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"decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-262": { "value": "131660000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-264": { "value": "1 Accounting policies General information Castings Public Limited Company (the \u2018company\u2019, \u2018Castings P.L.C.\u2019) is incorporated and domiciled in the United Kingdom and registered in England as a public company limited by shares. The company\u2019s registered office is at Lichfield Road, Brownhills, West Midlands, WS8 6JZ, United Kingdom. The company\u2019s ordinary shares are traded on the London Stock Exchange\u2019s Regulated Market (Premium Listing). There has been no change in this information since the Annual Report for the year ended 31 March 2023. Basis of preparation The group financial statements have been prepared in accordance with UK-adopted international accounting standard in conformity with the requirements of the Companies Act 2006. The IFRSs applied in the group financial statements are subject to ongoing amendment by the IASB and therefore subject to possible change in the future. Further standards and interpretations may be issued that will be applicable for financial years beginning on or after 1 April 2024 or later accounting periods but may be adopted early. The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the group\u2019s accounting policies. The primary statements within the financial information contained in this document have been presented in accordance with IAS 1 Presentation of Financial Statements. The financial statements are prepared on a going concern basis and under the historical cost convention, except where adjusted for revaluations of certain assets, and in accordance with applicable Accounting Standards and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. A summary of the principal group IFRS accounting policies is set out below. The presentation currency used is sterling and the amounts have been presented in round thousands (\u2018\u00a3000\u2019). New standards effective and adopted by the group in the year There have been no new standards, or amendments to standards, applied in the year that had a material effect on the group. Going concern In determining the basis of preparation for the consolidated financial statements, the directors have considered the group\u2019s business activities, together with factors likely to affect its future development, performance and position. The group has modelled a base case, which reflects the directors\u2019 current expectations of future trading in addition to potential severe but plausible impacts on revenue, profits and cash flows in a downside scenario. The base case scenario is based on current demand schedules from customers and assumed that these levels, along with average selling prices and costs remain consistent. The group\u2019s recent record of cash conversion was used to estimate the cash generation in the period under review. The severe but plausible downside scenario assumed a 30% reduction in demand which would cover the loss of the group\u2019s most significant customer. Furthermore, such a reduction is also in line with the approximate revenue loss in the event that environmental legislation changes or a technological breakthrough rendered the internal combustion engine obsolete. The directors are confident that the group will have sufficient funds to continue to meet their liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. Further details are set out in the viability statement on page 18 and the corporate governance statement on page 25. Basis of consolidation The consolidated statement of comprehensive income and balance sheet include the financial statements of the parent company and its subsidiaries made up to the end of the financial year. These subsidiaries include William Lee Limited and CNC Speedwell Limited, both of which are 100% owned, controlled by the company and are based in the UK. Control is achieved where the company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. Intercompany transactions and balances between group companies are eliminated in full. Business combinations and goodwill Shares issued as consideration for the acquisition of companies have a fair value attributed to them, which is normally their market value at the date of acquisition. Net assets acquired are consolidated at a fair value to the group at the date of acquisition. All changes to these assets and liabilities, and the resulting gains and losses that arise after the group has gained control of the subsidiary, are credited and charged to the post- acquisition income statement. Revenue recognition Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of VAT and other sales-related taxes. Revenue from the sale of goods relates to the sale of castings. Revenue from the sale of services relates to machining and minor assembly work performed on a subcontract basis for external customers. Revenue is recognised once the performance obligation has been met. This is deemed to be when the goods and services have been collected by, or delivered to, the customer in accordance with the agreed delivery terms. Payment terms are based on usual market practices and commercial terms agreed with the customer. Post-retirement benefits Two of the group\u2019s pension plans are of a defined benefit type. Under IAS 19 Employee Benefits the employer\u2019s portion of the current service costs and curtailment gains are charged to operating profit for these plans, with the net interest also being charged/credited to operating profit subject to the asset ceiling. Actuarial gains and losses are recognised in other comprehensive income and the balance sheet reflects the schemes\u2019 surplus or deficit at the balance sheet date. A full valuation is carried out triennially using the projected unit credit method. Where the group cannot benefit from a scheme surplus in the form of refunds from the plans or reductions in future contributions, any asset resulting from the above policy is restricted accordingly. Payments to the defined contribution scheme are charged to the consolidated statement of comprehensive income as they become payable. Property, plant and equipment Property, plant and equipment assets are held at cost less accumulated depreciation. Depreciation is provided on property, plant and equipment, other than freehold land and assets in the course of construction, on a straight-line basis. The periods of write-off used are as follows: i. Freehold buildings over 50 years. ii. Plant and equipment over a period of 3 to 15 years. The group annually reviews the assessment of residual values and useful lives in accordance with IAS 16. Impairment of property, plant and equipment At each balance sheet date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists or an asset is not in use and therefore requires an annual test, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash inflows that are largely independent from other assets, the group estimates the recoverable amount of the cash generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to dispose and value-in-use. In assessing value-in-use, the estimated future nominal cash flows are discounted to their present value using a nominal 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 (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the consolidated income statement. Inventories The group\u2019s inventories are valued at the lower of cost on a first-in, first-out basis and net realisable value. Cost includes a proportion of production overheads based on normal levels of activity. Provision is made for obsolete and slow-moving items based on a review of parts with no demand during the year. Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits at call with banks and other short-term highly liquid investments with original maturities of three months or less from inception. Foreign currencies Assets and liabilities in foreign currencies are translated at the spot rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction; all differences are dealt with through the consolidated statement of comprehensive income. Financial instruments a) Financial assets The group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The group\u2019s accounting policy for each category is as follows: Fair value through profit and loss Fair value through profit and loss financial assets comprise the group\u2019s strategic investments in entities not qualifying as subsidiaries. They are carried at fair value with changes in fair value recognised in the income statement. The cumulative fair value gains and losses are held within retained earnings and are not treated as distributable. This treatment is considered more appropriate than in the prior year when the investments were treated as fair value through other comprehensive income. The impact of this change is not material to the current or prior year financial statements. Fair value is determined with reference to published quoted prices in an active market. The dividend income from listed investments is presented within finance income. Amortised cost These assets are held in order to collect contractual cash flows, on specific dates, which are solely payments of the principal and interest on the principal amount outstanding. They arise principally through the provision of goods and services to customers (e.g. trade receivables) and deposits held at banks and building societies, but may also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. Where specific receivables are known to be \u2018bad\u2019 or it becomes apparent that payment is \u2018doubtful\u2019 then a credit loss allowance of 100% is applied. Such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the consolidated statement of comprehensive income. On confirmation that the deposit or receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. b) Financial liabilities The group classifies its financial liabilities into liabilities measured at fair value on recognition and subsequently at amortised cost. Although the group uses derivative financial instruments in economic hedges of currency risk, it does not hedge account for these transactions, and the amounts are not material. These derivative financial instruments are accounted for at fair value through the consolidated statement of income where material to the financial statements. Unless otherwise indicated, the carrying amounts of the group\u2019s financial liabilities are a reasonable approximation of their fair values. Financial liabilities measured at amortised cost Financial liabilities include trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Fair value is calculated by discounting estimated future cash flows using a market rate of interest. c) Share capital The group\u2019s ordinary shares are classified as equity instruments. Share capital includes the nominal value of the shares and any share premium attaching to the shares. Current and deferred tax Deferred tax is provided using the liability method. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is measured at the actual tax rates that are expected to apply in the periods in which the temporary differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Current tax is provided for on the taxable profits of each company in the group, using current tax rates and legislation that has been enacted or substantively enacted by the balance sheet date. Share-based payments The cost of equity-settled transactions with employees of the company is measured by reference to the fair value at the date at which they are granted using the Black-Scholes model, taking into the account the two year holding period at the end of the vesting period. The cost is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service conditions are met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service conditions at the vesting date. Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are only recognised when approved by the shareholders at the Annual General Meeting. Finance income and expense Finance income and expense is recognised in the consolidated statement of comprehensive income as it accrues. Standards, interpretations and amendments to published standards that are not yet effective There are no significant IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the group. Material accounting estimates and judgements The group makes certain estimates and judgements regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and judgements. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below: Estimates Pension assumptions The costs, assets and liabilities of the defined benefit pension schemes operated by the group are determined using methods relying on actuarial estimates and assumptions. Whilst this is a source of estimation uncertainty for the group, the scheme surplus is not recognised on the balance sheet (as set out below). Details of the key assumptions are set out in note 5. Judgements Useful economic lives of property, plant and equipment The assessment of useful economic lives and residual values of property, plant and equipment. Pension surplus In line with previous years, the group continues to take the decision not to recognise the asset is relation to the surplus on the defined benefit pension scheme, as set out in note 5.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-265": { "value": "
General information
Castings Public Limited Company (the \u2018company\u2019, \u2018Castings P.L.C.\u2019) is incorporated and domiciled in the United Kingdom and registered in
England as a public company limited by shares. The company\u2019s registered office is at Lichfield Road, Brownhills, West Midlands, WS8 6JZ,
United Kingdom. The company\u2019s ordinary shares are traded on the London Stock Exchange\u2019s Regulated Market (Premium Listing). There has
been no change in this information since the Annual Report for the year ended 31 March 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-3": { "value": "Castings Public Limited Company", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-263": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-6": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-5": { "value": "Lichfield Road, Brownhills, West Midlands, WS8 6JZ, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-266": { "value": "Basis of preparation The group financial statements have been prepared in accordance with UK-adopted international accounting standard in conformity with the requirements of the Companies Act 2006. The IFRSs applied in the group financial statements are subject to ongoing amendment by the IASB and therefore subject to possible change in the future. Further standards and interpretations may be issued that will be applicable for financial years beginning on or after 1 April 2024 or later accounting periods but may be adopted early. The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the group\u2019s accounting policies. The primary statements within the financial information contained in this document have been presented in accordance with IAS 1 Presentation of Financial Statements. The financial statements are prepared on a going concern basis and under the historical cost convention, except where adjusted for revaluations of certain assets, and in accordance with applicable Accounting Standards and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. A summary of the principal group IFRS accounting policies is set out below. The presentation currency used is sterling and the amounts have been presented in round thousands (\u2018\u00a3000\u2019). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-301": { "value": "
The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates. It also requires management
to exercise its judgement in the process of applying the group\u2019s accounting policies.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-302": { "value": "The presentation currency used is sterling and the amounts have been presented in round thousands (\u2018\u00a3000\u2019). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-267": { "value": "
New standards effective and adopted by the group in the year
There have been no new standards, or amendments to standards, applied in the year that had a material effect on the group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-304": { "value": "New standards effective and adopted by the group in the year There have been no new standards, or amendments to standards, applied in the year that had a material effect on the group. Standards, interpretations and amendments to published standards that are not yet effective There are no significant IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-270": { "value": "
Going concern
In determining the basis of preparation for the consolidated financial statements, the directors have considered the group\u2019s business activities,
together with factors likely to affect its future development, performance and position. The group has modelled a base case, which reflects
the directors\u2019 current expectations of future trading in addition to potential severe but plausible impacts on revenue, profits and cash flows in a
downside scenario. The base case scenario is based on current demand schedules from customers and assumed that these levels, along with
average selling prices and costs remain consistent. The group\u2019s recent record of cash conversion was used to estimate the cash generation in
the period under review.
The severe but plausible downside scenario assumed a 30% reduction in demand which would cover the loss of the group\u2019s most significant
customer. Furthermore, such a reduction is also in line with the approximate revenue loss in the event that environmental legislation changes or a
technological breakthrough rendered the internal combustion engine obsolete.
