Company registration number 1971857 (England and Wales)
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
COMPANY INFORMATION
Directors
Mr Christopher Pugh
Mr Craig Pugh
Mr Michael Ward
Miss Emma Pugh
Mr Paul Haviland
Secretary
Mrs Karen Pugh
Company number
1971857
Registered office
Grovedell House
15 Knightswick Road
Canvey Island
Essex
SS8 9PA
Auditor
Rowland Hall
Grovedell House
15 Knightswick Road
Canvey Island
Essex
SS8 9PA
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12 - 13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 41
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -
The directors present the strategic report for the year ended 31 January 2023.
Review of the business
The group's key performance indicators are as follows:
The Directors consider the annual results particularly satisfactory, the group has maintained profitability and continues to generate favourable returns in a difficult market.
Principal risks and uncertainties
The directors are confident that current internal procedures and resources will be sufficient to see the group through market fluctuations. The Directors are aware of the implications of the current uncertainty within the market and are implementing controls to mitigate any significant risks to the financial position of the group.
Future Developments
The group aims to maintain consistent turnover and profit levels despite the market fluctuations. Continued focus will be placed on regional divisions to strive for parity in results compared to the main trading office.
.............................................
Mr Christopher Pugh
Director
Date: .............................................
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 January 2023.
Principal activities
The principal activity of the company and group is mastic contractors.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £264,328 (2022 - £350,965) from the group. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Christopher Pugh
Mr Craig Pugh
Mr Michael Ward
Miss Emma Pugh
Mr Paul Haviland
Auditor
The company has elected to dispense with the annual requirement to reappoint auditors and accordingly Rowland Hall will continue to act as auditors to the company.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Christopher Pugh
Director
27 October 2023
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FASTGLOBE (MASTICS) LIMITED
- 4 -
Opinion
We have audited the financial statements of Fastglobe (Mastics) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FASTGLOBE (MASTICS) LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- Obtaining an understanding of the legal and regulatory frameworks applicable to the entity including, but not limited to, the Companies Act 2006, The Financial Reporting Standard 102 and UK Tax Legislation and considering the culture and control environment of the organisation.
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Review of legal costs to ascertain the nature of the costs and possible related non-compliance.
- Performing audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FASTGLOBE (MASTICS) LIMITED
- 6 -
David Anthony Street FCCA (Senior Statutory Auditor)
For and on behalf of Rowland Hall
27 October 2023
Chartered Certified Accountant
Statutory Auditor
Grovedell House
15 Knightswick Road
Canvey Island
Essex
SS8 9PA
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
9,657,306
9,630,129
Cost of sales
(5,707,200)
(5,923,282)
Gross profit
3,950,106
3,706,847
Administrative expenses
(2,868,254)
(2,911,220)
Other operating income
394,683
534,082
Operating profit
4
1,476,535
1,329,709
Share of profits of associates
38,767
340,863
Interest receivable and similar income
8
192,196
66,389
Interest payable and similar expenses
9
(152,672)
(137,624)
Amounts written off investments
10
(100,000)
-
Fair value gains and losses on investment properties
16
440,743
1,027,092
Profit before taxation
1,895,569
2,626,429
Tax on profit
11
(388,452)
(729,579)
Profit for the financial year
29
1,507,117
1,896,850
Profit for the financial year is attributable to:
- Owners of the parent company
1,481,045
1,870,729
- Non-controlling interests
26,072
26,121
1,507,117
1,896,850
The profit and loss account has been prepared on the basis that all operations are continuing operations.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
