Company registration number 09432835 (England and Wales)
Tritech Precision Products (Yeovil) Limited
Annual report and financial statements
For the year ended 31 March 2023
Tritech Precision Products (Yeovil) Limited
Company information
Directors
Mr M Langford
Mr F D Neterwala
Mr A F Neterwala
Mr S E Goodfellow
Mr A R White
Mr S J Goodier
Secretary
Mr M Langford
Company number
09432835
Registered office
Bridge Road North
Wrexham Industrial Estate
Clwyd
Wales
LL13 9PS
Auditor
DJH Mitten Clarke Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Business address
Buckland Road
Pen Mill Trading Estate
Yeovil
Somerset
BA21 5EF
Tritech Precision Products (Yeovil) Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
Tritech Precision Products (Yeovil) Limited
Strategic report
For the year ended 31 March 2023
- 1 -
The directors present the strategic report for the year ended 31 March 2023.
The Tritech group business was founded in 1982 as a centre of excellence for providing investment casting products and services. Ultimate ownership of the group headed by Neterson Holdings Limited is with Chemical and Ferro Alloys Private Limited which is part of the Neterwala group of companies. The origins of the group in investment casting still dominate activities, but continuous later developments, which included new acquisitions, new applications, and process improvements, have seen the business go from strength to strength.
Review of business
The financial year ended 31 March 2023 saw a significant increase in turnover of 19% compared to an increase of 9% in the prior year. The change in Turnover was a result of the strong recovery in Civil Aviation Markets and the continuing lessening effects of the Covid-19 Pandemic on the UK economy and the increase in demand for product. Many and varied actions were taken by management in the prior year to adjust the company cost base for the change in demand during that year, both from a manufacturing and Income statement perspective. Working capital and the trading in this financial year benefitted from a full year effect of several cost reduction activities executed in the prior year. The company's orderbook shows continued improvement in the next financial year. The latest sales forecast for the Year ending 31 March 2024 is set at £8.5m, an increase of 23% on the Year ended 31 March 23.
Due to the high inflation experienced in 2022/23 the Gross Margin worsened by 7% from 27.7% to 25.8%. Actions were started during the year to pass on this inflationary pressure to Customers, however cost increases were inevitably partially absorbed by the company through the trading year.
Administrative expenses increased to £1.247m from £1.176m in year ended 31 March 2023. Employment cost increases were made in 2022/23 in-line with Government minimum wage changes.
EBITDA increased to £0.6m compared to £0.5m in the prior year as a direct result of increased Turnover year on year, the lessening of the effect of the Covid-19 Pandemic effect on the Aviation Market and the full year effect of prior year cost reductions.
The company invested in just £.017m of fixed asset additions during the year as Manufacturing capacity already in place was sufficient to meet increased demand. Deferred Employees taxes created in prior years during the Covid-19 Pandemic continued to be repaid in the year to March 2023. Net current assets increased to £2.312m compared to £1.765m as Inventory was increased to meet increased sales demand. Trade Creditors were increased because of the increase in Inventory.
At the year end, the company’s net assets increased by £0.4m to £3.4 (2022: £3.0m).
Tritech Precision Products (Yeovil) Limited
Strategic report (continued)
For the year ended 31 March 2023
- 2 -
Principal risks and uncertainties
The company has a constant challenge to meet customer expectation and demand in constantly expanding markets with added risks and uncertainties generated by the Covid-19 pandemic.
The Tritech group is still benefitting by being part of many long-term and growing programs with our valued long-term customers. It is important that the business is ready to absorb the growth. The wider group can share' business around the 4 foundries within the group (including the ultimate parent company's operation in India) with customer approval.
The business has good long-term visibility of customer orders (up to 12 months) and good intelligence of the various programs of work we are engaged upon. This enables early warning of capacity and manning level requirements and gives pre warning of any potential reductions to the order book so that corrective actions can be taken. The directors are confident that even with current market conditions and the impact of Covid-19 that orderbooks will support the revised sales expectations into March 2024. New contracts continue to be secured which will lead to additional sales in future years. Further development of the India casting supply chain will continue in the forward years and is planned to create capacity for the UK site to work on new projects.
