Company registration number 03019120 (England and Wales)
J.P.E. (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
J.P.E. (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group 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
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 42
J.P.E. (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
J Price
M C Birch
V J Cox
S Price
Secretary
M C Birch
Company number
03019120
Registered office
The Lodge
Warstone Road
Essington
Wolverhampton
United Kingdom
WV11 2AR
Auditor
Azets Audit Services
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
J.P.E. (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
- 1 -

The directors present the strategic report for the year ended 31 August 2022.

Review of the business

The business has improved the financial performance following the disappointing 2021 results.

 

The group has reported profits after tax and minority interest of £455,599 (2021 loss: £2,064,549).

Profit after tax for the holding company J.P.E (Holdings) Limited is £612,758 (2021 loss: £2,195,428). The group's equity attributable to owners of the parent company has increased to £8,685,359 (2021 £8,122,293). These figures reflect an evaluation of stock by using two independent consultants.

Principal risks and uncertainties

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and review is ongoing. Compliance with regulation, legal and ethical standards is a high priority for the group and the finance department oversee this.

 

Market conditions continue to dominate the principal risk and uncertainties particularly with weak market prices and demand on the aggregates business offset by strong demand for the Delaphos product which has international market opportunities.

Development and performance

Textek Limited had a improved trading period and the Shipley Quarry commenced operations in June 2022.

Key performance indicators

The key metrics of the business are EBITDA and cash balances.

 

The business has sold some land assets in late 2022 to maintain cash liquidity which continues to be strong.

On behalf of the board

J Price
Director
16 November 2023
J.P.E. (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -

The directors present their annual report and financial statements for the year ended 31 August 2022.

Principal activities

The principal activity of the group continued to be that of quarrying and bulky waste recycling. It also includes the letting of property and the buying and selling of real estate.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Price
S Birch
(Resigned 29 September 2022)
M C Birch
V J Cox
S Price
Market value of investment property

It is the intention of the directors to continue to have the investment property revalued annually.

Future developments

The business has sold some land assets in late 2022.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

On behalf of the board
J Price
Director
16 November 2023
J.P.E. (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2022
- 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:

 

 

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.

J.P.E. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.P.E. (HOLDINGS) LIMITED
- 4 -
Opinion

We have audited the financial statements of J.P.E. (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2022 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 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:

Basis for opinion

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.

Other information

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:

J.P.E. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.P.E. (HOLDINGS) 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:

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.

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.

J.P.E. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.P.E. (HOLDINGS) LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the group’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 group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Meredith ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
17 November 2023
Chartered Accountants
Statutory Auditor
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
J.P.E. (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
- 7 -
2022
2021
as restated
Notes
£
£
Turnover
3
23,087,019
19,131,512
Cost of sales
(18,769,733)
(18,583,913)
Gross profit
4,317,286
547,599
Administrative expenses (including exceptional costs of £56,451 (2021 £1,526,200))
5
(4,779,516)
(4,194,158)
Other operating income
1,448,647
1,818,525
Operating profit/(loss)
4
986,417
(1,828,034)
Interest receivable and similar income
9
90,180
83,138
Interest payable and similar expenses
10
(331,265)
(178,354)
Fair value gains and losses on investment properties
15
(334,471)
423,000
Profit/(loss) before taxation
410,861
(1,500,250)
Tax on profit/(loss)
11
44,738
(564,299)
Profit/(loss) for the financial year
455,599
(2,064,549)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
563,066
(2,131,506)
- Non-controlling interests
(107,467)
66,957
455,599
(2,064,549)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 15 to 42 form part of these financial statements.

J.P.E. (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2022
- 8 -
2022
2021
as restated
£
£
Profit/(loss) for the year
455,599
(2,064,549)
Other comprehensive income
-
-
Total comprehensive income for the year
455,599
(2,064,549)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
563,066
(2,131,506)
- Non-controlling interests
(107,467)
66,957
455,599
(2,064,549)

The notes on pages 15 to 42 form part of these financial statements.

J.P.E. (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT 31 AUGUST 2022
31 August 2022
- 9 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
16
123,286
-
0
Negative goodwill
16
(5,108)
(7,661)
Net goodwill
118,178
(7,661)
Tangible assets
12
12,404,724
10,689,085
Investment properties
15
2,970,000
3,172,500
15,492,902
13,853,924
Current assets
Stocks
18
2,320,672
1,734,503
Debtors
19
6,753,140
6,009,292
Cash at bank and in hand
1,244,475
1,597,134
10,318,287
9,340,929
Creditors: amounts falling due within one year
20
(8,548,187)
(6,860,115)
Net current assets
1,770,099
2,480,814
Total assets less current liabilities
17,263,001
16,334,738
Creditors: amounts falling due after more than one year
21
(3,758,735)
(3,388,577)
Provisions for liabilities
Deferred tax liability
24
1,258,016
1,340,438
(1,258,016)
(1,340,438)
Net assets
12,246,250
11,605,723
Capital and reserves
Called up share capital
26
100
100
Non-distributable profits reserve
27
1,082,220
1,333,074
Distributable profit and loss reserves
7,603,039
6,789,119
Equity attributable to owners of the parent company
8,685,359
8,122,293
Non-controlling interests
3,560,891
3,483,430
12,246,250
11,605,723

The notes on pages 15 to 42 form part of these financial statements.

J.P.E. (HOLDINGS) LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2022
31 August 2022
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
16 November 2023
J Price
S Price
Director
Director
J.P.E. (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2022
31 August 2022
- 11 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
11,950,825
10,227,073
Investments
13
201
200
11,951,026
10,227,273
Current assets
Stocks
18
2,216,779
1,630,610
Debtors
19
6,099,696
5,491,552
Cash at bank and in hand
278,869
523,108
8,595,344
7,645,270
Creditors: amounts falling due within one year
20
(8,105,320)
(6,446,821)
Net current assets
490,024
1,198,449
Total assets less current liabilities
12,441,050
11,425,722
Creditors: amounts falling due after more than one year
21
(7,126,305)
(6,701,489)
Provisions for liabilities
Deferred tax liability
24
941,816
964,062
(941,816)
(964,062)
Net assets
4,372,929
3,760,171
Capital and reserves
Called up share capital
26
100
100
Distributable profit and loss reserves
4,372,829
3,760,071
Total equity
4,372,929
3,760,171

The notes on pages 15 to 42 form part of these financial statements.

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 £612,758 (2021 - £2,195,428).

The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
16 November 2023
J Price
S Price
Director
Director
Company registration number 03019120 (England and Wales)
J.P.E. (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022
- 12 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
As restated for the period ended 31 August 2021:
Balance at 1 September 2020
100
1,133,548
9,203,578
10,337,226
3,416,473
13,753,699
Effect of change in accounting policy
-
(83,427)
(83,427)
-
(83,427)
As restated
100
1,133,548
9,120,151
10,253,799
3,416,473
13,670,272
Year ended 31 August 2021:
Loss and total comprehensive income for the year
-
199,526
(2,331,032)
(2,131,506)
66,957
(2,064,549)
Balance at 31 August 2021
100
1,333,074
6,789,119
8,122,293
3,483,430
11,605,723
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
(250,854)
813,920
563,066
(107,467)
455,599
Acquisition of non-controlling interests
-
-
-
-
184,928
184,928
Balance at 31 August 2022
100
1,082,220
7,603,039
8,685,359
3,560,891
12,246,250
J.P.E. (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 August 2021:
Balance at 1 September 2020
100
5,955,499
5,955,599
Year ended 31 August 2021:
Loss and total comprehensive income for the year
-
(2,195,428)
(2,195,428)
Balance at 31 August 2021
100
3,760,071
3,760,171
Year ended 31 August 2022:
Profit and total comprehensive income
-
612,758
612,758
Balance at 31 August 2022
100
4,372,829
4,372,929

The notes on pages 15 to 42 form part of these financial statements.

J.P.E. (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
- 14 -
2022
2021
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
2,348,119
2,618,154
Interest paid
(331,265)
(178,354)
Income taxes paid
(147,054)
(50,750)
Net cash inflow from operating activities
1,869,800
2,389,050
Investing activities
Purchase of tangible fixed assets
634,371
(1,788,456)
Proceeds on disposal of tangible fixed assets
123,333
515,334
Purchase of investment property
(131,972)
-
Interest received
90,180
83,138
Net cash generated from/(used in) investing activities
715,912
(1,189,984)
Financing activities
Repayment of bank loans
(293,103)
(162,493)
Payment of finance leases obligations
(2,638,711)
(820,289)
Net cash used in financing activities
(2,931,814)
(982,782)
Net (decrease)/increase in cash and cash equivalents
(346,102)
216,284
Cash and cash equivalents at beginning of year
1,590,577
1,374,293
Cash and cash equivalents at end of year
1,244,475
1,590,577
Relating to:
Cash at bank and in hand
1,244,475
1,597,134
Bank overdrafts included in creditors payable within one year
-
(6,557)
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 15 -
1
Accounting policies
Company information

J.P.E. (Holdings) Limited (“the company”) is a private company limited by shares and incorporated in England and Wales. The registered office is The Lodge, Warstone Road, Essington, Wolverhampton, United Kingdom, WV11 2AR.

 

The group consists of J.P.E. (Holdings) 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 certain assets at fair value.The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

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.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of J.P.E. (Holdings) Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

The accounting periods incorporated into the consolidation are the year ended 31 August 2022 for J.P.E (Holdings) Limited, Prees Developments Limited and Transforma Solutions Limited and 30 September 2022 for Textek Limited.

 

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.

1.4
Going concern

In assessing the appropriateness of the going concern assumption, the directors have reviewed detailed cash flow forecasts considering reasonably foreseeable potential scenarios and uncertainties in relation to income and expenditure. Based on these forecasts, the directors have a reasonable expectation that the Group can meet its liabilities as they fall due as such have deemed it appropriate for the financial statements to be prepared on the going concern basis.

1.5
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.

Rents receivable are recognised when the right to receive payment is established.

1.6
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 3 years for goodwill acquired in the year. Previous goodwill acquired is fully amortised.

 

The Group also had acquisitions where the costs of acquisitions were less than fair value of the identifiable net assets acquired. Such differences (“negative goodwill”) are being 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.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 17 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property and quarries
See below regarding quarries. Property over 22 years
Land and buildings Leasehold
Over the period of the lease
Plant and machinery
25% - Reducing balance
Fixtures, fittings & equipment
25% - Reducing balance
Computer equipment
33% - Straight line
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.

No depreciation has been charged on the freehold quarries due to them either being in the process of being refilled or already being fully extracted and the value is purely the remaining land value.

1.8
Investment property

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.

1.9
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. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 18 -

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.

1.10
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.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 19 -
1.11
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.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
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.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 20 -
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.

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.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
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.

1.15
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.16
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.

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.

1.17
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.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 22 -
1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.20
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.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad debts

The recoverability of trade debtor balances can be uncertain and could lead to possible impairment. The company assesses the recoverability of trade debtors based on historical experience, with reference to the financial position and performance of the counterparty, amongst other factors. At 31 August 2022 the provision was £154,980, (2021 £174,319)

Depreciation

The company recognises depreciation so as to write off the cost of the assets over their useful economic lives.

 

The directors regularly review and replace plant and machinery and hence familiar with usage of assets to determine the appropriate useful lives to use. At 31 August 2022 depreciation to date was £4,671,705 (2021 £4,011,765).

 

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2022
2021
£
£
Turnover analysed by class of business
Quarrying and associated activities
15,551,142
13,810,246
Phosphate sales
5,137,927
3,446,609
Other property income
241,901
655,633
Mattress recycling
1,468,598
1,219,024
Steel sales
687,451
-
23,087,019
19,131,512
2022
2021
£
£
Other revenue
Interest income
90,180
83,138
Grants received
9,268
101,947
Other income
1,439,379
1,716,578

All of the turnover of the group is derived from sales in the United Kingdom.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 24 -
4
Operating profit/(loss)
2022
2021
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
35,164
(5,403)
Government grants
(9,268)
(101,947)
Depreciation of owned tangible fixed assets
305,598
270,257
Depreciation of tangible fixed assets held under finance leases
827,990
400,074
Loss/(profit) on disposal of tangible fixed assets
17,341
(263,067)
Amortisation of intangible assets
59,090
(2,553)
Operating lease charges
1,694,210
2,060,137
5
Exceptional item
2022
2021
£
£
Expenditure
Provision against loan
56,451
1,526,200
56,451
1,526,200

During the year ended 31 August 2022 J.P.E (Holdings) Limited made a provision of £56,451 (2021 £1,294,419) against a debt, which may not be recoverable, the company is continuing to persue the debt via legal means.

 

Also during the year ended 31 August 202 Transforma Solutions Ltd made a provision of £nil (2021 £231,781) against a debt, which may not be recoverable, the company is continuing to persue the debt via legal means.

6
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
25,500
25,025
Audit of the financial statements of the company's subsidiaries
55,920
15,100
81,420
40,125
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 25 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Production staff
94
78
83
75
Administrative staff
17
24
17
21
Total
111
102
100
96

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
3,745,767
3,748,721
3,487,359
3,493,420
Social security costs
419,428
198,282
401,097
176,334
Pension costs
93,876
97,817
88,794
92,841
4,259,071
4,044,820
3,977,250
3,762,595
8
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
203,222
166,961
Company pension contributions to defined contribution schemes
19,903
25,195
223,125
192,156

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2021 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
141,341
-
Company pension contributions to defined contribution schemes
17,702
-
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 26 -
9
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
141
138
Other interest income
90,039
83,000
Total income
90,180
83,138
2022
2021
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
141
138
10
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
94,536
46,778
Interest on invoice finance arrangements
10,761
7,821
Other interest on financial liabilities
134,190
62,665
239,487
117,264
Other finance costs:
Interest on finance leases and hire purchase contracts
88,434
52,820
Other interest
3,344
8,270
Total finance costs
331,265
178,354
11
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
-
0
28,791
Adjustments in respect of prior periods
-
0
(275,738)
Total current tax
-
0
(246,947)
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
11
Taxation
2022
2021
£
£
(Continued)
- 27 -
Deferred tax
Origination and reversal of timing differences
287,690
459,408
Changes in tax rates
-
0
90,134
Previously unrecognised tax loss, tax credit or timing difference
(1,649)
-
0
Adjustment in respect of prior periods
(82,848)
299,960
Tax losses carried forward
(247,931)
(38,256)
Total deferred tax
(44,738)
811,246
Total tax (credit)/charge
(44,738)
564,299

The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit/(loss) before taxation
410,861
(1,500,250)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
78,064
(285,048)
Tax effect of expenses that are not deductible in determining taxable profit
93,791
324,542
Unutilised tax losses carried forward
-
0
(2,109)
Adjustments in respect of prior years
-
0
(57,655)
Effect of change in corporation tax rate
9,253
390,446
Amortisation on assets not qualifying for tax allowances
11,227
(485)
Effect of revaluations of investments
-
0
(80,370)
Deferred tax adjustments in respect of prior years
(83,293)
299,960
Tax losses carried back
-
0
(18,982)
Enhanced capital allowances
(79,844)
(6,000)
Mineral extraction allowance
(73,936)
-
Taxation (credit)/charge
(44,738)
564,299
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 28 -
12
Tangible fixed assets
Group
Freehold property and quarries
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 September 2021
4,781,106
3,965,769
4,827,827
173,782
2,729
949,637
14,700,850
Additions
98,720
1,057,757
1,710,782
20,823
2,449
99,370
2,989,901
Disposals
-
0
-
0
(553,111)
(24,317)
(2,729)
(34,165)
(614,322)
At 31 August 2022
4,879,826
5,023,526
5,985,498
170,288
2,449
1,014,842
17,076,429
Depreciation and impairment
At 1 September 2021
100,112
816,792
2,337,935
81,937
2,729
672,260
4,011,765
Depreciation charged in the year
19,435
132,917
866,348
29,019
163
85,706
1,133,588
Eliminated in respect of disposals
-
0
-
0
(421,020)
(22,958)
(2,729)
(26,941)
(473,648)
At 31 August 2022
119,547
949,709
2,783,263
87,998
163
731,025
4,671,705
Carrying amount
At 31 August 2022
4,760,279
4,073,817
3,202,235
82,290
2,286
283,817
12,404,724
At 31 August 2021
4,680,994
3,148,977
2,489,892
91,845
-
0
277,377
10,689,085
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 29 -
Company
Freehold property and quarries
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2021
4,304,383
3,966,679
4,710,907
165,303
888,677
14,035,949
Additions
54,729
1,057,757
1,710,782
20,823
99,370
2,943,461
Disposals
-
0
-
0
(494,611)
(24,317)
(33,465)
(552,393)
At 31 August 2022
4,359,112
5,024,436
5,927,078
161,809
954,582
16,427,017
Depreciation and impairment
At 1 September 2021
-
0
817,702
2,275,929
78,227
637,018
3,808,876
Depreciation charged in the year
-
0
132,917
857,117
27,827
79,313
1,097,174
Eliminated in respect of disposals
-
0
-
0
(380,511)
(22,958)
(26,389)
(429,858)
At 31 August 2022
-
0
950,619
2,752,535
83,096
689,942
4,476,192
Carrying amount
At 31 August 2022
4,359,112
4,073,817
3,174,543
78,713
264,640
11,950,825
At 31 August 2021
4,304,383
3,148,977
2,434,978
87,076
251,659
10,227,073

Included in the Group's freehold property and quarries is investment property rented to another group entity with a cost value of £520,714 (2021 £476,723).

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
2022
2021
2022
2021
£
£
£
£
Plant and machinery
2,893,653
3,860,886
2,893,653
2,106,941
Motor vehicles
205,977
347,333
205,977
162,485
3,099,630
4,208,219
3,099,630
2,269,426
13
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
201
200
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
13
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2021
200
Additions
1
At 31 August 2022
201
Carrying amount
At 31 August 2022
201
At 31 August 2021
200

On 1 April 2022 J.P.E. (Holdings) Limited acquired the remaining 50% of the shares of Textek Limited for £1.

Textek Limited is now owned 100% by J.P.E. (Holdings) Limited.

The transaction resulted in goodwill of £184,929 arising, which is being written off over it's useful life of three years.

14
Subsidiaries

Details of the company's subsidiaries at 31 August 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Prees Developments Limited
United Kingdom
Ordinary share capital
-
50.00
Transforma Solutions Limited
United Kingdom
Ordinary share capital
50.00
-
Textek Limited
United Kingdom
Ordinary share capital
100.00
-
15
Investment property
Group
Company
2022
2022
£
£
Fair value
At 1 September 2021
3,172,500
-
Additions through external acquisition
131,971
-
Net gains or losses through fair value adjustments
(334,471)
-
At 31 August 2022
2,970,000
-
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
15
Investment property
(Continued)
- 31 -

Investment property comprises of land and buildings on an established commercial estate. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 24 August 2023 by Avison Young (UK) Limited, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, as at the balance sheet date.

 

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Cost
1,562,140
3,337,058
-
-
Accumulated depreciation
(358,639)
(300,335)
-
-
Carrying amount
1,203,501
3,036,723
-
-

The carrying value of land and buildings comprises:

Group
Company
2022
2021
2022
2021
£
£
£
£
Freehold
2,970,000
3,172,500
-
-
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 32 -
16
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 September 2021
45,000
(12,767)
32,233
Additions - business combinations
184,929
-
0
184,929
At 31 August 2022
229,929
(12,767)
217,162
Amortisation and impairment
At 1 September 2021
45,000
(5,106)
39,894
Amortisation charged for the year
61,643
(2,553)
59,090
At 31 August 2022
106,643
(7,659)
98,984
Carrying amount
At 31 August 2022
123,286
(5,108)
118,178
At 31 August 2021
-
0
(7,661)
(7,661)
Company
Goodwill
£
Cost
At 1 September 2021 and 31 August 2022
45,000
Amortisation and impairment
At 1 September 2021 and 31 August 2022
45,000
Carrying amount
At 31 August 2022
-
0
At 31 August 2021
-
0
17
Financial instruments
Group
Company
2022
2021
2022
2021
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,378,477
6,678,126
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
11,790,083
9,718,775
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 33 -
18
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
2,320,672
1,734,503
2,216,779
1,630,610
19
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,629,112
4,619,613
5,175,723
4,270,235
Corporation tax recoverable
344,643
236,323
341,420
236,323
Amounts owed by group undertakings
-
-
407,213
497,158
Other debtors
379,340
462,537
6,748
-
0
Prepayments and accrued income
306,390
559,481
168,592
487,836
6,659,485
5,877,954
6,099,696
5,491,552
Deferred tax asset (note 24)
93,655
131,338
-
0
-
0
6,753,140
6,009,292
6,099,696
5,491,552
20
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
23
320,347
332,392
310,518
317,075
Obligations under finance leases
22
909,050
581,262
909,050
561,529
Trade creditors
3,813,677
3,049,716
3,619,342
2,861,639
Amounts owed to group undertakings
-
0
-
0
146,256
-
0
Corporation tax payable
4,985
43,718
-
0
8,485
Other taxation and social security
511,854
486,199
467,598
419,359
Other creditors
2,494,766
2,157,679
2,280,920
2,097,600
Accruals and deferred income
493,508
209,149
371,636
181,134
8,548,187
6,860,115
8,105,320
6,446,821

Obligations under finance leases are secured by fixed charges on the assets concerned.

 

Within other creditors there is a factoring balance of £2,208,797 (2021 £1,959,086) secured by a fixed and floating charge over the companies assets in favour of Lloyds Commercial Finance Limited.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 34 -
21
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
23
1,780,718
2,068,333
1,754,507
2,032,464
Obligations under finance leases
22
1,978,017
1,320,244
1,978,017
1,320,244
Amounts owed to group undertakings
-
0
-
0
3,393,781
3,348,781
3,758,735
3,388,577
7,126,305
6,701,489
Amounts included above which fall due after five years are as follows:
Payable by instalments
596,467
806,985
596,467
806,985
22
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,009,820
660,084
1,009,820
636,157
In two to five years
2,051,462
1,519,393
2,051,462
1,519,393
3,061,282
2,179,477
3,061,282
2,155,550
Less: future finance charges
(174,215)
(277,971)
(174,215)
(273,777)
2,887,067
1,901,506
2,887,067
1,881,773

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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
2,101,065
2,394,168
2,065,025
2,342,982
Bank overdrafts
-
0
6,557
-
0
6,557
2,101,065
2,400,725
2,065,025
2,349,539
Payable within one year
320,347
332,392
310,518
317,075
Payable after one year
1,780,718
2,068,333
1,754,507
2,032,464
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
23
Loans and overdrafts
(Continued)
- 35 -

The long-term loans and overdrafts are secured by way of fixed and floating legal charges over commercial freehold property in favour of Lloyds bank PLC.

 

The bank loan has an interest rate of 2.13 % plus base rate, repayable by June 2030.

 

Coronavirus business interruption loan scheme has an interest rate of 1.72% plus base rate, repayable by June 2026.

24
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
Assets
Assets
2022
2021
2022
2021
Group
£
£
£
£
Accelerated capital allowances
1,258,016
1,340,438
(13,183)
(21,350)
Tax losses
-
-
106,838
152,688
1,258,016
1,340,438
93,655
131,338
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Company
£
£
£
£
Accelerated capital allowances
941,816
964,062
-
-
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 September 2021
1,209,100
964,062
Credit to profit or loss
(44,739)
(22,246)
Liability at 31 August 2022
1,164,361
941,816

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature on asset disposal.

25
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,876
97,817
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
25
Retirement benefit schemes
(Continued)
- 36 -

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.

26
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
27
Non-distributable profits reserve
Group
Company
2022
2021
2022
2021
£
£
£
£
At the beginning of the year
1,333,074
1,133,548
-
-
Non distributable profits in the year
(250,854)
199,526
-
-
At the end of the year
1,082,220
1,333,074
-
-
28
Operating lease commitments
Lessee

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
2022
2021
2022
2021
£
£
£
£
Within one year
1,687,573
405,662
1,687,573
403,275
Between two and five years
2,421,462
23,590
2,421,462
18,817
4,109,035
429,252
4,109,035
422,092
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2022
2021
2022
2021
£
£
£
£
Acquisition of tangible fixed assets
1,950,086
-
1,950,086
-
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 37 -
30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022
2021
£
£
Aggregate compensation
223,125
192,156

The only key management personnel of the group are its directors.

Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
2022
2021
£
£
Group
Other related parties
597,632
482,148

Sales and purchases between related parties are made at arms length.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
30
Related party transactions
(Continued)
- 38 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2022
2021
£
£
Group
Other related parties
77,624
190,730

The amounts outstanding are unsecured and will be settled in cash.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
30
Related party transactions
(Continued)
- 39 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2022
2022
2022
2021
2021
2021
Balance
Provision
Net
Balance
Provision
Net
£
£
£
£
£
£
Group
Other related parties
1,350,700
727,718
622,982
1,900,059
727,718
1,172,341

The amounts outstanding are unsecured and will be settled in cash.

J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 40 -
31
Controlling party

There is no ultimate controlling party.

32
Analysis of changes in net debt - group
1 September 2021
Cash flows
New finance leases
31 August 2022
£
£
£
£
Cash at bank and in hand
1,597,134
(352,659)
-
1,244,475
Bank overdrafts
(6,557)
6,557
-
-
0
1,590,577
(346,102)
-
1,244,475
Borrowings excluding overdrafts
(2,394,168)
293,103
-
(2,101,065)
Obligations under finance leases
(1,901,506)
2,638,711
(3,624,272)
(2,887,067)
(2,705,097)
2,585,712
(3,624,272)
(3,743,657)
33
Cash generated from group operations
2022
2021
£
£
Profit/(loss) for the year after tax
455,600
(2,064,549)
Adjustments for:
Taxation (credited)/charged
(44,738)
564,299
Finance costs
286,265
178,354
Investment income
(45,180)
(83,138)
Loss/(gain) on disposal of tangible fixed assets
17,341
(263,067)
Fair value loss/(gain) on investment properties
334,471
(423,000)
Amortisation and impairment of intangible assets
59,090
(2,553)
Depreciation and impairment of tangible fixed assets
1,133,588
670,331
Movements in working capital:
(Increase)/decrease in stocks
(586,169)
2,178,762
(Increase)/decrease in debtors
(527,865)
768,053
Increase in creditors
1,265,716
1,094,662
Cash generated from operations
2,348,119
2,618,154
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 41 -
34
Prior period adjustment
Reconciliation of changes in equity - group
1 September
31 August
2020
2021
£
£
Adjustments to prior year
Provision against debt
-
(798,482)
Investment property rented to Textek Limited
-
(544,470)
Restatement of Prees Development Limited
1,900,109
-
Deferred tax adjustment Prees Development Limited
(322,203)
-
Deferred tax adjustments Textek Limited
96,880
-
Total adjustments
1,674,786
(1,342,952)
Equity as previously reported
12,523,271
12,948,675
Equity as adjusted
14,198,057
11,605,723
Analysis of the effect upon equity
Profit and loss reserves
60,000
(1,342,952)
Reconciliation of changes in loss for the previous financial period
2021
£
Adjustments to prior year
Provision against debt
(798,482)
Investment property rented to Textek Limited
(16,685)
Total adjustments
(815,167)
Loss as previously reported
(1,249,382)
Loss as adjusted
(2,064,549)
Reconciliation of changes in equity - company
1 September
31 August
2020
2021
£
£
Adjustments to prior year
Provision against debt
-
(798,482)
Equity as previously reported
5,955,599
4,558,653
Equity as adjusted
5,955,599
3,760,171
Analysis of the effect upon equity
Profit and loss reserves
-
(798,482)
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
34
Prior period adjustment
(Continued)
- 42 -
Reconciliation of changes in loss for the previous financial period
2021
£
Adjustments to prior year
Provision against debt
(798,482)
Loss as previously reported
(1,396,946)
Loss as adjusted
(2,195,428)
Notes to reconciliation

Property which had previously been classified as investment property, but rented to a subsidiary has been reclassified as freehold property and depreciated.

 

Also during the year the directors reviewed their sources of income and reclassified £1,716,578 included in turnover as other operating income. This had no impact on the profit and loss account or equity.

During the year the directors became aware that they had under provided against a debt of £798,482 in 2021. The provision has now be adjusted for.

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