The directors are confident that the group will have sufficient funds to continue to meet their liabilities as they fall due for at least twelve months
from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. Further
details are set out in the viability statement on page 18 and the corporate governance statement on page 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-268": { "value": "
Basis of consolidation
The consolidated statement of comprehensive income and balance sheet include the financial statements of the parent company and its
subsidiaries made up to the end of the financial year. These subsidiaries include William Lee Limited and CNC Speedwell Limited, both of which
are 100% owned, controlled by the company and are based in the UK. Control is achieved where the company has the power to govern the
financial and operating policies of an investee entity so as to obtain benefits from its activities. Intercompany transactions and balances between
group companies are eliminated in full.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-269": { "value": "
Business combinations and goodwill
Shares issued as consideration for the acquisition of companies have a fair value attributed to them, which is normally their market value at the
date of acquisition. Net assets acquired are consolidated at a fair value to the group at the date of acquisition. All changes to these assets and
liabilities, and the resulting gains and losses that arise after the group has gained control of the subsidiary, are credited and charged to the post-
acquisition income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-346": { "value": "Business combinations and goodwill Shares issued as consideration for the acquisition of companies have a fair value attributed to them, which is normally their market value at the date of acquisition. Net assets acquired are consolidated at a fair value to the group at the date of acquisition. All changes to these assets and liabilities, and the resulting gains and losses that arise after the group has gained control of the subsidiary, are credited and charged to the post- acquisition income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-333": { "value": "Business combinations and goodwill Shares issued as consideration for the acquisition of companies have a fair value attributed to them, which is normally their market value at the date of acquisition. Net assets acquired are consolidated at a fair value to the group at the date of acquisition. All changes to these assets and liabilities, and the resulting gains and losses that arise after the group has gained control of the subsidiary, are credited and charged to the post- acquisition income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-303": { "value": "Business combinations and goodwill Shares issued as consideration for the acquisition of companies have a fair value attributed to them, which is normally their market value at the date of acquisition. Net assets acquired are consolidated at a fair value to the group at the date of acquisition. All changes to these assets and liabilities, and the resulting gains and losses that arise after the group has gained control of the subsidiary, are credited and charged to the post- acquisition income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-277": { "value": "
Revenue recognition
Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services
provided in the normal course of business, net of VAT and other sales-related taxes. Revenue from the sale of goods relates to the sale of
castings. Revenue from the sale of services relates to machining and minor assembly work performed on a subcontract basis for external
customers. Revenue is recognised once the performance obligation has been met. This is deemed to be when the goods and services have
been collected by, or delivered to, the customer in accordance with the agreed delivery terms. Payment terms are based on usual market
practices and commercial terms agreed with the customer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-276": { "value": "
Post-retirement benefits
Two of the group\u2019s pension plans are of a defined benefit type. Under IAS 19 Employee Benefits the employer\u2019s portion of the current service
costs and curtailment gains are charged to operating profit for these plans, with the net interest also being charged/credited to operating
profit subject to the asset ceiling. Actuarial gains and losses are recognised in other comprehensive income and the balance sheet reflects the
schemes\u2019 surplus or deficit at the balance sheet date. A full valuation is carried out triennially using the projected unit credit method. Where the
group cannot benefit from a scheme surplus in the form of refunds from the plans or reductions in future contributions, any asset resulting from
the above policy is restricted accordingly.
Payments to the defined contribution scheme are charged to the consolidated statement of comprehensive income as they become payable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-271": { "value": "
Property, plant and equipment
Property, plant and equipment assets are held at cost less accumulated depreciation. Depreciation is provided on property, plant and equipment,
other than freehold land and assets in the course of construction, on a straight-line basis. The periods of write-off used are as follows:
i. Freehold buildings over 50 years.
ii. Plant and equipment over a period of 3 to 15 years.
The group annually reviews the assessment of residual values and useful lives in accordance with IAS 16.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-306": { "value": "Property, plant and equipment Property, plant and equipment assets are held at cost less accumulated depreciation. Depreciation is provided on property, plant and equipment, other than freehold land and assets in the course of construction, on a straight-line basis. The periods of write-off used are as follows: i. Freehold buildings over 50 years. ii. Plant and equipment over a period of 3 to 15 years. The group annually reviews the assessment of residual values and useful lives in accordance with IAS 16. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-305": { "value": "
Impairment of property, plant and equipment
At each balance sheet date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that
those assets have suffered an impairment loss. If any such indication exists or an asset is not in use and therefore requires an annual test, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate
cash inflows that are largely independent from other assets, the group estimates the recoverable amount of the cash generating unit to which
the asset belongs.
Recoverable amount is the higher of fair value less costs to dispose and value-in-use. In assessing value-in-use, the estimated future nominal
cash flows are discounted to their present value using a nominal 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
(cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the consolidated
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-274": { "value": "Impairment of property, plant and equipment At each balance sheet date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists or an asset is not in use and therefore requires an annual test, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash inflows that are largely independent from other assets, the group estimates the recoverable amount of the cash generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to dispose and value-in-use. In assessing value-in-use, the estimated future nominal cash flows are discounted to their present value using a nominal 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 (cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-272": { "value": "
Inventories
The group\u2019s inventories are valued at the lower of cost on a first-in, first-out basis and net realisable value. Cost includes a proportion of
production overheads based on normal levels of activity. Provision is made for obsolete and slow-moving items based on a review of parts with
no demand during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-273": { "value": "
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits at call with banks and other short-term highly liquid investments with original
maturities of three months or less from inception.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-275": { "value": "
Foreign currencies
Assets and liabilities in foreign currencies are translated at the spot rates of exchange ruling at the balance sheet date. Transactions in foreign
currencies are recorded at the rate ruling at the date of the transaction; all differences are dealt with through the consolidated statement of
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-279": { "value": "Financial instruments a) Financial assets The group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The group\u2019s accounting policy for each category is as follows: Fair value through profit and loss Fair value through profit and loss financial assets comprise the group\u2019s strategic investments in entities not qualifying as subsidiaries. They are carried at fair value with changes in fair value recognised in the income statement. The cumulative fair value gains and losses are held within retained earnings and are not treated as distributable. This treatment is considered more appropriate than in the prior year when the investments were treated as fair value through other comprehensive income. The impact of this change is not material to the current or prior year financial statements. Fair value is determined with reference to published quoted prices in an active market. The dividend income from listed investments is presented within finance income. Amortised cost These assets are held in order to collect contractual cash flows, on specific dates, which are solely payments of the principal and interest on the principal amount outstanding. They arise principally through the provision of goods and services to customers (e.g. trade receivables) and deposits held at banks and building societies, but may also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. Where specific receivables are known to be \u2018bad\u2019 or it becomes apparent that payment is \u2018doubtful\u2019 then a credit loss allowance of 100% is applied. Such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the consolidated statement of comprehensive income. On confirmation that the deposit or receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. b) Financial liabilities The group classifies its financial liabilities into liabilities measured at fair value on recognition and subsequently at amortised cost. Although the group uses derivative financial instruments in economic hedges of currency risk, it does not hedge account for these transactions, and the amounts are not material. These derivative financial instruments are accounted for at fair value through the consolidated statement of income where material to the financial statements. Unless otherwise indicated, the carrying amounts of the group\u2019s financial liabilities are a reasonable approximation of their fair values. Financial liabilities measured at amortised cost Financial liabilities include trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Fair value is calculated by discounting estimated future cash flows using a market rate of interest. c) Share capital The group\u2019s ordinary shares are classified as equity instruments. Share capital includes the nominal value of the shares and any share premium attaching to the shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-310": { "value": "a) Financial assets The group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. The group\u2019s accounting policy for each category is as follows: Fair value through profit and loss Fair value through profit and loss financial assets comprise the group\u2019s strategic investments in entities not qualifying as subsidiaries. They are carried at fair value with changes in fair value recognised in the income statement. The cumulative fair value gains and losses are held within retained earnings and are not treated as distributable. This treatment is considered more appropriate than in the prior year when the investments were treated as fair value through other comprehensive income. The impact of this change is not material to the current or prior year financial statements. Fair value is determined with reference to published quoted prices in an active market. The dividend income from listed investments is presented within finance income. Amortised cost These assets are held in order to collect contractual cash flows, on specific dates, which are solely payments of the principal and interest on the principal amount outstanding. They arise principally through the provision of goods and services to customers (e.g. trade receivables) and deposits held at banks and building societies, but may also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. Where specific receivables are known to be \u2018bad\u2019 or it becomes apparent that payment is \u2018doubtful\u2019 then a credit loss allowance of 100% is applied. Such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the consolidated statement of comprehensive income. On confirmation that the deposit or receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-334": { "value": "
Fair value through profit and loss
Fair value through profit and loss financial assets comprise the group\u2019s strategic investments in entities not qualifying as subsidiaries. They are
carried at fair value with changes in fair value recognised in the income statement. The cumulative fair value gains and losses are held within
retained earnings and are not treated as distributable. This treatment is considered more appropriate than in the prior year when the investments
were treated as fair value through other comprehensive income. The impact of this change is not material to the current or prior year financial
statements. Fair value is determined with reference to published quoted prices in an active market. The dividend income from listed investments
is presented within finance income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-347": { "value": "Fair value through profit and loss Fair value through profit and loss financial assets comprise the group\u2019s strategic investments in entities not qualifying as subsidiaries. They are carried at fair value with changes in fair value recognised in the income statement. The cumulative fair value gains and losses are held within retained earnings and are not treated as distributable. This treatment is considered more appropriate than in the prior year when the investments were treated as fair value through other comprehensive income. The impact of this change is not material to the current or prior year financial statements. Fair value is determined with reference to published quoted prices in an active market. The dividend income from listed investments is presented within finance income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-307": { "value": "
b) Financial liabilities
The group classifies its financial liabilities into liabilities measured at fair value on recognition and subsequently at amortised cost. Although the
group uses derivative financial instruments in economic hedges of currency risk, it does not hedge account for these transactions, and the
amounts are not material. These derivative financial instruments are accounted for at fair value through the consolidated statement of income
where material to the financial statements.
Unless otherwise indicated, the carrying amounts of the group\u2019s financial liabilities are a reasonable approximation of their fair values.
Financial liabilities measured at amortised cost
Financial liabilities include trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently
carried at amortised cost using the effective interest method.
Fair value is calculated by discounting estimated future cash flows using a market rate of interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-308": { "value": "
c) Share capital
The group\u2019s ordinary shares are classified as equity instruments. Share capital includes the nominal value of the shares and any share premium
attaching to the shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-309": { "value": "
Current and deferred tax
Deferred tax is provided using the liability method. Deferred income tax assets are recognised to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilised.
Deferred tax is measured at the actual tax rates that are expected to apply in the periods in which the temporary differences are expected to
reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Current tax is provided for on the taxable profits of each company in the group, using current tax rates and legislation that has been enacted or
substantively enacted by the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-278": { "value": "Current and deferred tax Deferred tax is provided using the liability method. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is measured at the actual tax rates that are expected to apply in the periods in which the temporary differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Current tax is provided for on the taxable profits of each company in the group, using current tax rates and legislation that has been enacted or substantively enacted by the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-280": { "value": "
Share-based payments
The cost of equity-settled transactions with employees of the company is measured by reference to the fair value at the date at which they
are granted using the Black-Scholes model, taking into the account the two year holding period at the end of the vesting period. The cost is
recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award.
The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service conditions are met, such that
the amount ultimately recognised as an expense is based on the number of awards that meet the related service conditions at the vesting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-281": { "value": "
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends
are only recognised when approved by the shareholders at the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-282": { "value": "
Finance income and expense
Finance income and expense is recognised in the consolidated statement of comprehensive income as it accrues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-336": { "value": "Finance income and expense Finance income and expense is recognised in the consolidated statement of comprehensive income as it accrues. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-311": { "value": "Finance income and expense Finance income and expense is recognised in the consolidated statement of comprehensive income as it accrues. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-285": { "value": "
Standards, interpretations and amendments to published standards that are not yet effective
There are no significant IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-283": { "value": "
Material accounting estimates and judgements
The group makes certain estimates and judgements regarding the future. Estimates and judgements are continually evaluated based on
historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. In the
future, actual experience may differ from these estimates and judgements. The estimates and judgements that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below:
Estimates
Pension assumptions
The costs, assets and liabilities of the defined benefit pension schemes operated by the group are determined using methods relying on actuarial
estimates and assumptions. Whilst this is a source of estimation uncertainty for the group, the scheme surplus is not recognised on the balance
sheet (as set out below). Details of the key assumptions are set out in note 5.
Judgements
Useful economic lives of property, plant and equipment
The assessment of useful economic lives and residual values of property, plant and equipment.
Pension surplus
In line with previous years, the group continues to take the decision not to recognise the asset is relation to the surplus on the defined benefit
pension scheme, as set out in note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-284": { "value": "
2 Operating segments
For internal decision-making purposes, the group is organised into three operating companies which are considered to be the operating
segments of the group: Castings P.L.C. and William Lee Limited are aggregated into Foundry operations, due to the similar nature of the
businesses, and CNC Speedwell Limited is the Machining operation.
Inter-segment transactions are entered into under the normal commercial terms and conditions that would be available to third parties.
