Company registration number 05189142 (England and Wales)
TPT FIRE SYSTEMS GROUP LTD
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
TPT FIRE SYSTEMS GROUP LTD
COMPANY INFORMATION
Directors
Mr S J Thompson
Mr R F Thompson
Secretary
Mr S J Thompson
Company number
05189142
Registered office
Avocet House
Aviary Court
Wade Road
Basingstoke
Hampshire
RG24 8PE
Auditor
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
TPT FIRE SYSTEMS GROUP LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 30
TPT FIRE SYSTEMS GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

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

Review of the business

The Group of companies’ principal activities continue to be sprinkler design, fit-out and alterations of fire protection systems, as well as servicing, maintenance and repair of these systems in Residential, Retail, Industrial and Commercial properties.

 

The Group of companies' results for the financial year were as follows:

 

This period's sales increased to £16.8m (2022: £11.8m) and profit before tax was £1.8m (2022: £1.1m). The overall results were higher than predicted by the Directors.

 

The initial few months of the new financial year show that the Group is continuing to perform well and we can see increased levels compared to the last financial year. We are confident that we will continue to have another profitable year.

 

The Group continues to closely monitor their working capital and we have introduced more measures to efficiently manage this and therefore this will reflect in the cash position of the Group.

 

Our continuing success and excellent reputation gained in the market has allowed us to retain and attract the best personnel in the market. Our staff numbers have increased in the company over the year, and this reflects our natural growth.

 

During this financial year we have employed a Pump Specialist to expand our expertise in servicing and repairing Fire Pumps in-house instead of subcontracting the work. We are looking to gain more opportunities within this field by doing so. There is also a continued drive to promote maintenance works in the midlands area and gain new contract leads.

Principal risks and uncertainties

The Group operates in a sector that is directly impacted by wider economic activity. The success of the Group is different for its sister companies:

 

TPT Fire Projects is dependent predominantly on commercial property development in the UK. Any slowdown in the economy could have an impact. The Company looks to mitigate this risk by increasing its customer base and widening the size of projects that it takes on so that any exposure to difficulties in specific clients or sectors is reduced.

 

TPT Fire Maintenance success depends on its reputation, providing a good service and competitive pricing. Although Maintenance has slightly increased its pricing for services, it has stayed competitive with other market leaders as this could have an impact on retaining its customer base.

Health and Safety

The company is exposed to health and safety risks. As such, a comprehensive approach to mitigating those risks is carried out on a continuous basis, in-house as well as obtaining expert external consultancy advice.

 

Within the year we have recruited a dedicated experienced Health and Safety Manager to ensure that the Group risk is mitigated.

TPT FIRE SYSTEMS GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -

On behalf of the board

Mr S J Thompson
Director
9 March 2024
TPT FIRE SYSTEMS GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of installing and maintaining fire safety equipment.

Results and dividends

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

Ordinary dividends were paid amounting to £433,858. 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 S J Thompson
Mr R F Thompson
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.

TPT FIRE SYSTEMS GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
On behalf of the board
Mr S J Thompson
Director
9 March 2024
TPT FIRE SYSTEMS GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TPT FIRE SYSTEMS GROUP LTD
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

TPT FIRE SYSTEMS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TPT FIRE SYSTEMS GROUP LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Our audit approach was developed by obtaining an understanding of the group's activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control environment. Based on this understanding we assessed those aspects of the company's transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our approach accordingly.

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risk of acts by the group which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, FRS 102 and data protection laws. We have further considered and discussed with management compliance with rules and regulations surrounding fire safety standards such as the Fire Safety Act 2021 and the European standard for sprinklers BS EN 12845.

We designed audit procedures to respond to the risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the consolidated financial statements. Our tests included, but were not limited to:

•    Agreement of the financial statements disclosures to underlying supporting documentation;

•    Enquiries of management;

•    Considering the effectiveness of the control environment in monitoring compliance with laws and regulations.

TPT FIRE SYSTEMS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TPT FIRE SYSTEMS GROUP LTD
- 7 -

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we addressed the risks relating to going concern and management override of internal controls, as well as tailoring testing for specific risks identified within the subsidiaries, including revenue recognition, the overstatement of motor vehicles, incorrect valuation of work in progress, the incorrect recognition or omission of onerous contracts, and the non-recoverability of trade debtors. We also tested the ledgers for journals and evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

The group did not require an audit in the previous accounting period and the comparatives have not been audited. Where possible we have considered the appropriateness of the opening balances as part of the review of the current year figures.

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.

