Company registration number SC063993 (Scotland)
G.L.M. ROMANES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
G.L.M. ROMANES LIMITED
COMPANY INFORMATION
Directors
Mr G L M Romanes
Mrs M E Romanes
Mr D J Romanes
Mrs F M Gillies
Secretary
Mrs M E Romanes
Company number
SC063993
Registered office
8 Market Square
Duns
Berwickshire
TD11 3DB
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Bank of Scotland Plc
10 Market Square
Duns
Berwickshire
TD11 3ED
Solicitors
Melrose & Porteous
47 Market Square
Duns
TD11 3BX
G.L.M. ROMANES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
G.L.M. ROMANES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2022
- 1 -
The directors present the strategic report for the year ended 30 April 2022.
Fair review of the business
The company is a retail and dispensing chemist, operating through various shops throughout the Scottish Borders and East Lothian.
The year to 30 April 2022 has been another demanding year, with the continuing effects of the COVID-19 pandemic. Staff shortages are again an issue due to staff contracting COVID and having to isolate to avoid infecting colleagues and patients.
The challenges of staff recruitment and retention across the business remain a significant issue for the company; with the Borders sites again having the biggest issue. The company has procured an Omnicell compliance aid robot which will start operation during May 2023. This will reduce workload at all sites and consequently staffing requirements.
Further impact from the pandemic has meant there are a number of supply shortages of medicines which results in difficulty acquiring medicines at lower cost. Coupled with the slow pace at which the Scottish drug tariff is updated to reflect these changes for reimbursement.
Principal Risks and Uncertainties
As much of the company’s income is derived from NHS contracts, cuts to government funding are the main risk to the company. Clearly, the company and its directors have very little control over changes in this area of the business.
The remainder of the company’s income is derived from retail sales within the shops. The company has a good reputation throughout the area for the level of service provided and the quality and variety of goods sold.
Development and Performance
The company acquired Aitken Pharmacy in Dunbar in March 2022. It will be next year before the benefits of this acquisition are felt by the company.
The results for the year show a profit this year,
before
tax, of
£930,877 (
2021
£1,071,528), after amortisation and depreciation costs of £292,202 (
2021
£49,946).
The company is therefore considered to be in a strong financial position at the year end.
Mrs M E Romanes
Secretary
31 January 2023
G.L.M. ROMANES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2022
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2022.
Principal activities
The principal activity of the company continued to be that of retail and dispensing chemists.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £200,000. The directors do not recommend payment of a final dividend.
Please see the Strategic Report for a fair review of the business, details of principal risks and uncertainties and future development and performance in accordance with s414C(11) of the Companies Act 2006.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G L M Romanes
Mrs M E Romanes
Mr D J Romanes
Mrs F M Gillies
Auditor
Greaves West & Ayre were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
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.
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.
G.L.M. ROMANES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 3 -
By order of the board
Mrs M E Romanes
Secretary
31 January 2023
G.L.M. ROMANES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G.L.M. ROMANES LIMITED
- 4 -
Opinion
We have audited the financial statements of G.L.M. Romanes Limited (the 'company') for the year ended 30 April 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 April 2022 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.
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'
r
eport 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.
G.L.M. ROMANES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G.L.M. ROMANES LIMITED
- 5 -
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 identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where 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; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
G.L.M. ROMANES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G.L.M. ROMANES LIMITED
- 6 -
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, and from our commercial knowledge and experience of the
retail pharmacy
sector;
-
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, employment legislation and data protection;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, contacting the entity’s solicitor for any details of non-compliance and inspecting current year legal expenditure; and
-
identified laws and regulations of particular relevance were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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, including any fraud associated with revenue recognition, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
-
traced a sample of sales transactions from source documentation to nominal ledgers;
-
traced a sample of sales around the year-end from source documentation to invoice to ensure cut-off is operating correctly;
-
traced a sample of sales credit notes throughout the year and around the year-end in order to confirm their commercial justification; and
-
evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
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 against the company; and
-
reviewing correspondence with HMRC and the company’s legal advisors.
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.
Manual journal entries are
tested
as part of the audit.
G.L.M. ROMANES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G.L.M. ROMANES LIMITED
- 7 -
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
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.