2023
2022
£
£
Profit for the year
1,507,117
1,896,850
Other comprehensive income
Tax relating to other comprehensive income
(5,000)
(67,668)
Total comprehensive income for the year
1,502,117
1,829,182
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,476,045
1,803,061
- Non-controlling interests
26,072
26,121
1,502,117
1,829,182
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
GROUP BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
14
89,498
140,369
Tangible assets
15
2,338,767
2,140,763
Investment property
16
12,435,577
12,017,431
Investments
17
2,180,589
2,241,822
17,044,431
16,540,385
Current assets
Stocks
20
310,908
303,389
Debtors
21
6,263,201
5,313,793
Cash at bank and in hand
3,174,126
3,271,328
9,748,235
8,888,510
Creditors: amounts falling due within one year
22
(2,197,244)
(2,190,027)
Net current assets
7,550,991
6,698,483
Total assets less current liabilities
24,595,422
23,238,868
Creditors: amounts falling due after more than one year
23
(2,155,524)
(2,182,814)
Provisions for liabilities
Deferred tax liability
26
1,489,431
1,369,388
(1,489,431)
(1,369,388)
Net assets
20,950,467
19,686,666
Capital and reserves
Called up share capital
28
30,100
30,100
Revaluation reserve
29
596,251
581,251
Other reserves
29
4,317,787
4,010,123
Profit and loss reserves
29
15,932,257
15,016,110
Equity attributable to owners of the parent company
20,876,395
19,637,584
Non-controlling interests
74,072
49,082
20,950,467
19,686,666
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 10 -
The financial statements were approved by the board of directors and authorised for issue on
27 October 2023
27 October 2023
and are signed on its behalf by:
27 October 2023
Mr Christopher Pugh
Director
Company registration number 1971857 (England and Wales)
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
14
75,000
80,625
Tangible assets
15
1,835,753
1,745,389
Investment property
16
12,435,577
12,017,431
Investments
17
2,082,567
2,198,582
16,428,897
16,042,027
Current assets
Stocks
20
206,381
180,994
Debtors
21
6,690,375
5,617,424
Cash at bank and in hand
2,071,791
2,511,990
8,968,547
8,310,408
Creditors: amounts falling due within one year
22
(1,989,955)
(2,298,048)
Net current assets
6,978,592
6,012,360
Total assets less current liabilities
23,407,489
22,054,387
Creditors: amounts falling due after more than one year
23
(2,114,538)
(2,172,817)
Provisions for liabilities
Deferred tax liability
26
1,445,160
1,320,771
(1,445,160)
(1,320,771)
Net assets
19,847,791
18,560,799
Capital and reserves
Called up share capital
28
30,100
30,100
Revaluation reserve
29
596,251
581,251
Other reserves
29
4,317,787
4,010,123
Profit and loss reserves
29
14,903,653
13,939,325
Total equity
19,847,791
18,560,799
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,515,201 (2022 - £1,467,028 profit).
The financial statements were approved by the board of directors and authorised for issue on 27 October 2023 and are signed on its behalf by:
27 October 2023
Mr Christopher Pugh
Director
Company registration number 1971857 (England and Wales)
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 12 -
Share capital
Revaluation reserve
Investment Property reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 February 2021
30,100
634,146
3,705,851
13,619,804
17,989,901
9,210
17,999,111
Year ended 31 January 2022:
Profit for the year
-
-
-
1,870,729
1,870,729
26,121
1,896,850
Other comprehensive income:
Tax relating to other comprehensive income
-
(67,668)
-
(67,668)
-
(67,668)
Total comprehensive income for the year
-
(67,668)
-
1,870,729
1,803,061
26,121
1,829,182
Dividends
12
-
-
-
(344,645)
(344,645)
(6,320)
(350,965)
Transfers
-
(188,543)
304,272
(115,729)
-
-
-
Disposal of shares in subsidiary to non-controlling interest
-
-
-
(14,049)
(14,049)
20,071
6,022
Other movements
-
203,316
-
-
203,316
-
203,316
Balance at 31 January 2022
30,100
581,251
4,010,123
15,016,110
19,637,584
49,082
19,686,666
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
Share capital
Revaluation reserve
Investment Property reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
- 13 -
Year ended 31 January 2023:
Profit for the year
-
-
-
1,481,045
1,481,045
26,072
1,507,117
Other comprehensive income:
Tax relating to other comprehensive income
-
(5,000)
-
(5,000)
-
(5,000)
Total comprehensive income for the year
-
(5,000)
-
1,481,045
1,476,045
26,072
1,502,117
Dividends
12
-
-
-
(243,208)
(243,208)
(21,120)
(264,328)
Transfers
-
-
307,664
(307,664)
-
-
-
Disposal of shares in subsidiary to non-controlling interest
-
-
-
(14,026)
(14,026)
20,038
6,012
Other movements
-
20,000
-
-
20,000
-
20,000
Balance at 31 January 2023
30,100
596,251
4,317,787
15,932,257
20,876,395
74,072
20,950,467
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 14 -
Share capital
Revaluation reserve
Investment Property reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2021
30,100
634,146
3,705,851
12,932,670
17,302,767
Year ended 31 January 2022:
Profit for the year
-
-
-
1,467,029
1,467,029
Other comprehensive income:
Tax relating to other comprehensive income
-
(67,668)
-
(67,668)
Total comprehensive income for the year
-
(67,668)
-
1,467,029
1,399,361
Dividends
12
-
-
-
(344,645)
(344,645)
Transfers
-
(188,543)
304,272
(115,729)
-
Other movements
-
203,316
-
-
203,316
Balance at 31 January 2022
30,100
581,251
4,010,123
13,939,325
18,560,799
Year ended 31 January 2023:
Profit for the year
-
-
-
1,515,200
1,515,200
Other comprehensive income:
Tax relating to other comprehensive income
-
(5,000)
-
(5,000)
Total comprehensive income for the year
-
(5,000)
-
1,515,200
1,510,200
Dividends
12
-
-
-
(243,208)
(243,208)
Transfers
-
-
307,664
(307,664)
-
Other movements
-
20,000
-
-
20,000
Balance at 31 January 2023
30,100
596,251
4,317,787
14,903,653
19,847,791
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
632,623
1,190,867
Interest paid
(152,672)
(137,624)
Income taxes paid
(234,578)
(286,287)
Net cash inflow from operating activities
245,373
766,956
Investing activities
Purchase of intangible assets
-
(30,000)
Purchase of tangible fixed assets
(211,869)
(181,451)
Proceeds from disposal of tangible fixed assets
96,342
55,749
Purchase of investment property
(452,404)
(636,698)
Proceeds from disposal of investment property
472,874
1,460,805
Repayment of loans
3,806
94,155
Interest received
31,753
2,057
Dividends received
114,531
36,000
Other income received from investments
45,912
28,332
Net cash generated from investing activities
100,945
828,949
Financing activities
Proceeds from new bank loans
150,000
-
Repayment of bank loans
(191,602)
(626,997)
Payment of finance leases obligations
(143,602)
(148,288)
Disposal of shares in subsidiary to non-controlling interest
6,012
6,022
Dividends paid to equity shareholders
(243,208)
(344,645)
Dividends paid to non-controlling interests
(21,120)
(6,320)
Net cash used in financing activities
(443,520)
(1,120,228)
Net (decrease)/increase in cash and cash equivalents
(97,202)
475,677
Cash and cash equivalents at beginning of year
3,271,328
2,795,651
Cash and cash equivalents at end of year
3,174,126
3,271,328
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
34
(203,282)
872,772
Interest paid
(149,031)
(137,032)
Income taxes paid
(171,256)
(218,393)
Net cash (outflow)/inflow from operating activities
(523,569)
517,347
Investing activities
Purchase of intangible assets
(30,000)
Purchase of tangible fixed assets
(37,347)
(16,000)
Proceeds from disposal of tangible fixed assets
77,825
32,333
Purchase of investment property
(452,404)
(636,698)
Proceeds from disposal of investment property
472,874
1,460,805
Proceeds from disposal of subsidiaries
6,011
6,022
Repayment of loans
96,373
Interest received
31,398
1,612
Dividends received
357,411
187,680
Other income received from investments
45,912
28,332
Net cash generated from investing activities
501,680
1,130,459
Financing activities
Proceeds from new bank loans
150,000
-
Repayment of bank loans
(190,688)
(616,270)
Payment of finance leases obligations
(134,414)
(146,393)
Dividends paid to equity shareholders
(243,208)
(344,645)
Net cash used in financing activities
(418,310)
(1,107,308)
Net (decrease)/increase in cash and cash equivalents
(440,199)
540,498
Cash and cash equivalents at beginning of year
2,511,990
1,971,492
Cash and cash equivalents at end of year
2,071,791
2,511,990
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 17 -
1
Accounting policies
Company information
Fastglobe (Mastics) Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Grovedell House, 15 Knightswick Road, Canvey Island, Essex, SS8 9PA.
The group consists of Fastglobe (Mastics) Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company Fastglobe (Mastics) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 January 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 18 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 19 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Not depreciated - 2% straight line
Leasehold improvements
10% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Freehold property across the group is either revalued annually, or held at cost and systematically depreciated on a straight line basis
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 20 -
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 21 -
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 23 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 24 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sales
9,657,306
9,630,129
2023
2022
£
£
Turnover analysed by geographical market
UK
9,657,306
9,630,129
2023
2022
£
£
Other revenue
Interest income
31,753
2,057
Dividends received
114,531
36,000
Grants received
-
77,729
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(77,729)
Depreciation of owned tangible fixed assets
159,449
117,385
Depreciation of tangible fixed assets held under finance leases
67,688
77,359
Profit on disposal of tangible fixed assets
(27,308)
(16,461)
Loss/(profit) on disposal of investment property
2,126
(86,216)
Amortisation of intangible assets
50,871
52,746
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 25 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,120
16,675
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and Administrative
39
40
19
19
Production
58
63
41
42
Total
97
103
60
61
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,188,589
4,336,720
3,179,483
3,247,530
Social security costs
311,783
289,047
206,843
183,528
Pension costs
66,497
68,181
43,108
42,769
4,566,869
4,693,948
3,429,434
3,473,827
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
154,696
140,785
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 26 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
7,860
201
Other interest income
23,893
1,856
Total interest revenue
31,753
2,057
Other income from investments
Dividends received
114,531
36,000
146,284
38,057
Income from fixed asset investments
Income from participating interests - associates
45,912
28,332
Total income
192,196
66,389
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,860
201
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4
287
Other interest on financial liabilities
135,144
122,826
135,148
123,113
Other finance costs:
Interest on finance leases and hire purchase contracts
17,524
14,511
Total finance costs
152,672
137,624
10
Amounts written off investments
2023
2022
£
£
Other gains and losses
(100,000)
-
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
273,409
276,291
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
11
Taxation
2023
2022
£
£
(Continued)
- 27 -
Deferred tax
Origination and reversal of timing differences
110,627
159,557
Changes in tax rates
4,416
293,731
Total deferred tax
115,043
453,288
Total tax charge
388,452
729,579
The corporation tax rate has increased to 25% for the financial year beginning 1 April 2023 and hence deferred tax has ben provided for at this rate.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,895,569
2,626,429
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
360,158
499,022
Tax effect of expenses that are not deductible in determining taxable profit
153
338
Effect of change in corporation tax rate
8,635
293,731
Permanent capital allowances in excess of depreciation
(6,841)
(1,327)
Depreciation on assets not qualifying for tax allowances
3,264
1,033
Amortisation on assets not qualifying for tax allowances
8,597
8,953
Effect of revaluations of investments
24,613
1,332
Other permanent differences
19,000
(1,899)
Dividend income
(21,761)
(6,840)
Profit on associates not taxable
(7,366)
(64,764)
Taxation charge
388,452
729,579
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Revaluation of property
5,000
67,668
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 28 -
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
243,208
344,645
13
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Investments in associates
17
100,000
-
Recognised in:
Amounts written off investments
100,000
-
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
14
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
672,222
Amortisation and impairment
At 1 February 2022
531,853
Amortisation charged for the year
50,871
At 31 January 2023
582,724
Carrying amount
At 31 January 2023
89,498
At 31 January 2022
140,369
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
14
Intangible fixed assets
(Continued)
- 29 -
Company
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
90,000
Amortisation and impairment
At 1 February 2022
9,375
Amortisation charged for the year
5,625
At 31 January 2023
15,000
Carrying amount
At 31 January 2023
75,000
At 31 January 2022
80,625
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 30 -
15
Tangible fixed assets
Group
Land and buildings Freehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 February 2022
1,508,595
27,508
254,612
212,861
20,887
1,173,979
3,198,442
Additions
120,000
22,116
2,077
329,983
474,176
Disposals
(227,505)
(227,505)
Revaluation
20,000
20,000
At 31 January 2023
1,528,595
147,508
276,728
214,938
20,887
1,276,457
3,465,113
Depreciation and impairment
At 1 February 2022
37,189
6,384
185,511
188,371
20,650
619,575
1,057,680
Depreciation charged in the year
2,772
14,407
17,065
7,404
36
185,453
227,137
Eliminated in respect of disposals
(158,471)
(158,471)
At 31 January 2023
39,961
20,791
202,576
195,775
20,686
646,557
1,126,346
Carrying amount
At 31 January 2023
1,488,634
126,717
74,152
19,163
201
629,900
2,338,767
At 31 January 2022
1,471,406
21,125
69,101
24,490
237
554,404
2,140,763
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 31 -
Company
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2022
1,370,000
149,509
146,838
764,945
2,431,292
Additions
19,950
234,087
254,037
Disposals
(190,557)
(190,557)
Revaluation
20,000
20,000
At 31 January 2023
1,390,000
169,459
146,838
808,475
2,514,772
Depreciation and impairment
At 1 February 2022
138,623
136,322
410,958
685,903
Depreciation charged in the year
3,969
2,629
112,903
119,501
Eliminated in respect of disposals
(126,385)
(126,385)
At 31 January 2023
142,592
138,951
397,476
679,019
Carrying amount
At 31 January 2023
1,390,000
26,867
7,887
410,999
1,835,753
At 31 January 2022
1,370,000
10,886
10,516
353,987
1,745,389
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
290,336
263,875
290,336
263,875
Land and buildings with a carrying amount of £1,370,000 were revalued at 31st January 2023 by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Land and buildings are carried at cost or valuation. If land and buildings were measured using the cost model, the carrying amounts for the group would have been approximately £546,613 (2022 - £562,646), being cost £801,639 (2022 - £801,639) and depreciation £255,026 (2022 - £238,993). The carrying amounts for the company would have been approximately £447,979 (2022 - £461,240), being cost £663,044 (2022 - £663,044) and depreciation £215,065 (2022 - £201,804).
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 32 -
16
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 February 2022
12,017,430
12,017,430
Additions through external acquisition
452,404
452,404
Disposals
(475,000)
(475,000)
Net gains or losses through fair value adjustments
440,743
440,743
At 31 January 2023
12,435,577
12,435,577
The fair value of the investment properties has been arrived at on the basis of valuations carried out at 31st January 2023 by a number of independent, professional valuers. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as per below. No depreciation has been applied as the properties have been acquired as investments and the value would be expected to appreciate over time.
Group
Company
2023
2022
2023
2022
£
£
£
£
Cost
6,876,509
6,868,581
6,876,509
6,868,581
Accumulated depreciation
-
-
-
-
Carrying amount
6,876,509
6,868,581
6,876,509
6,868,581
17
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
18
1,078,482
1,094,497
Investments in associates
19
2,180,589
2,241,822
1,004,085
1,104,085
2,180,589
2,241,822
2,082,567
2,198,582
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
17
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 February 2022
2,241,822
Valuation changes
38,767
At 31 January 2023
2,280,589
Impairment
At 1 February 2022
-
Impairment losses
100,000
At 31 January 2023
100,000
Carrying amount
At 31 January 2023
2,180,589
At 31 January 2022
2,241,822
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 February 2022
2,198,582
Disposals
(16,015)
At 31 January 2023
2,182,567
Impairment
At 1 February 2022
-
Impairment losses
100,000
At 31 January 2023
100,000
Carrying amount
At 31 January 2023
2,082,567
At 31 January 2022
2,198,582
18
Subsidiaries
Details of the company's subsidiaries at 31 January 2023 are as follows:
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
18
Subsidiaries
(Continued)
- 34 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
All Mastic Limited
Grovedell House 15 Knightswick Road, Canvey Island, Essex, SS8 9PA
Ordinary
92.00
Specialist Jointing Services Limited
As above
Ordinary
76.00
Kent Sealants UK Limited
As above
Ordinary
100.00
Westview Nurseries Limited
As above
Ordinary
100.00
19
Associates
Details of associates at 31 January 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Palm Tree Management Limited
Grovedell House, 15 Knightswick Road, Canvey Island, Essex, SS8 9PA
Ordinary
50
Palm Tree Sales Limited
As above
Ordinary
50
Copperfield Holiday Park Limited
As above
Ordinary
50
Willowtree Holiday Park Limited
As above
Ordinary
50
Quote my goods Limited
67 Westow Street, Upper Norwood, London, England, SE19 3RW
Ordinary
30
20
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
105,124
165,267
85,924
145,479
Work in progress
120,457
35,515
120,457
35,515
Finished goods and goods for resale
85,327
102,607
310,908
303,389
206,381
180,994
21
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,468,898
1,418,927
1,291,152
1,144,004
Corporation tax recoverable
5,719
4,998
Amounts owed by group undertakings
-
-
700,707
790,095
Amounts owed by undertakings in which the company has a participating interest
1,272,793
1,130,762
1,272,793
1,130,762
Other debtors
3,325,358
2,596,423
3,293,566
2,429,524
Prepayments and accrued income
190,433
162,683
132,157
123,039
6,263,201
5,313,793
6,690,375
5,617,424
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 35 -
22
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
24
1,082,554
1,017,607
1,082,554
1,016,693
Obligations under finance leases
25
123,552
84,106
114,363
80,357
Trade creditors
351,839
485,612
344,783
785,973
Corporation tax payable
171,852
132,298
98,956
65,098
Other taxation and social security
119,994
155,001
51,881
45,486
Other creditors
75,114
76,744
32,664
51,084
Accruals and deferred income
272,339
238,659
264,754
253,357
2,197,244
2,190,027
1,989,955
2,298,048
23
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
24
1,995,770
2,102,319
1,995,770
2,102,319
Obligations under finance leases
25
159,754
80,495
118,768
70,498
2,155,524
2,182,814
2,114,538
2,172,817
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,314,073
1,372,352
1,314,073
1,372,352
Payable other than by instalments
800,465
800,465
800,465
800,465
2,114,538
2,172,817
2,114,538
2,172,817
24
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
3,078,324
3,119,926
3,078,324
3,119,012
Payable within one year
1,082,554
1,017,607
1,082,554
1,016,693
Payable after one year
1,995,770
2,102,319
1,995,770
2,102,319
The bank overdraft and bank loans are secured by a legal mortgage on the freehold property and a floating charge on the other fixed and current assets of the company.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
24
Loans and overdrafts
(Continued)
- 36 -
The bank loans relate to ten separate mortgage agreements. The amounts outstanding on each mortgage are £166,957, £197,911, £5,896, £225,826, £140,833, £226,088, £604,878, £307,539, £401,639 and £800,756 with interest rates applied to each agreements of 5.5%, 5.5%, 6.0%, 6.75%, 6.75%, 4.25%, 7.0%, 4.18%, 6.75% and 8.34% respectively.
25
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
148,281
93,960
135,456
89,652
In two to five years
176,596
90,422
128,522
78,935
324,877
184,382
263,978
168,587
Less: future finance charges
(41,571)
(19,781)
(30,847)
(17,732)
283,306
164,601
233,131
150,855
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
26
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
117,446
104,958
Investment property
1,241,280
1,138,725
Freehold Property
130,705
125,705
1,489,431
1,369,388
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
73,175
56,341
Investment property
1,241,280
1,138,725
Freehold Property
130,705
125,705
1,445,160
1,320,771
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
26
Deferred taxation
(Continued)
- 37 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 February 2022
1,369,388
1,320,771
Charge to profit or loss
115,043
119,389
Charge to other comprehensive income
5,000
5,000
Liability at 31 January 2023
1,489,431
1,445,160
The deferred tax liability set out above is expected to reverse within within the life of the asset and relates to accelerated capital allowances and potential gains on property that are expected to mature within the same period.
27
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,497
68,181
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
28
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
30,100
30,100
30,100
30,100
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 38 -
29
Reserves
Share Capital - represents the nominal value of shares that have been issued.
Profit and Loss Reserves - includes all current and prior period retained profits and losses.
Revaluation Reserve - includes the cumulative total of the uplift on revalued properties treated as tangible assets, net of deferred tax.
Other Reserves - includes the cumulative total of the fair value gain on investment properties net of deferred tax.
30
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
38,172
44,748
15,592
10,668
Between two and five years
47,096
46,202
36,956
13,482
85,268
90,950
52,548
24,150
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 39 -
31
Related party transactions
During the year the company advanced £142,031 (2022 nil) to Palm Tree Management Limited, a company in which Fastglobe (Mastics) Limited have a 50% shareholding, at the year end the company were owed £672,805 (2022 £530,774). During the year the company charged £45,912 (2022 £28,333) in respect of interest on the loan issued to Palm Tree Management Limited. During the year the company received a dividend of £102,031 (2022 £36,000) from Palm Tree Management Limited.
During the year the company loaned funds totalling nil (2022 nil) to Copperfield Holiday Park Limited, a company in which Fastglobe (Mastics) Limited have a 50% shareholding, at the year end the company were owed £304,988 (2022 £304,988).
During the year the company received funds totalling nil (2022 £50,000) from Willowtree Holiday Park Limited, a company in which Fastglobe (Mastics) Limited have a 50% shareholding, at the year end the company were owed £295,000 (2022 £295,000).
During the year the company loaned funds totalling £65,401 (2022 £147,800) to Westview Nurseries Limited, a company in which Fastglobe (Mastics) Limited owed 100% of the shareholding. During the year Fastglobe (Mastics) Limited charged £11,340 (2022 £3,000) in respect of management charges, at the year end the company were owed £272,753 (2022 £257,228).
During the year the company received a dividend of nil (2022 nil) from Specialist Jointing Services Limited, a company in which they have a 76% shareholding. Funds were repaid from this company during the year totalling £300,000 (2022 nil). At the year end the company was owed £173,041 (2022 £473,041).
During the year the company purchased consultancy services and management charges from Specialist Jointing Services Limited of £636,525 (2022 £868,575) with £44,613 (2022 £48,715) of this unpaid and accrued for at the year end.
During the year the company received a dividend of £242,880 (2022 £151,680) from All Mastic Limited, a company in which they have a 92% shareholding, at the year end the company were owed £254,913 (2022 £109,701).
During the year a Director repaid the outstanding loan account balance of nil (2022 £97,362) Interest was charged at 2.5% (2022 2.5%) on the outstanding balance which totalled nil (2022 £470). At the year end an amount was owed to the Director by the company of £210 (2022 £989).
During the year the company issued loans totalling nil (2022 nil) to Mr A Pugh, the brother of a director of the company. At the year end a balance of £54,500 (2022 £54,500) was owed to the company.
32
Controlling party
The ultimate controlling party of the company and group is Mr C. Pugh by virtue of his majority shareholding.
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 40 -
33
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,507,118
1,896,850
Adjustments for:
Share of results of associates and joint ventures
(38,767)
(340,863)
Taxation charged
388,452
729,579
Finance costs
152,672
137,624
Investment income
(192,196)
(66,389)
Gain on disposal of tangible fixed assets
(27,308)
(16,461)
Loss/(gain) on disposal of investment property
2,126
(86,216)
Fair value gain on investment properties
(440,743)
(1,027,092)
Amortisation and impairment of intangible assets
50,871
52,746
Depreciation and impairment of tangible fixed assets
227,137
194,744
Other gains and losses
100,000
-
Movements in working capital:
Increase in stocks
(7,518)
(77,648)
Increase in debtors
(952,492)
(62,151)
Decrease in creditors
(136,729)
(143,856)
Cash generated from operations
632,623
1,190,867
34
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
1,515,200
1,467,029
Adjustments for:
Taxation charged
324,501
663,379
Finance costs
149,031
137,032
Investment income
(434,721)
(217,624)
Gain on disposal of tangible fixed assets
(13,653)
(4,777)
Loss/(gain) on disposal of investment property
2,126
(86,216)
Fair value gain on investment properties
(440,743)
(1,027,092)
Amortisation and impairment of intangible assets
5,625
5,625
Depreciation and impairment of tangible fixed assets
119,501
114,623
Other gains and losses
110,004
9,994
Movements in working capital:
Increase in stocks
(25,386)
(68,692)
(Increase)/decrease in debtors
(1,072,950)
53,375
Decrease in creditors
(441,817)
(173,884)
Cash (absorbed by)/generated from operations
(203,282)
872,772
FASTGLOBE (MASTICS) LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 41 -
35
Analysis of changes in net debt - group
1 February 2022
Cash flows
New finance leases
31 January 2023
£
£
£
£
Cash at bank and in hand
3,271,328
(97,202)
-
3,174,126
Borrowings excluding overdrafts
(3,119,926)
41,602
-
(3,078,324)
Obligations under finance leases
(164,601)
143,602
(262,307)
(283,306)
(13,199)
88,002
(262,307)
(187,504)
36
Analysis of changes in net debt - company
1 February 2022
Cash flows
New finance leases
31 January 2023
£
£
£
£
Cash at bank and in hand
2,511,990
(440,199)
-
2,071,791
Borrowings excluding overdrafts
(3,119,012)
40,688
-
(3,078,324)
Obligations under finance leases
(150,855)
134,414
(216,690)
(233,131)
(757,877)
(265,097)
(216,690)
(1,239,664)
2023-01-312022-02-01falseCCH SoftwareCCH Accounts Production 2023.200Mr Christopher PughMr Craig PughMr Michael WardMiss Emma PughMr Paul HavilandMrs Karen 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