THOMAS WRIGHT/THORITE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Company Registration No. 00177707 (England and Wales)
THOMAS WRIGHT/THORITE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr S T Wright
Mr M R Yates
Secretary
Mr S T Wright
Company number
00177707
Registered office
Hillam Road
Off Canal Road
Bradford
West Yorkshire
BD2 1QN
Auditor
Azets Audit Services
Carlton House
Grammar School Street
Bradford
BD1 4NS
Bankers
Natwest Bank plc
1 Market Street
Bradford
West Yorkshire
BD1 1EG
THOMAS WRIGHT/THORITE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
THOMAS WRIGHT/THORITE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present the strategic report for the year ended 31 March 2023.
Review of the business
The principal activity of the company continued to be that of the sale and installation of compressed air equipment.
During the year all the subsidiary undertakings were dormant.
Following the global Covid-19 pandemic, the directors put in place strong plans to recover the business back to levels prior to the pandemic. Broadly, these plans succeeded, and the businesses turnover increased by 7.1% on 21/22 figures. However, this was significantly less than budget, performance being hit over the year by the supply chain issues that were endemic in manufacturing that happened as a result of the fallout from Covid-19 and the Ukraine war and a reduction in demand due to general uncertainty in the marketplace. The financial year was in reality a year of two halves, the first being strong and the second half, with the exception of March relatively weak. Profit decreased due to a number of factors, the first being extra staff costs due to planned growth that didn’t fully materialise, increased depreciation due to the move to the new head office in January 2021 and increased IT costs ahead of a move to a new ERP system in late 2023.
During the year a full time Quality Safety Health Environment (QSHE) Co-Ordinator was appointed to assist in the running of the companies ISO9001 registered quality system and other functions within the business
Following our move into our new head office, in January 2021, we have seen significant synergies for the business. The co-location of the warehousing facility, our systems division and service department is allowing us to increase productivity and improve working practices. The directors still view the move as essential to realising a business fit for the future and that it has created a platform for the next 10 years growth.
Principal risks and uncertainties
As with the last year, the combined effects of Covid-19, Brexit and the Ukraine war weigh heavy on the business. Supply chain issues and customer wariness have remained prevalent since the start of the pandemic only alleviating later in the financial year.
Supply issues brought on by Brexit, which early on in the year might have seemed minor are now becoming a more dominant issue in terms of supply chain slowness.
Price escalation due to supply shortages make customer relations more challenging and since the outbreak of the Ukraine war. These price escalations have slowed since early 2023 but remain concerning. There has been a well-documented slowdown in manufacturing since early 2023 and the business has seen the effects of this continuing into the third quarter of 2023. With regard to the energy crisis, our energy prices have been fixed from 2020 until 2025, increasing energy prices do bring certain opportunities to supply more energy efficient equipment to our customers.
The business has contracted for a new ERP system covering all aspects of the businesses operations and this has increased costs in both the outgoing solution and added increased costs to the business for incoming solution that is yet to be implemented, also a lot of staff time is being spent on the project.
Development and performance
Thorite continues to seek new product ranges to add to the portfolio and continues to look for ways to expand the geographic coverage of the business, either through acquisitive or organic growth. We believe that the new ERP system will significantly aid the growth and efficiency of the business.
THOMAS WRIGHT/THORITE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Mr S T Wright
Director
11 October 2023
THOMAS WRIGHT/THORITE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
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 sale and installation of compressed air equipment.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £10,064. 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 S T Wright
Mr M R Yates
Mr R Oldale
(Resigned 13 December 2022)
Auditor
Azets Audit Services Limited, trading as Azets Audit Services, were appointed auditor to the company following their acquisition of the trade of Naylor Wintersgill Limited, on 1 May 2023. 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 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 S T Wright
Director
11 October 2023
THOMAS WRIGHT/THORITE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
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.
THOMAS WRIGHT/THORITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMAS WRIGHT/THORITE GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Thomas Wright/Thorite Group Limited (the 'company') for the year ended 31 March 2023 which comprise 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 31 March 2023 and of its loss 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' 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.