Colin Frame CA
Senior Statutory Auditor
For and on behalf of Greaves West & Ayre
31 January 2023
Chartered Accountants
Statutory Auditor
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
G.L.M. ROMANES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2022
- 8 -
2022
2021
Notes
£
£
Turnover
3
9,948,498
9,111,749
Cost of sales
(6,974,403)
(6,188,289)
Gross profit
2,974,095
2,923,460
Administrative expenses
(2,372,956)
(1,859,821)
Other operating income
7,927
6,696
Operating profit
4
609,066
1,070,335
Interest receivable and similar income
8
327,687
1,193
Interest payable and similar expenses
9
(5,876)
Profit before taxation
930,877
1,071,528
Tax on profit
10
(172,065)
(208,917)
Profit for the financial year
758,812
862,611
The profit and loss account has been prepared on the basis that all operations are continuing operations.
G.L.M. ROMANES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2022
- 9 -
2022
2021
£
£
Profit for the year
758,812
862,611
Other comprehensive income
-
-
Total comprehensive income for the year
758,812
862,611
G.L.M. ROMANES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
12
4,132,178
Tangible assets
13
1,314,247
1,228,543
Investment properties
14
170,000
170,000
Investments
15
183
5,616,608
1,398,543
Current assets
Stocks
18
563,890
458,587
Debtors
19
1,710,672
852,573
Cash at bank and in hand
1,592,912
3,560,768
3,867,474
4,871,928
Creditors: amounts falling due within one year
20
(2,727,452)
(1,877,759)
Net current assets
1,140,022
2,994,169
Total assets less current liabilities
6,756,630
4,392,712
Creditors: amounts falling due after more than one year
21
(1,804,384)
Provisions for liabilities
Deferred tax liability
23
53,731
53,009
(53,731)
(53,009)
Net assets
4,898,515
4,339,703
Capital and reserves
Called up share capital
25
110,000
110,000
Revaluation reserve
67,391
67,391
Profit and loss reserves
4,721,124
4,162,312
Total equity
4,898,515
4,339,703
The financial statements were approved by the board of directors and authorised for issue on 31 January 2023 and are signed on its behalf by:
Mr G L M Romanes
Mrs M E Romanes
Director
Director
Company Registration No. SC063993
G.L.M. ROMANES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2020
110,000
67,391
3,359,701
3,537,092
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
-
862,611
862,611
Dividends
11
-
-
(60,000)
(60,000)
Balance at 30 April 2021
110,000
67,391
4,162,312
4,339,703
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
758,812
758,812
Dividends
11
-
-
(200,000)
(200,000)
Balance at 30 April 2022
110,000
67,391
4,721,124
4,898,515
G.L.M. ROMANES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2022
- 12 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
472,044
(28,634)
Interest paid
(5,876)
Income taxes paid
(210,038)
(166,990)
Net cash inflow/(outflow) from operating activities
256,130
(195,624)
Investing activities
Purchase of business
(4,301,229)
Purchase of tangible fixed assets
(36,062)
(15,475)
Proceeds on disposal of tangible fixed assets
5,995
Purchase of subsidiaries
(183)
Interest received
398
1,193
Dividends received
327,289
Net cash used in investing activities
(4,009,787)
(8,287)
Financing activities
Bank loans
1,985,801
Dividends paid
(200,000)
(60,000)
Net cash generated from/(used in) financing activities
1,785,801
(60,000)
Net decrease in cash and cash equivalents
(1,967,856)
(263,911)
Cash and cash equivalents at beginning of year
3,560,768
3,824,679
Cash and cash equivalents at end of year
1,592,912
3,560,768
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 13 -
1
Accounting policies
Company information
G.L.M. Romanes Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
8 Market Square, Duns, Berwickshire, TD11 3DB.
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 a
mounts
in these financial statements are
rounded to the nearest
pound sterling
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties to fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from
NHS
contracts
is included in the period to which it relates. This includes the monthly prepaid amount along with the balancing payment for each month, which is received in the following month.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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.
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Leasehold land and buildings
Straight line over the term of the lease
Property improvements
20 Years Straight Line
Fixtures, fittings & equipment
5 - 10 Years Straight line
Motor vehicles
5 Years Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Although Companies Act requires annual depreciation of fixed assets, freehold buildings are not depreciated. The directors believe that the policy of not providing depreciation is necessary in order for the accounts to give a true and fair view.
In the opinion of the directors the freehold and leasehold property is well maintained and has not diminished in value.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 15 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks
are stated at the lower of cost and
estimated selling price.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
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 balance sheet 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
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 t
hose
whose fair values cannot be measured reliably
which
are measured at cost less impairment.
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 16 -
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 and
bank loans 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 receipts 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. A
m
ounts 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
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 th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 17 -
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
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
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset 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.
1.14
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 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.
1.15
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees and directors. Contributions payable are charged to the profit and loss account in the year they are payable.
1.16
Leases
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 lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
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.