Timothy Neale (Senior Statutory Auditor)
For and on behalf of Kirk Rice LLP
11 March 2024
Statutory Auditor
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
TPT FIRE SYSTEMS GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
16,770,866
11,845,671
Cost of sales
(10,235,803)
(7,148,371)
Gross profit
6,535,063
4,697,300
Administrative expenses
(4,710,811)
(3,597,657)
Other operating income
-
0
76
Operating profit
4
1,824,252
1,099,719
Interest receivable and similar income
8
8,744
125
Interest payable and similar expenses
9
(45,800)
(24,050)
Profit before taxation
1,787,196
1,075,794
Tax on profit
10
(391,237)
(289,104)
Profit for the financial year
25
1,395,959
786,690
Profit for the financial year is all attributable to the owners of the parent company.
TPT FIRE SYSTEMS GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
2023
2022
£
£
Profit for the year
1,395,959
786,690
Other comprehensive income
-
-
Total comprehensive income for the year
1,395,959
786,690
Total comprehensive income for the year is all attributable to the owners of the parent company.
TPT FIRE SYSTEMS GROUP LTD
GROUP BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,269,784
607,157
Current assets
Stocks
15
57,733
43,042
Debtors
17
4,274,708
2,770,720
Cash at bank and in hand
1,022,450
994,531
5,354,891
3,808,293
Creditors: amounts falling due within one year
18
(3,248,789)
(2,500,851)
Net current assets
2,106,102
1,307,442
Total assets less current liabilities
3,375,886
1,914,599
Creditors: amounts falling due after more than one year
19
(622,669)
(280,306)
Provisions for liabilities
Provisions
21
80,495
80,495
Deferred tax liability
22
226,144
69,321
(306,639)
(149,816)
Net assets
2,446,578
1,484,477
Capital and reserves
Called up share capital
24
70
70
Capital redemption reserve
25
100
100
Profit and loss reserves
25
2,446,408
1,484,307
Total equity
2,446,578
1,484,477

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
9 March 2024
09 March 2024
and are signed on its behalf by:
Mr S J Thompson
Director
Company registration number 05189142 (England and Wales)
TPT FIRE SYSTEMS GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
300
300
Current assets
Debtors
17
67,322
67,137
Cash at bank and in hand
159
344
67,481
67,481
Net current assets
67,481
67,481
Net assets
67,781
67,781
Capital and reserves
Called up share capital
24
70
70
Capital redemption reserve
25
100
100
Profit and loss reserves
25
67,611
67,611
Total equity
67,781
67,781

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £433,858 (2022 - £408,865 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on
9 March 2024
09 March 2024
and are signed on its behalf by:
Mr S J Thompson
Director
Company registration number 05189142 (England and Wales)
TPT FIRE SYSTEMS GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
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
100
100
1,106,452
1,106,652
Effect of change in accounting policy
(30)
-
30
-
As restated
70
100
1,106,482
1,106,652
Year ended 31 August 2022:
Profit and total comprehensive income
-
-
786,690
786,690
Dividends
11
-
-
(408,865)
(408,865)
Balance at 31 August 2022
70
100
1,484,307
1,484,477
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
1,395,959
1,395,959
Dividends
11
-
-
(433,858)
(433,858)
Balance at 31 August 2023
70
100
2,446,408
2,446,578
TPT FIRE SYSTEMS GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -
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
100
100
67,581
67,781
Effect of change in accounting policy
(30)
-
30
-
As restated
70
100
67,611
67,781
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
408,865
408,865
Dividends
11
-
-
(408,865)
(408,865)
Balance at 31 August 2022
70
100
67,611
67,781
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
433,858
433,858
Dividends
11
-
-
(433,858)
(433,858)
Balance at 31 August 2023
70
100
67,611
67,781
TPT FIRE SYSTEMS GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 14 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,333,017
1,295,175
Interest paid
(45,800)
(24,050)
Income taxes paid
(247,108)
(110,140)
Net cash inflow from operating activities
1,040,109
1,160,985
Investing activities
Purchase of tangible fixed assets
(1,088,677)
(171,740)
Proceeds from disposal of tangible fixed assets
65,455
(206,207)
Interest received
(63,177)
(7,035)
Net cash used in investing activities
(1,086,399)
(384,982)
Financing activities
Payment of finance leases obligations
508,067
67,908
Dividends paid to equity shareholders
(433,858)
(408,865)
Net cash generated from/(used in) financing activities
74,209
(340,957)
Net increase in cash and cash equivalents
27,919
435,046
Cash and cash equivalents at beginning of year
994,531
559,485
Cash and cash equivalents at end of year
1,022,450
994,531
TPT FIRE SYSTEMS GROUP LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 15 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(185)
(170)
Investing activities
Dividends received
433,858
408,865
Net cash generated from investing activities
433,858
408,865
Financing activities
Dividends paid to equity shareholders
(433,858)
(408,865)
Net cash used in financing activities
(433,858)
(408,865)
Net decrease in cash and cash equivalents
(185)
(170)
Cash and cash equivalents at beginning of year
344
514
Cash and cash equivalents at end of year
159
344
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 16 -
1
Accounting policies
Company information

TPT Fire Systems Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Avocet House, Aviary Court, Wade Road, Basingstoke, Hampshire, RG24 8PE.

 

The group consists of TPT Fire Systems Group Ltd 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 group financial statements consist of the financial statements of the parent company TPT Fire Systems Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 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 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
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amounts of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 17 -

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.

 

Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.

 

The entity uses the percentage of completion as a method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the date of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as materials or prepayments.

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.

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

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
30% straight line
Office equipment
25% 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.

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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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.

 

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

TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 18 -
1.8
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.9
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.

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.

TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 19 -
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.

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.

1.12
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

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

1.14
Retirement benefits

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

TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 20 -
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 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.

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.

Critical judgements

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

Revenue recognition

Management applies judgement when assessing the percentage of completion of customer contracts, taking into account the most reliable evidence available at each reporting date. The future realisation of these amounts may be affected by future outcome of these contracts. Provisions are made for any losses which are foreseen.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Design and installation
11,388,462
7,619,166
Service and maintenance
5,382,404
4,226,505
16,770,866
11,845,671
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
16,770,866
11,845,671
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other revenue
Interest income
8,744
125
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
401,569
298,376
Profit on disposal of tangible fixed assets
(40,974)
(17,442)
Operating lease charges
80,093
67,698
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
18,000
-
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
88
71
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,403,898
3,493,981
-
0
-
0
Social security costs
425,963
352,723
-
-
Pension costs
85,023
67,348
-
0
-
0
4,914,884
3,914,052
-
0
-
0
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 22 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
569,615
425,469
Company pension contributions to defined contribution schemes
38,077
31,244
607,692
456,713
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
174,799
157,799
Company pension contributions to defined contribution schemes
8,832
5,622

Pension benefits are accruing under money purchase schemes for 5 directors (2022: 4) across the group.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
8,744
13
Other interest income
-
112
Total income
8,744
125
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,744
13
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
3
Other finance costs:
Interest on finance leases and hire purchase contracts
45,800
24,047
Total finance costs
45,800
24,050
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 23 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
234,414
289,104
Deferred tax
Origination and reversal of timing differences
103,405
-
0
Changes in tax rates
53,418
-
0
Total deferred tax
156,823
-
0
Total tax charge
391,237
289,104

In October 2022, the UK government announced changes to the corporation tax rate from 1 April 2023, increasing the main rate of corporation tax from 19% to 25%.

 

Of the closing deferred tax liability shown above, £26k is expected to reverse in the year following these financial statements, based on anticipated depreciation and writing down allowances on existing fixed assets.

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

2023
2022
£
£
Profit before taxation
1,787,196
1,075,794
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
446,799
204,401
Tax effect of expenses that are not deductible in determining taxable profit
103,094
84,703
Effect of change in corporation tax rate
14,932
-
Permanent capital allowances in excess of depreciation
(173,330)
-
0
Tax at marginal rate
(258)
-
0
Taxation charge
391,237
289,104
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
433,858
408,865
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 September 2022
65,925
147,892
107,615
1,214,296
2,549
1,538,277
Additions
12,752
153,905
44,758
877,262
-
0
1,088,677
Disposals
-
0
-
0
-
0
(254,286)
-
0
(254,286)
At 31 August 2023
78,677
301,797
152,373
1,837,272
2,549
2,372,668
Depreciation and impairment
At 1 September 2022
46,651
138,073
67,015
676,832
2,549
931,120
Depreciation charged in the year
9,607
4,682
24,411
362,869
-
0
401,569
Eliminated in respect of disposals
-
0
-
0
-
0
(229,805)
-
0
(229,805)
At 31 August 2023
56,258
142,755
91,426
809,896
2,549
1,102,884
Carrying amount
At 31 August 2023
22,419
159,042
60,947
1,027,376
-
0
1,269,784
At 31 August 2022
19,274
9,819
40,600
537,464
-
0
607,157
The company had no tangible fixed assets at 31 August 2023 or 31 August 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
424,970
507,190
-
0
-
0
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
300
300
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022 and 31 August 2023
300
Carrying amount
At 31 August 2023
300
At 31 August 2022
300
14
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
TPT Fire Maintenance Limited
Avocet House, Aviary Court, Basingstoke, Hampshire, RG24 8PE
Ordinary Shares
100.00
TPT Fire Projects Limited
As above
Ordinary Shares
100.00
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
57,733
43,042
-
0
-
0
16
Construction contracts
Group
Company
2023
2022
2023
2022
£
£
£
£
Contract revenues recognised
Contract costs incurred plus recognised profits less recognised losses to date
11,329,962
7,619,166
-
-
Less: progress billing
(6,874,126)
(4,780,990)
-
-
4,455,836
2,838,176
-
-
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
16
Construction contracts
(Continued)
- 26 -

The entity uses the percentage of completion as a method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the date of the reporting period as a percentage of total estimated costs for each contract.

 

Management applies judgement when assessing the estimated remaining costs of construction contracts, taking into account the most reliable evidence available at each reporting date.

 

Included within current assets on the balance sheet is an amount of £1.1m (2022: £0.4m) due from customers for contract work.

17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,297,129
1,976,923
-
0
-
0
Amounts owed by group undertakings
-
-
67,289
67,104
Other debtors
593,487
290,934
33
33
Prepayments and accrued income
1,384,092
502,863
-
0
-
0
4,274,708
2,770,720
67,322
67,137
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
421,109
255,405
-
0
-
0
Trade creditors
1,677,360
1,298,284
-
0
-
0
Corporation tax payable
234,414
247,108
-
0
-
0
Other taxation and social security
157,338
87,921
-
-
Other creditors
107,123
54,558
-
0
-
0
Accruals and deferred income
651,445
557,575
-
0
-
0
3,248,789
2,500,851
-
0
-
0
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
622,669
280,306
-
0
-
0
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 27 -
20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
421,109
255,405
-
0
-
0
In two to five years
622,669
280,306
-
0
-
0
1,043,778
535,711
-
-

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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Other provisions
80,495
80,495
-
-
Movements on provisions:
Other provisions
Group
£
At 1 September 2022 and 31 August 2023
80,495
22
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
226,144
69,321
The company has no deferred tax assets or liabilities.
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
22
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 September 2022
69,321
-
Charge to profit or loss
156,823
-
Liability at 31 August 2023
226,144
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,023
67,348

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.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
7,000
7,000
70
70
25
Reserves
Profit and loss reserves

This reserve records the accumulated profit and loss.

TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 29 -
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
20,616
17,676
-
-
Between two and five years
6,758
29,540
-
-
In over five years
-
27,640
-
-
27,374
74,856
-
-
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,395,959
786,690
Adjustments for:
Taxation charged
391,237
289,104
Finance costs
45,800
24,050
Investment income
(8,744)
(125)
Gain on disposal of tangible fixed assets
(40,974)
(17,442)
Depreciation and impairment of tangible fixed assets
401,569
298,376
Movements in working capital:
(Increase)/decrease in stocks
(14,691)
604,688
Increase in debtors
(1,432,067)
(1,207,381)
Increase in creditors
594,928
517,215
Cash generated from operations
1,333,017
1,295,175
28
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
433,858
408,865
Adjustments for:
Investment income
(433,858)
(408,865)
Movements in working capital:
Increase in debtors
(185)
(170)
Cash absorbed by operations
(185)
(170)
TPT FIRE SYSTEMS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 30 -
29
Analysis of changes in net funds/(debt) - group
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash at bank and in hand
994,531
27,919
1,022,450
Obligations under finance leases
(535,711)
(508,067)
(1,043,778)
458,820
(480,148)
(21,328)
30
Analysis of changes in net funds - company
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash at bank and in hand
344
(185)
159
31
Prior period adjustment

A prior period adjustment has been made between the company's share capital and profit and loss reserves, in order to reflect changes in share capital previously enacted. This has not affected profit in any period as the only movements are between components of equity.

In addition, a prior period adjustment has been posted within one of the group companies to reclassify amounts previously classed as work in progress to accrued income, therefore this amount is included within debtors rather than stocks on the group balance sheet. This adjustment has no effect on profit or net assets.

 

Finally, a prior period adjustment has been posted within one of the group companies to reclassify amounts previously classed as other operating income to revenue, in order to better reflect the true nature of these transactions.

2023-08-312022-09-01falseCCH SoftwareCCH Accounts Production 2023.300Mr S J ThompsonMr R F ThompsonMr S J 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