Company registration number 05876788 (England and Wales)
3P LOGISTICS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
3P LOGISTICS LIMITED
COMPANY INFORMATION
Directors
I J A Walker
J E Walker
D N Holland
(Appointed 8 January 2024)
A D Hill
(Appointed 8 January 2024)
Secretary
J E Walker
Company number
05876788
Registered office
Three Sisters Road
Ashton-in-Makerfield
Wigan
WN4 9GD
Accountants
Cowgills Limited
Fourth Floor
Unit 5B The Parklands
Bolton
BL6 4SD
3P LOGISTICS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Accountants' report
3
Profit and loss account
4
Balance sheet
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 15
3P LOGISTICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 July 2023.
Principal activities
3P Logistics (3PL) are an established mid-market omnichannel fulfilment & logistics specialist, providing technology enabled operational support to a range of national & international ecommerce retail brands. It's core activities includes:
Omnichannel fulfilment (D2C & B2B)
Integrated parcel and pallet delivery
Software as a service (SAAS) via its proprietary platform
Contact centre response handling
Value added operations inc pre-retail support, Amazon preparation and returns management.
Review of the business
The results for the year are set out in the attached financial statements.
A transformational year for the business with a significant step change in revenues fuelled by several substantial new long term contract wins alongside organic growth of existing long standing customers. Trading performance was healthy with revenues up by 70% on prior year underpinned by a positive impact to gross profit of 44% whilst operating profit increased by 80%. The headcount increase is relative to the sizeable uplift in demand whilst a spike in christmas seasonal demands has resulted in an increased use of flexible short term labour.
“Brand 3PL” continues to build brand equity with sector prominence on Google search. As a result of a growing brand prominence inbound search traffic remains consistently buoyant in driving the new business pipeline with a low cost per acquisition outcome.
Innovation wise it’s in house proprietary software platform “Fusion Technologies” continues to evolve through a pre-determined road map of development driving increased customer engagement and operational excellence. As market awareness grows so does a growing interest for a “white label” SAAS solution from fellow operators from within the sector.
The directors are very encouraged by what has been a strong year. This is especially encouraging given the well documented trading headwinds of reduced consumer spending and a rising cost to serve. Thereafter continued investments and a decision to absorb increased costs in certain areas have also been adverse factors to contend with.
The directors maintain a cautionary approach on short to mid-term trading given the economic uncertainties across the globe which in turn may adversely impact market forces.
As the business continues to reshape for future growth it is well placed to remain resilient and to further capitalise on the various investments made to date.
3P LOGISTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Highlights include:
A further year of increased brand equity for “Brand 3PL” supported by associated search metrics.
A significant upturn in annual sales revenues resulting from new contract wins and organic growth.
A positive upturn in operating margins borne from smarter procurement and increased efficiencies.
A renewed focus on delivering its Omnichannel strategy and services eco system.
The expansion of its Senior Management team and internal promotions to heads of department.
Continued module-based advancement of proprietary technologies. .
Continued investment in quality, analytics, training, safety and sustainability.
A relaunch of the Company’s Purpose, Mission, Vision and Values.
Further reduction in borrowings in line with schedule resulting in an increase in free cash flow.
The directors would like to thank all stakeholders for their collaborative support during the year. The year ahead will continue a theme of renewed energy and an increased appetite for change and growth including the introduction of a newly formed Executive Leadership Team as a newly formed board of directors.
Maximising stakeholder value remains the company’s primary focus through the attraction and retention of great people and in delighting our customers. The three primary verticals of people, physical infrastructure, and technologies will continue to be the focal point of ongoing investment as the business continues to be a debt light / asset light business model. The directors are pleased with trading in the early stages of the new financial year and remain cautiously optimistic of the mid to long term future.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
I J A Walker
J E Walker
D N Holland
(Appointed 8 January 2024)
A D Hill
(Appointed 8 January 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
I J A Walker
Director
11 March 2024
3P LOGISTICS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 3P LOGISTICS LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 3P Logistics Limited for the year ended 31 July 2023 set out on pages 4 to 15 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of 3P Logistics Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of 3P Logistics Limited and state those matters that we have agreed to state to the Board of Directors of 3P Logistics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 3P Logistics Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that 3P Logistics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 3P Logistics Limited. You consider that 3P Logistics Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of 3P Logistics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Cowgills Limited
11 March 2024
Chartered Accountants
Fourth Floor
Unit 5B The Parklands
Bolton
BL6 4SD
3P LOGISTICS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
2023
2022
£
£
Turnover
11,452,704
6,786,469
Cost of sales
(8,252,420)
(4,572,324)
Gross profit
3,200,284
2,214,145
Administrative expenses
(2,746,451)
(2,013,104)
Other operating income
38,749
69,261
Operating profit
492,582
270,302
Interest receivable and similar income
6,513
283
Interest payable and similar expenses
(64,311)
(44,137)
Profit before taxation
434,784
226,448
Tax on profit
(44,266)
31,015
Profit for the financial year
390,518
257,463
The profit and loss account has been prepared on the basis that all operations are continuing operations.
3P LOGISTICS LIMITED
BALANCE SHEET
- 5 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
694,763
712,561
Current assets
Debtors
5
1,090,946
1,249,528
Cash at bank and in hand
1,047,832
851,169
2,138,778
2,100,697
Creditors: amounts falling due within one year
6
(1,229,874)
(1,303,183)
Net current assets
908,904
797,514
Total assets less current liabilities
1,603,667
1,510,075
Creditors: amounts falling due after more than one year
7
(563,379)
(802,714)
Provisions for liabilities
(40,271)
Net assets
1,000,017
707,361
Capital and reserves
Called up share capital
8
78
78
Share premium account
5,066
5,066
Revaluation reserve
137,682
161,437
Capital redemption reserve
23
23
Profit and loss reserves
857,168
540,757
Total equity
1,000,017
707,361
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
3P LOGISTICS LIMITED
BALANCE SHEET (CONTINUED)
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 11 March 2024 and are signed on its behalf by:
I J A Walker
Director
Company registration number 05876788 (England and Wales)
3P LOGISTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
As restated for the period ended 31 July 2022:
Balance at 1 August 2021
78
5,066
187,760
23
375,527
568,454
Year ended 31 July 2022:
Profit and total comprehensive income
-
-
-
-
257,463
257,463
Dividends
-
-
-
-
(118,556)
(118,556)
Transfers
-
-
(26,323)
-
26,323
-
Balance at 31 July 2022
78
5,066
161,437
23
540,757
707,361
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
-
390,518
390,518
Dividends
-
-
-
-
(97,862)
(97,862)
Transfers
-
-
(23,755)
-
23,755
-
Balance at 31 July 2023
78
5,066
137,682
23
857,168
1,000,017
3P LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
1
Accounting policies
Company information
3P Logistics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Three Sisters Road, Ashton-in-Makerfield, Wigan, WN4 9GD.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of leasehold improvements and plant and machinery at fair value. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the provision of services is recognised on completion of the service, when 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.
1.3
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
10% p.a straight line
Plant and machinery
15% - 20% p.a reducing balance
Fixtures, fittings & equipment
15% p.a 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 credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company 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.
3P LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 9 -
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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 company after deducting all of its liabilities.
3P LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 10 -
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.
1.7
Equity instruments
Equity instruments issued by the company 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 company.
1.8
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 company’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 when the company has 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.
1.9
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.
3P LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 11 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases 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.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Prior period adjustment
A prior year adjustment has been made to reclassify loans of £210,126 previously included within bank loans, amounts falling due after more than one year, to other loans as included in other creditors, amounts falling due after more than one year. There has been no impact on previously reported profit or net assets.
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
257,463
Profit as adjusted
257,463
3P LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 12 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
94
63
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 August 2022
267,715
900,764
174,105
1,342,584
Additions
35,677
61,411
97,088
At 31 July 2023
267,715
936,441
235,516
1,439,672
Depreciation and impairment
At 1 August 2022
87,259
453,004
89,760
630,023
Depreciation charged in the year
26,772
73,984
14,130
114,886
At 31 July 2023
114,031
526,988
103,890
744,909
Carrying amount
At 31 July 2023
153,684
409,453
131,626
694,763
At 31 July 2022
180,456
447,760
84,345
712,561
On 31 July 2020, leasehold improvements and plant and machinery were revalued on an open market basis by the directors, to reflect the true and fair value of the value of the assets held. The revalued fixed assets have been depreciated since this revaluation date in accordance with the accounting policies.
If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
684,275
684,275
Accumulated depreciation
(451,003)
(416,420)
Carrying value
233,272
267,855
3P LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 13 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
321,639
593,126
Amounts owed by group undertakings
115,120
115,120
Other debtors
429,287
312,387
866,046
1,020,633
Deferred tax asset
3,995
866,046
1,024,628
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
224,900
224,900
Total debtors
1,090,946
1,249,528
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,043
9,787
Trade creditors
761,164
628,965
Taxation and social security
60,001
39,481
Other creditors
398,666
624,950
1,229,874
1,303,183
Bank loans relate to a bounce back loan, which is secured by the UK Government under the Bounce Back Loan Scheme "BBLS".
Other creditors includes £38,149 (2022: £77,549) in respect of obligations under hire purchase contracts, which are secured against the assets to which they relate.
Other creditors includes £Nil (2022: £235,911) in respect of an Invoice Discounting facility, which is secured on associated trade debtor balances.
Other creditors includes £86,317 (2022: £88,513) in respect of non-bank loans, which is secured.
3P LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 14 -
7
Creditors: amounts falling due after more than one year
2023
2022
as restated
£
£
Bank loans
19,073
28,348
Other creditors
544,306
774,366
563,379
802,714
Bank loans relate to a bounce back loan, which is secured by the UK Government under the Bounce Back Loan Scheme "BBLS".
Other creditors includes £16,930 (2022: £45,845) in respect of obligations under hire purchase contracts, which are secured against the assets to which they relate.
Other creditors includes £240,716 (2022: £394,654) in respect of non-bank loans, which is secured.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
6,200
6,200
62
62
Ordinary A shares of 1p each
1,600
1,600
16
16
7,800
7,800
78
78
3P LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 15 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
4,041,265
4,671,388
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
87,083
10
Parent company
The company is controlled by 3PL Group Limited, a company registered in England and Wales.
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