The following shows the revenues, results and total assets by reportable segment in the year to 31 March 2024:
Foundry Machining
operations operations Elimination Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue from external customers
222,542
1,872
\u2014
224,414
Inter-segmental revenue
28,433
35,774
(64,207)
\u2014
Segmental result
16,184
3,719
(32)
19,871
Unallocated costs:
Defined benefit pension cost
(112)
Finance income
1,527
Profit before income tax
21,286
Total assets
156,605
30,822
(13,372)
174,055
Non-current asset additions
5,179
5,334
\u2014
10,513
Depreciation
5,069
3,782
\u2014
8,851
Total liabilities
(40,424)
(7,719)
8,078
(40,065)
All non-current assets are based in the United Kingdom.
The following shows the revenues, results and total assets by reportable segment in the year to 31 March 2023:
Foundry Machining
operations operations Elimination Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue from external customers
198,972
2,018
\u2014
200,990
Inter-segmental revenue
24,739
25,640
(50,379)
\u2014
Segmental result
16,332
169
(15)
16,486
Unallocated costs:
Defined benefit pension cost
(117)
Finance income
344
Profit before income tax
16,713
Total assets
162,671
26,687
(14,928)
174,430
Non-current asset additions
4,826
1,372
\u2014
6,198
Depreciation
5,235
3,411
\u2014
8,646
Total liabilities
(45,668)
(6,759)
9,657
(42,770)
All non-current assets are based in the United Kingdom.
2024 2023
\u00a3000 \u00a3000
The geographical analysis of revenues by destination for the year is as follows:
United Kingdom
34,296
34,519
Sweden
63,814
55,107
Germany
36,926
32,292
Netherlands
35,400
31,763
Rest of Europe
35,889
31,810
North and South America
16,927
14,322
Other
1,162
1,177
224,414
200,990
All revenue arises in the United Kingdom from the group\u2019s continuing activities.
Information about major customers
Included in revenues arising from Foundry operations are revenues of approximately \u00a360,147,000, \u00a336,918,000 and \u00a324,339,000 from three
ultimate customer groups (2023 \u2013 \u00a349,835,000, \u00a329,374,000 and \u00a322,229,000 respectively) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-348": { "value": "2 Operating segments For internal decision-making purposes, the group is organised into three operating companies which are considered to be the operating segments of the group: Castings P.L.C. and William Lee Limited are aggregated into Foundry operations, due to the similar nature of the businesses, and CNC Speedwell Limited is the Machining operation. Inter-segment transactions are entered into under the normal commercial terms and conditions that would be available to third parties. The following shows the revenues, results and total assets by reportable segment in the year to 31 March 2024:
Foundry Machining
operations operations Elimination Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue from external customers
222,542
1,872
\u2014
224,414
Inter-segmental revenue
28,433
35,774
(64,207)
\u2014
Segmental result
16,184
3,719
(32)
19,871
Unallocated costs:
Defined benefit pension cost
(112)
Finance income
1,527
Profit before income tax
21,286
Total assets
156,605
30,822
(13,372)
174,055
Non-current asset additions
5,179
5,334
\u2014
10,513
Depreciation
5,069
3,782
\u2014
8,851
Total liabilities
(40,424)
(7,719)
8,078
(40,065)
All non-current assets are based in the United Kingdom. The following shows the revenues, results and total assets by reportable segment in the year to 31 March 2023:
Foundry Machining
operations operations Elimination Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue from external customers
198,972
2,018
\u2014
200,990
Inter-segmental revenue
24,739
25,640
(50,379)
\u2014
Segmental result
16,332
169
(15)
16,486
Unallocated costs:
Defined benefit pension cost
(117)
Finance income
344
Profit before income tax
16,713
Total assets
162,671
26,687
(14,928)
174,430
Non-current asset additions
4,826
1,372
\u2014
6,198
Depreciation
5,235
3,411
\u2014
8,646
Total liabilities
(45,668)
(6,759)
9,657
(42,770)
All non-current assets are based in the United Kingdom.
2024 2023
\u00a3000 \u00a3000
The geographical analysis of revenues by destination for the year is as follows:
United Kingdom
34,296
34,519
Sweden
63,814
55,107
Germany
36,926
32,292
Netherlands
35,400
31,763
Rest of Europe
35,889
31,810
North and South America
16,927
14,322
Other
1,162
1,177
224,414
200,990
All revenue arises in the United Kingdom from the group\u2019s continuing activities. Information about major customers Included in revenues arising from Foundry operations are revenues of approximately \u00a360,147,000, \u00a336,918,000 and \u00a324,339,000 from three ultimate customer groups (2023 \u2013 \u00a349,835,000, \u00a329,374,000 and \u00a322,229,000 respectively) .", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-335": { "value": "2 Operating segments For internal decision-making purposes, the group is organised into three operating companies which are considered to be the operating segments of the group: Castings P.L.C. and William Lee Limited are aggregated into Foundry operations, due to the similar nature of the businesses, and CNC Speedwell Limited is the Machining operation. Inter-segment transactions are entered into under the normal commercial terms and conditions that would be available to third parties. The following shows the revenues, results and total assets by reportable segment in the year to 31 March 2024:
Foundry Machining
operations operations Elimination Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue from external customers
222,542
1,872
\u2014
224,414
Inter-segmental revenue
28,433
35,774
(64,207)
\u2014
Segmental result
16,184
3,719
(32)
19,871
Unallocated costs:
Defined benefit pension cost
(112)
Finance income
1,527
Profit before income tax
21,286
Total assets
156,605
30,822
(13,372)
174,055
Non-current asset additions
5,179
5,334
\u2014
10,513
Depreciation
5,069
3,782
\u2014
8,851
Total liabilities
(40,424)
(7,719)
8,078
(40,065)
All non-current assets are based in the United Kingdom. The following shows the revenues, results and total assets by reportable segment in the year to 31 March 2023:
Foundry Machining
operations operations Elimination Total
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue from external customers
198,972
2,018
\u2014
200,990
Inter-segmental revenue
24,739
25,640
(50,379)
\u2014
Segmental result
16,332
169
(15)
16,486
Unallocated costs:
Defined benefit pension cost
(117)
Finance income
344
Profit before income tax
16,713
Total assets
162,671
26,687
(14,928)
174,430
Non-current asset additions
4,826
1,372
\u2014
6,198
Depreciation
5,235
3,411
\u2014
8,646
Total liabilities
(45,668)
(6,759)
9,657
(42,770)
All non-current assets are based in the United Kingdom.
2024 2023
\u00a3000 \u00a3000
The geographical analysis of revenues by destination for the year is as follows:
United Kingdom
34,296
34,519
Sweden
63,814
55,107
Germany
36,926
32,292
Netherlands
35,400
31,763
Rest of Europe
35,889
31,810
North and South America
16,927
14,322
Other
1,162
1,177
224,414
200,990
All revenue arises in the United Kingdom from the group\u2019s continuing activities. Information about major customers Included in revenues arising from Foundry operations are revenues of approximately \u00a360,147,000, \u00a336,918,000 and \u00a324,339,000 from three ultimate customer groups (2023 \u2013 \u00a349,835,000, \u00a329,374,000 and \u00a322,229,000 respectively) .", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-312": { "value": "
2024 2023
\u00a3000 \u00a3000
The geographical analysis of revenues by destination for the year is as follows:
United Kingdom
34,296
34,519
Sweden
63,814
55,107
Germany
36,926
32,292
Netherlands
35,400
31,763
Rest of Europe
35,889
31,810
North and South America
16,927
14,322
Other
1,162
1,177
224,414
200,990
All revenue arises in the United Kingdom from the group\u2019s continuing activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-314": { "value": "Information about major customers Included in revenues arising from Foundry operations are revenues of approximately \u00a360,147,000, \u00a336,918,000 and \u00a324,339,000 from three ultimate customer groups (2023 \u2013 \u00a349,835,000, \u00a329,374,000 and \u00a322,229,000 respectively) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-286": { "value": "
3 Net operating costs
2024 2023
\u00a3000 \u00a3000
Raw materials and consumables
50,358
53,092
Staff costs (note 4)
63,256
56,517
Depreciation of property, plant and equipment
8,851
8,646
Light, heat and power
39,284
25,937
Sub-contract processing
20,282
18,096
Carriage
4,694
5,440
Repairs and maintenance
8,943
7,735
Rates and insurance
2,313
1,764
Loss on disposal of property, plant and equipment
25
\u2014
Other costs
6,649
7,394
Total cost of sales, distribution costs and administrative expenses
204,655
184,621
During the year the group obtained the following services from the company\u2019s auditor:
2024 2023
\u00a3000 \u00a3000
Fees payable to the company\u2019s auditor for the audit of the parent company and group financial statements
82
76
Fees payable to the company\u2019s auditor for other services \u2013 the audit of the company\u2019s subsidiaries
57
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-352": { "value": "3 Net operating costs
2024 2023
\u00a3000 \u00a3000
Raw materials and consumables
50,358
53,092
Staff costs (note 4)
63,256
56,517
Depreciation of property, plant and equipment
8,851
8,646
Light, heat and power
39,284
25,937
Sub-contract processing
20,282
18,096
Carriage
4,694
5,440
Repairs and maintenance
8,943
7,735
Rates and insurance
2,313
1,764
Loss on disposal of property, plant and equipment
25
\u2014
Other costs
6,649
7,394
Total cost of sales, distribution costs and administrative expenses
204,655
184,621
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-337": { "value": "3 Net operating costs
2024 2023
\u00a3000 \u00a3000
Raw materials and consumables
50,358
53,092
Staff costs (note 4)
63,256
56,517
Depreciation of property, plant and equipment
8,851
8,646
Light, heat and power
39,284
25,937
Sub-contract processing
20,282
18,096
Carriage
4,694
5,440
Repairs and maintenance
8,943
7,735
Rates and insurance
2,313
1,764
Loss on disposal of property, plant and equipment
25
\u2014
Other costs
6,649
7,394
Total cost of sales, distribution costs and administrative expenses
204,655
184,621
During the year the group obtained the following services from the company\u2019s auditor:
2024 2023
\u00a3000 \u00a3000
Fees payable to the company\u2019s auditor for the audit of the parent company and group financial statements
82
76
Fees payable to the company\u2019s auditor for other services \u2013 the audit of the company\u2019s subsidiaries
57
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-349": { "value": "3 Net operating costs
2024 2023
\u00a3000 \u00a3000
Raw materials and consumables
50,358
53,092
Staff costs (note 4)
63,256
56,517
Depreciation of property, plant and equipment
8,851
8,646
Light, heat and power
39,284
25,937
Sub-contract processing
20,282
18,096
Carriage
4,694
5,440
Repairs and maintenance
8,943
7,735
Rates and insurance
2,313
1,764
Loss on disposal of property, plant and equipment
25
\u2014
Other costs
6,649
7,394
Total cost of sales, distribution costs and administrative expenses
204,655
184,621
During the year the group obtained the following services from the company\u2019s auditor:
2024 2023
\u00a3000 \u00a3000
Fees payable to the company\u2019s auditor for the audit of the parent company and group financial statements
82
76
Fees payable to the company\u2019s auditor for other services \u2013 the audit of the company\u2019s subsidiaries
57
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-313": { "value": "3 Net operating costs
2024 2023
\u00a3000 \u00a3000
Raw materials and consumables
50,358
53,092
Staff costs (note 4)
63,256
56,517
Depreciation of property, plant and equipment
8,851
8,646
Light, heat and power
39,284
25,937
Sub-contract processing
20,282
18,096
Carriage
4,694
5,440
Repairs and maintenance
8,943
7,735
Rates and insurance
2,313
1,764
Loss on disposal of property, plant and equipment
25
\u2014
Other costs
6,649
7,394
Total cost of sales, distribution costs and administrative expenses
204,655
184,621
During the year the group obtained the following services from the company\u2019s auditor:
2024 2023
\u00a3000 \u00a3000
Fees payable to the company\u2019s auditor for the audit of the parent company and group financial statements
82
76
Fees payable to the company\u2019s auditor for other services \u2013 the audit of the company\u2019s subsidiaries
57
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-353": { "value": "During the year the group obtained the following services from the company\u2019s auditor:
2024 2023
\u00a3000 \u00a3000
Fees payable to the company\u2019s auditor for the audit of the parent company and group financial statements
82
76
Fees payable to the company\u2019s auditor for other services \u2013 the audit of the company\u2019s subsidiaries
57
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-287": { "value": "
4 Employee information
2024
2023
Average monthly number of employees during the year was:
Production
1,120
1,074
Management and administration
121
128
1,241
1,202
2024 2023
\u00a3000 \u00a3000
Staff costs (including directors) comprise:
Wages and salaries
55,412
49,277
Social security costs
5,967
5,530
Other pension costs \u2013 defined contribution plans
1,765
1,593
Other pension costs \u2013 defined benefit plans (note 5)
112
117
63,256
56,517
The directors represent the key management personnel. Details of their compensation are given in the Directors\u2019 Remuneration Report on
page 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-288": { "value": "
5 Pensions
The group operates two pension schemes providing benefits based on final pensionable pay, which are closed to new entrants and were closed
to future accruals on 6 April 2009. The assets are independent of the finances of the group and are administered by Trustees. The Trustee board
is appointed by both the company and the members of the schemes and acts in the interest of the schemes and all relevant stakeholders,
including the members and the company. The Trustees are responsible for the investment of the assets of the schemes.