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 18 -
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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Prescription Income
9,215,253
8,437,733
Shop Sales
733,245
674,016
9,948,498
9,111,749
2022
2021
£
£
Other revenue
Interest income
398
1,193
Dividends received
327,289
-
4
Operating profit
2022
2021
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
48,577
49,946
Loss on disposal of tangible fixed assets
5,175
197
Amortisation of intangible assets
243,625
Operating lease charges
37,383
35,612
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,750
6,600
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Average number of employees
71
71
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
1,575,913
1,396,582
Social security costs
129,912
128,309
Pension costs
85,269
75,083
1,791,094
1,599,974
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
129,126
137,818
Company pension contributions to defined contribution schemes
14,605
12,330
143,731
150,148
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2021 - 4).
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
191
1,165
Other interest income
207
28
Total interest revenue
398
1,193
Income from fixed asset investments
Income from shares in group undertakings
327,289
Total income
327,687
1,193
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
8
Interest receivable and similar income
(Continued)
- 20 -
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
191
1,165
9
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
5,876
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
171,343
210,066
Adjustments in respect of prior periods
(1,169)
Total current tax
171,343
208,897
Deferred tax
Origination and reversal of timing differences
722
20
Total tax charge
172,065
208,917
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
930,877
1,071,528
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
176,867
203,590
Tax effect of expenses that are not deductible in determining taxable profit
65,907
9,575
Tax effect of income not taxable in determining taxable profit
(62,186)
Adjustments in respect of prior years
(1,169)
Deferred tax
722
20
Capital allowances
(9,245)
(3,099)
Taxation charge for the year
172,065
208,917
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 21 -
11
Dividends
2022
2021
£
£
Interim paid
200,000
60,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2021
3,053,914
Additions
4,375,803
At 30 April 2022
7,429,717
Amortisation and impairment
At 1 May 2021
3,053,914
Amortisation charged for the year
243,625
At 30 April 2022
3,297,539
Carrying amount
At 30 April 2022
4,132,178
At 30 April 2021
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 22 -
13
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Property improvements
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2021
601,830
282,781
427,742
294,007
49,990
1,656,350
Additions
101,412
38,044
139,456
Disposals
(12,294)
(12,294)
At 30 April 2022
703,242
282,781
427,742
319,757
49,990
1,783,512
Depreciation and impairment
At 1 May 2021
34,125
154,023
222,057
17,602
427,807
Depreciation charged in the year
2,827
21,374
17,900
6,476
48,577
Eliminated in respect of disposals
(7,119)
(7,119)
At 30 April 2022
36,952
175,397
232,838
24,078
469,265
Carrying amount
At 30 April 2022
703,242
245,829
252,345
86,919
25,912
1,314,247
At 30 April 2021
601,830
248,656
273,719
71,950
32,388
1,228,543
14
Investment property
2022
£
Fair value
At 1 May 2021 and 30 April 2022
170,000
Investment property comprises two flats which are let out and were restated at 01 May 2017 to their combined fair value of £170,000. A valuation of investment property was undertaken on 09 May 2019 by George F. White, Chartered Surveyors who are independent of the company and have experience valuing similar properties. The directors are satisfied that the value of the properties is not thought to have materially changed since its valuation, and therefore the investment property is held as such.
The historic cost of the flats totals £102,609.
15
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
16
183
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
15
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2021
-
Additions
4,375,986
At 30 April 2022
4,375,986
Impairment
At 1 May 2021
-
Transfer to goodwill
4,375,803
At 30 April 2022
4,375,803
Carrying amount
At 30 April 2022
183
At 30 April 2021
-
16
Subsidiaries
These financial statements are separate company financial statements for Aitken Pharmacy.
Details of the company's subsidiaries at 30 April 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Aitken Pharmacy Limited
United Kingdom
Ordinary
100.00
17
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,310,761
642,981
Carrying amount of financial liabilities
Measured at amortised cost
4,308,117
1,617,698
18
Stocks
2022
2021
£
£
Finished goods and goods for resale
563,890
458,587
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 24 -
19
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
983,472
642,981
Amounts owed by group undertakings
327,289
Other debtors
391,843
192,732
Prepayments and accrued income
8,068
16,860
1,710,672
852,573
20
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
22
181,417
Trade creditors
1,659,158
1,288,764
Corporation tax
171,343
210,038
Other taxation and social security
52,376
50,023
Other creditors
652,405
306,940
Accruals and deferred income
10,753
21,994
2,727,452
1,877,759
21
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
22
1,804,384
22
Loans and overdrafts
2022
2021
£
£
Bank loans
1,985,801
Payable within one year
181,417
Payable after one year
1,804,384
The bank loans were secured by way of a floating charge over all property or undertaking of the company dated 1 March 2022.