THOMAS WRIGHT/THORITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS WRIGHT/THORITE GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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.
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.
THOMAS WRIGHT/THORITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS WRIGHT/THORITE GROUP LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Victoria Wainwright
Senior Statutory Auditor
For and on behalf of Azets Audit Services
11 October 2023
Chartered Accountants
Statutory Auditor
Carlton House
Grammar School Street
Bradford
BD1 4NS
THOMAS WRIGHT/THORITE GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
21,182,637
19,773,741
Cost of sales
(16,196,563)
(15,102,252)
Gross profit
4,986,074
4,671,489
Distribution costs
(300,569)
(279,167)
Administrative expenses
(4,740,344)
(4,181,748)
Other operating income
134,015
140,508
Operating profit
4
79,176
351,082
Interest receivable and similar income
7
270
1
Interest payable and similar expenses
8
(10,702)
(11,263)
Profit before taxation
68,744
339,820
Tax on profit
10
(169,156)
(51,415)
(Loss)/profit for the financial year
(100,412)
288,405
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THOMAS WRIGHT/THORITE GROUP LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
1
1
Other intangible assets
11
1,196
1,535
Total intangible assets
1,197
1,536
Tangible assets
12
2,399,930
2,054,087
Investments
13
101,308
101,308
2,502,435
2,156,931
Current assets
Stocks
15
2,621,297
2,521,169
Debtors
16
5,380,807
5,294,872
Cash at bank and in hand
913
758
8,003,017
7,816,799
Creditors: amounts falling due within one year
17
(6,721,077)
(6,245,021)
Net current assets
1,281,940
1,571,778
Total assets less current liabilities
3,784,375
3,728,709
Provisions for liabilities
Deferred tax liability
20
420,321
254,179
(420,321)
(254,179)
Net assets
3,364,054
3,474,530
Capital and reserves
Called up share capital
22
40,719
40,719
Share premium account
765,886
765,886
Capital redemption reserve
8,793
8,793
Profit and loss reserves
2,548,656
2,659,132
Total equity
3,364,054
3,474,530
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Mr S T Wright
Director
Company Registration No. 00177707
THOMAS WRIGHT/THORITE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2021
40,719
765,886
8,793
2,375,759
3,191,157
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
288,405
288,405
Dividends
9
-
-
-
(5,032)
(5,032)
Balance at 31 March 2022
40,719
765,886
8,793
2,659,132
3,474,530
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
-
(100,412)
(100,412)
Dividends
9
-
-
-
(10,064)
(10,064)
Balance at 31 March 2023
40,719
765,886
8,793
2,548,656
3,364,054
THOMAS WRIGHT/THORITE GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(643,368)
207,362
Interest paid
(10,702)
(11,263)
Income taxes refunded
93,475
Net cash (outflow)/inflow from operating activities
(560,595)
196,099
Investing activities
Purchase of tangible fixed assets
(561,194)
(260,397)
Proceeds from disposal of tangible fixed assets
9,353
22,872
Interest received
270
1
Net cash used in investing activities
(551,571)
(237,524)
Financing activities
Repayment of borrowings
1,207,689
(29,330)
Dividends paid
(10,064)
(5,032)
Net cash generated from/(used in) financing activities
1,197,625
(34,362)
Net increase/(decrease) in cash and cash equivalents
85,459
(75,787)
Cash and cash equivalents at beginning of year
(213,495)
(137,708)
Cash and cash equivalents at end of year
(128,036)
(213,495)
Relating to:
Cash at bank and in hand
913
758
Bank overdrafts included in creditors payable within one year
(128,949)
(214,253)
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
1
Accounting policies
Company information
Thomas Wright/Thorite Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hillam Road, Off Canal Road, Bradford, West Yorkshire, BD2 1QN.
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.
The company is a qualifying entity for the purpose of FRS102, 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 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cashsettled share-based payments, explanation of modifications to arrangements.