The latest actuarial valuation was performed with an effective date of 6 April 2023 using the defined accrued benefit method. It assumed that
the rate of return on investments was 3.3% per annum for pre-retirement and 3.6% for post-retirement and price inflation was 3.4% under RPI
and 2.9% under CPI. The demographic assumptions were based on S3PA (YoB) tables with an age rating of -1 year being applied to the tables
for shop floor and staff schemes. The future mortality improvements were based on CMI 2020 projections with a 1.75% per annum long-term
improvement rate. The next actuarial valuation due will be with an effective date of 6 April 2026.
In order to help optimise the return on assets held by the pension schemes, the pension payments and administration costs incurred by the
schemes are paid by the company. The net amount due from the schemes (being pension payments made plus administrative costs less
repayments received from the schemes) are subject to repayment to the company and recorded as amounts receivable from pension schemes
in the group and company financial statements (notes 13 and 9 respectively). The amounts are recorded as payables by the schemes and
shown as a reduction to asset values in the pension disclosures set out below.
The pension schemes are related parties of the company and during the year \u00a32,119,000 (2022 \u2013 \u00a32,120,000) was paid by the company on
behalf of the schemes in respect of pension payments and administration costs. There are no funding arrangements in place that would impact
on future contributions and no contributions are expected to be made in the next financial year. The pension schemes made repayments to
the company during the year of \u00a32,120,000 (2022 \u2013 \u00a32,114,000). At 31 March 2024 the outstanding balance due from the schemes to the
company was \u00a32,119,000 (2023 \u2013 \u00a32,120,000) as set out in note 13. In addition, the group made contributions to individual members\u2019 Group
Personal Pension Plans during the year.
Related risks
Through its defined benefit pension plans, the group was exposed to a number of risks that are inherent in such plans and arrangements. The
main risks are summarised below and there are no unusual, entity-specific or plan-specific risks and no significant concentration risks:
\u2022 asset value volatility, with the associated impact on the assets held in connection with the funding of pension obligations and the related
cash flows;
\u2022 changes in bond yields, with any reduction resulting in an increase in the present value of pension obligations, mitigated by an increase in
the value of some of the plan assets;
\u2022 inflation, as pension obligations are linked to inflation; and
\u2022 life expectancy, as pension benefits are generally provided for the life of beneficiaries and their dependants.
Composition of the schemes
The group operates defined benefit schemes (in addition to a defined contribution scheme) in the UK. Full actuarial valuations of the defined
benefit schemes were carried out at 6 April 2023 and updated to 31 March 2024 using the projected unit method by a qualified independent
actuary. The major assumptions used by the actuary were (in nominal terms):
2024
2023
Rate of increase of pensions in payment
2.7%
2.6%
Discount rate
4.9%
4.9%
Inflation assumption (RPI)
3.1%
3.2%
Inflation assumption (CPI)
2.8%
2.8%
2024 2023
\u00a3000 \u00a3000
Change in benefit obligation
Benefit obligation at beginning of year
37,924
50,947
Past service cost
\u2014
\u2014
Interest cost on defined benefit obligation
1,808
1,383
Actuarial losses/(gains) arising from changes in financial assumptions
235
(13,645)
Actuarial gains arising from changes in demographic assumptions
(594)
\u2014
Other experience losses/(gains)
(34)
2,343
Benefits paid
(2,075)
(3,104)
Benefit obligation at end of year
37,264
37,924
Change in plan assets
Fair value of plan assets at beginning of year
48,337
60,879
Interest income on plan assets
2,315
1,660
Return on plan assets less than discount rate
(338)
(10,981)
Administrative expenses
(112)
(117)
Benefits paid
(2,075)
(3,104)
Fair value of plan assets at end of year
48,127
48,337
Surplus
10,863
10,413
Unrecognised pension surplus (asset ceiling)
(10,863)
(10,413)
Net amount recognised in the balance sheet
\u2014
\u2014
The pension surplus has not been recognised as the group does not have an unconditional right to receive returns of contributions or refunds
under the scheme rules.
Year to Year to
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Components of pension cost
Current service cost
\u2014
\u2014
Past service cost
\u2014
\u2014
Interest cost on defined benefit obligation
1,808
1,383
Interest income on plan assets
(2,315)
(1,660)
Interest expense on effect of asset ceiling on unrecognised surplus
507
277
Administrative expenses
112
117
Total pension cost recognised within administrative expenses (note 4)
112
117
Loss/(gain) arising from changes in financial assumptions
235
(13,645)
Gain arising from changes in demographic assumptions
(594)
\u2014
Experience (gain)/loss
(34)
2,343
Return on plan assets less than discount rate
338
10,981
Changes in asset ceiling on unrecognised surplus
(57)
204
Pension gain shown in statement of comprehensive income
(112)
(117)
Total defined benefit cost recognised in the year
\u2014
\u2014
Defined benefit obligation by participant category
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Participant category
Active participants
\u2014
\u2014
Deferred participants
17,447
16,842
Pensioners
19,817
21,082
37,264
37,924
Scheme assets
Investments of the defined benefit schemes are diversified, such that failure of any single investment would not have a material impact on the
overall level of assets. On 24 March 2020, the Trustees of the schemes completed a bulk annuity insurance buy-in with Aviva Life & Pensions
UK Limited (\u2018Aviva\u2019) thus providing certainty and security for all members of the schemes. The buy-in secures an insurance asset from Aviva
that fully matches, subject to final price adjustment of the bulk annuity pricing, the remaining pension liabilities of the schemes (excluding those
relating to GMP equalisation). The buy-in covers the investment, longevity, interest rate and inflation risks in respect of the schemes and therefore
substantially reduces the pension risk to the company. The asset allocations at the year end were as follows:
Plan Plan
assets at assets at
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Assets category
Cash and cash equivalents
13,919
13,457
Asset held by insurance company
36,327
37,000
50,246
50,457
Amounts repayable to the group
(2,119)
(2,120)
48,127
48,337
In determining the appropriate discount rate, the company considers the interest rates of corporate bonds with at least an \u2018AA\u2019 rating.
The projected pension cost for the year ending 31 March 2025 is \u00a3116,000.
Weighted average life expectancy for mortality tables* used to determine benefit obligations at:
2024
2023
Male Female Male Female
Staff/ Staff/ Staff/ Staff/
Shopfloor Shopfloor Shopfloor Shopfloor
Scheme member age 65
(current life expectancy)
22.4/22.4
25.0/25.0
23.2/22.3
25.8/24.9
Scheme member age 45
(life expectancy at age 65)
24.1/24.1
26.7/26.7
24.8/24.0
27.5/26.6
* Mortality tables 102% for Males and 99% for Females of S3PA CMI 2020 projections with a 1.5% long-term rate of improvement have been
used for both schemes.
Sensitivities
The calculations of the defined benefit obligations are sensitive to the assumptions set out on pages 48 to 51. The following table sets out
the estimated impact of a change in the assumptions on the defined benefit obligation at 31 March 2024, whilst holding all other assumptions
constant. The sensitivity analysis may not be representative of the actual change in defined benefit obligation as it is unlikely that the change in
assumptions would occur in isolation of another as some of the assumptions may be correlated.
31 March
2024
\u00a3000
Defined benefit obligation as a result of:
Reduction in the discount rate of 0.25%
38,304
Increase in inflation of 0.25%
37,911
One year increase in life expectancy
38,421
Maturity profile of defined benefit obligation
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Expected benefit payments during:
Year 1
2,034
1,991
Year 2
2,035
2,035
Year 3
2,154
2,154
Year 4
2,314
2,314
Year 5
2,531
2,399
Years 6\u201310
13,781
13,414
The maturity profile shown above is not the full maturity profile but that of the next ten years, based on an analysis of the present value of the
defined benefit obligation.
The weighted average duration of the defined benefit obligation of the schemes is 13 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-315": { "value": "5 Pensions The group operates two pension schemes providing benefits based on final pensionable pay, which are closed to new entrants and were closed to future accruals on 6 April 2009. The assets are independent of the finances of the group and are administered by Trustees. The Trustee board is appointed by both the company and the members of the schemes and acts in the interest of the schemes and all relevant stakeholders, including the members and the company. The Trustees are responsible for the investment of the assets of the schemes. The latest actuarial valuation was performed with an effective date of 6 April 2023 using the defined accrued benefit method. It assumed that the rate of return on investments was 3.3% per annum for pre-retirement and 3.6% for post-retirement and price inflation was 3.4% under RPI and 2.9% under CPI. The demographic assumptions were based on S3PA (YoB) tables with an age rating of -1 year being applied to the tables for shop floor and staff schemes. The future mortality improvements were based on CMI 2020 projections with a 1.75% per annum long-term improvement rate. The next actuarial valuation due will be with an effective date of 6 April 2026. In order to help optimise the return on assets held by the pension schemes, the pension payments and administration costs incurred by the schemes are paid by the company. The net amount due from the schemes (being pension payments made plus administrative costs less repayments received from the schemes) are subject to repayment to the company and recorded as amounts receivable from pension schemes in the group and company financial statements (notes 13 and 9 respectively). The amounts are recorded as payables by the schemes and shown as a reduction to asset values in the pension disclosures set out below. The pension schemes are related parties of the company and during the year \u00a32,119,000 (2022 \u2013 \u00a32,120,000) was paid by the company on behalf of the schemes in respect of pension payments and administration costs. There are no funding arrangements in place that would impact on future contributions and no contributions are expected to be made in the next financial year. The pension schemes made repayments to the company during the year of \u00a32,120,000 (2022 \u2013 \u00a32,114,000). At 31 March 2024 the outstanding balance due from the schemes to the company was \u00a32,119,000 (2023 \u2013 \u00a32,120,000) as set out in note 13. In addition, the group made contributions to individual members\u2019 Group Personal Pension Plans during the year. Related risks Through its defined benefit pension plans, the group was exposed to a number of risks that are inherent in such plans and arrangements. The main risks are summarised below and there are no unusual, entity-specific or plan-specific risks and no significant concentration risks: \u2022 asset value volatility, with the associated impact on the assets held in connection with the funding of pension obligations and the related cash flows; \u2022 changes in bond yields, with any reduction resulting in an increase in the present value of pension obligations, mitigated by an increase in the value of some of the plan assets; \u2022 inflation, as pension obligations are linked to inflation; and \u2022 life expectancy, as pension benefits are generally provided for the life of beneficiaries and their dependants. Composition of the schemes The group operates defined benefit schemes (in addition to a defined contribution scheme) in the UK. Full actuarial valuations of the defined benefit schemes were carried out at 6 April 2023 and updated to 31 March 2024 using the projected unit method by a qualified independent actuary. The major assumptions used by the actuary were (in nominal terms):
2024
2023
Rate of increase of pensions in payment
2.7%
2.6%
Discount rate
4.9%
4.9%
Inflation assumption (RPI)
3.1%
3.2%
Inflation assumption (CPI)
2.8%
2.8%
2024 2023
\u00a3000 \u00a3000
Change in benefit obligation
Benefit obligation at beginning of year
37,924
50,947
Past service cost
\u2014
\u2014
Interest cost on defined benefit obligation
1,808
1,383
Actuarial losses/(gains) arising from changes in financial assumptions
235
(13,645)
Actuarial gains arising from changes in demographic assumptions
(594)
\u2014
Other experience losses/(gains)
(34)
2,343
Benefits paid
(2,075)
(3,104)
Benefit obligation at end of year
37,264
37,924
Change in plan assets
Fair value of plan assets at beginning of year
48,337
60,879
Interest income on plan assets
2,315
1,660
Return on plan assets less than discount rate
(338)
(10,981)
Administrative expenses
(112)
(117)
Benefits paid
(2,075)
(3,104)
Fair value of plan assets at end of year
48,127
48,337
Surplus
10,863
10,413
Unrecognised pension surplus (asset ceiling)
(10,863)
(10,413)
Net amount recognised in the balance sheet
\u2014
\u2014
The pension surplus has not been recognised as the group does not have an unconditional right to receive returns of contributions or refunds under the scheme rules.