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
22
Loans and overdrafts
(Continued)
- 25 -
Interest was charged on the fixed interest bank loan at a rate of 2.46%. The loan is repayable by monthly instalments over 12 years, but the company may make additional repayments at any time, which may vary the amount and number of monthly instalments.
Interest was charged on the variable interest bank loan at a rate of 2.44% over Base Rate. The loan is repayable by monthly instalments over 12 years, but the company may make additional repayments at any time, which may vary the amount and number of monthly instalments.
Both loans are subject to a negative pledge clause.
23
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Balances:
£
£
ACAs
53,731
53,009
2022
Movements in the year:
£
Liability at 1 May 2021
53,009
Charge to profit or loss
722
Liability at 30 April 2022
53,731
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature.
24
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,269
75,083
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.
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 26 -
25
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Ordinary 'A' shares (Non-voting) of £1 each
50,000
50,000
50,000
50,000
Ordinary 'B' shares (Non-voting) of £1 each
50,000
50,000
50,000
50,000
110,000
110,000
110,000
110,000
The Ordinary shares carry full voting, dividend and capital distribution rights, including on a winding up, but are not redeemable.
The Ordinary 'A' and Ordinary 'B' shares do not carry any voting or participation rights. These shares are redeemable at par from 1 January 2011.
26
Acquisition
On 28 February 2022 the company acquired the business of Aitken Pharmacy Limited.
Fair Value
£
Property, plant and equipment
103,394
Inventories
49,997
Total identifiable net assets
153,391
Goodwill
4,375,803
Total consideration
4,529,194
Satisfied by:
£
Cash
4,301,229
Deferred consideration
227,965
4,529,194
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 27 -
27
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:
2022
2021
£
£
Within one year
30,300
30,300
Between two and five years
121,200
121,200
In over five years
118,125
150,425
269,625
301,925
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2022
2021
£
£
Aggregate compensation
358,194
225,054
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£
£
£
£
Key management personnel
424,040
306,540
Related Party Balances consist of
unsecured
loans due to directors which do not incur interest at market rates.
G.L.M. ROMANES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 28 -
29
Cash generated from/(absorbed by) operations
2022
2021
£
£
Profit for the year after tax
758,812
862,611
Adjustments for:
Taxation charged
172,065
208,917
Finance costs
5,876
Investment income
(327,687)
(1,193)
Loss on disposal of tangible fixed assets
5,175
197
Amortisation and impairment of intangible assets
243,625
Depreciation and impairment of tangible fixed assets
48,577
49,946
Decrease in provisions
(227,965)
-
Movements in working capital:
(Increase)/decrease in stocks
(55,306)
3,572
(Increase)/decrease in debtors
(858,099)
381,608
Increase/(decrease) in creditors
706,971
(1,534,292)
Cash generated from/(absorbed by) operations
472,044
(28,634)
30
Analysis of changes in net funds/(debt)
1 May 2021
Cash flows
30 April 2022
£
£
£
Cash at bank and in hand
3,560,768
(1,967,856)
1,592,912
Borrowings excluding overdrafts
-
(1,985,801)
(1,985,801)
3,560,768
(3,953,657)
(392,889)
2022-04-30
2021-05-01
false
CCH Software
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Mr D J Romanes
Mrs F M Gillies
Mrs F M Gillies
Mrs M E Romanes
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core:LeasedAssetsHeldAsLessee
2021-05-01
2022-04-30
SC063993
core:Non-currentFinancialInstruments
2022-04-30
SC063993
core:Non-currentFinancialInstruments
2021-04-30
SC063993
core:Subsidiary1
2021-05-01
2022-04-30
SC063993
core:Subsidiary1
1
2021-05-01
2022-04-30
SC063993
core:WithinOneYear
2022-04-30
SC063993
core:WithinOneYear
2021-04-30
SC063993
core:BetweenTwoFiveYears
2022-04-30
SC063993
core:BetweenTwoFiveYears
2021-04-30
SC063993
core:MoreThanFiveYears
2022-04-30
SC063993
core:MoreThanFiveYears
2021-04-30
SC063993
bus:PrivateLimitedCompanyLtd
2021-05-01
2022-04-30
SC063993
bus:FRS102
2021-05-01
2022-04-30
SC063993
bus:Audited
2021-05-01
2022-04-30
SC063993
bus:FullAccounts
2021-05-01
2022-04-30
xbrli:pure
xbrli:shares
iso4217:GBP