Employment cost increases were made in 2022/23 in-line with Government guidelines. The directors addressed the downturn in the market conditions due to the impact of Covid-19 via an employee restructure and no further indirect employee spend will be required going forward into the following year.
Whilst Brexit developments have led to some uncertainty this is tempered by the company having a reasonably low level of sales and supply chain exposure from the EU.
The main risks associated with the company's financial assets and liabilities are set out below:
Interest rate risks
The company finances its operations through a mixture of retained profits and external borrowings. External borrowings are at a fixed rate above the Bank of England base rate.
Foreign currency risk
The company's transactions are predominantly in Sterling, US Dollar and Euros. The company seeks to mitigate the effect of its structural currency exposure by purchasing in the same functional currency as it sells. The company does not hedge any currency exposure.
Cashflow risk
The company aims to mitigate cashflow risk by managing cash generated by its operations. Authorisation limits are in place for all types of expenditure.
Credit risk
The company's objective is to reduce the risk of financial loss due to a customer's failure to honour its obligations. All customers are subject to credit control procedures and each customer has an appropriate credit limit set. Where credit risk is perceived, payment must be made by letter of credit or payment in advance of sale/distribution.
Liquidity risk
Daily cashflows are forecast and monitored to ensure that the company remains within its available funding facilities. Revised trading and cashflow forecasts have been communicated to the bank and the directors consider the available and proposed facilities to be adequate.
Tritech Precision Products (Yeovil) Limited
Strategic report (continued)
For the year ended 31 March 2023
- 3 -
Future developments
The long-term strategic vision for the company remains the creation of long-term value for our shareholders with the aim to provide value from sales growth, profitability, cash generation and strong return on capital employed. These shared views drive decision making and behaviour in the company with the financial objectives aligned to this end and focused on five key objectives:
- Increasing revenue
- Improving operating margins
- Maximising return on capital employed
- Maximising free cash flow
- Focus on 'Right First Time' manufacturing
Key performance indicators
The record of financial performance metrics is set out below:
2023 2022 2021 2020
Sales Turnover £6.9m £5.8m £5.3m £6.3m
Gross Profit £1.8m £1.6m £1.1m £1.6m
EBITDA £0.6m £0.5m (£0.1m) £0.4m
EBITDA % of Sales 8.7% 8.6% -1.6% 6.5%
(Loss)/profit before tax £0.4m £0.3m (£0.3m) £0.1m
In the year ended 31 March 2023, company revenue increased by £1.109m (19%) to £6.9m (2022: £5.8m). This increase was wholly driven by the significant increase in Orders from the Civil Aviation Market as customer demand continued from the gradual increase in the second half of the prior year.
Gross profit of £1.8m was largely affected by the full year effect of the prior year cost base reductions. Inflationary pressure in the Labour market and raw materials produced a fall in Gross Margin percentage to 25.8% from 27.7% in the Prior Year. Administrative costs outside of Labour cost increase were flat year on year as the company delivered increased turnover on a stable overhead base.
EBITDA at £0.6m was largely due to increased turnover and maintaining a manufacturing cost base able to profitably increase output and sales. Like prior years, costs have been retained in the business to support the continued improvements in the Civil Aviation Market.
Profit before taxation was £0.4m compared to a Profit before tax of £0.3m in the prior year.
Tritech Precision Products (Yeovil) Limited
Strategic report (continued)
For the year ended 31 March 2023
- 4 -
Non-financial key performance indicators
The company also uses non key performance indicators to manage its operations. The company monitors employee numbers to track the number of staff required in the manufacturing process and the number of administration staff required to support it.
Staff numbers are as follows:
2023 2022
Office and management 11 12
Selling and Distribution 2 2
Manufacturing 57 56
Total 70 70
Cash Flow
Working capital has been tightly controlled during the year. Trade debtor days remained comparable with the prior year and stock was increased to meet customer demand. Trade creditors increased due to higher volume purchases in addition to the inflationary effect on Raw materials, Subcontractor costs and Energy. Minimal capital investment was made in the year other than small items of Health & Safety infrastructure required due to the impact of Covid-19. Deferred Employee taxes, created during the Covid-19 Pandemic continued to be repaid in the year to 31 March 2023. At Group level, Coronavirus Business Interruption loans secured in January 2021 continued to be repaid as to the Terms of the agreements.
Total Liabilities
Total liabilities increased to £4.2m from £4.0m. Invoice factoring and trade creditor balances increased, however amounts owed to group undertakings decreased. Employee taxes decreased as result of continuing repayments during the year and obligations under finance leases were fully repaid.
Mr M Langford
Director
23 August 2023
Tritech Precision Products (Yeovil) Limited
Directors' report
For the year ended 31 March 2023
- 5 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of the manufacture of aluminium castings.
Results and dividends
The results for the year are set out on page 11.
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:
Mr I J Walker
(Resigned 31 May 2023)
Mr M Langford
Mrs S Manford
(Resigned 10 June 2022)
Mr F D Neterwala
Mr A F Neterwala
Mr S E Goodfellow
Mr A R White
Mr S J Goodier
Research and development
The company undertook research and development activities. The activities seek to achieve an advance in science or technology through the resolution of scientific or technical uncertainty.
Activities include, shelling process improvement, business management application process improvement, Exhaust duct cast development, casting process improvement and other development projects.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Tritech Precision Products (Yeovil) Limited
Directors' report (continued)
For the year ended 31 March 2023
- 6 -
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
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.
On behalf of the board
Mr M Langford
Director
23 August 2023
Tritech Precision Products (Yeovil) Limited
Independent auditor's report
To the members of Tritech Precision Products (Yeovil) Limited
- 7 -
Opinion
We have audited the financial statements of Tritech Precision Products (Yeovil) Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the statement of financial position, 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:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
Tritech Precision Products (Yeovil) Limited
Independent auditor's report (continued)
To the members of Tritech Precision Products (Yeovil) Limited
- 8 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
Tritech Precision Products (Yeovil) Limited
Independent auditor's report (continued)
To the members of Tritech Precision Products (Yeovil) Limited
- 9 -
The extent to which the audit was considered capable of detecting irregularities including fraud
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:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;
we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries posted during the period and at the period end to identify unusual transactions; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence and agreements with HMRC; and
reviewing legal and professional fees incurred during the period to identify any potential indications of non-compliance with laws and regulations.
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.
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.
Tritech Precision Products (Yeovil) Limited
Independent auditor's report (continued)
To the members of Tritech Precision Products (Yeovil) Limited
- 10 -
Nicola Johnson
Senior Statutory Auditor
For and on behalf of DJH Mitten Clarke Audit Limited
24 August 2023
Chartered Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Tritech Precision Products (Yeovil) Limited
Statement of comprehensive income
For the year ended 31 March 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
6,937,860
5,828,824
Cost of sales
(5,151,315)
(4,213,594)
Gross profit
1,786,545
1,615,230
Distribution costs
(105,494)
(101,575)
Administrative expenses
(1,246,860)
(1,175,098)
Other operating income
9,215
Operating profit
4
434,191
347,772
Interest payable and similar expenses
6
(13,296)
(11,586)
Profit before taxation
420,895
336,186
Tax on profit
7
10,768
(59,875)
Profit for the financial year
431,663
276,311
The income statement has been prepared on the basis that all operations are continuing operations.
Tritech Precision Products (Yeovil) Limited
Statement of financial position
As at 31 March 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
8
535,052
578,342
Tangible assets
9
648,146
756,299
1,183,198
1,334,641
Current assets
Stocks
10
3,491,587
2,927,575
Debtors
11
2,979,735
2,736,738
Cash at bank and in hand
11,695
67,987
6,483,017
5,732,300
Creditors: amounts falling due within one year
12
(4,170,795)
(3,967,362)
Net current assets
2,312,222
1,764,938
Total assets less current liabilities
3,495,420
3,099,579
Creditors: amounts falling due after more than one year
13
(25,054)
Provisions for liabilities
Deferred tax liability
16
57,342
68,110
(57,342)
(68,110)
Net assets
3,438,078
3,006,415
Capital and reserves
Called up share capital
18
2,750,000
2,750,000
Profit and loss reserves
19
688,078
256,415
Total equity
3,438,078
3,006,415
The financial statements were approved by the board of directors and authorised for issue on 23 August 2023 and are signed on its behalf by:
Mr M Langford
Mr A F Neterwala
Director
Director
Company Registration No. 09432835
Tritech Precision Products (Yeovil) Limited
Statement of changes in equity
For the year ended 31 March 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
2,750,000
(19,896)
2,730,104
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
276,311
276,311
Balance at 31 March 2022
2,750,000
256,415
3,006,415
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
431,663
431,663
Balance at 31 March 2023
2,750,000
688,078
3,438,078
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements
For the year ended 31 March 2023
- 14 -
1
Accounting policies
Company information
Tritech Precision Products (Yeovil) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridge Road North, Wrexham Industrial Estate, Clwyd, Wales, LL13 9PS. The principal place of business is Buckland Road, Pen Mill Trading Estate, Yeovil, Somerset, BA21 5EF.
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.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
This information is included in the consolidated financial statements of Neterson Holdings Limited as at 31 March 2022 and these financial statements may be obtained from Bridge Road North, Wrexham Industrial Estate, Wrexham, Clwyd, LL13 9PS.
1.2
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.
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, after discounts and rebates excluding value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 15 -
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of twenty years.
1.6
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:
Improvement to property
10% - 20% on cost straight line
Plant and machinery
5% - 50% on cost straight line
Fixtures and fittings
10% - 33.33% on cost straight line
Computer equipment
10% - 33.33% on cost straight line
Motor vehicles
25% on cost straight line
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.
1.7
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).
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Stocks
Stocks include items purchased and exclude items sold, subject to reservation of title.
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete, slow moving or defective items. The cost of stock includes all expenditure in bringing stocks to their present location and condition, as follows:
Finished goods -anufactured finished goods are measured using the retail method, which is estimated selling price reduced by a profit margin percentage. Purchased finished goods are measured at cost on a first in, first out basis.
Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.
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.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, amounts drawn down on an invoice finance facility and bank overdrafts. Amounts drawn down on invoice finance facility and bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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 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 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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 statement of financial position 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.
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 19 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.
1.16
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.
1.17
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 companies within the group.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
In the directors' opinion there are no critical judgements, apart from those involving estimations (dealt with separately below), that they have been made aware in apply company's accounting policies and that have had a significant effect on the amounts recognised in the financial statements.
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The estimated cost of individual stock items from their selling price
The company has adopted the retail method for valuing all work in progress and manufactured finished goods. This requires management to estimate the profit margin percentage used to reduce selling price to the estimated cost. This estimated profit margin percentage is based on the average results for the previous year, current year and a 'normalised' year and is calculated as gross profit less an estimated portion of production overheads attributed to direct costs, as a percentage of turnover.
Stock provisions necessary for slow moving stock
Management have estimated the provision required for stocks that have been manufactured, but currently have no orders allocated against them. A provision is made against finished goods that have no orders against them and have not moved in the last 12 months.
Stage of completion of work in progress
Management estimate the stage of completion for products in work in progress, based on their expertise and knowledge of the production process. Different stages of production are documented and a percentage stage of completion applied depending on the part of the process that the product is currently in. Uncertainties in the stage of completion of work in progress relate to the actual amount of work completed on a product at the year end, compared to the estimated percentage stage of completion applied.
The economic useful life of tangible fixed assets
Management review the useful economic lives of depreciable assets at each reporting date as to allocate the cost of assets, less their residual value, over their estimated useful lives. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.
3
Turnover and other revenue
The turnover and profit (2022: loss) are attributable to one principal activity of the company.
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
5,229,153
4,470,460
Europe
941,929
828,234
Rest of world
766,778
530,130
6,937,860
5,828,824
2023
2022
£
£
Other revenue
Grants received
-
9,215
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
3
Turnover and other revenue
(Continued)
- 21 -
The group received government grant income of £nil (2022 - £9,215) under the Coronavirus Job Retention Scheme. The company also received support with the agreement of HM Revenue & Customs, to defer an element of employee taxes. There are no unfulfilled conditions or other contingencies attached to the grant income.
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
12,084
9,423
Government grants
-
(9,215)
Fees payable to the company's auditor for the audit of the company's financial statements
19,150
13,500
Depreciation of owned tangible fixed assets
125,117
130,336
Profit on disposal of tangible fixed assets
-
(4,707)
Amortisation of intangible assets
43,290
43,296
Operating lease charges
80,303
85,620
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office and management
11
12
Selling and distribution
2
2
Manufacturing
57
56
Total
70
70
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,947,714
1,790,278
Social security costs
172,981
150,637
Pension costs
82,785
76,043
2,203,480
2,016,958
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 22 -
6
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
2,168
-
Interest on finance leases and hire purchase contracts
2,441
5,361
Other interest
8,687
6,225
13,296
11,586
7
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(10,768)
59,875
The actual (credit)/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:
2023
2022
£
£
Profit before taxation
420,895
336,186
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
79,970
63,875
Tax effect of expenses that are not deductible in determining taxable profit
8,249
8,226
Effect of change in corporation tax rate
(2,576)
16,347
Group relief
(91,986)
(27,758)
Enhanced capital allowances
(438)
(815)
Deferred tax not recognised current year
(3,987)
Taxation (credit)/charge for the year
(10,768)
59,875
With the availability of significant tax reliefs for capital expenditure, such as the 130% first year allowance super deduction, the company anticipates continuing to be able to claim capital allowances in excess of depreciation in the short term. However, if capital expenditure slows down, this trend will reverse.
The main corporation tax rate has been legislated to increase from 19% to 25% with effect from 1 April 2023, significantly increasing the tax payable on profits earned.
Given the change to the main corporation tax rate, deferred tax has been provided for at 25% where appropriate.
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 23 -
8
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
865,855
Amortisation and impairment
At 1 April 2022
287,513
Amortisation charged for the year
43,290
At 31 March 2023
330,803
Carrying amount
At 31 March 2023
535,052
At 31 March 2022
578,342
9
Tangible fixed assets
Improvement to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
50,201
1,885,038
19,133
52,194
23,970
2,030,536
Additions
12,433
1,677
2,854
16,964
At 31 March 2023
50,201
1,897,471
20,810
55,048
23,970
2,047,500
Depreciation and impairment
At 1 April 2022
23,852
1,163,549
15,210
47,656
23,970
1,274,237
Depreciation charged in the year
5,517
114,381
1,069
4,150
125,117
At 31 March 2023
29,369
1,277,930
16,279
51,806
23,970
1,399,354
Carrying amount
At 31 March 2023
20,832
619,541
4,531
3,242
648,146
At 31 March 2022
26,349
721,489
3,923
4,538
756,299
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
149,012
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 24 -
10
Stocks
2023
2022
£
£
Raw materials and consumables
352,703
423,260
Work in progress
2,100,573
1,591,800
Finished goods and goods for resale
1,038,311
912,515
3,491,587
2,927,575
There is no significant difference between the replacement cost of work in progress and finished goods for resale and their carrying amounts. Inventories are stated after provisions for impairment of £415,610 (2022 - £313,582).
The total carrying amount of stock of £3,491,587 (2022 - £2,927,575) is pledged as security for the invoice financing facility and group company cross guarantee.
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,370,237
1,137,724
Corporation tax recoverable
32,887
32,887
Amounts owed by group undertakings
1,481,958
1,481,958
Other debtors
8,859
18,452
Prepayments and accrued income
85,794
65,717
2,979,735
2,736,738
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14
1,168,553
852,272
Obligations under finance leases
15
21,496
Trade creditors
805,111
574,883
Amounts owed to group undertakings
1,811,895
2,158,627
Taxation and social security
206,412
254,103
Other creditors
12,500
8,565
Accruals and deferred income
166,324
97,416
4,170,795
3,967,362
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
12
Creditors: amounts falling due within one year
(Continued)
- 25 -
Included within bank loans and overdrafts is an invoice finance facility of £1,168,553 (2022 - £852,272), which is secured by a legal mortgage and fixed and floating charges over all assets of the company and a group company cross-guarantee.
Obligations under finance leases and secured by the assets to which they relate. See "Finance Lease Obligations" for further information.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
13
Creditors: amounts falling due after more than one year
2023
2022
£
£
Taxation and social security
25,054
The creditor maturity presented for social security and other taxes reflects a payment arrangement agreed with HMRC to repay deferred liabilities over a 24 month period.
14
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
1,168,553
852,272
Payable within one year
1,168,553
852,272
The bank overdraft is an invoice finance facility, secured by a legal mortgage and fixed and floating charge over all assets of the company and a group company cross-guarantee.
15
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
21,496
The finance leases relate to the manufacturing equipment used in the company's manufacturing operations. There are no contingent rental or renewal clauses. There are option to purchase fees at the end of the contracts for nominal fees.
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 26 -
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
58,800
69,569
Retirement benefit obligations
(1,458)
(1,459)
57,342
68,110
2023
Movements in the year:
£
Liability at 1 April 2022
68,110
Credit to profit or loss
(10,768)
Liability at 31 March 2023
57,342
Accelerated capital allowances relate to timing differences on capital allowances.
Other timing difference relate to deferred tax on amounts owed to pension schemes. These assets are expected to reverse within 12 months.
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
82,785
76,043
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.
Contributions totalling £12,449 (2022 - £7,740) were payable to the fund at the balance sheet date.
18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,750,000
2,750,000
2,750,000
2,750,000
Ordinary shares are non-redeemable and rank equally for voting purposes, dividend declarations and any capital distribution on winding up.
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 27 -
19
Profit and loss reserves
Retained earnings represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.
20
Financial commitments, guarantees and contingent liabilities
The company has charges over its assets, in the form of an all assets debenture, as security for the borrowings of fellow group undertakings. At 31 March 2023 these borrowings amounted to £16,651,028 (2022 - £12,967,731). As at the date of approval of these financial statements the directors do not anticipate that the charges will be called upon.
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
86,977
79,468
Between two and five years
125,138
11,799
212,115
91,267
22
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2023
2022
£
£
Entities under common control
34,551
-
Management fees
2023
2022
£
£
Entities under common control
70,000
60,000
2023
2022
Amounts due to related parties
£
£
Entities under common control
55,067
23,473
Tritech Precision Products (Yeovil) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
22
Related party transactions
(Continued)
- 28 -
The amounts owing to entities under common control are interest free with no fixed repayment terms.
23
Ultimate controlling party
The ultimate controlling party is F.D.Neterwala due to his controlling interest in the company's ultimate holding company, Chemical & Ferro Alloys Private Limited.
Ultimate parent company
The immediate parent company and parent company of the smallest group where group accounts are drawn up is Neterson Holdings Limited which is incorporated in the UK. Copies of the group accounts of Neterson Holdings Limited are available from Bridge Road North, Wrexham Industrial Estate, Wrexham, Clwyd, LL13 9PS.
The ultimate parent company and parent company of the largest group for which group accounts are drawn up is Chemical and Ferro Alloys Private Limited, a company incorporated in India. Copies of the group accounts of Chemical and Ferro Alloys Private Limited are available from Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai, MH 400020 IN.
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200Mr I J WalkerMrs S ManfordMr F D NeterwalaMr A F NeterwalaMr S E GoodfellowMr A R WhiteMr S J GoodierMr S J GoodierMr M Langford2023-03-31431663094328352022-04-012023-03-3109432835bus:CompanySecretaryDirector12022-04-012023-03-3109432835bus:Director32022-04-012023-03-3109432835bus:Director42022-04-012023-03-3109432835bus:Director52022-04-012023-03-3109432835bus:Director62022-04-012023-03-3109432835bus:Director72022-04-012023-03-3109432835bus:CompanySecretary12022-04-012023-03-3109432835bus:Director12022-04-012023-03-3109432835bus:Director22022-04-012023-03-3109432835bus:Director82022-04-012023-03-3109432835bus:RegisteredOffice2022-04-012023-03-31094328352023-03-31094328352021-04-012022-03-3109432835core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3109432835core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3109432835core:Goodwill2023-03-3109432835core:Goodwill2022-03-31094328352022-03-3109432835core:LeaseholdImprovements2023-03-3109432835core:PlantMachinery2023-03-3109432835core:FurnitureFittings2023-03-3109432835core:ComputerEquipment2023-03-3109432835core:MotorVehicles2023-03-3109432835core:LeaseholdImprovements2022-03-3109432835core:PlantMachinery2022-03-3109432835core:FurnitureFittings2022-03-3109432835core:ComputerEquipment2022-03-3109432835core:MotorVehicles2022-03-3109432835core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109432835core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3109432835core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3109432835core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3109432835core:CurrentFinancialInstruments2023-03-3109432835core:CurrentFinancialInstruments2022-03-3109432835core:ShareCapital2023-03-3109432835core:ShareCapital2022-03-3109432835core:RetainedEarningsAccumulatedLosses2023-03-3109432835core:RetainedEarningsAccumulatedLosses2022-03-3109432835core:ShareCapital2021-03-3109432835core:RetainedEarningsAccumulatedLosses2021-03-3109432835core:AccountingPolicyChangeIncreaseDecrease2022-04-012023-03-3109432835core:Goodwill2022-04-012023-03-3109432835core:LeaseholdImprovements2022-04-012023-03-3109432835core:PlantMachinery2022-04-012023-03-3109432835core:FurnitureFittings2022-04-012023-03-3109432835core:ComputerEquipment2022-04-012023-03-3109432835core:MotorVehicles2022-04-012023-03-310943283512022-04-012023-03-310943283512021-04-012022-03-3109432835core:UKTax2022-04-012023-03-3109432835core:UKTax2021-04-012022-03-310943283522022-04-012023-03-310943283522021-04-012022-03-3109432835core:Goodwill2022-03-3109432835core:LeaseholdImprovements2022-03-3109432835core:PlantMachinery2022-03-3109432835core:FurnitureFittings2022-03-3109432835core:ComputerEquipment2022-03-3109432835core:MotorVehicles2022-03-31094328352022-03-3109432835core:Non-currentFinancialInstruments2023-03-3109432835core:Non-currentFinancialInstruments2022-03-3109432835core:WithinOneYear2023-03-3109432835core:WithinOneYear2022-03-3109432835core:BetweenTwoFiveYears2023-03-3109432835core:BetweenTwoFiveYears2022-03-3109432835bus:PrivateLimitedCompanyLtd2022-04-012023-03-3109432835bus:FRS1022022-04-012023-03-3109432835bus:Audited2022-04-012023-03-3109432835bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP