Company registration number 04411278 (England and Wales)
THE BIG SHED LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
THE BIG SHED LIMITED
COMPANY INFORMATION
Directors
M B Murphy
R M Murphy-Peers
E E Murphy
Secretary
E E Murphy
Company number
04411278
Registered office
Moss Lane
Off Sharp Street
Worsley
Manchester
M28 3LY
Auditor
Alexander & Co LLP
Centurion House
129 Deansgate
Manchester
M3 3WR
THE BIG SHED LIMITED
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
Notes to the financial statements
15 - 30
THE BIG SHED LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -

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

Fair review of the business

The group is a family owned and managed business which is structured between 3 companies of which The Big Shed Limited is the ultimate holding company.

 

The subsidiary companies are T J Murphy Limited, who being incorporated in 1955, have predominantly offered services over 55 years within the groundworking sector of construction and civil engineering.

 

The other subsidiary is UBU Environmental Limited who provide planned and emergency operated road sweeper hire in addition to specialist high pressure and flood management solutions within the North West region.

 

UBU Environmental is licenced by the EA as a wet waste treatment facility and operates a turnkey plant processing waste permitted under EWC 20 03 03 from its depot in Walkden. UBU is actively engaged in the research and development of roadsweeper waste as a waste derived soil or soil amendment.

 

The fulfilment of this objective would create a circular economy solution for UBU customers and prevent landfill from being the ultimate end of life destination.

 

From an ownership perspective, the company continues to be managed and operated under the Directorship of 3 family members who work alongside a strong team of managers, operatives and transport professionals. Structural efficiency of the group has also been considered and there are proposals for a demerger of some investment assets in the 2024 year end. This will have no impact on the day to day running of the group.

 

The overall commitments remain the same, being focussed on our people, our environmental targets and our asset acquisitions.

Principal risks and uncertainties

The group has a strong focus and commitment on creating a circular economy solution which considers how waste is classified. At this time we are awaiting consideration by the EA of our proposals which have been submitted as part of a collaboration with MMU through a successful application made through a 'Knowledge Transfer Partnership' which bridges the gap between commercial innovation and academic expertise.

 

Naturally, such innovation and research requires additional costs and consideration into existing standards for testing, application and ultimately, an end of waste status. The interface of any standard must also be applied in a commercial environment and this will extend to QPs and potentially a dedicated laboratory or in house testing facility.

 

These are without a doubt some of the biggest challenges we face, along with the additional operational costs which the UK are seeing escalate through increases in raw material and utility overheads such as water, oil and electricity. There are also knowledge gaps and so we continue to draw on research and development to assist with the transfer of the application from academia to the commercial sector.

THE BIG SHED LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 2 -

Key performance indicators

The principal KPIs for the group remain focused on continued group asset investment (Euro 6 and potentially hydrostatic), continued people investment (including retention and training), continued environmental investment (including research and development) and further KTPs or AKTP's.

 

The Directors are delighted to report that this business model has facilitated an improvement in both operational and financial performance which has seen group turnover increase just over 10% during this reporting period.

 

Equally, profitability has increased which is testament to our continued group investment in Euro 6 compliant road sweepers which in turn has created a reduction in reactive and unplanned maintenance costs. The group has also continued to invest in its innovative wet waste treatment plant and the associated research and development into the purposeful reuse of that waste. This in turn provides the customer with the option to meet their KPIs when selecting end of life for their waste. Finally, but most importantly, is the investment in our people. The group has always excelled in the training information and instruction it has delivered to its staff. In order to progress this and to assist with the retention of staff, we have introduced additional health, remuneration and holiday enhancements. We have also invested in a dedicated training and meeting facility to promote consistent and accessible employee interface as well as provide a space for stakeholder engagement.

Key performance indicators

2023          2022

            

Turnover          18,487,623        16,794,782

            

Gross Profit             7,828,682         6,435,852                 

 

Net Current Assets        13,696,988         9,668,353        

 

 

The Directors are committed to the continued implementation of its principal aims over the coming 12 months and look forward to a successful year.

By order of the board

E E Murphy
Secretary
22 February 2024
THE BIG SHED LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of plant hire (principally roadsweepers), the

collection, transfer and treatment of wet roadsweeper and gully waste and civil engineering and groundwork.

Results and dividends

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

No dividends were paid during the year. The directors do not recommend payment of a dividend.

Directors

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

M B Murphy
R M Murphy-Peers
E E Murphy
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.

THE BIG SHED LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
By order of the board
E E Murphy
Secretary
22 February 2024
THE BIG SHED LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE BIG SHED LIMITED
- 5 -
Opinion

We have audited the financial statements of The Big Shed Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 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 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:

THE BIG SHED LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BIG SHED LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

Capability of the audit in detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the company operates in. We considered the extent to which non-compliance might have a material effect on the financial statements. The key laws and regulations we considered in this context included Companies Act 2006, GDPR, employment law, health and safety and tax legislation.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results and potential management bias in accounting estimates.

THE BIG SHED LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BIG SHED LIMITED
- 7 -

As a result of the above, our audit procedures performed included:

 

There are inherent limitations in the audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK).

We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of The Big Shed Limited.

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.

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.

Gary Kramrisch (Senior Statutory Auditor)
For and on behalf of Alexander & Co LLP
20 March 2024
Chartered Accountants
Statutory Auditor
Centurion House
129 Deansgate
Manchester
M3 3WR
THE BIG SHED LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
18,487,623
16,794,782
Cost of sales
(10,658,941)
(10,358,930)
Gross profit
7,828,682
6,435,852
Administrative expenses
(1,192,708)
(1,401,649)
Other operating income
163,393
190,698
Operating profit
4
6,799,367
5,224,901
Interest receivable and similar income
8
130,395
28,945
Interest payable and similar expenses
9
(28,642)
(34,127)
Profit before taxation
6,901,120
5,219,719
Tax on profit
10
(1,359,759)
(919,296)
Profit for the financial year
5,541,361
4,300,423
Profit for the financial year is all attributable to the owners of the parent company.
THE BIG SHED LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 9 -
2023
2022
£
£
Profit for the year
5,541,361
4,300,423
Other comprehensive income
-
-
Total comprehensive income for the year
5,541,361
4,300,423
Total comprehensive income for the year is all attributable to the owners of the parent company.
THE BIG SHED LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
7,975,247
6,675,466
Investment property
13
4,506,519
4,305,519
12,481,766
10,980,985
Current assets
Debtors
16
5,645,376
4,920,401
Cash at bank and in hand
10,529,523
7,781,255
16,174,899
12,701,656
Creditors: amounts falling due within one year
17
(2,477,911)
(3,033,303)
Net current assets
13,696,988
9,668,353
Total assets less current liabilities
26,178,754
20,649,338
Creditors: amounts falling due after more than one year
18
-
(244,826)
Provisions for liabilities
Deferred tax liability
20
1,309,702
1,076,821
(1,309,702)
(1,076,821)
Net assets
24,869,052
19,327,691
Capital and reserves
Called up share capital
22
770
770
Revaluation reserve
1,842
1,842
Other reserves
961,441
961,441
Profit and loss reserves
23,904,999
18,363,638
Total equity
24,869,052
19,327,691

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 22 February 2024 and are signed on its behalf by:
22 February 2024
M B Murphy
Director
Company registration number 04411278 (England and Wales)
THE BIG SHED LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
7,372,317
5,878,791
Investment property
13
4,506,519
4,305,519
Investments
14
1,087,906
1,087,906
12,966,742
11,272,216
Current assets
Debtors
16
5,556,494
1,646,420
Cash at bank and in hand
4,318,257
5,023,062
9,874,751
6,669,482
Creditors: amounts falling due within one year
17
(217,828)
(408,957)
Net current assets
9,656,923
6,260,525
Total assets less current liabilities
22,623,665
17,532,741
Provisions for liabilities
Deferred tax liability
20
1,255,893
981,148
(1,255,893)
(981,148)
Net assets
21,367,772
16,551,593
Capital and reserves
Called up share capital
22
770
770
Share premium account
1,085,936
1,085,936
Other reserves
961,441
961,441
Profit and loss reserves
19,319,625
14,503,446
Total equity
21,367,772
16,551,593