Thomas Wright/Thorite Group Limited is a wholly owned subsidiary of T Wright Holdings Limited and the financial statements of Thomas Wright/Thorite Group Limited are included in the consolidated financial statements of T Wright Holdings Limited. These consolidated financial statements are available from the Registrar of Companies, Companies Registration Office, Crown Way, Cardiff, CF14 3UZ.
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 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.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Patents
10% straight line
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
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:
Building improvements
2-5% straight line
Plant and machinery
20% straight line & 25% reducing balance
Fixtures, fittings & equipment
5% - 33% straight line & 25% reducing balance
Motor vehicles
25% & 33% 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.
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.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
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 less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
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.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leases asset are consumed.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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:
2023
2022
£
£
Turnover analysed by class of business
Turnover
21,182,637
19,773,741
2023
2022
£
£
Turnover analysed by geographical market
Europe (EU)
78,780
94,389
Non-EU
49,772
124,022
U.K
21,054,085
19,555,330
21,182,637
19,773,741
2023
2022
£
£
Other revenue
Interest income
270
1
Grants received
9,000
117,766
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(9,000)
(117,766)
Fees payable to the company's auditor for the audit of the company's financial statements
7,500
7,500
Depreciation of owned tangible fixed assets
206,604
190,479
Profit on disposal of tangible fixed assets
(606)
(5,875)
Amortisation of intangible assets
339
338
Operating lease charges
441,896
306,262
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
38
32
Sales, service and warehousing
98
100
Total
136
132
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,623,140
4,263,992
Social security costs
517,657
469,099
Pension costs
149,135
124,821
5,289,932
4,857,912
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
304,345
434,828
Company pension contributions to defined contribution schemes
27,389
23,611
331,734
458,439
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 3).
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
135,218
183,078
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
270
1
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
270
1
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,702
11,263
9
Dividends
2023
2022
£
£
Interim paid
10,064
5,032
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,014
30,113
Deferred tax
Origination and reversal of timing differences
166,142
21,302
Total tax charge
169,156
51,415
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:
2023
2022
£
£
Profit before taxation
68,744
339,820
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
13,061
64,566
Tax effect of expenses that are not deductible in determining taxable profit
2,486
1,789
Tax effect of income not taxable in determining taxable profit
(115)
Capital allowances
(51,737)
(71,381)
Depreciation
39,319
35,139
Deferred tax
166,142
21,302
Taxation charge for the year
169,156
51,415
11
Intangible fixed assets
Goodwill
Patents
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
239,635
7,131
246,766
Amortisation and impairment
At 1 April 2022
239,634
5,596
245,230
Amortisation charged for the year
339
339
At 31 March 2023
239,634
5,935
245,569
Carrying amount
At 31 March 2023
1
1,196
1,197
At 31 March 2022
1
1,535
1,536
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
12
Tangible fixed assets
Building improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
651,507
433,292
2,671,673
47,185
3,803,657
Additions
38,213
470,343
52,638
561,194
Disposals
(14,448)
(350)
(24,882)
(39,680)
At 31 March 2023
651,507
457,057
3,141,666
74,941
4,325,171
Depreciation and impairment
At 1 April 2022
41,507
361,696
1,307,622
38,745
1,749,570
Depreciation charged in the year
2,633
25,813
170,840
7,318
206,604
Eliminated in respect of disposals
(7,925)
(350)
(22,658)
(30,933)
At 31 March 2023
44,140
379,584
1,478,112
23,405
1,925,241
Carrying amount
At 31 March 2023
607,367
77,473
1,663,554
51,536
2,399,930
At 31 March 2022
610,000
71,596
1,364,051
8,440
2,054,087
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
101,308
101,308
14
Subsidiaries
These financial statements are separate company financial statements for Thomas Wright/Thorite Group Limited. The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts.
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Comprite Limited
England
Ordinary
100
Thomas Wright (Bradford) Limited
England
Ordinary
100
Thomas Wright (North West) Limited
England
Ordinary
100
Thomas Wright Air Centres Limited
England
Ordinary
100
Thorite Limited
England
Ordinary
100
The investments in subsidiaries are all stated at cost.
