Company registration number 13482262 (England and Wales)
PREMIER TEXTILES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PREMIER TEXTILES HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A M E Kallumpram
Mrs A E Kallumpram
Mr A A Kallumpram
Mr I J E Kallumpram
Mr N Smith
Company number
13482262
Registered office
Green Lane Industrial Estate
Green Lane
Stockport
Cheshire
SK4 2JR
Auditor
Josolyne LLP
Merchant Exchange
Waters Green
Macclesfield
Cheshire
SK11 6JX
Business address
Green Lane Industrial Estate
Green Lane
Stockport
Cheshire
SK4 2JR
PREMIER TEXTILES HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
PREMIER TEXTILES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Review of the business

The last financial year was a challenging year. The impact of the war in Ukraine with increased energy prices, inflation and cost of living crisis led to a reduction in demand and less business activity. Despite this, we have been able to maintain steady sales. We have benefited from the recent warehouse acquisition in 2019 with cost savings and an improved flexible service to our customers.

 

We have also reorganised our business so that we work on 2 key areas  -  the 1st  is supply to UK Textile Manufacturing companies and the 2nd is supply of fabrics to the UK and Global Digital print market.

 

The future of the business is to focus on bespoke textile products with new and existing customers. We are working with customers and suppliers alike as partners, and have reorganised our team to develop the specialist skills to support our key customers. We plan to invest more resources into development of our team in the forthcoming year. We have also spent considerable time with our suppliers so that we are more aligned and this will continue.

 

We are also working hard on reducing general stockholding and aged stock.

 

We look forward positively as we adjust, adapt and build for the new market conditions In UK, USA and Europe.

Principal risks and uncertainties

Due to the nature of the business, the company is exposed to the following risks which are managed by regular reviewing of management information, together with day to day involvement of the Directors.

 

Foreign currency risk

The company has a significant level of foreign imports but it has limited its exposure to foreign currency risk by using forward contracts.

 

Credit Risk

The company is at risk from its customers defaulting in making payments for goods that have been supplied to them, however they reduce this risk by using credit insurance where possible.

Key performance indicators


The directors consider the Key Performance indicators are as follows;

                     2023      2022

Turnover - £’s                £12,466,318        £14,522,288

Gross Margin - £’s            £2,333,619        £2,959,128

Gross Profit - %                19%            20%

Pre-tax Profit - £’s                £553,835 £1,132,230

Net worth of company            £12.6m            £12.3m

Average employees 27 26

On behalf of the board

Mr A A Kallumpram
Director
29 November 2023
PREMIER TEXTILES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company and group continued to be that of the wholesale of textiles and related products.

Results and dividends

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

Ordinary dividends were paid amounting to £60,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr A M E Kallumpram
Mrs A E Kallumpram
Mr A A Kallumpram
Mr I J E Kallumpram
Mr N Smith
Statement of directors' responsibilities

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

PREMIER TEXTILES HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
On behalf of the board
Mr A A Kallumpram
Director
29 November 2023
PREMIER TEXTILES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PREMIER TEXTILES HOLDINGS LIMITED
- 4 -

Qualified opinion on financial statements

We have audited the financial statements of Premier Textiles Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

The evidence available to us was limited because we were re-appointed as auditors during the year and we have been unable to carry out auditing procedures necessary to obtain adequate assurance regarding the opening balances and comparative figures because the financial statements for the year ended 30 June 2022 were unaudited. Any adjustments to the opening balances would have a consequential effect on the profit for the year.

 

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.

PREMIER TEXTILES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PREMIER TEXTILES 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 respect solely of the limitation on our work relating to opening balances:

 

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and its industry, and determined that the most significant are those that relate to breaches of health and safety regulations, data protection, employment laws and tax legislation. We also considered those laws and regulations that have a direct effect on the financial statements such as FRS102 accounting principles and the Companies Act 2006. We have considered the extent to which non-compliance might have a material effect on the financial statements and also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements.

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

We established that the principal risks related to revenue recognition, management bias in accounting estimates and management override. Audit procedures performed included:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Other matters which we are required to address

Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited as the company was eligible for exemption.

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.

Matthew Pace ACA (Senior Statutory Auditor)
For and on behalf of Josolyne LLP
29 November 2023
Chartered Accountants
Statutory Auditor
Merchant Exchange
Waters Green
Macclesfield
Cheshire
SK11 6JX
PREMIER TEXTILES HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2023
2022
Notes
£
£
Revenue
3
12,466,318
14,522,288
Cost of sales
(10,132,699)
(11,563,160)
Gross profit
2,333,619
2,959,128
Administrative expenses
(1,904,178)
(1,884,911)
Other operating income
140,482
71,809
Operating profit
4
569,923
1,146,026
Investment income
8
9,155
312
Finance costs
9
(25,243)
(14,108)
Profit before taxation
553,835
1,132,230
Tax on profit
10
(170,735)
(201,262)
Profit for the financial year
383,100
930,968
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.
PREMIER TEXTILES HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 8 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
4,483,901
4,491,975
Current assets
Inventories
17
3,253,318
4,765,858
Trade and other receivables
18
3,727,003
4,359,572
Cash and cash equivalents
2,531,669
1,555,151
9,511,990
10,680,581
Current liabilities
19
(1,067,886)
(2,044,202)
Net current assets
8,444,104
8,636,379
Total assets less current liabilities
12,928,005
13,128,354
Non-current liabilities
20
(38,290)
(642,269)
Provisions for liabilities
Deferred tax liability
23
246,585
166,055
(246,585)
(166,055)
Net assets
12,643,130
12,320,030
Equity
Called up share capital
25
710,000
710,000
Capital redemption reserve
290,003
290,003
Retained earnings
11,643,127
11,320,027
Total equity
12,643,130
12,320,030

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

The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
29 November 2023
Mr A A Kallumpram
Director
Company registration number 13482262 (England and Wales)
PREMIER TEXTILES HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 2023
- 9 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
14
710,000
-
0
Current assets
Trade and other receivables
18
-
0
710
Cash and cash equivalents
60,000
-
0
60,000
710
Current liabilities
19
(60,000)
-
Net current assets
-
710
Net assets
710,000
710
Equity
Called up share capital
25
710,000
710

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £60,000 (2022 - £0 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
29 November 2023
Mr A A Kallumpram
Director
Company registration number 13482262 (England and Wales)
PREMIER TEXTILES HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 July 2021
710,000
290,003
10,449,059
11,449,062
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
930,968
930,968
Dividends
11
-
-
(60,000)
(60,000)
Balance at 30 June 2022
710,000
290,003
11,320,027
12,320,030
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
383,100
383,100
Dividends
11
-
-
(60,000)
(60,000)
Balance at 30 June 2023
710,000
290,003
11,643,127
12,643,130
PREMIER TEXTILES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 July 2021
-
0
-
0
-
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
-
0
Issue of share capital
25
710
-
710
Balance at 30 June 2022
710
-
0
710
Year ended 30 June 2023:
Profit and total comprehensive income
-
60,000
60,000
Issue of share capital
25
709,290
-
709,290
Dividends
11
-
(60,000)
(60,000)
Balance at 30 June 2023
710,000
-
0
710,000
PREMIER TEXTILES HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
2,107,973
(1,119,343)
Interest paid
(25,243)
(14,108)
Income taxes paid
(178,626)
(156,518)
Net cash inflow/(outflow) from operating activities
1,904,104
(1,289,969)
Investing activities
Purchase of property, plant and equipment
(177,909)
(263,784)
Proceeds from disposal of property, plant and equipment
26,182
57,307
Repayment of loans
-
562,916
Interest received
9,155
312
Net cash (used in)/generated from investing activities
(142,572)
356,751
Financing activities
Proceeds from issue of shares
-
(710)
Repayment of bank loans
(687,770)
(45,183)
Purchase of derivatives
(2,259)
(4,530)
Payment of finance leases obligations
(94,985)
(62,612)
Dividends paid to equity shareholders
-
0
(60,000)
Net cash used in financing activities
(785,014)
(173,035)
Net increase/(decrease) in cash and cash equivalents
976,518
(1,106,253)
Cash and cash equivalents at beginning of year
1,555,151
2,661,404
Cash and cash equivalents at end of year
2,531,669
1,555,151
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
1
Accounting policies
Company information

Premier Textiles Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Premier Textiles 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.

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

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Premier Textiles 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).

 

The introduction of a new holding company constitutes a Group reconstruction and has been accounted for using merger accounting principles. Therefore, although the Group reconstruction did not become effective until 31 August 2022, the consolidated financial statements of Premier Textiles Holdings Limited are presented as if its subsidiaries had always been part of the same group, which is the reason for there being comparative figures for the year ended 30 June 2022. Accordingly, the results of the Group for the entire year ending 30th June 2023 are shown in the consolidated income statement. The consolidated financial statements include the results of Premier Textiles Holdings Limited and all of its subsidiary undertakings made up to the same accounting date. All intra-group balances transactions income and expense are eliminated in full on consolidation.

PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -

The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 30 June 2023.  The results of any other subsidiaries sold or acquired where relevant are included in the consolidated profit and loss account up to, or from the date control passes.

 

Related party transactions between members of the Group are not required to be disclosed. Sales and purchases between related parties are made on an arms length basis.

 

All financial statements are made up to 30 June. 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.

1.3
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.

1.4
Revenue

Revenue 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
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
2% Straight Line
Tenant's improvements
2% Straight Line
Plant and equipment
15% Straight Line
Fixtures and fittings
15-25% Straight Line
Computers
100% Straight Line
Motor vehicles
25-50% 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 income statement.

1.6
Non-current 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.

PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -

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 non-current 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).

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.

1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Stock is computed on a first in first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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 statement of financial position 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.

PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.11
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.

1.12
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 income statement 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 income statement, 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.

PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
1.13
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 non-current 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.

1.14
Retirement benefits

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

1.15
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 statement of financial position 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.

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.

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
Revenue
2023
2022
£
£
Revenue analysed by class of business
Sale of fabrics
12,466,318
14,522,288
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
3
Revenue
(Continued)
- 19 -
2023
2022
£
£
Revenue analysed by geographical market
United Kingdom
10,308,504
12,268,483
Overseas
2,157,814
2,253,805
12,466,318
14,522,288
2023
2022
£
£
Other revenue
Interest income
9,155
312
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(26,015)
(42,044)
Depreciation of owned property, plant and equipment
204,444
181,311
Depreciation of property, plant and equipment held under finance leases
6,532
25,083
Profit on disposal of property, plant and equipment
(10,185)
(34,245)
Inventories impairment losses recognised or reversed
423,312
141,583
Operating lease charges
75,588
63,365
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
1,000
-
Audit of the financial statements of the company's subsidiaries
10,000
-
11,000
-
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
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
Sales and marketing
8
7
-
-
Office and management
13
12
5
5
Warehouse
6
7
-
-
Total
27
26
5
5

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,034,804
986,032
-
0
-
0
Social security costs
123,149
116,778
-
-
Pension costs
65,063
49,007
-
0
-
0
1,223,016
1,151,817
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
381,776
414,972
Company pension contributions to defined contribution schemes
12,040
11,807
393,816
426,779
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
150,912
170,306
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
8
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
9,095
231
Other interest income
60
81
Total income
9,155
312
9
Finance costs
2023
2022
£
£
Interest on bank overdrafts and loans
22,262
11,196
Interest on finance leases and hire purchase contracts
2,981
2,912
Total finance costs
25,243
14,108
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
90,205
178,626
Deferred tax
Origination and reversal of timing differences
80,530
22,636
Total tax charge
170,735
201,262

As part of the budget on 3 March 2021, the government announced that the main rate of corporation tax increased from 19% to 25% with effect from 1st April 2023. The change in tax rate was substantively enacted on 24 May 2021. Taxes have therefore been calculated at 25%, pro-rata for accounting periods spanning 1st April 2023.

PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
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
£
£
Profit before taxation
553,835
1,132,230
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
113,536
215,124
Tax effect of expenses that are not deductible in determining taxable profit
9,632
-
0
Depreciation on assets not qualifying for tax allowances
7,882
7,613
Change in corporation tax rate
57,921
-
0
Utilisation of brought forward LTLR deficits
(15,945)
(12,098)
Enhanced capital allowances
(2,291)
(9,377)
Taxation charge
170,735
201,262
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
60,000
60,000
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Inventories
17
423,312
141,583
Recognised in:
Cost of sales
423,312
141,583
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
13
Property, plant and equipment
Group
Freehold land and buildings
Tenant's improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2022
4,414,296
256,307
145,895
305,383
91,430
415,774
5,629,085
Additions
-
0
-
0
393
48,735
4,952
164,819
218,899
Disposals
-
0
-
0
-
0
-
0
(53,631)
(50,140)
(103,771)
At 30 June 2023
4,414,296
256,307
146,288
354,118
42,751
530,453
5,744,213
Depreciation and impairment
At 1 July 2022
556,328
64,666
49,490
184,701
85,767
196,158
1,137,110
Depreciation charged in the year
88,276
7,258
19,930
34,891
7,889
52,732
210,976
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(53,631)
(34,143)
(87,774)
At 30 June 2023
644,604
71,924
69,420
219,592
40,025
214,747
1,260,312
Carrying amount
At 30 June 2023
3,769,692
184,383
76,868
134,526
2,726
315,706
4,483,901
At 30 June 2022
3,857,968
191,641
96,405
120,682
5,663
219,616
4,491,975
The company had no property, plant and equipment at 30 June 2023 or 30 June 2022.
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
710,000
-
0
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
14
Fixed asset investments
(Continued)
- 24 -
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022
-
Additions
710,000
At 30 June 2023
710,000
Carrying amount
At 30 June 2023
710,000
At 30 June 2022
-
15
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Premier Textiles Limited
Green Lane Industrial Estate, Green Lane, Stockport, Cheshire, SK4 2JR
Ordinary shares
100.00

On 31 August 2022, Premier Textiles Holdings Limited acquired 100% of the share capital of Premier Textiles Limited by way of share for share exchange. This has been accounted for using the merger method.

16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,849
590
-
-
Hedging arrangements

The group committed to purchase USD$192,975 at a rate of 1.2865. Due to movements in the exchange rate between the commitment date and 30th June 2023, in order to buy the same amount it would cost £2,849 more, therefore a profit on forward contracts has been recognised.

 

The company takes out forward contracts in order to hedge against the risk of foreign exchange movement.

PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
17
Inventories
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
3,253,318
4,765,858
-
0
-
0
18
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
3,476,380
4,245,334
-
0
-
0
Amounts owed by group undertakings
960
960
-
-
Derivative financial instruments
2,849
590
-
-
Other receivables
124,477
18,015
-
0
710
Prepayments and accrued income
122,337
94,673
-
0
-
0
3,727,003
4,359,572
-
710
19
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
21
-
0
45,501
-
0
-
0
Obligations under finance leases
22
2,090
94,375
-
0
-
0
Trade payables
368,297
1,144,761
-
0
-
0
Corporation tax payable
90,205
178,626
-
0
-
0
Other taxation and social security
238,361
197,951
-
-
Other payables
65,513
65,513
60,000
-
0
Accruals and deferred income
303,420
317,475
-
0
-
0
1,067,886
2,044,202
60,000
-
0
20
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
-
0
642,269
-
0
-
0
Obligations under finance leases
22
38,290
-
0
-
0
-
0
38,290
642,269
-
-
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
21
Borrowings
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
687,770
-
0
-
0
Payable within one year
-
0
45,501
-
0
-
0
Payable after one year
-
0
642,269
-
0
-
0
22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
40,380
94,375
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
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
246,585
166,055
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
166,055
-
Charge to profit or loss
80,530
-
Liability at 30 June 2023
246,585
-
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,063
49,007

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.

25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
219,000
219
219,000
219
Ordinary B Shares of £1 each
219,000
219
219,000
219
Ordinary C Shares of £1 each
36,000
36
36,000
36
Ordinary D Shares of £1 each
36,000
36
36,000
36
Ordinary E Shares of £1 each
100,000
100
100,000
100
Ordinary F Shares of £1 each
100,000
100
100,000
100
710,000
710
710,000
710

Each class of share ranks pari passu, carrying voting rights and are entitled to distribution, including on winding up.

26
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
129,437
53,143
-
-
Between two and five years
306,095
210,572
-
-
In over five years
4,387
57,030
-
-
439,919
320,745
-
-
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
27
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
Bancroft Soft Furnishings Limited - Company under control of A Kallumpram
114,161
189,847
PremEx Solutions Inc - Entity established in USA under control of A Kallumpram
783,707
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Bancroft Soft Furnishings Limited - Company under control of A Kallumpram
1,270,755
1,294,589
Premier Digital Textiles Limited - Company under common control - loan
960
960
PremEx Solutions Inc - Entity established in USA under control of A Kallumpram - loan
104,957
-
PremEx Solutions Inc - Entity established in USA under control of A Kallumpram
441,177
-

All above amounts are repayable on demand and there is no interest rate applicable.

 

No Guarantees have been given or received.

28
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
383,100
930,968
Adjustments for:
Taxation charged
170,735
201,262
Finance costs
25,243
14,108
Investment income
(9,155)
(312)
Gain on disposal of property, plant and equipment
(10,185)
(34,245)
Depreciation and impairment of property, plant and equipment
210,976
206,394
Movements in working capital:
Decrease/(increase) in inventories
1,512,540
(2,700,414)
Decrease/(increase) in trade and other receivables
634,828
(751,592)
(Decrease)/increase in trade and other payables
(810,109)
1,014,488
Cash generated from/(absorbed by) operations
2,107,973
(1,119,343)
PREMIER TEXTILES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
29
Analysis of changes in net funds - group
1 July 2022
Cash flows
New finance leases
30 June 2023
£
£
£
£
Cash at bank and in hand
1,555,151
976,518
-
2,531,669
Borrowings excluding overdrafts
(687,770)
687,770
-
-
Obligations under finance leases
(94,375)
94,985
(40,990)
(40,380)
773,006
1,759,273
(40,990)
2,491,289
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300Mr A M E KallumpramMrs A E KallumpramMr A A KallumpramMr I J E KallumpramMr N 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