Year to Year to
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Components of pension cost
Current service cost
\u2014
\u2014
Past service cost
\u2014
\u2014
Interest cost on defined benefit obligation
1,808
1,383
Interest income on plan assets
(2,315)
(1,660)
Interest expense on effect of asset ceiling on unrecognised surplus
507
277
Administrative expenses
112
117
Total pension cost recognised within administrative expenses (note 4)
112
117
Loss/(gain) arising from changes in financial assumptions
235
(13,645)
Gain arising from changes in demographic assumptions
(594)
\u2014
Experience (gain)/loss
(34)
2,343
Return on plan assets less than discount rate
338
10,981
Changes in asset ceiling on unrecognised surplus
(57)
204
Pension gain shown in statement of comprehensive income
(112)
(117)
Total defined benefit cost recognised in the year
\u2014
\u2014
Defined benefit obligation by participant category
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Participant category
Active participants
\u2014
\u2014
Deferred participants
17,447
16,842
Pensioners
19,817
21,082
37,264
37,924
Scheme assets Investments of the defined benefit schemes are diversified, such that failure of any single investment would not have a material impact on the overall level of assets. On 24 March 2020, the Trustees of the schemes completed a bulk annuity insurance buy-in with Aviva Life & Pensions UK Limited (\u2018Aviva\u2019) thus providing certainty and security for all members of the schemes. The buy-in secures an insurance asset from Aviva that fully matches, subject to final price adjustment of the bulk annuity pricing, the remaining pension liabilities of the schemes (excluding those relating to GMP equalisation). The buy-in covers the investment, longevity, interest rate and inflation risks in respect of the schemes and therefore substantially reduces the pension risk to the company. The asset allocations at the year end were as follows:
Plan Plan
assets at assets at
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Assets category
Cash and cash equivalents
13,919
13,457
Asset held by insurance company
36,327
37,000
50,246
50,457
Amounts repayable to the group
(2,119)
(2,120)
48,127
48,337
In determining the appropriate discount rate, the company considers the interest rates of corporate bonds with at least an \u2018AA\u2019 rating. The projected pension cost for the year ending 31 March 2025 is \u00a3116,000. Weighted average life expectancy for mortality tables* used to determine benefit obligations at:
2024
2023
Male Female Male Female
Staff/ Staff/ Staff/ Staff/
Shopfloor Shopfloor Shopfloor Shopfloor
Scheme member age 65
(current life expectancy)
22.4/22.4
25.0/25.0
23.2/22.3
25.8/24.9
Scheme member age 45
(life expectancy at age 65)
24.1/24.1
26.7/26.7
24.8/24.0
27.5/26.6
* Mortality tables 102% for Males and 99% for Females of S3PA CMI 2020 projections with a 1.5% long-term rate of improvement have been used for both schemes. Sensitivities The calculations of the defined benefit obligations are sensitive to the assumptions set out on pages 48 to 51. The following table sets out the estimated impact of a change in the assumptions on the defined benefit obligation at 31 March 2024, whilst holding all other assumptions constant. The sensitivity analysis may not be representative of the actual change in defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of another as some of the assumptions may be correlated.
31 March
2024
\u00a3000
Defined benefit obligation as a result of:
Reduction in the discount rate of 0.25%
38,304
Increase in inflation of 0.25%
37,911
One year increase in life expectancy
38,421
Maturity profile of defined benefit obligation
31 March 31 March
2024 2023
\u00a3000 \u00a3000
Expected benefit payments during:
Year 1
2,034
1,991
Year 2
2,035
2,035
Year 3
2,154
2,154
Year 4
2,314
2,314
Year 5
2,531
2,399
Years 6\u201310
13,781
13,414
The maturity profile shown above is not the full maturity profile but that of the next ten years, based on an analysis of the present value of the defined benefit obligation. The weighted average duration of the defined benefit obligation of the schemes is 13 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-316": { "value": "
6 Finance income
2024 2023
\u00a3000 \u00a3000
Interest on short-term deposits
1,474
327
Income from listed investments
12
17
Profit on sale of listed investments
41
\u2014
1,527
344
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-290": { "value": "6 Finance income
2024 2023
\u00a3000 \u00a3000
Interest on short-term deposits
1,474
327
Income from listed investments
12
17
Profit on sale of listed investments
41
\u2014
1,527
344
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-350": { "value": "6 Finance income
2024 2023
\u00a3000 \u00a3000
Interest on short-term deposits
1,474
327
Income from listed investments
12
17
Profit on sale of listed investments
41
\u2014
1,527
344
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-338": { "value": "6 Finance income
2024 2023
\u00a3000 \u00a3000
Interest on short-term deposits
1,474
327
Income from listed investments
12
17
Profit on sale of listed investments
41
\u2014
1,527
344
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-289": { "value": "
7 Income tax expense
2024 2023
\u00a3000 \u00a3000
Corporation tax based on a rate of 25% (2023 \u2013 19%)
UK corporation tax
Current tax on profits for the year
4,425
2,500
Adjustments to tax charge in respect of prior years
(171)
(87)
4,254
2,413
Deferred tax
Current year origination and reversal of temporary differences
1,011
935
Adjustment to deferred tax charge in respect of prior years
(700)
(425)
311
510
Taxation on profit
4,565
2,923
Profit before income tax
21,286
16,713
Tax on profit at the standard rate of corporation tax
in the UK of 25% (2023 \u2013 19%)
5,322
3,175
Effect of:
Expenses not deductible for tax purposes
86
238
Adjustment to tax charge in respect of prior years
(171)
(87)
Adjustment to deferred tax charge in respect of prior years
(700)
(425)
Pension adjustments
28
22
Total tax charge for the year
4,565
2,923
Effective rate of tax (%)
21.4
17.5
The UK tax rate was increased from 19% to 25% from 1 April 2023 as per the Finance Act 2021 and consequently, the deferred tax balances
have been measured using these revised rates.
15 Deferred tax
Deferred tax is calculated in full on temporary differences under the liability method using the large company tax rate applicable in future years of
25% (2023 \u2013 25%). The movement on the deferred tax account is shown below:
Deferred tax \u2013 net
2024 2023
\u00a3000 \u00a3000
At 1 April 2023
5,719
5,219
Credited to other comprehensive income
\u2014
(10)
Charged to profit
311
510
At 31 March 2024
6,030
5,719
The movement in deferred tax assets and liabilities during the year is shown below:
Deferred tax \u2013 liabilities
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2023
5,752
(33)
5,719
Charged/(credited) to profit
378
(67)
311
Credited to other comprehensive income
\u2014
\u2014
\u2014
At 31 March 2024
6,130
(100)
6,030
Of the deferred tax liabilities, \u00a31,265,000 (2022 \u2013 \u00a3836,000) is expected to be recovered within 12 months with \u00a34,765,000 (2023 \u2013 \u00a34,883,000)
expected to be recovered after more than 12 months.
The movement in the deferred tax assets and liabilities during the prior year is shown below:
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2022
5,230
(11)
5,219
Charged/(credited) to profit
522
(12)
510
Credited to other comprehensive income
\u2014
(10)
(10)
At 31 March 2023
5,752
(33)
5,719
The deferred tax credited to other comprehensive income during the year is as follows:
2024 2023
\u00a3000 \u00a3000
Tax on change in fair value of financial assets
\u2014
(10)
Tax on items taken directly to other comprehensive income
\u2014
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-339": { "value": "
8 Dividends
2024 2023
\u00a3000 \u00a3000
Final paid of 13.51p per share for the year ended 31 March 2023 (2022 \u2013 12.57p)
5,881
5,475
Interim paid of 4.13p per share (2023 \u2013 3.84p)
1,794
1,673
Supplementary dividend of 15.00p per share for the year ended 31 March 2023 (2022 \u2013 15.00p)
6,534
6,534
14,209
13,682
The directors are proposing a final dividend of 14.19 pence (2023 \u2013 13.51 pence) per share totalling \u00a36,166,700 (2023 \u2013 \u00a35,884,695). In
addition, the directors have declared a supplementary dividend of 7.00 pence per share, totalling \u00a33,042,065. These dividends have not been
accrued at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-291": { "value": "8 Dividends
2024 2023
\u00a3000 \u00a3000
Final paid of 13.51p per share for the year ended 31 March 2023 (2022 \u2013 12.57p)
5,881
5,475
Interim paid of 4.13p per share (2023 \u2013 3.84p)
1,794
1,673
Supplementary dividend of 15.00p per share for the year ended 31 March 2023 (2022 \u2013 15.00p)
6,534
6,534
14,209
13,682
The directors are proposing a final dividend of 14.19 pence (2023 \u2013 13.51 pence) per share totalling \u00a36,166,700 (2023 \u2013 \u00a35,884,695). In addition, the directors have declared a supplementary dividend of 7.00 pence per share, totalling \u00a33,042,065. These dividends have not been accrued at the balance sheet date.
16 Share capital
2024 2023
\u00a3000 \u00a3000
Authorised 50,000,000
10p ordinary shares
5,000
5,000
Allotted and fully paid 43,632,068 10p ordinary shares
4,363
4,363
The group considers its capital to comprise its ordinary share capital, share premium and accumulated retained earnings. In managing its capital,
the group\u2019s primary objective is to ensure its continued ability to provide a consistent return for its equity shareholders through a combination
of capital growth and distributions. Each share entitles the holder to receive the amount of dividends per share declared by the company and a
vote at any meetings of the company.
In order to achieve this objective, the group monitors its gearing to balance risks and returns at an acceptable level and also to maintain a
sufficient funding base to enable the group to meet its working capital and strategic investment needs. In making decisions to adjust its capital
structure to achieve these aims, either through altering its dividend policy or new share issues, the group considers not only its short-term
position but also its long-term operational and strategic objectives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-318": { "value": "0.1419", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-317": { "value": "0.1351", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004LKVACAUE94W70", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-319": { "value": "6166700", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": "5884695", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138004LKVACAUE94W70", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "
9 Earnings per share and diluted earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
2024
2023
Profit after taxation (\u00a3000)
16,721
13,790
Weighted average number of shares \u2013 basic calculation
43,488,441
43,561,593
Earnings per share \u2013 basic calculation (pence per share)
38.45p
31.66p
Number of dilutive share options in issue
147,529
109,909
Weighted average number of shares \u2013 diluted calculation
43,635,970
43,671,502
Earnings per share \u2013 diluted calculation (pence per share)
38.32p
31.58p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-293": { "value": "
10 Property, plant and equipment
Freehold
land and Plant and
buildings equipment Total
\u00a3000 \u00a3000 \u00a3000
Cost
At 1 April 2023
40,957
160,396
201,353
Additions during the year
544
9,969
10,513
Disposals
\u2014
(4,334)
(4,334)
At 31 March 2024
41,501
166,031
207,532
Accumulated depreciation
At 1 April 2023
13,720
127,280
141,000
Charge for year
969
7,882
8,851
Disposals
\u2014
(4,118)
(4,118)
At 31 March 2024
14,689
131,044
145,733
Net book values
At 31 March 2024
26,812
34,987
61,799
At 31 March 2023
27,237
33,116
60,353
Cost
At 1 April 2022
40,110
155,596
195,706
Additions during the year
437
5,761
6,198
Disposals
\u2014
(961)
(961)
Other
410
\u2014
410
At 31 March 2023
40,957
160,396
201,353
Accumulated depreciation
At 1 April 2022
12,295
120,610
132,905
Charge for year
1,015
7,631
8,646
Disposals
\u2014
(961)
(961)
Other
410
\u2014
410
At 31 March 2023
13,720
127,280
141,000
Net book values
At 31 March 2023
27,237
33,116
60,353
At 31 March 2022
27,815
34,986
62,801
The net book value of land and buildings includes \u00a32,169,000 (2023 \u2013 \u00a32,169,000) for land which is not depreciated.
Included within plant and equipment are assets in the course of construction with a net book value of \u00a3890,000 (2023 \u2013 \u00a3385,000) which are
not depreciated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-321": { "value": "
11 Financial assets
2024 2023
\u00a3000 \u00a3000
Financial assets at FVTPL
\u2014
356
2024 2023
\u00a3000 \u00a3000
At 1 April 2023
356
396
Net losses recognised in other comprehensive income
\u2014
(40)
Disposals
(356)
\u2014
At 31 March 2024
\u2014
356
Financial assets at fair value through profit and loss (FVTPL) were UK quoted equity securities and are denominated in sterling. The fair value of
the securities was based on published quoted prices in an active market. In the previous year, these financial assets were measured at fair value
through other comprehensive income. The financial assets were disposed of during the year, the profit on sale of \u00a341,000 being recognised
within finance income.
The cumulative fair value gains and losses which are undistributable and held within retained earnings totalled \u00a3nil (2023 \u2013 \u00a3199,000).
Financial assets
2024 2023
\u00a3000 \u00a3000
Financial assets measured at amortised cost
Trade receivables
33,757
40,810
Other receivables
5,129
5,707
Cash and cash equivalents
32,527
35,566
Total current financial assets
71,413
82,083
Non-current financial assets
Financial assets at fair value through other comprehensive income
\u2014
356
Total non-current financial assets
\u2014
356
Total financial assets
71,413
82,439
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-342": { "value": "11 Financial assets
2024 2023
\u00a3000 \u00a3000
Financial assets at FVTPL
\u2014
356
2024 2023
\u00a3000 \u00a3000
At 1 April 2023
356
396
Net losses recognised in other comprehensive income
\u2014
(40)
Disposals
(356)
\u2014
At 31 March 2024
\u2014
356
Financial assets at fair value through profit and loss (FVTPL) were UK quoted equity securities and are denominated in sterling. The fair value of the securities was based on published quoted prices in an active market. In the previous year, these financial assets were measured at fair value through other comprehensive income. The financial assets were disposed of during the year, the profit on sale of \u00a341,000 being recognised within finance income. The cumulative fair value gains and losses which are undistributable and held within retained earnings totalled \u00a3nil (2023 \u2013 \u00a3199,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-297": { "value": "11 Financial assets
2024 2023
\u00a3000 \u00a3000
Financial assets at FVTPL
\u2014
356
2024 2023
\u00a3000 \u00a3000
At 1 April 2023
356
396
Net losses recognised in other comprehensive income
\u2014
(40)
Disposals
(356)
\u2014
At 31 March 2024
\u2014
356
Financial assets at fair value through profit and loss (FVTPL) were UK quoted equity securities and are denominated in sterling. The fair value of the securities was based on published quoted prices in an active market. In the previous year, these financial assets were measured at fair value through other comprehensive income. The financial assets were disposed of during the year, the profit on sale of \u00a341,000 being recognised within finance income. The cumulative fair value gains and losses which are undistributable and held within retained earnings totalled \u00a3nil (2023 \u2013 \u00a3199,000). 20 Financial instrument risk exposure and management In common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous years unless otherwise stated in this note. Principal financial instruments The principal financial instruments used by the group, from which financial instrument risk arises, are trade receivables, other receivables, cash at bank, other interest-bearing deposits and trade and other payables. General objectives, policies and processes The board has overall responsibility for the determination of the group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the group\u2019s finance function. The board receives reports through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective of the board is to set policies that seek to reduce risk as far as possible without unduly affecting the group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: Categories of financial assets and financial liabilities
Financial assets
2024 2023
\u00a3000 \u00a3000
Financial assets measured at amortised cost
Trade receivables
33,757
40,810
Other receivables
5,129
5,707
Cash and cash equivalents
32,527
35,566
Total current financial assets
71,413
82,083
Non-current financial assets
Financial assets at fair value through other comprehensive income
\u2014
356
Total non-current financial assets
\u2014
356
Total financial assets
71,413
82,439
The maximum exposure to credit risks is detailed in the above table, being the total financial assets excluding those at fair value through other comprehensive income.
Financial liabilities measured
at amortised cost
2024 2023
\u00a3000 \u00a3000
Current financial liabilities
Trade payables
22,683
24,680
Other payables
1,265
959
Accruals
6,983
8,877
Total current financial liabilities
30,931
34,516
Credit risk Credit risk arises principally from the group\u2019s trade receivables. It is the risk that the counterparty fails to discharge its obligation in respect of the instrument. As at 31 March 2024, trade receivables of \u00a333,157,000 (2023 \u2013 \u00a339,513,000) were not past due. Apart from the largest customers set out in note 2, the group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics, being related entities. Concentration of credit risk to the direct customers included in note 2 did not exceed 30% of trade receivables at any time during the year. Concentration of credit risk to any other counterparty did not exceed 6% of trade receivables at any time during the year. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Trade receivables Credit risk is managed locally by the management of each subsidiary. Prior to accepting new customers, credit checks are obtained from a reputable external source (e.g. Creditsafe) and trade references are taken up. Based on this information, credit limits and payment terms are established, although for some large customers and contracts, credit risk is not considered to be high risk, and credit limits can sometimes be exceeded. These exceeded accounts are closely monitored and if there is a concern over recoverability accounts are put on stop and no further goods will be sold before receiving payment. Proforma invoicing is sometimes used for new customers, or customers with a poor payment history, until creditworthiness can be proven or re-established. Management teams at each subsidiary receive regular ageing reports, and these are used to chase relevant customers for outstanding balances. Impairment provisions are made against trade receivables when there is no reasonable expectation of recovery based upon objective evidence. Impairment provisions are also recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk and the days past due. The expected loss rates are based on the payment profiles and historical credit losses experience over a three year period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. No major renegotiation of terms has taken place during the year. The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about default rates. The credit quality of trade receivables that are neither past due nor impaired are all assessed to be virtually fully recoverable (2023 \u2013 virtually fully recoverable). At 31 March 2024 trade receivables of \u00a3488,000 (2023 \u2013 \u00a31,297,000) were past due but not impaired. They relate to customers with no default history. The ageing of these receivables is as follows:
2024 2023
\u00a3000 \u00a3000
30\u201360 days
213
242
60\u201390 days
105
624
90+ days
170
431
488
1,297
The group records impairment losses on its trade receivables (including an impairment provision for trade receivables not past due) separately from gross receivables. The movements on this allowance account during the year are summarised below:
2024 2023
\u00a3000 \u00a3000
Opening balance
584
447
(Decrease)/increase in provisions
(87)
137
Written off against provisions
(9)
\u2014
Closing balance
488
584
Impairment credits on trade receivables of \u00a396,000 (2023 \u2013 losses of \u00a3137,000) were recognised in administrative expenses. Liquidity risk Liquidity risk arises from the group\u2019s management of working capital. It is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The group\u2019s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain sufficient cash balances on instant access deposits. The cash position is continuously monitored to ensure that there is sufficient cash and that the optimum interest rate is obtained. Based on projected cash flows, the group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. Market risk Market risk arises from the group\u2019s use of interest-bearing and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). Where the group has generated a significant amount of surplus cash it will invest in term deposits if liquidity risk is not unduly compromised. Whilst a review of credit ratings is performed for each counterparty, there will always remain an element of risk over deposits. The directors believe that the exposure to market price risk from these activities is acceptable in the group\u2019s circumstances. Interest rate and currency risk The group does not have any financial liabilities subject to interest rate risk at the balance sheet date (2023 \u2013 \u00a3nil). Foreign exchange risk arises when individual group operations enter into transactions denominated in a currency other than their functional currency. It is the group\u2019s policy to convert all non-functional currency to sterling at the first opportunity after allowing for similar functional currency outlays. It does not consider the use of hedging facilities would significantly minimise this risk. At the balance sheet date the group did not have any forward contracts in place to sell foreign currency (2023 \u2013 \u00a3nil). At the balance sheet date foreign exchange facilities of \u00a31.3 million (2023 \u2013 \u00a31.9 million) were unused and available to the group to enable it to enter into forward exchange contracts. The currency and interest profile of the group\u2019s financial assets and financial liabilities are as follows:
Floating rate Fixed rate Interest-free
assets assets assets Total
2024 2024 2024 2024
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Sterling
15,390
13,230
32,431
61,051
US$
726
\u2014
2,899
3,625
Euro
3,181
\u2014
3,556
6,737
19,297
13,230
38,886
71,413
Floating rate Fixed rate Interest-free
assets assets assets Total
2023 2023 2023 2023
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Sterling
\u2014
34,497
38,817
73,314
US$
404
\u2014
2,934
3,338
Euro
665
\u2014
5,122
5,787
1,069
34,497
46,873
82,439
Interest-free Interest-free
liabilities liabilities
2024 2023
\u00a3000 \u00a3000
Sterling
29,303
33,620
US$
105
77
Euro
1,523
819
30,931
34,516
Fixed rate assets attracted interest rates of between 1.5% and 5.2% (2022 \u2013 1.0% and 4.2%) on sterling deposits. Floating rate assets consisted of overnight cash at bank at nominal interest rates. Cash and cash equivalents Cash and cash equivalents comprise cash in hand, deposits on call with banks and short-term deposits that have fixed interest rates and original maturities of three months or less on inception. The effect of a +25/(25) increase/(decrease) in basis points with all other variables held constant would have the effect of increasing/(decreasing) profit before tax by \u00a381,000/(\u00a381,000) (2023 \u2013 \u00a383,000/(\u00a383,000)). The group believes that movements on exchange rates of +/\u20135% could be possible, the effect of which is that profit before tax would (decrease)/ increase by (\u00a3169,000)/\u00a3187,000 (2023 \u2013 (\u00a3244,000)/\u00a3270,000). Fair value Unless otherwise indicated, the carrying amounts of the group\u2019s financial instruments are a reasonable approximation of their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-294": { "value": "
12 Inventories
2024 2023
\u00a3000 \u00a3000
Raw materials
6,059
8,464
Work in progress
12,913
9,598
Finished goods
14,164
8,033
33,136
26,095
Inventories are net of impairment provisions of \u00a3811,000 (2023 \u2013 \u00a3855,000). The cost of inventories recognised as an expense is \u00a350,358,000
(2023 \u2013 \u00a351,835,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-295": { "value": "
13 Trade and other receivables
2024 2023
\u00a3000 \u00a3000
Due within one year:
Trade receivables
33,757
40,810
Other receivables
3,010
3,587
Receivable from pension schemes (see note 5)
2,119
2,120
Prepayments and accrued income
7,707
4,563
46,593
51,080
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-340": { "value": "13 Trade and other receivables
2024 2023
\u00a3000 \u00a3000
Due within one year:
Trade receivables
33,757
40,810
Other receivables
3,010
3,587
Receivable from pension schemes (see note 5)
2,119
2,120
Prepayments and accrued income
7,707
4,563
46,593
51,080
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-354": { "value": "13 Trade and other receivables
2024 2023
\u00a3000 \u00a3000
Due within one year:
Trade receivables
33,757
40,810
Other receivables
3,010
3,587
Receivable from pension schemes (see note 5)
2,119
2,120
Prepayments and accrued income
7,707
4,563
46,593
51,080
15 Deferred tax Deferred tax is calculated in full on temporary differences under the liability method using the large company tax rate applicable in future years of 25% (2023 \u2013 25%). The movement on the deferred tax account is shown below: Deferred tax \u2013 net
2024 2023
\u00a3000 \u00a3000
At 1 April 2023
5,719
5,219
Credited to other comprehensive income
\u2014
(10)
Charged to profit
311
510
At 31 March 2024
6,030
5,719
The movement in deferred tax assets and liabilities during the year is shown below: Deferred tax \u2013 liabilities
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2023
5,752
(33)
5,719
Charged/(credited) to profit
378
(67)
311
Credited to other comprehensive income
\u2014
\u2014
\u2014
At 31 March 2024
6,130
(100)
6,030
Of the deferred tax liabilities, \u00a31,265,000 (2022 \u2013 \u00a3836,000) is expected to be recovered within 12 months with \u00a34,765,000 (2023 \u2013 \u00a34,883,000) expected to be recovered after more than 12 months. The movement in the deferred tax assets and liabilities during the prior year is shown below:
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2022
5,230
(11)
5,219
Charged/(credited) to profit
522
(12)
510
Credited to other comprehensive income
\u2014
(10)
(10)
At 31 March 2023
5,752
(33)
5,719
The deferred tax credited to other comprehensive income during the year is as follows:
2024 2023
\u00a3000 \u00a3000
