Company registration number 08537154 (England and Wales)
2T HOLDINGS LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2T HOLDINGS LIMITED
COMPANY INFORMATION
Directors
T A Herridge
A G Herridge
Company number
08537154
Registered office
Unit 8, Hudson Road
Saxby Road Industrial Estate
Melton Mowbray
Leicestershire
LE13 1BS
Auditor
Moore
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
2T HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of income and retained earnings
8
Group balance sheet
9
Company balance sheet
10
Group statement of cash flows
11
Notes to the financial statements
12 - 27
2T HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The directors present the strategic report for the year ended 31 May 2023.

Fair review of the business

The results for the year are set out in the Statement of Income and Retained Earnings.

 

The group sell pumps, power equipment and related fluid handling components and accessories to a wide range of industries. We also produce pressure washers, pumping solutions and component assemblies for our dealer and manufacturing partners. The Directors are pleased that sales have remained strong despite continued challenges of price increases, and variable freight costs. Our strong stock holding continues to provide a buffer to many of these costs, allowing us time to properly assess the consequences of these variations, and ensuring we only change prices where necessary and provide our customers with as much stability as possible during these challenging times. Where possible, we are decreasing prices to reflect any reduced costs due to better freight or exchange rates.

 

For the new financial year, we expect to be exposed to exchange rate volatility, and continued inflation. Despite this, we will continue to be aggressive with regards to our stock holding to support our customers.

 

The Directors are pleased to report that the group’s profit after taxation for the year was £1,402,412 (2022: £1,369,743). Turnover of £13,320,117 (2022: £12,950,881) achieved a gross profit of £4,380,881 (2022: £4,214,118) giving a gross profit margin of 32.9% (2022: 32.5%).

 

During the year, dividends of £275,000 (2022: £400,000) were paid by the group.

Principal risks and uncertainties

The management of the business and the nature of the group's strategy are subject to a number of business risks and uncertainties.

 

The principal risks facing the business, along with the group’s approach to mitigating those risks are set out below:

 

Stock

The principal risk and uncertainty facing the group at present is the availability and increased cost of stock . The business has continued to achieve consistent profit margins through the last year and has mitigated supply chain uncertainties through monitoring purchasing and stock levels on an ongoing basis.

 

Currency risk

The group is exposed to translation and transaction foreign exchange risk, and seeks to reduce this risk wherever possible.

 

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

 

Interest rate risk

The group finances its operations through retained profits. Interest rate risk is therefore limited.

 

Credit risk

The group's principal financial assets are bank deposits, cash and trade debtors. The principal credit risk arises from the group's trade debtors.

 

Trade debtors have limits set based on a combination of payment history and 3rd party credit checks depending on order value. Where limits are exceeded, individual review and authorisation is required.

2T HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Development and performance

The directors anticipate the business environment will remain challenging as supply chains and inflation continue to impact. They believe that the group is in a good financial position and that the risks that have been identified are being well managed.

On behalf of the board

T A Herridge
Director
22 November 2023
2023-11-22
2T HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 May 2023.

Principal activities

The principal activity of the company continued to be that of a group holding and property management company.

 

The principal activity of the group continued to be that of retailing pumps and pumping equipment.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £275,000. The directors do not recommend payment of a further dividend.

Directors

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

T A Herridge
A G Herridge
Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

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.

2T HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
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
T A Herridge
Director
22 November 2023
2T HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 2T HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of 2T Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, 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:

2T HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 2T HOLDINGS LIMITED
- 6 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered cabable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the group and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

We obtained an understanding of how the group complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

Where management employ experts for valuation of stock we assessed the risk of material misstatement of the financial statements arising from this relationship.

2T HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 2T HOLDINGS LIMITED
- 7 -

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

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.

Use of our 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.

Robert Pluck (Senior Statutory Auditor)
For and on behalf of Moore
23 November 2023
Chartered Accountants
Statutory Auditor
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
2T HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
13,320,117
12,950,881
Cost of sales
(8,939,236)
(8,736,763)
Gross profit
4,380,881
4,214,118
Administrative expenses
(2,633,656)
(2,689,746)
Other operating income
43,405
37,502
Operating profit
4
1,790,630
1,561,874
Interest receivable and similar income
8
14,082
4,064
Fair value movements
9
(34,513)
149,130
Profit before taxation
1,770,199
1,715,068
Tax on profit
10
(367,787)
(345,325)
Profit for the financial year
1,402,412
1,369,743
Retained earnings brought forward
5,086,205
4,116,462
Dividends
(275,000)
(400,000)
Retained earnings carried forward
6,213,617
5,086,205
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
2T HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
316,191
299,902
Investment property
13
1,435,676
1,150,000
1,751,867
1,449,902
Current assets
Stocks
16
4,552,834
4,225,242
Debtors
17
2,853,831
2,833,757
Investments
18
473,383
256,464
Cash at bank and in hand
2,455,675
2,647,579
10,335,723
9,963,042
Creditors: amounts falling due within one year
19
(1,274,590)
(1,729,323)
Net current assets
9,061,133
8,233,719
Total assets less current liabilities
10,813,000
9,683,621
Provisions for liabilities
Deferred tax liability
20
89,187
87,220
(89,187)
(87,220)
Net assets
10,723,813
9,596,401
Capital and reserves
Called up share capital
22
200
200
Share premium account
4,509,996
4,509,996
Profit and loss reserves
6,213,617
5,086,205
Total equity
10,723,813
9,596,401

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
22 November 2023
T A Herridge
Director
Company registration number 08537154 (England and Wales)
2T HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
-
0
535
Investment property
13
1,435,676
1,150,000
Investments
14
3,760,096
3,760,096
5,195,772
4,910,631
Current assets
Debtors
17
1,361,701
1,200,857
Investments
18
473,383
256,464
Cash at bank and in hand
1,031,124
1,295,848
2,866,208
2,753,169
Creditors: amounts falling due within one year
19
(113,402)
(103,744)
Net current assets
2,752,806
2,649,425
Total assets less current liabilities
7,948,578
7,560,056
Provisions for liabilities
Deferred tax liability
20
41,086
41,220
(41,086)
(41,220)
Net assets
7,907,492
7,518,836
Capital and reserves
Called up share capital
22
200
200
Share premium account
4,509,996
4,509,996
Profit and loss reserves
3,397,296
3,008,640
Total equity
7,907,492
7,518,836

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 £664,176 (2022- £921,745 profit).

 

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
22 November 2023
T A Herridge
Director
Company registration number 08537154 (England and Wales)
2T HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,141,753
674,619
Income taxes paid
(389,923)
(257,418)
Net cash inflow from operating activities
751,830
417,201
Investing activities
Purchase of tangible fixed assets
(178,133)
(25,345)
Proceeds from disposal of tangible fixed assets
22,425
20,000
Purchase of investment property
(285,676)
-
Purchase of investments
(251,432)
(219)
Repayment of loans
10,000
99,975
Interest received
9,731
2,021
Dividends received
4,351
2,043
Net cash (used in)/generated from investing activities
(668,734)
98,475
Financing activities
Dividends paid to equity shareholders
(275,000)
(400,000)
Net cash used in financing activities
(275,000)
(400,000)
Net (decrease)/increase in cash and cash equivalents
(191,904)
115,676
Cash and cash equivalents at beginning of year
2,647,579
2,531,903
Cash and cash equivalents at end of year
2,455,675
2,647,579
2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 12 -
1
Accounting policies
Company information

2T Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 8, Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS.

 

The group consists of 2T 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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company 2T Holdings 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 May 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 13 -
1.4
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.

1.5
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from delivery charges are recognised in the period in which the corresponding sale relates.

1.6
Tangible fixed assets

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

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

Leasehold improvements
Evenly over the period of the lease
Plant and machinery
20% per annum reducing balance
Fixtures and fittings
20% per annum reducing balance
Computers
3 years straight line
Motor vehicles
25% per annum 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.

1.7
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.

1.8
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.

2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 14 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, 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.

2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 15 -
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.

2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 16 -
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.

2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 17 -
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

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.

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
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.

2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 18 -
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.

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.

Stock impairment

Stock lines that have not moved in 3 years are considered obsolete and are provided for in full.

Property valuation

Investment properties are valued annually by the directors.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
12,920,752
12,601,012
Delivery charges
399,365
349,869
13,320,117
12,950,881
2023
2022
£
£
Other revenue
Interest income
9,731
2,021
Dividends received
4,351
2,043
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(76,003)
(9,998)
Depreciation of owned tangible fixed assets
124,792
87,694
Loss/(profit) on disposal of tangible fixed assets
14,627
(1,539)
Operating lease charges
171,377
183,312
2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 19 -
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
5,800
5,400
Audit of the financial statements of the company's subsidiaries
13,500
12,600
19,300
18,000
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
Administration
15
12
-
-
Sales
8
10
-
-
Warehouse and production
20
21
-
-
Directors
2
2
2
2
Total
45
45
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,520,927
1,593,982
-
0
-
0
Social security costs
157,565
163,549
-
-
Pension costs
84,556
103,236
-
0
-
0
1,763,048
1,860,767
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
154,463
266,992
Company pension contributions to defined contribution schemes
33,333
40,000
187,796
306,992
2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
210,323
Company pension contributions to defined contribution schemes
n/a
40,000

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
6,473
475
Other interest income
3,258
1,546
Total interest revenue
9,731
2,021
Other income from investments
Dividends received
4,351
2,043
Total income
14,082
4,064
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,473
475
9
Fair value movements
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(34,513)
(15,213)
Other gains/(losses)
Changes in the fair value of investment properties
-
164,343
(34,513)
149,130
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
365,819
309,189
2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
10
Taxation
2023
2022
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
1,968
36,136
Total tax charge
367,787
345,325

In the March 2021 Budget it was announced that the UK tax rate will increase to 25% from 1 April 2023 and it was later confirmed in the March 2023 Budget that this will go ahead. An effective rate of 20.00% has therefore been used in the reconciliation below to take account of the year spanning the different tax rates.

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
1,770,199
1,715,068
Expected tax charge based on the standard rate of corporation tax in the UK of 20.00% (2022: 19.00%)
354,040
325,863
Tax effect of expenses that are not deductible in determining taxable profit
1,229
640
Tax effect of income not taxable in determining taxable profit
(878)
(388)
Effect of change in corporation tax rate
-
9,893
Depreciation on assets not qualifying for tax allowances
7,606
2,213
Effect of revaluations of investments
6,904
2,890
Other permanent differences
(1,114)
4,214
Taxation charge
367,787
345,325
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
275,000
400,000
2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 22 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2022
374,737
55,526
958,392
1,607
185,183
1,575,445
Additions
61,380
21,411
7,693
-
0
87,649
178,133
Disposals
-
0
(1,000)
(544,608)
-
0
(23,408)
(569,016)
At 31 May 2023
436,117
75,937
421,477
1,607
249,424
1,184,562
Depreciation and impairment
At 1 June 2022
261,150
46,839
837,450
1,072
129,032
1,275,543
Depreciation charged in the year
76,552
2,905
26,681
535
18,119
124,792
Eliminated in respect of disposals
-
0
(931)
(520,792)
-
0
(10,241)
(531,964)
At 31 May 2023
337,702
48,813
343,339
1,607
136,910
868,371
Carrying amount
At 31 May 2023
98,415
27,124
78,138
-
0
112,514
316,191
At 31 May 2022
113,587
8,687
120,942
535
56,151
299,902
Company
Computers
£
Cost
At 1 June 2022 and 31 May 2023
1,607
Depreciation and impairment
At 1 June 2022
1,072
Depreciation charged in the year
535
At 31 May 2023
1,607
Carrying amount
At 31 May 2023
-
0
At 31 May 2022
535
2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 23 -
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 June 2022
1,150,000
1,150,000
Additions through external acquisition
285,676
285,676
At 31 May 2023
1,435,676
1,435,676

Investment property comprises a number of residential and commercial properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,760,096
3,760,096
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2022 and 31 May 2023
3,760,096
Carrying amount
At 31 May 2023
3,760,096
At 31 May 2022
3,760,096
15
Subsidiaries

Details of the company's subsidiaries at 31 May 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Dual Pumps Limited
Unit 8 Hudson Road, Saxby Road Industrial Estate, Melton Mowbray, Leicestershire, LE13 1BS
Ordinary shares
100.00
2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 24 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
4,552,834
4,225,242
-
0
-
0

Included within finished goods and goods for resale is an impairment provision of £83,775 (2022 £83,130) for slow moving and obsolete items. Impairment is charged to cost of sales in the profit and loss account.

17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,509,701
2,434,583
1,575
1,575
Corporation tax recoverable
75,546
104,813
75,546
104,813
Amounts owed by group undertakings
-
-
1,058,463
858,463
Other debtors
222,500
232,500
222,500
232,500
Prepayments and accrued income
46,084
61,861
3,617
3,506
2,853,831
2,833,757
1,361,701
1,200,857
18
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
473,383
256,464
473,383
256,464
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
470,559
623,235
228
551
Corporation tax payable
255,819
309,189
106,367
97,461
Other taxation and social security
462,423
655,296
57
332
Other creditors
54,569
106,055
950
-
0
Accruals and deferred income
31,220
35,548
5,800
5,400
1,274,590
1,729,323
113,402
103,744
2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 25 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
48,101
46,134
Fair value differences
41,086
41,086
89,187
87,220
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
-
134
Fair value differences
41,086
41,086
41,086
41,220
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 June 2022
87,220
41,220
Charge/(credit) to profit or loss
1,967
(134)
Liability at 31 May 2023
89,187
41,086

The deferred tax liability set out above is not expected to change significantly within the next 12 months.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,556
103,236

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.

2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 26 -
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
200
200
100
100
Non-voting Ordinary shares of 50p each
200
200
100
100
400
400
200
200

The Ordinary 50p shares confer one vote per share held.

 

The Non-voting Ordinary 50p shares confer no right to vote except if a change to the Articles is proposed which would devalue or otherwise affect the value of the Non-Voting Shares.

 

The shares rank equally in all other respects.

 

23
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
2023
2022
2023
2022
£
£
£
£
Within one year
149,043
149,043
-
-
Between two and five years
370,581
518,639
-
-
519,624
667,682
-
-
Lessor

The operating leases represent short term tenancy agreements over residential properties with third parties.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
15,313
3,083
15,313
3,083
24
Events after the reporting date

Dividends totalling £175,000 were declared and paid in July 2023.

2T HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 27 -
25
Directors' transactions

Dividends totalling £167,750 (2022 - £244,000) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Advance
-
132,500
(10,000)
122,500
132,500
(10,000)
122,500

Advances to directors are interest free, unsecured and repayable on demand.

26
Controlling party

There is no ultimate controlling party.

27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,402,412
1,369,743
Adjustments for:
Taxation charged
367,787
345,325
Investment income
(14,082)
(4,064)
Loss/(gain) on disposal of tangible fixed assets
14,627
(1,539)
Fair value gain on investment properties
-
0
(164,343)
Depreciation and impairment of tangible fixed assets
124,792
87,694
Other gains and losses
34,513
15,213
Movements in working capital:
Increase in stocks
(327,592)
(1,107,368)
Increase in debtors
(59,341)
(87,202)
(Decrease)/increase in creditors
(401,363)
221,160
Cash generated from operations
1,141,753
674,619
28
Analysis of changes in net funds - group
1 June 2022
Cash flows
31 May 2023
£
£
£
Cash at bank and in hand
2,647,579
(191,904)
2,455,675
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