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 £4,816,178 (2022 - £3,346,109 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 22 February 2024 and are signed on its behalf by:
22 February 2024
M B Murphy
Director
Company registration number 04411278 (England and Wales)
THE BIG SHED LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 12 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2021
770
1,842
961,441
14,096,623
15,060,676
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
-
-
4,300,423
4,300,423
Dividends
11
-
-
-
(33,408)
(33,408)
Balance at 31 July 2022
770
1,842
961,441
18,363,638
19,327,691
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
5,541,361
5,541,361
Balance at 31 July 2023
770
1,842
961,441
23,904,999
24,869,052
THE BIG SHED LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 13 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2021
770
1,085,936
961,441
11,190,745
13,238,892
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
-
-
3,346,109
3,346,109
Dividends
11
-
-
-
(33,408)
(33,408)
Balance at 31 July 2022
770
1,085,936
961,441
14,503,446
16,551,593
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
4,816,179
4,816,179
Balance at 31 July 2023
770
1,085,936
961,441
19,319,625
21,367,772
THE BIG SHED LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
6,657,201
5,557,238
Interest paid
(28,642)
(34,127)
Income taxes paid
(1,174,810)
(182,058)
Net cash inflow from operating activities
5,453,749
5,341,053
Investing activities
Purchase of tangible fixed assets
(2,004,878)
(951,149)
Proceeds from disposal of tangible fixed assets
40,577
359,638
Purchase of investment property
(201,000)
(2,375,254)
Repayment of loans
(323,297)
(94,362)
Interest received
130,395
28,945
Net cash used in investing activities
(2,358,203)
(3,032,182)
Financing activities
Payment of finance leases obligations
(347,278)
(649,856)
Dividends paid to equity shareholders
-
0
(33,408)
Net cash used in financing activities
(347,278)
(683,264)
Net increase in cash and cash equivalents
2,748,268
1,625,607
Cash and cash equivalents at beginning of year
7,781,255
6,155,648
Cash and cash equivalents at end of year
10,529,523
7,781,255
THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 15 -
1
Accounting policies
Company information

The Big Shed Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Moss Lane, Off Sharp Street, Worsley, Manchester, M28 3LY.

 

The group consists of The Big Shed 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Big Shed Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 July 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Plant and equipment
5% - 25% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% straight line
Motor vehicles
25% reducing balance
THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 17 -

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.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

1.10
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.

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

 

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

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

1.11
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.

THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 18 -
1.12
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.

 

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.

THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 19 -
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.

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.

1.13
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.

1.14
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.

THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
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.

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.

THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 21 -
1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
895,802
1,117,857
Hire of plant and equipment
17,591,821
15,676,925
18,487,623
16,794,782
2023
2022
£
£
Turnover analysed by geographical market
UK
18,487,623
16,794,782
2023
2022
£
£
Other revenue
Interest income
130,395
28,945
Grants received
989
43,781
THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 22 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
69,107
66,818
Government grants
(989)
(43,781)
Depreciation of owned tangible fixed assets
594,032
674,725
Loss on disposal of tangible fixed assets
70,488
34,551
Operating lease charges
45,015
65,710
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
6,151
7,996
Audit of the financial statements of the company's subsidiaries
15,271
15,455
21,422
23,451
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
122
120
3
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,920,157
4,587,623
110,600
100,400
Social security costs
547,270
534,292
11,813
12,890
Pension costs
101,852
417,137
-
0
320,000
5,569,279
5,539,052
122,413
433,290
THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 23 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
110,600
70,400
Company pension contributions to defined contribution schemes
-
320,000
110,600
390,400
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
102,611
7,036
Other interest income
27,784
21,909
Total income
130,395
28,945
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
9,132
34,127
Other interest
19,510
-
Total finance costs
28,642
34,127
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,257,283
872,375
Adjustments in respect of prior periods
(130,405)
(234,900)
Total current tax
1,126,878
637,475
Deferred tax
Origination and reversal of timing differences
232,881
281,821
Total tax charge
1,359,759
919,296

The corporation tax rate increased from 19% to 25% in the year. As the current accounting year includes periods of corporation tax rates at both 19% and 25%, a marginal rate has been used.

THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
10
Taxation
(Continued)
- 24 -

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
6,901,120
5,219,719
Expected tax charge based on the standard rate of corporation tax in the UK of 21.01% (2022: 19.00%)
1,449,614
991,747
Tax effect of expenses that are not deductible in determining taxable profit
4,356
723
Adjustments in respect of prior years
14,539
-
0
Effect of change in corporation tax rate
36,092
258,437
Depreciation on assets not qualifying for tax allowances
-
0
795
Under/(over) provided in prior years
(130,405)
(296,173)
Deferred tax adjustments in respect of prior years
(14,218)
-
Enhanced capital allowances
(219)
(36,233)
Taxation charge
1,359,759
919,296
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
-
33,408
THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 25 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
12,485,156
43,426
-
0
114,066
12,642,648
Additions
1,946,606
13,688
5,186
39,398
2,004,878
Disposals
(702,206)
(4,221)
-
0
-
0
(706,427)
At 31 July 2023
13,729,556
52,893
5,186
153,464
13,941,099
Depreciation and impairment
At 1 August 2022
5,885,474
17,777
-
0
63,931
5,967,182
Depreciation charged in the year
573,370
4,726
-
0
15,936
594,032
Eliminated in respect of disposals
(592,007)
(3,355)
-
0
-
0
(595,362)
At 31 July 2023
5,866,837
19,148
-
0
79,867
5,965,852
Carrying amount
At 31 July 2023
7,862,719
33,745
5,186
73,597
7,975,247
At 31 July 2022
6,599,682
25,649
-
0
50,135
6,675,466
Company
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
9,185,370
44,421
114,066
9,343,857
Additions
1,946,606
13,688
39,398
1,999,692
Disposals
(702,206)
(4,221)
-
0
(706,427)
At 31 July 2023
10,429,770
53,888
153,464
10,637,122
Depreciation and impairment
At 1 August 2022
3,381,585
19,550
63,931
3,465,066
Depreciation charged in the year
374,439
4,726
15,936
395,101
Eliminated in respect of disposals
(592,007)
(3,355)
-
0
(595,362)
At 31 July 2023
3,164,017
20,921
79,867
3,264,805
Carrying amount
At 31 July 2023
7,265,753
32,967
73,597
7,372,317
At 31 July 2022
5,803,785
24,871
50,135
5,878,791
THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
12
Tangible fixed assets
(Continued)
- 26 -

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
£
£
£
£
Plant and equipment
595,184
793,692
-
-
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 August 2022
4,305,519
4,305,519
Additions through external acquisition
201,000
201,000
At 31 July 2023
4,506,519
4,506,519

The investment properties class of fixed assets was revalued on 31 July 2023 by the director. The basis of

this calculation was market value.

 

There has been no valuation of investment property by an independent valuer.

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,087,906
1,087,906
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2022 and 31 July 2023
1,087,906
Carrying amount
At 31 July 2023
1,087,906
At 31 July 2022
1,087,906
15
Subsidiaries

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

THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
15
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
UBU Environmental Limited
1
Roadsweeping
Ordinary
100.00
T. J. Murphy Limtied
1
Public works contractors
and civil engineers
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Moss Lane Off Sharp Street, Worsley, Manchester, England, M28 3LY
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,772,434
3,109,795
-
0
-
0
Gross amounts owed by contract customers
5,000
5,000
-
0
-
0
Amounts owed by group undertakings
-
-
3,463,945
410,359
Other debtors
2,533,343
1,411,866
2,086,429
1,231,028
Prepayments and accrued income
334,599
393,740
6,120
5,033
5,645,376
4,920,401
5,556,494
1,646,420
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
217,383
319,835
-
0
-
0
Trade creditors
583,094
750,911
2,056
19,476
Corporation tax payable
744,485
792,417
-
0
-
0
Other taxation and social security
685,256
736,259
54,167
72,527
Other creditors
226,835
356,027
153,722
309,621
Accruals and deferred income
20,858
77,854
7,883
7,333
2,477,911
3,033,303
217,828
408,957
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
-
0
244,826
-
0
-
0
THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 28 -
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
217,383
319,835
-
0
-
0
In two to five years
-
0
244,826
-
0
-
0
217,383
564,661
-
-

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.

20
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
1,309,702
1,076,821
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
1,255,893
981,148
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 August 2022
1,076,821
981,148
Charge to profit or loss
232,881
274,745
Liability at 31 July 2023
1,309,702
1,255,893

The deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated

capital allowances that are expected to mature within the same period.

THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 29 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
101,852
417,137

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
770
770
770
770

Each of the shares hold equal voting rights.

23
Related party transactions
Transactions with related parties

Included in other debtors is a loan to a related party, The Little Shed Limited of £1,015,052 (2022: £700,000 owed to The Small Shed LLP). Interest accrues on the loan at 2.5% per annum. At the balance sheet date, the loan is outstanding in full.

24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
5,541,361
4,300,423
Adjustments for:
Taxation charged
1,359,759
919,296
Finance costs
28,642
34,127
Investment income
(130,395)
(28,945)
Loss on disposal of tangible fixed assets
70,488
34,551
Depreciation and impairment of tangible fixed assets
594,032
674,725
Movements in working capital:
Increase in debtors
(401,678)
(758,111)
(Decrease)/increase in creditors
(405,008)
381,172
Cash generated from operations
6,657,201
5,557,238
THE BIG SHED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 30 -
25
Analysis of changes in net funds - group
1 August 2022
Cash flows
31 July 2023
£
£
£
Cash at bank and in hand
7,781,255
2,748,268
10,529,523
Obligations under finance leases
(564,661)
347,278
(217,383)
7,216,594
3,095,546
10,312,140
2023-07-312022-08-01falseCCH SoftwareCCH Accounts Production 2023.300M B MurphyR M Murphy-PeersMr E E MurphyE E 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