04-01 2024-11-30 SC071447 core:PlantMachinery 2024-04-01 2024-11-30 SC071447 core:MotorVehicles 2024-04-01 2024-11-30 SC071447 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-04-01 2024-11-30 SC071447 core:CurrentFinancialInstruments 2024-11-30 SC071447 core:CurrentFinancialInstruments 2024-03-31 SC071447 core:Non-currentFinancialInstruments 2024-11-30 SC071447 core:Non-currentFinancialInstruments 2024-03-31 SC071447 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 SC071447 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC071447 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 SC071447 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC071447 bus:PrivateLimitedCompanyLtd 2024-04-01 2024-11-30 SC071447 bus:FRS101 2024-04-01 2024-11-30 SC071447 bus:Audited 2024-04-01 2024-11-30 SC071447 bus:Director2 2024-04-01 2024-11-30 SC071447 bus:Director3 2024-04-01 2024-11-30 SC071447 bus:Director4 2024-04-01 2024-11-30 SC071447 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2024-11-30 SC071447 bus:FullAccounts 2024-04-01 2024-11-30 xbrli:pure xbrli:shares iso4217:GBP