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
15
Stocks
2023
2022
£
£
Finished goods and goods for resale
2,621,297
2,521,169
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,838,695
3,993,294
Corporation tax recoverable
123,588
Amounts owed by group undertakings
817,700
729,584
Other debtors
43,753
62,176
Prepayments and accrued income
680,659
386,230
5,380,807
5,294,872
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
128,949
214,253
Other borrowings
18
1,380,429
172,740
Trade creditors
3,980,899
4,491,360
Amounts owed to group undertakings
101,308
101,308
Corporation tax
3,014
30,113
Other taxation and social security
417,584
365,537
Government grants
19
6,237
Other creditors
355,534
399,898
Accruals and deferred income
353,360
463,575
6,721,077
6,245,021
18
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
128,949
214,253
Other loans
1,380,429
172,740
1,509,378
386,993
Payable within one year
1,509,378
386,993
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
19
Government grants
2023
2022
£
£
Arising from government grants
-
6,237
20
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
2023
2022
Balances:
£
£
Deferred tax
420,321
254,179
2023
Movements in the year:
£
Liability at 1 April 2022
254,179
Charge to profit or loss
166,142
Liability at 31 March 2023
420,321
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
149,135
124,821
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.
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
384,650
384,650
38,465
38,465
Ordinary-A shares of 10p each
22,540
22,540
2,254
2,254
407,190
407,190
40,719
40,719
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
23
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties and motor vehicles.
Property leases are negotiated on a property by property basis and have varying terms and rental amounts. With regards to motor vehicle leases are negotiated for an average term of 4 years and rentals are fixed for an average of 4 years.
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
198,553
163,461
Between two and five years
314,124
274,851
In over five years
18,045
21,175
530,722
459,487
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
316,905
458,440
25
Directors' transactions
The company leased a property jointly owned by director Mr S T Wright and former directors Mrs D Wright and Mr T E Wright. The company also leased another property jointly owned by former directors Mrs D Wright and Mr T E Wright. Total rent of £34,128 (2022 - £34,128) was paid for the use of the properties.
Loans have been granted by the directors to the company as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan account
4.89
128,591
7,979
4,685
(28,795)
112,460
128,591
7,979
4,685
(28,795)
112,460
THOMAS WRIGHT/THORITE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
26
Ultimate controlling party
The parent company is T Wright Holdings Limited. Registered office being Thorite House Hillam Road, Off Canal Road, Bradford, BD2 1QN.
The ultimate controlling party is Mr T E Wright, by virtue of his majority shareholding in the parent company.
The largest group in which the results of the company are consolidated is that headed by T Wright Holdings Limited, the financial statements of which may be obtained from the Registrar of Companies, Companies Registration Office, Crown Way, Cardiff, CF14 3UZ.
27
Analysis of changes in net debt
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
758
155
913
Bank overdrafts
(214,253)
85,304
(128,949)
(213,495)
85,459
(128,036)
Borrowings excluding overdrafts
(172,740)
(1,207,689)
(1,380,429)
(386,235)
(1,122,230)
(1,508,465)
28
Cash generated from operations
2023
2022
£
£
(Loss)/profit for the year after tax
(100,412)
288,405
Adjustments for:
Taxation charged
169,156
51,415
Finance costs
10,702
11,263
Investment income
(270)
(1)
Gain on disposal of tangible fixed assets
(606)
(5,875)
Amortisation and impairment of intangible assets
339
338
Depreciation and impairment of tangible fixed assets
206,604
190,479
Movements in working capital:
(Increase) in stocks
(100,128)
(433,978)
(Increase) in debtors
(209,524)
(504,756)
(Decrease)/increase in creditors
(612,993)
612,037
(Decrease) in deferred income
(6,237)
(1,965)
Cash (absorbed by)/generated from operations
(643,368)
207,362
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.100Mr M R YatesMr R OldaleMr R OldaleMr S T Wright001777072022-04-012023-03-3100177707bus:CompanySecretaryDirector12022-04-012023-03-3100177707bus:Director12022-04-012023-03-3100177707bus:CompanySecretary12022-04-012023-03-3100177707bus:Director22022-04-012023-03-3100177707bus:Director32022-04-012023-03-3100177707bus:RegisteredOffice2022-04-012023-03-3100177707bus:Agent12022-04-012023-03-31001777072023-03-31001777072021-04-012022-03-3100177707core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3100177707core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100177707core:Goodwill2023-03-3100177707core:Goodwill2022-03-3100177707core:OtherResidualIntangibleAssets2023-03-3100177707core:OtherResidualIntangibleAssets2022-03-31001777072022-03-3100177707core:PatentsTrademarksLicencesConcessionsSimilar2023-03-3100177707core:PatentsTrademarksLicencesConcessionsSimilar2022-03-3100177707core:LeaseholdImprovements2023-03-3100177707core:PlantMachinery2023-03-3100177707core:FurnitureFittings2023-03-3100177707core:MotorVehicles2023-03-3100177707core:LeaseholdImprovements2022-03-3100177707core:PlantMachinery2022-03-3100177707core:FurnitureFittings2022-03-3100177707core:MotorVehicles2022-03-3100177707core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100177707core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3100177707core:CurrentFinancialInstruments2023-03-3100177707core:CurrentFinancialInstruments2022-03-3100177707core:ShareCapital2023-03-3100177707core:ShareCapital2022-03-3100177707core:SharePremium2023-03-3100177707core:SharePremium2022-03-3100177707core:CapitalRedemptionReserve2023-03-3100177707core:CapitalRedemptionReserve2022-03-3100177707core:RetainedEarningsAccumulatedLosses2023-03-3100177707core:RetainedEarningsAccumulatedLosses2022-03-3100177707core:ShareCapital2021-03-3100177707core:SharePremium2021-03-3100177707core:CapitalRedemptionReservecore:RestatedAmount2021-03-3100177707core:RetainedEarningsAccumulatedLosses2021-03-3100177707core:ShareCapitalOrdinaryShares2023-03-3100177707core:ShareCapitalOrdinaryShares2022-03-31001777072022-03-31001777072021-03-3100177707core:WithinOneYear2023-03-3100177707core:WithinOneYear2022-03-3100177707core:Goodwill2022-04-012023-03-3100177707core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3100177707core:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-3100177707core:LeaseholdImprovements2022-04-012023-03-3100177707core:PlantMachinery2022-04-012023-03-3100177707core:FurnitureFittings2022-04-012023-03-3100177707core:MotorVehicles2022-04-012023-03-3100177707core:UKTax2022-04-012023-03-3100177707core:UKTax2021-04-012022-03-310017770712022-04-012023-03-310017770712021-04-012022-03-310017770722022-04-012023-03-310017770722021-04-012022-03-3100177707core:Goodwill2022-03-3100177707core:PatentsTrademarksLicencesConcessionsSimilar2022-03-3100177707core:LeaseholdImprovements2022-03-3100177707core:PlantMachinery2022-03-3100177707core:FurnitureFittings2022-03-3100177707core:MotorVehicles2022-03-3100177707core:Non-currentFinancialInstruments2023-03-3100177707core:Non-currentFinancialInstruments2022-03-3100177707core:Subsidiary12022-04-012023-03-3100177707core:Subsidiary22022-04-012023-03-3100177707core:Subsidiary32022-04-012023-03-3100177707core:Subsidiary42022-04-012023-03-3100177707core:Subsidiary52022-04-012023-03-3100177707core:Subsidiary112022-04-012023-03-3100177707core:Subsidiary222022-04-012023-03-3100177707core:Subsidiary332022-04-012023-03-3100177707core:Subsidiary442022-04-012023-03-3100177707core:Subsidiary552022-04-012023-03-3100177707core:BetweenTwoFiveYears2023-03-3100177707core:BetweenTwoFiveYears2022-03-3100177707core:MoreThanFiveYears2023-03-3100177707core:MoreThanFiveYears2022-03-3100177707bus:PrivateLimitedCompanyLtd2022-04-012023-03-3100177707bus:FRS1022022-04-012023-03-3100177707bus:Audited2022-04-012023-03-3100177707bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP