Company registration number 12157190 (England and Wales)
WYLYE VALLEY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
WYLYE VALLEY HOLDINGS LIMITED
COMPANY INFORMATION
Director
C S Brammall
Company number
12157190
Registered office
King Street
Wilton
Salisbury
Wiltshire
United Kingdom
SP2 0AY
Auditor
Azets Audit Services
Secure House
Lulworth Close
Chandlers Ford
Southampton
Hampshire
SO53 3TL
WYLYE VALLEY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 31
WYLYE VALLEY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The director presents the strategic report for the year ended 31 August 2023.

Review of the business

Turnover for the year ended 31 August 2023 increased by £1.035m (14%) to £8.524m primarily due to the impact of the COVID-19 pandemic decreasing. Gross margin, has increased slightly to 41.6% (2022: 37.5%).


Group profit before tax on continuing operations for the year was £515k compared to a profit of £97k in the previous year. The group ended the year with net current assets totalling £726k (2022: £563k). Cash in hand increased to £634k (2022: £319k).

 

No dividends were paid by the group during the year (2022: £nil), but the parent company did complete a capital redemption of £2m.

Principal risks and uncertainties

Market: Competition from key competitors and pressure on margins.

To reduce this risk the group continues to seek new national and international markets in which to sell its products. Further, the group continually looks to produce new and innovative product that allows it to differentiate itself from other competitors in the marketplace. The group is continually looking at costs to make sure it remains as efficient as possible.

 

IT Systems: Sufficiently rapid access to and accuracy of data; cyber security.

The group continues to attach great importance to its IT systems and their regular upgrading with direct participation at board level.

 

Inflation & Supply Chain: The recent world events have caused significant upward pressure on prices and damage to supply chains. The group continues to work hard with suppliers to mitigate these effects and to seek ever greater efficiency in sourcing.

 

Reputation: Quality of products and services; information security.

The quality of product is of paramount importance to the group. Great care is taken to work with the right suppliers to maintain and enhance standards. The group places great emphasis on security awareness, particularly at mid and high management levels.

 

Credit and cash flow: Any concentration of credit with individual customers and relaxation of good credit management. The group ensures that appropriate due diligence is carried out on new customers and maintains a strong emphasis on the management of good credit control overall.

 

Interest rates: Exposure to cash flow interest rate risk.

The group has traditionally ensured that it has a very low level of borrowing relative to its assets and thus has no significant exposure to interest rate risk.

 

Liquidity: Exposure to inadequate cash flows.

The combined availability of bank balances and continued strong positive cash flows prevents any significant exposure to liquidity risk.

 

Investment & Staffing: The resultant changes in society caused by the recent pandemic and advances in weaving technology mean that investment in the machine base to drive greater efficiency have become even more critical. Therefore the group have reviewed and implemented a revised machine investment strategy which commenced in 2021 and has already resulted in major improvements in output levels and staff retention.

WYLYE VALLEY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -

On behalf of the board

C S Brammall
Director
16 April 2024
WYLYE VALLEY HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The director presents his annual report and financial statements for the year ended 31 August 2023.

Principal activities

The principal activity of the group is the manufacture and wholesale of carpets.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

C S Brammall
Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

On behalf of the board
C S Brammall
Director
16 April 2024
WYLYE VALLEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WYLYE VALLEY HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Wylye Valley Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise 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 director's 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 director 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 director is 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.

WYLYE VALLEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYLYE VALLEY HOLDINGS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WYLYE VALLEY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYLYE VALLEY HOLDINGS LIMITED
- 6 -

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

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

 

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

 

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

 

 

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

Use of our report

This report is made solely to the 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.

Jon Brand FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
19 April 2024
Chartered Accountants
Statutory Auditor
Secure House
Lulworth Close
Chandlers Ford
Southampton
Hampshire
SO53 3TL
WYLYE VALLEY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
2023
2022
as restated
Notes
£
£
Turnover
3
8,524,234
7,489,031
Cost of sales
(4,974,029)
(4,677,428)
Gross profit
3,550,205
2,811,603
Administrative expenses
(2,985,532)
(2,677,308)
Operating profit
4
564,673
134,295
Interest receivable and similar income
7
-
0
1,250
Interest payable and similar expenses
8
(49,405)
(39,021)
Profit before taxation
515,268
96,524
Tax on profit
9
(78,290)
(57,143)
Profit for the financial year
436,978
39,381
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.
WYLYE VALLEY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 8 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,503,856
2,489,788
Current assets
Stocks
13
1,658,365
1,397,096
Debtors
14
991,085
1,166,617
Cash at bank and in hand
633,948
318,603
3,283,398
2,882,316
Creditors: amounts falling due within one year
15
(2,579,123)
(2,319,457)
Net current assets
704,275
562,859
Total assets less current liabilities
4,208,131
3,052,647
Creditors: amounts falling due after more than one year
16
(1,091,557)
(441,766)
Provisions for liabilities
Deferred tax liability
19
181,497
112,782
(181,497)
(112,782)
Net assets
2,935,077
2,498,099
Capital and reserves
Called up share capital
21
1,866,668
1,866,668
Capital redemption reserve
1,733,336
3,733,336
Merger reserve
(5,561,001)
(5,561,001)
Profit and loss reserves
4,896,074
2,459,096
Total equity
2,935,077
2,498,099
The financial statements were approved and signed by the director and authorised for issue on 16 April 2024
16 April 2024
C S Brammall
Director
WYLYE VALLEY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
11
3,600,004
3,600,004
Current assets
Cash at bank and in hand
19,599
19,810
Creditors: amounts falling due within one year
15
(21,151)
(15,338)
Net current (liabilities)/assets
(1,552)
4,472
Net assets
3,598,452
3,604,476
Capital and reserves
Called up share capital
21
1,866,668
1,866,668
Capital redemption reserve
1,733,336
3,733,336
Profit and loss reserves
(1,552)
(1,995,528)
Total equity
3,598,452
3,604,476

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 £6,024 (2022 - £2,009,417 loss).

The financial statements were approved and signed by the director and authorised for issue on 16 April 2024
16 April 2024
C S Brammall
Director
Company registration number 12157190 (England and Wales)
WYLYE VALLEY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
Share capital
Capital redemption reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 August 2022:
Balance at 1 September 2021
1,866,668
3,733,336
(5,561,001)
2,419,715
2,458,718
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
-
39,381
39,381
Balance at 31 August 2022
1,866,668
3,733,336
(5,561,001)
2,459,096
2,498,099
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
-
436,978
436,978
Capital redemption
21
-
(2,000,000)
-
2,000,000
-
Balance at 31 August 2023
1,866,668
1,733,336
(5,561,001)
4,896,074
2,935,077
WYLYE VALLEY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 August 2022:
Balance at 1 September 2021
1,866,668
3,733,336
13,889
5,613,893
Year ended 31 August 2022:
Loss and total comprehensive income for the year
-
-
(2,009,417)
(2,009,417)
Balance at 31 August 2022
1,866,668
3,733,336
(1,995,528)
3,604,476
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
-
(6,024)
(6,024)
Capital redemption
21
-
(2,000,000)
2,000,000
-
Balance at 31 August 2023
1,866,668
1,733,336
(1,552)
3,598,452
WYLYE VALLEY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,130,344
526,283
Interest paid
(49,405)
(39,021)
Income taxes paid
(27,688)
(56,451)
Net cash inflow from operating activities
1,053,251
430,811
Investing activities
Purchase of tangible fixed assets
(397,773)
(173,216)
Interest received
-
0
1,250
Net cash used in investing activities
(397,773)
(171,966)
Financing activities
Repayment of bank loans
(95,401)
(103,260)
Payment of finance leases obligations
(244,740)
(191,792)
Net cash used in financing activities
(340,141)
(295,052)
Net increase/(decrease) in cash and cash equivalents
315,337
(36,207)
Cash and cash equivalents at beginning of year
318,603
354,810
Cash and cash equivalents at end of year
633,940
318,603
Relating to:
Cash at bank and in hand
633,948
318,603
Bank overdrafts included in creditors payable within one year
(8)
-
WYLYE VALLEY HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(211)
(229)
Net decrease in cash and cash equivalents
(211)
(229)
Cash and cash equivalents at beginning of year
19,810
20,039
Cash and cash equivalents at end of year
19,599
19,810
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 14 -
1
Accounting policies
Company information

Wylye Valley Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is King Street, Wilton, Salisbury, Wiltshire, United Kingdom, SP2 0AY.

 

The group consists of Wylye Valley 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
Basis of consolidation

The consolidated financial statements incorporate those of Wylye Valley Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 August 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.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet and likely future cash flows of the business. He has also considered the facilities and cash that are in place at this point in time and at least one year from the date that the fiancial statements will be signed. Thus the director believes it is appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

1.5
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.

WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 15 -

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

Freehold land and buildings
Not depreciated
Plant and machinery
10% - 33% straight line
Fixtures and fittings
10% - 33% straight line
Motor vehicles
10% straight line

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.

Company

The individual company had no tangible fixed assets at 31 August 2022 or 31 August 2021.

1.6
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.

 

Interest income on debt securities, where applicable, is recognised in income using the effective income method. Dividends on equity securities are recognised in income when receivable.

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.

1.7
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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

The cost of the finishes goods and work in progress comprises direct materials and where, applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

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.

WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 16 -
1.9
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.

1.10
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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Taxation

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

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

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 18 -
1.15
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determine whether leases entered into are operating or finance leases

These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Determine whether there are any indicators of impairment of assets

Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Determine whether borrowings are classed as current or non-current borrowings

These decisions depend on the cash flow requirements of the company and whether the borrowings in the company can be repaid.

WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.

Tangible fixed assets

Tangible fixed assets, other than land and buildings, are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into consideration. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

 

Land is not depreciated in accordance with FRS 102. Buildings, excluding separately identified components, are not depreciated, however are reviewed annually for impairment. It is the company's practice to maintain these assets in a continual state of sound repair and make improvements thereto from time to time. The life of the asset is considered to be so long and residual value so high that depreciation is insignificant and any permanent diminution in value would be recognised in profit or loss for the year. This is supported by periodic valuations performed by chartered surveyors not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and is based on recent market transactions on arm’s length terms for similar properties.

Stock

Overheads are reviewed over a four month period and absorbed into the cost of stock based on metres woven. Stock is reviewed annually for impairment and a stock provision is provided for accordingly on a line by line basis. Condition of stock is reviewed to determine if it is no longer suitable for its intended use.

Work in progress

Determine the stage of completion of work in progress and assess the progress of each contract.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
8,524,234
7,489,031
2023
2022
£
£
Turnover analysed by geographical market
UK
7,373,554
6,249,809
Europe
496,887
622,598
Rest of the world
653,793
616,624
8,524,234
7,489,031
2023
2022
£
£
Other revenue
Interest income
-
1,250
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 20 -
4
Operating profit
2023
2022
as restated
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
8,107
(5,606)
Depreciation of owned tangible fixed assets
345,577
251,621
(Profit)/loss on disposal of tangible fixed assets
-
4,878
Operating lease charges
58,721
60,177
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
5,000
5,200
Audit of the financial statements of the company's subsidiaries
13,000
12,450
18,000
17,650
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
Production
64
56
-
-
Administration and support
28
28
-
-
Directors
1
5
1
1
Total
93
89
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,149,008
2,770,975
-
0
-
0
Social security costs
321,614
282,137
-
-
Pension costs
64,989
60,287
-
0
-
0
3,535,611
3,113,399
-
0
-
0
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 21 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
1,250
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
1,250
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
18,242
25,053
Other finance costs:
Interest on finance leases and hire purchase contracts
31,163
13,968
Total finance costs
49,405
39,021
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
21,775
35,868
Adjustments in respect of prior periods
(12,200)
11,030
Total current tax
9,575
46,898
Deferred tax
Origination and reversal of timing differences
68,715
10,245
Total tax charge
78,290
57,143
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
9
Taxation
(Continued)
- 22 -

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
as restated
£
£
Profit before taxation
515,268
96,524
Expected tax charge based on the standard rate of corporation tax in the UK of 21.50% (2022: 19.00%)
110,783
18,340
Tax effect of expenses that are not deductible in determining taxable profit
1,159
934
Group relief
20,186
-
0
Under/(over) provided in prior years
(12,200)
11,030
Tax effect of capital allowances and depreciation
(126,849)
16,151
Tax increase / (decrease) from deferred tax credit
84,684
10,245
Provisions adjustment
208
320
Leased car allowance
319
123
Taxation charge
78,290
57,143
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 September 2022 as restated
1,500,000
2,141,103
282,843
106,906
4,030,852
Additions
-
0
1,305,093
13,260
37,272
1,355,625
At 31 August 2023
1,500,000
3,446,196
296,103
144,178
5,386,477
Depreciation and impairment
At 1 September 2022 as restated
-
0
1,345,162
112,922
78,960
1,537,044
Depreciation charged in the year
-
0
278,552
50,983
16,042
345,577
At 31 August 2023
-
0
1,623,714
163,905
95,002
1,882,621
Carrying amount
At 31 August 2023
1,500,000
1,822,482
132,198
49,176
3,503,856
At 31 August 2022 as restated
1,500,000
790,042
171,919
27,827
2,489,788
The company had no tangible fixed assets at 31 August 2023 or 31 August 2022.

The properties were revalued as at 31 August 2020 by Woolley & Wallis Chartered Surveyors who are external to the company. The basis of this valuation was market value.

 

WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 23 -
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
3,600,004
3,600,004
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022 and 31 August 2023
3,600,004
Carrying amount
At 31 August 2023
3,600,004
At 31 August 2022
3,600,004
12
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Avon Valley Holdings Limited
King Street, Wilton, Salisbury, Wiltshire, SP2 0AY
Ordinary shares
100.00
-
The Wilton Carpet Factory Limited
King Street, Wilton, Salisbury, Wiltshire, SP2 0AY
Ordinary shares
-
100.00
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
370,309
271,903
-
-
Work in progress
512,020
323,093
-
-
Finished goods and goods for resale
776,036
802,100
-
0
-
0
1,658,365
1,397,096
-
-
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
632,579
566,866
-
0
-
0
Other debtors
179,796
144,046
-
0
-
0
Prepayments and accrued income
178,710
455,705
-
0
-
0
991,085
1,166,617
-
-
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
103,656
100,454
-
0
-
0
Obligations under finance leases
18
148,686
183,960
-
0
-
0
Trade creditors
880,157
913,606
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
21,151
15,338
Corporation tax payable
21,775
35,868
-
0
-
0
Other taxation and social security
333,511
239,772
-
-
Other creditors
500,050
300,225
-
0
-
0
Accruals and deferred income
591,288
545,572
-
0
-
0
2,579,123
2,319,457
21,151
15,338
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
294,854
393,449
-
0
-
0
Obligations under finance leases
18
796,703
48,317
-
0
-
0
1,091,557
441,766
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
15,751
56,235
-
-
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 25 -
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
398,502
493,903
-
0
-
0
Bank overdrafts
8
-
0
-
0
-
0
398,510
493,903
-
-
Payable within one year
103,656
100,454
-
0
-
0
Payable after one year
294,854
393,449
-
0
-
0

Group

 

Bank loan 1 is denominated in pound sterling with a nominal interest rate of 2% + base rate, and the final instalment is due on 17 December 2028. The carrying amount at the period end is £212,177 (2022: £245,557).

 

Bank loan 2 is denominated in pound sterling with a nominal interest rate of 2.75% + base rate, and the final instalment is due on 30 April 2026. The carrying amount at the period end is £186,325 (2022: £248,346).

 

At the year end the bank loans and overdrafts are secured by a legal charge over the freehold property at Upper Northam Road and the commercial freehold known as Wilton Carpet Factory, Minster Street & King Street.

 

Other borrowings

 

Finance lease liabilities totalling £945,389 (2022: £232,277) are denominated in pound sterling.

 

The finance lease liabilities are secured over the group's assets.

 

18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
148,686
183,960
-
0
-
0
In two to five years
553,386
48,317
-
0
-
0
In over five years
243,317
-
0
-
0
-
0
945,389
232,277
-
-
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 26 -
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
380,107
112,782
Tax losses
(195,897)
-
Retirement benefit obligations
(2,713)
-
181,497
112,782
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 September 2022
112,782
-
Charge to profit or loss
68,715
-
Liability at 31 August 2023
181,497
-
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,989
60,287

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 £1 each
1,866,668
1,866,668
1,866,668
1,866,668

 

WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 27 -
22
Financial commitments, guarantees and contingent liabilities

The company has a set off agreement in place with Avon Valley Holdings Limited and The Wilton Carpet Factory Limited to enable any borrowings within these companies to be secured on the assets of Wylye Valley Holdings Limited. The total potential liability as at the balance sheet date is £398,510 (2022: £493,903).

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
106,629
242,486
-
-
Between two and five years
69,646
88,114
-
-
176,275
330,600
-
-
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
47,624
918,284
-
-
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 28 -
25
Related party transactions
Transactions with related parties

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

Sales
Sales
2023
2022
£
£
Group
Provision of goods and services
94,495
64,730
Amounts receivable by related parties
75,201
62,287
2023
2022
£
£
Group
Amounts payable to related parties
300,000
300,000

The amounts payable to the related parties are in respect of a £300,000 (2022: £300,000) loan repayable on demand with 0% interest from another entity with common directors.

26
Directors' transactions

During the year, the director has loaned £200,000 to the company. The amounts payable in respect of the directors loan do not incur any interest and are repayable on demand.

WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 29 -
27
Prior period adjustment
Reconciliation of changes in equity - group
1 September
31 August
2021
2022
£
£
Adjustments to prior year
Adjustments to fixed assets
-
(4,878)
Equity as previously reported
2,458,718
2,502,977
Equity as adjusted
2,458,718
2,498,099
Analysis of the effect upon equity
Profit and loss reserves
-
(4,878)
Reconciliation of changes in profit for the previous financial period - group
2022
£
Adjustments to prior year
Adjustments to fixed assets
(4,878)
Profit as previously reported
44,259
Profit as adjusted
39,381
Reconciliation of changes in equity and loss for the previous financial period - company
The prior period adjustments do not give rise to any effect upon the company's equity or loss for the previous financial period.
Notes to reconciliation
Adjustments to fixed assets

During the year ended 31 August 2023, the group undertook a full review of its fixed asset register and identified a number of discrepancies in respect of the prior period. It has been determined that fixed assets had not been correctly capitalised or disposed of in the year ended 31 August 2022. A prior period adjustment increasing profit and loss reserves and reducing the value of fixed assets recognised by £4,878 has been made.

WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 30 -
28
Cash generated from group operations
2023
2022
as restated
£
£
Profit for the year after tax
436,978
39,381
Adjustments for:
Taxation charged
78,290
57,143
Finance costs
49,405
39,021
Investment income
-
0
(1,250)
(Gain)/loss on disposal of tangible fixed assets
-
4,878
Depreciation and impairment of tangible fixed assets
345,577
251,621
Movements in working capital:
Increase in stocks
(261,269)
(199,608)
Decrease/(increase) in debtors
175,532
(17,611)
Increase in creditors
305,831
352,708
Cash generated from operations
1,130,344
526,283
29
Cash absorbed by operations - company
2023
2022
£
£
Loss for the year after tax
(6,024)
(2,009,417)
Adjustments for:
Other gains and losses
-
2,000,000
Movements in working capital:
Increase in creditors
5,813
9,188
Cash absorbed by operations
(211)
(229)
30
Analysis of changes in net debt - group
1 September 2022
Cash flows
New finance leases
31 August 2023
£
£
£
£
Cash at bank and in hand
318,603
315,345
-
633,948
Bank overdrafts
-
0
(8)
-
(8)
318,603
315,337
-
633,940
Borrowings excluding overdrafts
(493,903)
95,401
-
(398,502)
Obligations under finance leases
(232,277)
244,740
(957,852)
(945,389)
(407,577)
655,478
(957,852)
(709,951)
WYLYE VALLEY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 31 -
31
Analysis of changes in net funds - company
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash at bank and in hand
19,810
(211)
19,599
2023-08-312022-09-01falseCCH SoftwareCCH Accounts Production 2023.300C S BrammallP F Le 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