Company registration number 13165980 (England and Wales)
NEWICK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
NEWICK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr N J Dettmar
Mr C J Harper
(Appointed 1 June 2022)
Mr P J Clamp
(Appointed 26 July 2022)
Mr A J Bamford
(Appointed 1 June 2022)
Secretary
Mr P J Clamp
Company number
13165980
Registered office
Azzurri House
Walsall Business Park
Aldridge
Walsall
West Midlands
England
WS9 0RB
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
NEWICK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
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
Company statement of cash flows
15
Notes to the financial statements
16 - 29
NEWICK 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.

 

The principle activity of the group during the year continued to be staffing services involving the supply of contract and permanent skilled labour in the technology, change and engineering sectors. The company has continued to expand its service proposition through the provision of employed consultants, compliance and vetting services and private talent pool offering.

 

The period covered by this annual report has been once of wider economic uncertainty, high inflation, and rising interest rates. Our focus for the year was maintaining trading levels and building the foundations for future growth, whilst looking to limit the impact of an increasing cost base and cost of capital.

 

The group operates solely in the UK from Swindon (Head Office), Manchester, Birmingham, and London. Since the 31 May 2023 the Birmingham office has been closed in order to consolidate recruitment activities at our primary sites in Manchester and Swindon.

 

Review of the business

The results for the year under review are shown on pages 8-12 of the financial statements.

 

The Group's trading for the period has remained consistent with preceding 12 -month period turnover for the period of £69.8m, and a Gross Margin of 8.3% resulting in £5.8m of Net Fees.

 

Wider inflationary pressures mean that we have seen an increase to our cost base of 11% over the preceding 12-month period resulting in a reduction in adjusted (for exceptional items) EBITDA to £550k. Further to this the continued increase in the BoE base rate has led to increased financing cost on both our operational and longer-term facilities.

 

The impact of this is that the Group has moved to a pre-amortisation break-even position. Moving into the next financial year the focus will be on consolidating our trading position whilst looking to drive higher levels of productivity and efficiency into the business in order to offset inflation driven cost increases.

Principal risks and uncertainties

Potential financial risks that the group could be exposed to are:

 

Credit risk

The risk of payment default by clients is minimised by rigorous credit processes for all potential clients prior to agreeing terms of business; and the ongoing reassessment of current client credit levels.

 

Liquidity and interest rate risk

The Group funds its operation through an invoice discounting facility. The Group has managed to maintain low debtor days to help keep external borrowing to a manageable level. The Directors regularly review funding arrangements and maintain good working relationships with providers.

 

Market risk

The IT and engineering recruitment markets are highly competitive. Potential loss of business to competitors is mitigated by contracting with key clients via preferred supplier agreements and through an enhanced service proposition. The Group has invested in evolving its service proposition to include the provision of Managed Services which has helped it maintain its volumes during recent turbulent times. The group are members of the association of professional staffing companies (APSCo) and adheres to the APSCo code of conduct.

NEWICK HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Key performance indicators

The Group operates Key Performance Indicators (KPI's) to measure performance in key activities. This provides management with the data and trend analysis required to make timely and informed decisions. The Group monitors turnover, gross profit margin, EBITDA and operating profit margin.

 

Year End

FY23

FY22

 

 

 

Turnover

£69.8m

£86.0m

Gross Profit

£5.8m

£7.2m

Gross Profit %

8.3%

8.4%

EBITDA

£0.5m

£1.3m

Operating profit/​ (loss)

£117k

£889k

Operating profit/​ (loss) %

0.2%

1.03%

 

On behalf of the board

Mr N J Dettmar
Director
25 January 2024
NEWICK 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 group continued to be that of staffing services involving the supply of contract and permanent skilled labour in the technology, change and engineering sectors.

Results and dividends

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

No ordinary dividends were paid. 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:

Mr N J Dettmar
Mrs V R Parker
(Resigned 26 July 2022)
Mr C J Harper
(Appointed 1 June 2022)
Mr P J Clamp
(Appointed 26 July 2022)
Mr A J Bamford
(Appointed 1 June 2022)
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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
Mr N J Dettmar
Director
25 January 2024
NEWICK HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2023
- 4 -

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

 

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

NEWICK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NEWICK HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Newick Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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:

NEWICK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEWICK 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.

 

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

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.

NEWICK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEWICK HOLDINGS LIMITED
- 7 -

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.

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
25 January 2024
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
NEWICK HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
Year
Period
ended
ended
31 May
31 May
2023
2022
Notes
£
£
Turnover
3
69,819,717
86,004,480
Cost of sales
(64,005,977)
(78,826,630)
Gross profit
5,813,740
7,177,850
Administrative expenses
(5,696,844)
(6,289,021)
Operating profit
4
116,896
888,829
Interest payable and similar expenses
8
(386,415)
(317,377)
(Loss)/profit before taxation
(269,519)
571,452
Tax on (loss)/profit
9
(4,581)
(122,931)
(Loss)/profit for the financial year
(274,100)
448,521
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
NEWICK HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
Year
Period
ended
ended
31 May
31 May
2023
2022
£
£
(Loss)/profit for the year
(274,100)
448,521
Other comprehensive income
-
-
Total comprehensive income for the year
(274,100)
448,521
Total comprehensive income for the year is all attributable to the owners of the parent company.
NEWICK HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
4,251,989
4,498,994
Tangible assets
11
70,884
78,857
4,322,873
4,577,851
Current assets
Debtors
14
7,539,072
9,533,410
Cash at bank and in hand
1,533,531
1,498,834
9,072,603
11,032,244
Creditors: amounts falling due within one year
15
(11,456,985)
(12,744,959)
Net current liabilities
(2,384,382)
(1,712,715)
Total assets less current liabilities
1,938,491
2,865,136
Creditors: amounts falling due after more than one year
16
(1,194,444)
(1,848,659)
Provisions for liabilities
Deferred tax liability
19
11,995
10,325
(11,995)
(10,325)
Net assets
732,052
1,006,152
Capital and reserves
Called up share capital
21
80
80
Share premium account
557,551
557,551
Profit and loss reserves
174,421
448,521
Total equity
732,052
1,006,152
The financial statements were approved by the board of directors and authorised for issue on 25 January 2024 and are signed on its behalf by:
25 January 2024
Mr N J Dettmar
Director
Company registration number 13165980 (England and Wales)
NEWICK HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
5,198,678
5,198,678
Current assets
Debtors
14
29,038
71,381
Cash at bank and in hand
10,050
10,080
39,088
81,461
Creditors: amounts falling due within one year
15
(1,476,330)
(726,628)
Net current liabilities
(1,437,242)
(645,167)
Total assets less current liabilities
3,761,436
4,553,511
Creditors: amounts falling due after more than one year
16
(1,194,444)
(1,848,659)
Net assets
2,566,992
2,704,852
Capital and reserves
Called up share capital
21
80
80
Share premium account
557,551
557,551
Profit and loss reserves
2,009,361
2,147,221
Total equity
2,566,992
2,704,852

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £137,859 (2022 - £2,147,221 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 January 2024 and are signed on its behalf by:
25 January 2024
Mr N J Dettmar
Director
Company registration number 13165980 (England and Wales)
NEWICK HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 28 January 2021
-
0
-
0
-
0
-
Period ended 31 May 2022:
Profit and total comprehensive income
-
-
448,521
448,521
Issue of share capital
21
80
557,551
-
557,631
Balance at 31 May 2022
80
557,551
448,521
1,006,152
Year ended 31 May 2023:
Loss and total comprehensive income
-
-
(274,100)
(274,100)
Balance at 31 May 2023
80
557,551
174,421
732,052
NEWICK HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 28 January 2021
-
0
-
0
-
0
-
Period ended 31 May 2022:
Profit and total comprehensive income for the period
-
-
2,147,221
2,147,221
Issue of share capital
21
80
557,551
-
557,631
Balance at 31 May 2022
80
557,551
2,147,221
2,704,852
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
(137,860)
(137,860)
Balance at 31 May 2023
80
557,551
2,009,361
2,566,992
NEWICK HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,123,700
3,899,300
Interest paid
(386,415)
(317,377)
Income taxes (paid)/refunded
(146,753)
34,147
Net cash inflow from operating activities
590,532
3,616,070
Investing activities
Purchase of intangible assets
-
(4,807,751)
Purchase of tangible fixed assets
(22,836)
(119,590)
Proceeds from disposal of tangible fixed assets
720
(13,592)
Repayment of loans
500
(500)
Net cash used in investing activities
(21,616)
(4,941,433)
Financing activities
Proceeds from issue of shares
-
557,631
Issue of convertible loans
-
1,150,000
Repayment of borrowings
(534,219)
1,116,566
Net cash (used in)/generated from financing activities
(534,219)
2,824,197
Net increase in cash and cash equivalents
34,697
1,498,834
Cash and cash equivalents at beginning of year
1,498,834
-
0
Cash and cash equivalents at end of year
1,533,531
1,498,834
NEWICK HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
658,713
237,340
Interest paid
(124,524)
(33,893)
Net cash inflow from operating activities
534,189
203,447
Investing activities
Proceeds from disposal of subsidiaries
-
0
(5,198,678)
Dividends received
-
0
2,181,114
Net cash used in investing activities
-
(3,017,564)
Financing activities
Proceeds from issue of shares
-
557,631
Issue of convertible loans
-
1,150,000
Repayment of borrowings
(534,219)
1,116,566
Net cash (used in)/generated from financing activities
(534,219)
2,824,197
Net (decrease)/increase in cash and cash equivalents
(30)
10,080
Cash and cash equivalents at beginning of year
10,080
-
0
Cash and cash equivalents at end of year
10,050
10,080
NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 16 -
1
Accounting policies
Company information

Newick Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Azzurri House, Walsall Business Park, Aldridge, Walsall, West Midlands, England, WS9 0RB.

 

The group consists of Newick 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. 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 Newick 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.

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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:

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
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.

NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 18 -
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 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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.11
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.

NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 19 -
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, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group, 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.

NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

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.

1.12
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.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 21 -
1.16
Leases

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
67,292,655
82,601,103
Europe
2,228,390
3,171,769
Rest of the world
298,672
231,608
69,819,717
86,004,480
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
5,059
4,944
Depreciation of owned tangible fixed assets
22,037
40,733
Loss on disposal of tangible fixed assets
8,051
13,592
Amortisation of intangible assets
247,006
308,757
Operating lease charges
8,827
5,059
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
-
-
Audit of the financial statements of the company's subsidiaries
28,313
47,802
NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 22 -
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
Directors
4
3
4
3
Recruitment Consultants & Admin Staff
84
94
-
-
PAYE Contractors
69
90
-
-
Total
157
187
4
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,693,300
3,264,901
-
0
-
0
Social security costs
309,017
290,934
-
-
Pension costs
68,392
75,174
-
0
-
0
4,070,709
3,631,009
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
781,765
790,206
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
306,582
462,379
Company pension contributions to defined contribution schemes
-
2,138
NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 23 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
261,891
283,484
Other interest on financial liabilities
124,524
33,893
386,415
317,377
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,911
191,234
Adjustments in respect of prior periods
-
0
(63,473)
Total current tax
2,911
127,761
Deferred tax
Origination and reversal of timing differences
1,670
(4,830)
Total tax charge
4,581
122,931

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

2023
2022
£
£
(Loss)/profit before taxation
(269,519)
571,452
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(51,209)
108,576
Tax effect of expenses that are not deductible in determining taxable profit
37,492
10,873
Permanent capital allowances in excess of depreciation
13,372
61,831
Research and development tax credit
-
0
(69,885)
Other non-reversing timing differences
3,256
1,085
Under/(over) provided in prior years
-
0
15,281
1,670
(4,830)
Taxation charge
4,581
122,931
NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 24 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
4,807,752
Amortisation and impairment
At 1 June 2022
308,757
Amortisation charged for the year
247,006
At 31 May 2023
555,763
Carrying amount
At 31 May 2023
4,251,989
At 31 May 2022
4,498,994
The company had no intangible fixed assets at 31 May 2023 or 31 May 2022.
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2022
3,663
10,330
105,598
119,591
Additions
1,174
-
0
21,662
22,836
Disposals
-
0
-
0
(35,274)
(35,274)
At 31 May 2023
4,837
10,330
91,986
107,153
Depreciation and impairment
At 1 June 2022
1,554
2,697
36,481
40,732
Depreciation charged in the year
434
1,380
20,225
22,039
Eliminated in respect of disposals
-
0
-
0
(26,502)
(26,502)
At 31 May 2023
1,988
4,077
30,204
36,269
Carrying amount
At 31 May 2023
2,849
6,253
61,782
70,884
At 31 May 2022
2,109
7,632
69,116
78,857
The company had no tangible fixed assets at 31 May 2023 or 31 May 2022.
NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 25 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
5,198,678
5,198,678
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2022 and 31 May 2023
5,198,678
Carrying amount
At 31 May 2023
5,198,678
At 31 May 2022
5,198,678
13
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
Outsource UK Limited
United Kingdom
Ordinary
100.00
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,100,338
6,923,912
-
0
-
0
Other debtors
26,369
9,347
-
0
-
0
Prepayments and accrued income
2,412,365
2,600,151
29,038
71,381
7,539,072
9,533,410
29,038
71,381
NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 26 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
17
537,903
533,333
537,903
533,333
Trade creditors
2,129,094
1,802,483
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
880,786
193,295
Corporation tax payable
2,911
146,753
-
0
-
0
Other taxation and social security
690,920
838,053
-
-
Other creditors
3,461,067
3,730,289
57,641
-
0
Accruals and deferred income
4,635,090
5,694,048
-
0
-
0
11,456,985
12,744,959
1,476,330
726,628
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Convertible loans
18
1,150,000
1,150,000
1,150,000
1,150,000
Other borrowings
17
44,444
583,233
44,444
583,233
Other creditors
-
0
115,426
-
0
115,426
1,194,444
1,848,659
1,194,444
1,848,659
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
582,347
1,116,566
582,347
1,116,566
Payable within one year
537,903
533,333
537,903
533,333
Payable after one year
44,444
583,233
44,444
583,233

The long-term loans are secured by fixed and floating charges over all assets.

Other loans are due to be repaid over 25 months with interest to be paid at 5% above base rate.

NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 27 -
18
Convertible loan notes
Group
Company
2023
2022
2023
2022
£
£
£
£
Liability component of convertible loan notes
1,150,000
1,150,000
1,150,000
1,150,000

The net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity.

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date.

No interest was to be charged until February 2023 when interest became payable at 10%.

The equity component of the convertible loan notes has been credited to the equity reserve.

19
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
11,995
10,325
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 June 2022
10,325
-
Charge to profit or loss
1,670
-
Liability at 31 May 2023
11,995
-
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,392
75,174
NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
20
Retirement benefit schemes
(Continued)
- 28 -

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.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
8,000
8,000
80
80
22
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
253,057
457,790
-
-
Between two and five years
231,625
525,484
-
-
484,682
983,274
-
-
23
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(274,100)
448,521
Adjustments for:
Taxation charged
4,581
122,931
Finance costs
386,415
317,377
Loss on disposal of tangible fixed assets
8,051
13,592
Amortisation and impairment of intangible assets
247,006
308,757
Depreciation and impairment of tangible fixed assets
22,037
40,733
Movements in working capital:
Decrease/(increase) in debtors
1,993,838
(9,532,910)
(Decrease)/increase in creditors
(1,264,128)
12,180,299
Cash generated from operations
1,123,700
3,899,300
NEWICK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 29 -
24
Cash generated from operations - company
2023
2022
£
£
(Loss)/profit for the year after tax
(137,860)
2,147,221
Adjustments for:
Finance costs
124,524
33,893
Investment income
-
0
(2,181,114)
Movements in working capital:
Decrease/(increase) in debtors
42,343
(71,381)
Increase in creditors
629,706
308,721
Cash generated from operations
658,713
237,340
25
Analysis of changes in net debt - group
1 June 2022
Cash flows
31 May 2023
£
£
£
Cash at bank and in hand
1,498,834
34,697
1,533,531
Borrowings excluding overdrafts
(1,116,566)
534,219
(582,347)
Convertible loan notes
(1,150,000)
-
(1,150,000)
(767,732)
568,916
(198,816)
26
Analysis of changes in net debt - company
1 June 2022
Cash flows
31 May 2023
£
£
£
Cash at bank and in hand
10,080
(30)
10,050
Borrowings excluding overdrafts
(1,116,566)
534,219
(582,347)
Convertible loan notes
(1,150,000)
-
(1,150,000)
(2,256,486)
534,189
(1,722,297)
2023-05-312022-06-01falseCCH SoftwareCCH Accounts Production 2023.300Mr N J DettmarMrs V R ParkerMr C J HarperMr A J BamfordMr A J BamfordMr P J 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