Tax on change in fair value of financial assets
\u2014
(10)
Tax on items taken directly to other comprehensive income
\u2014
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-322": { "value": "13 Trade and other receivables
2024 2023
\u00a3000 \u00a3000
Due within one year:
Trade receivables
33,757
40,810
Other receivables
3,010
3,587
Receivable from pension schemes (see note 5)
2,119
2,120
Prepayments and accrued income
7,707
4,563
46,593
51,080
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-296": { "value": "
14 Trade and other payables
2024 2023
\u00a3000 \u00a3000
Current trade and other payables:
Trade payables
22,683
24,680
Social security
2,398
2,535
Other payables
1,265
959
Accruals and deferred income
6,983
8,877
33,329
37,051
Included within accruals is a warranty provision that is not material to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-341": { "value": "14 Trade and other payables
2024 2023
\u00a3000 \u00a3000
Current trade and other payables:
Trade payables
22,683
24,680
Social security
2,398
2,535
Other payables
1,265
959
Accruals and deferred income
6,983
8,877
33,329
37,051
Included within accruals is a warranty provision that is not material to the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-355": { "value": "14 Trade and other payables
2024 2023
\u00a3000 \u00a3000
Current trade and other payables:
Trade payables
22,683
24,680
Social security
2,398
2,535
Other payables
1,265
959
Accruals and deferred income
6,983
8,877
33,329
37,051
Included within accruals is a warranty provision that is not material to the financial statements. 15 Deferred tax Deferred tax is calculated in full on temporary differences under the liability method using the large company tax rate applicable in future years of 25% (2023 \u2013 25%). The movement on the deferred tax account is shown below: Deferred tax \u2013 net
2024 2023
\u00a3000 \u00a3000
At 1 April 2023
5,719
5,219
Credited to other comprehensive income
\u2014
(10)
Charged to profit
311
510
At 31 March 2024
6,030
5,719
The movement in deferred tax assets and liabilities during the year is shown below: Deferred tax \u2013 liabilities
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2023
5,752
(33)
5,719
Charged/(credited) to profit
378
(67)
311
Credited to other comprehensive income
\u2014
\u2014
\u2014
At 31 March 2024
6,130
(100)
6,030
Of the deferred tax liabilities, \u00a31,265,000 (2022 \u2013 \u00a3836,000) is expected to be recovered within 12 months with \u00a34,765,000 (2023 \u2013 \u00a34,883,000) expected to be recovered after more than 12 months. The movement in the deferred tax assets and liabilities during the prior year is shown below:
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2022
5,230
(11)
5,219
Charged/(credited) to profit
522
(12)
510
Credited to other comprehensive income
\u2014
(10)
(10)
At 31 March 2023
5,752
(33)
5,719
The deferred tax credited to other comprehensive income during the year is as follows:
2024 2023
\u00a3000 \u00a3000
Tax on change in fair value of financial assets
\u2014
(10)
Tax on items taken directly to other comprehensive income
\u2014
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-323": { "value": "14 Trade and other payables
2024 2023
\u00a3000 \u00a3000
Current trade and other payables:
Trade payables
22,683
24,680
Social security
2,398
2,535
Other payables
1,265
959
Accruals and deferred income
6,983
8,877
33,329
37,051
Included within accruals is a warranty provision that is not material to the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-343": { "value": "15 Deferred tax Deferred tax is calculated in full on temporary differences under the liability method using the large company tax rate applicable in future years of 25% (2023 \u2013 25%). The movement on the deferred tax account is shown below: Deferred tax \u2013 net
2024 2023
\u00a3000 \u00a3000
At 1 April 2023
5,719
5,219
Credited to other comprehensive income
\u2014
(10)
Charged to profit
311
510
At 31 March 2024
6,030
5,719
The movement in deferred tax assets and liabilities during the year is shown below: Deferred tax \u2013 liabilities
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2023
5,752
(33)
5,719
Charged/(credited) to profit
378
(67)
311
Credited to other comprehensive income
\u2014
\u2014
\u2014
At 31 March 2024
6,130
(100)
6,030
Of the deferred tax liabilities, \u00a31,265,000 (2022 \u2013 \u00a3836,000) is expected to be recovered within 12 months with \u00a34,765,000 (2023 \u2013 \u00a34,883,000) expected to be recovered after more than 12 months. The movement in the deferred tax assets and liabilities during the prior year is shown below:
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2022
5,230
(11)
5,219
Charged/(credited) to profit
522
(12)
510
Credited to other comprehensive income
\u2014
(10)
(10)
At 31 March 2023
5,752
(33)
5,719
The deferred tax credited to other comprehensive income during the year is as follows:
2024 2023
\u00a3000 \u00a3000
Tax on change in fair value of financial assets
\u2014
(10)
Tax on items taken directly to other comprehensive income
\u2014
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-324": { "value": "15 Deferred tax Deferred tax is calculated in full on temporary differences under the liability method using the large company tax rate applicable in future years of 25% (2023 \u2013 25%). The movement on the deferred tax account is shown below: Deferred tax \u2013 net
2024 2023
\u00a3000 \u00a3000
At 1 April 2023
5,719
5,219
Credited to other comprehensive income
\u2014
(10)
Charged to profit
311
510
At 31 March 2024
6,030
5,719
The movement in deferred tax assets and liabilities during the year is shown below: Deferred tax \u2013 liabilities
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2023
5,752
(33)
5,719
Charged/(credited) to profit
378
(67)
311
Credited to other comprehensive income
\u2014
\u2014
\u2014
At 31 March 2024
6,130
(100)
6,030
Of the deferred tax liabilities, \u00a31,265,000 (2022 \u2013 \u00a3836,000) is expected to be recovered within 12 months with \u00a34,765,000 (2023 \u2013 \u00a34,883,000) expected to be recovered after more than 12 months. The movement in the deferred tax assets and liabilities during the prior year is shown below:
Accelerated
tax
depreciation Other Total
\u00a3000 \u00a3000 \u00a3000
At 1 April 2022
5,230
(11)
5,219
Charged/(credited) to profit
522
(12)
510
Credited to other comprehensive income
\u2014
(10)
(10)
At 31 March 2023
5,752
(33)
5,719
The deferred tax credited to other comprehensive income during the year is as follows:
2024 2023
\u00a3000 \u00a3000
Tax on change in fair value of financial assets
\u2014
(10)
Tax on items taken directly to other comprehensive income
\u2014
(10)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-325": { "value": "16 Share capital
2024 2023
\u00a3000 \u00a3000
Authorised 50,000,000
10p ordinary shares
5,000
5,000
Allotted and fully paid 43,632,068 10p ordinary shares
4,363
4,363
The group considers its capital to comprise its ordinary share capital, share premium and accumulated retained earnings. In managing its capital, the group\u2019s primary objective is to ensure its continued ability to provide a consistent return for its equity shareholders through a combination of capital growth and distributions. Each share entitles the holder to receive the amount of dividends per share declared by the company and a vote at any meetings of the company. In order to achieve this objective, the group monitors its gearing to balance risks and returns at an acceptable level and also to maintain a sufficient funding base to enable the group to meet its working capital and strategic investment needs. In making decisions to adjust its capital structure to achieve these aims, either through altering its dividend policy or new share issues, the group considers not only its short-term position but also its long-term operational and strategic objectives.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-298": { "value": "
17 Share-based payments
The company operates the Castings 2020 Restricted Share Plan under which nil-cost options have been granted to executive directors. The
options vest three years after the grant date and are subject to continued employment with the group. The options are also subject to a two year
holding period during which the participant shall be entitled to additional benefit (in cash or shares) in respect of dividends paid in that period.
2024
2023
At 1 April 2023
109,909
67,441
Granted during the year
37,620
42,468
Exercised or expired during the year
\u2014
\u2014
At 31 March 2024
147,529
109,909
Average fair value of share awards granted during the year at date of grant (pence)
368.8
322.8
Fair value of awards granted during the year (\u00a3)
138,758
137,086
The options were all granted on 12 July 2023 at a fair value, under the Black-Scholes model, of \u00a33.6884 per option. The inputs used in the
valuation model, used to determine the charge to the income statement are as follows:
2024
2023
Weighted average share price (pence)
394.0
324.0
Weighted average exercise price (pence)
Nil
Nil
Expected dividend yield (%)
4.4
5.0
Weighted average remaining contractual life of shares outstanding (years)
3
3
Average fair value of share awards granted during the year at date of grant (pence)
368.8
322.8
Fair value of awards granted during the year (\u00a3)
138,758
137,086
The group recognised a total charge to the consolidated income statement of \u00a3102,000 (2023 \u2013 \u00a3119,000) in respect of equity-settled share-
based payment transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-299": { "value": "
18 Commitments and contingencies
2024 2023
\u00a3000 \u00a3000
Capital commitments contracted for by the group but not provided for in the financial statements
16,151
1,799
Capital commitments primarily relate to the investment in the new foundry line as discussed on page 6.
As set out on page 9, the group does not insure against the potential cost of product warranty or recall. Accordingly, there is always the
possibility of claims against the group for quality related issues on parts supplied to customers. As at 31 March 2024, the directors do not
consider any significant liability will arise in respect of any such claims (2023 \u2013 \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-344": { "value": "18 Commitments and contingencies
2024 2023
\u00a3000 \u00a3000
Capital commitments contracted for by the group but not provided for in the financial statements
16,151
1,799
Capital commitments primarily relate to the investment in the new foundry line as discussed on page 6. As set out on page 9, the group does not insure against the potential cost of product warranty or recall. Accordingly, there is always the possibility of claims against the group for quality related issues on parts supplied to customers. As at 31 March 2024, the directors do not consider any significant liability will arise in respect of any such claims (2023 \u2013 \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-326": { "value": "18 Commitments and contingencies
2024 2023
\u00a3000 \u00a3000
Capital commitments contracted for by the group but not provided for in the financial statements
16,151
1,799
Capital commitments primarily relate to the investment in the new foundry line as discussed on page 6. As set out on page 9, the group does not insure against the potential cost of product warranty or recall. Accordingly, there is always the possibility of claims against the group for quality related issues on parts supplied to customers. As at 31 March 2024, the directors do not consider any significant liability will arise in respect of any such claims (2023 \u2013 \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-327": { "value": "
19 Related party transactions
The group has a related party relationship with its directors; details of salaries and other benefits paid to directors are disclosed in the Directors\u2019
Remuneration Report on pages 27 to 32. Transactions with the group\u2019s pension schemes and balances owed to the company by the schemes
are disclosed in note 5.
Controlling party
The company\u2019s shares are listed on the London Stock Exchange\u2019s Regulated Market (Premium Listing) and are widely held. There is no one
controlling party or group of related parties who have control of the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-300": { "value": "19 Related party transactions The group has a related party relationship with its directors; details of salaries and other benefits paid to directors are disclosed in the Directors\u2019 Remuneration Report on pages 27 to 32. Transactions with the group\u2019s pension schemes and balances owed to the company by the schemes are disclosed in note 5. Controlling party The company\u2019s shares are listed on the London Stock Exchange\u2019s Regulated Market (Premium Listing) and are widely held. There is no one controlling party or group of related parties who have control of the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-345": { "value": "
20 Financial instrument risk exposure and management
In common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the
group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in
respect of these risks is presented throughout these financial statements.
There have been no substantive changes in the group\u2019s exposure to financial instrument risks, its objectives, policies and processes for
managing those risks or the methods used to measure them from previous years unless otherwise stated in this note.
Principal financial instruments
The principal financial instruments used by the group, from which financial instrument risk arises, are trade receivables, other receivables, cash at
bank, other interest-bearing deposits and trade and other payables.
General objectives, policies and processes The board has overall responsibility for the determination of the group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the group\u2019s finance function. The board receives reports through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective of the board is to set policies that seek to reduce risk as far as possible without unduly affecting the group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: Categories of financial assets and financial liabilities
Financial assets
2024 2023
\u00a3000 \u00a3000
Financial assets measured at amortised cost
Trade receivables
33,757
40,810
Other receivables
5,129
5,707
Cash and cash equivalents
32,527
35,566
Total current financial assets
71,413
82,083
Non-current financial assets
Financial assets at fair value through other comprehensive income
\u2014
356
Total non-current financial assets
\u2014
356
Total financial assets
71,413
82,439
The maximum exposure to credit risks is detailed in the above table, being the total financial assets excluding those at fair value through other comprehensive income.
Financial liabilities measured
at amortised cost
2024 2023
\u00a3000 \u00a3000
Current financial liabilities
Trade payables
22,683
24,680
Other payables
1,265
959
Accruals
6,983
8,877
Total current financial liabilities
30,931
34,516
Credit risk Credit risk arises principally from the group\u2019s trade receivables. It is the risk that the counterparty fails to discharge its obligation in respect of the instrument. As at 31 March 2024, trade receivables of \u00a333,157,000 (2023 \u2013 \u00a339,513,000) were not past due. Apart from the largest customers set out in note 2, the group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics, being related entities. Concentration of credit risk to the direct customers included in note 2 did not exceed 30% of trade receivables at any time during the year. Concentration of credit risk to any other counterparty did not exceed 6% of trade receivables at any time during the year. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Trade receivables Credit risk is managed locally by the management of each subsidiary. Prior to accepting new customers, credit checks are obtained from a reputable external source (e.g. Creditsafe) and trade references are taken up. Based on this information, credit limits and payment terms are established, although for some large customers and contracts, credit risk is not considered to be high risk, and credit limits can sometimes be exceeded. These exceeded accounts are closely monitored and if there is a concern over recoverability accounts are put on stop and no further goods will be sold before receiving payment. Proforma invoicing is sometimes used for new customers, or customers with a poor payment history, until creditworthiness can be proven or re-established. Management teams at each subsidiary receive regular ageing reports, and these are used to chase relevant customers for outstanding balances. Impairment provisions are made against trade receivables when there is no reasonable expectation of recovery based upon objective evidence. Impairment provisions are also recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk and the days past due. The expected loss rates are based on the payment profiles and historical credit losses experience over a three year period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. No major renegotiation of terms has taken place during the year. The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about default rates. The credit quality of trade receivables that are neither past due nor impaired are all assessed to be virtually fully recoverable (2023 \u2013 virtually fully recoverable). At 31 March 2024 trade receivables of \u00a3488,000 (2023 \u2013 \u00a31,297,000) were past due but not impaired. They relate to customers with no default history. The ageing of these receivables is as follows:
2024 2023
\u00a3000 \u00a3000
30\u201360 days
213
242
60\u201390 days
105
624
90+ days
170
431
488
1,297
The group records impairment losses on its trade receivables (including an impairment provision for trade receivables not past due) separately from gross receivables. The movements on this allowance account during the year are summarised below:
2024 2023
\u00a3000 \u00a3000
Opening balance
584
447
(Decrease)/increase in provisions
(87)
137
Written off against provisions
(9)
\u2014
Closing balance
488
584
Impairment credits on trade receivables of \u00a396,000 (2023 \u2013 losses of \u00a3137,000) were recognised in administrative expenses. Liquidity risk Liquidity risk arises from the group\u2019s management of working capital. It is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The group\u2019s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain sufficient cash balances on instant access deposits. The cash position is continuously monitored to ensure that there is sufficient cash and that the optimum interest rate is obtained. Based on projected cash flows, the group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances. Market risk Market risk arises from the group\u2019s use of interest-bearing and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). Where the group has generated a significant amount of surplus cash it will invest in term deposits if liquidity risk is not unduly compromised. Whilst a review of credit ratings is performed for each counterparty, there will always remain an element of risk over deposits. The directors believe that the exposure to market price risk from these activities is acceptable in the group\u2019s circumstances. Interest rate and currency risk The group does not have any financial liabilities subject to interest rate risk at the balance sheet date (2023 \u2013 \u00a3nil). Foreign exchange risk arises when individual group operations enter into transactions denominated in a currency other than their functional currency. It is the group\u2019s policy to convert all non-functional currency to sterling at the first opportunity after allowing for similar functional currency outlays. It does not consider the use of hedging facilities would significantly minimise this risk. At the balance sheet date the group did not have any forward contracts in place to sell foreign currency (2023 \u2013 \u00a3nil). At the balance sheet date foreign exchange facilities of \u00a31.3 million (2023 \u2013 \u00a31.9 million) were unused and available to the group to enable it to enter into forward exchange contracts. The currency and interest profile of the group\u2019s financial assets and financial liabilities are as follows:
Floating rate Fixed rate Interest-free
assets assets assets Total
2024 2024 2024 2024
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Sterling
15,390
13,230
32,431
61,051
US$
726
\u2014
2,899
3,625
Euro
3,181
\u2014
3,556
6,737
19,297
13,230
38,886
71,413
Floating rate Fixed rate Interest-free
assets assets assets Total
2023 2023 2023 2023
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Sterling
\u2014
34,497
38,817
73,314
US$
404
\u2014
2,934
3,338
Euro
665
\u2014
5,122
5,787
1,069
34,497
46,873
82,439
Interest-free Interest-free
liabilities liabilities
2024 2023
\u00a3000 \u00a3000
Sterling
29,303
33,620
US$
105
77
Euro
1,523
819
30,931
34,516
Fixed rate assets attracted interest rates of between 1.5% and 5.2% (2022 \u2013 1.0% and 4.2%) on sterling deposits. Floating rate assets consisted of overnight cash at bank at nominal interest rates. Cash and cash equivalents Cash and cash equivalents comprise cash in hand, deposits on call with banks and short-term deposits that have fixed interest rates and original maturities of three months or less on inception. The effect of a +25/(25) increase/(decrease) in basis points with all other variables held constant would have the effect of increasing/(decreasing) profit before tax by \u00a381,000/(\u00a381,000) (2023 \u2013 \u00a383,000/(\u00a383,000)). The group believes that movements on exchange rates of +/\u20135% could be possible, the effect of which is that profit before tax would (decrease)/ increase by (\u00a3169,000)/\u00a3187,000 (2023 \u2013 (\u00a3244,000)/\u00a3270,000). Fair value Unless otherwise indicated, the carrying amounts of the group\u2019s financial instruments are a reasonable approximation of their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-329": { "value": "
Financial liabilities measured
at amortised cost
2024 2023
\u00a3000 \u00a3000
Current financial liabilities
Trade payables
22,683
24,680
Other payables
1,265
959
Accruals
6,983
8,877
Total current financial liabilities
30,931
34,516
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-328": { "value": "Credit risk Credit risk arises principally from the group\u2019s trade receivables. It is the risk that the counterparty fails to discharge its obligation in respect of the instrument. As at 31 March 2024, trade receivables of \u00a333,157,000 (2023 \u2013 \u00a339,513,000) were not past due. Apart from the largest customers set out in note 2, the group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics, being related entities. Concentration of credit risk to the direct customers included in note 2 did not exceed 30% of trade receivables at any time during the year. Concentration of credit risk to any other counterparty did not exceed 6% of trade receivables at any time during the year. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Trade receivables Credit risk is managed locally by the management of each subsidiary. Prior to accepting new customers, credit checks are obtained from a reputable external source (e.g. Creditsafe) and trade references are taken up. Based on this information, credit limits and payment terms are established, although for some large customers and contracts, credit risk is not considered to be high risk, and credit limits can sometimes be exceeded. These exceeded accounts are closely monitored and if there is a concern over recoverability accounts are put on stop and no further goods will be sold before receiving payment. Proforma invoicing is sometimes used for new customers, or customers with a poor payment history, until creditworthiness can be proven or re-established.
Management teams at each subsidiary receive regular ageing reports, and these are used to chase relevant customers for outstanding balances.
Impairment provisions are made against trade receivables when there is no reasonable expectation of recovery based upon objective evidence.
Impairment provisions are also recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. To measure
the expected credit losses, trade receivables have been grouped based on shared credit risk and the days past due. The expected loss rates
are based on the payment profiles and historical credit losses experience over a three year period. The historical loss rates are adjusted to reflect
current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.
No major renegotiation of terms has taken place during the year.
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or
to historical information about default rates. The credit quality of trade receivables that are neither past due nor impaired are all assessed to be
virtually fully recoverable (2023 \u2013 virtually fully recoverable).
At 31 March 2024 trade receivables of \u00a3488,000 (2023 \u2013 \u00a31,297,000) were past due but not impaired. They relate to customers with no default
history. The ageing of these receivables is as follows:
2024 2023
\u00a3000 \u00a3000
30\u201360 days
213
242
60\u201390 days
105
624
90+ days
170
431
488
1,297
The group records impairment losses on its trade receivables (including an impairment provision for trade receivables not past due) separately
from gross receivables. The movements on this allowance account during the year are summarised below:
2024 2023
\u00a3000 \u00a3000
Opening balance
584
447
(Decrease)/increase in provisions
(87)
137
Written off against provisions
(9)
\u2014
Closing balance
488
584
Impairment credits on trade receivables of \u00a396,000 (2023 \u2013 losses of \u00a3137,000) were recognised in administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-330": { "value": "
Liquidity risk
Liquidity risk arises from the group\u2019s management of working capital. It is the risk that the group will encounter difficulty in meeting its financial
obligations as they fall due. The group\u2019s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they
become due.
To achieve this aim, it seeks to maintain sufficient cash balances on instant access deposits. The cash position is continuously monitored to
ensure that there is sufficient cash and that the optimum interest rate is obtained.
Based on projected cash flows, the group expected to have sufficient liquid resources to meet its obligations under all reasonably
expected circumstances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-331": { "value": "
Market risk
Market risk arises from the group\u2019s use of interest-bearing and foreign currency financial instruments. It is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or
other market factors (other price risk).
Where the group has generated a significant amount of surplus cash it will invest in term deposits if liquidity risk is not unduly compromised.
Whilst a review of credit ratings is performed for each counterparty, there will always remain an element of risk over deposits. The directors
believe that the exposure to market price risk from these activities is acceptable in the group\u2019s circumstances.
Interest rate and currency risk
The group does not have any financial liabilities subject to interest rate risk at the balance sheet date (2023 \u2013 \u00a3nil).
Foreign exchange risk arises when individual group operations enter into transactions denominated in a currency other than their functional
currency. It is the group\u2019s policy to convert all non-functional currency to sterling at the first opportunity after allowing for similar functional
currency outlays. It does not consider the use of hedging facilities would significantly minimise this risk. At the balance sheet date the group did
not have any forward contracts in place to sell foreign currency (2023 \u2013 \u00a3nil).
At the balance sheet date foreign exchange facilities of \u00a31.3 million (2023 \u2013 \u00a31.9 million) were unused and available to the group to enable it to
enter into forward exchange contracts.
The currency and interest profile of the group\u2019s financial assets and financial liabilities are as follows:
Floating rate Fixed rate Interest-free
assets assets assets Total
2024 2024 2024 2024
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Sterling
15,390
13,230
32,431
61,051
US$
726
\u2014
2,899
3,625
Euro
3,181
\u2014
3,556
6,737
19,297
13,230
38,886
71,413
Floating rate Fixed rate Interest-free
assets assets assets Total
2023 2023 2023 2023
\u00a3000 \u00a3000 \u00a3000 \u00a3000
Sterling
\u2014
34,497
38,817
73,314
US$
404
\u2014
2,934
3,338
Euro
665
\u2014
5,122
5,787
1,069
34,497
46,873
82,439
Interest-free Interest-free
liabilities liabilities
2024 2023
\u00a3000 \u00a3000
Sterling
29,303
33,620
US$
105
77
Euro
1,523
819
30,931
34,516
Fixed rate assets attracted interest rates of between 1.5% and 5.2% (2022 \u2013 1.0% and 4.2%) on sterling deposits.
Floating rate assets consisted of overnight cash at bank at nominal interest rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-332": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, deposits on call with banks and short-term deposits that have fixed interest rates and
original maturities of three months or less on inception.
The effect of a +25/(25) increase/(decrease) in basis points with all other variables held constant would have the effect of increasing/(decreasing)
profit before tax by \u00a381,000/(\u00a381,000) (2023 \u2013 \u00a383,000/(\u00a383,000)).
The group believes that movements on exchange rates of +/\u20135% could be possible, the effect of which is that profit before tax would (decrease)/
increase by (\u00a3169,000)/\u00a3187,000 (2023 \u2013 (\u00a3244,000)/\u00a3270,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-351": { "value": "
Fair value
Unless otherwise indicated, the carrying amounts of the group\u2019s financial instruments are a reasonable approximation of their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004LKVACAUE94W70", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }