Company registration number 12344186 (England and Wales)
FLETCHERS WASTE MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
FLETCHERS WASTE MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
B McCabe
(Appointed 11 March 2024)
M C Mountain
(Appointed 11 March 2024)
W Fisher
(Appointed 11 March 2024)
Company number
12344186
Registered office
Clement Works
Clement Street
Sheffield
S9 5EA
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
FLETCHERS WASTE MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
11
Notes to the financial statements
14 - 29
FLETCHERS WASTE MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

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

Group Business Activities

 

Fletchers Waste Management Limited (FWML) was incorporated on 2nd December 2019. The principal activity is that of a dormant holding company. The Company was incorporated in order to acquire the entire share capital of Fletcher Plant Limited (FPL) on the 31st January 2020, in order to enable the management buyout of FPL; FPL is a company that provides waste management services across the UK.

In addition, FWML acquired the entire share capital of Retford Waste Limited (RWL) on 30th September 2020; RWL is a company that provides waste management services to commercial and domestic customers predominantly within a 30 mile radius of its waste transfer facility in North Nottinghamshire.

Performance Review

Group turnover for the year grew by approximately 24% on the previous year from £18.3m in 2022 to £22.8m in 2023, which is a very positive outcome and undoubtably benefits from an element of post-Covid rebound in activity levels.

Gross profits increased by £2.7m, from £5.8m in 2022 to £8.5m in 2023 and as a percentage of sales the 2023 numbers were 6% higher than 2022 as a result of a combination of factors including sales mix and the inclusion of semi-fixed costs in cost of sales.

Distribution costs rose by £0.9m from £1.9m in 2022 to £2.8m in 2023, which is a 2% increase as a percentage of sales year on year and reflects the continued high cost of diesel and the full year impact of the removal of red diesel in April 2022. In real terms distribution costs should be taken into account when considering gross profits, as they are largely variable in line with sales and as such would better reflect the underlying change in the business.

Administration costs rose by £0.8m, with 50% of this increase being related to salary costs, both from additional people and the much publicised levels of inflationary pressure on labour costs. In addition, the company was impacted by a small number of bad debts in the year which together amounted to £0.1m; whilst disappointing, this cost remains a small percentage of turnover compared to industry norms.

The net result from all of the aforementioned changes was an operating profit of £1.3m, which compares favourably to £0.3m in 2022, particularly given the fuel costs increases and ongoing investment in the future of the group.

Future Prospects, Development and Performance

Trading since the year end has been positive, with all areas of the business performing in line with expectations. Sales to December 2023, the Group’s half-year, are in excess of £12m and as such are tracking at levels consistent with the numbers achieved in these financial statements.

Principal Risks and Uncertainties

The main risk to the Group is slow economic growth and the resulting impact on the Group’s main customer segments, however as waste generally is a growing challenge for all elements of the economy, it is hoped that the growing demand for better waste recovery will out-strip downturns in any one customer segment.

FLETCHERS WASTE MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Key Performance Indicators

The following are the main key performance indicators of the Company:

 

 

 

 

 

 

 

 

Post Balance Sheet Events

On 11 March 2024, the Group was sold to DM Topco Limited, a member of the Beauparc Utilities Group. This sale represents an exciting next step in the Group’s future and will enable it to unlock further opportunities that exist within both the Sheffield City Region and nationally.

On behalf of the board

W Fisher
Director
22 March 2024
FLETCHERS WASTE MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

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

Principal activities

The principal activity of the company continued to be that of a holding company.

 

For other group activities see note 13.

Results and dividends

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

No ordinary dividends were paid. 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:

R P Fletcher
(Resigned 11 March 2024)
G L Leverett
(Resigned 11 March 2024)
F Lythgoe
(Resigned 11 March 2024)
S Lythgoe
(Resigned 11 March 2024)
F Ward
(Resigned 11 March 2024)
B McCabe
(Appointed 11 March 2024)
M C Mountain
(Appointed 11 March 2024)
W Fisher
(Appointed 11 March 2024)
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

FLETCHERS WASTE MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and important events occurring since the year end.

Statement of disclosure to auditor

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

On behalf of the board
W Fisher
Director
22 March 2024
FLETCHERS WASTE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLETCHERS WASTE MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Fletchers Waste Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the group statement of comprehensive income, the group 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:

FLETCHERS WASTE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLETCHERS WASTE MANAGEMENT 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

FLETCHERS WASTE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLETCHERS WASTE MANAGEMENT LIMITED
- 7 -

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

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.

Lisa Leighton (Senior Statutory Auditor)
For and on behalf of BHP LLP
3 April 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
FLETCHERS WASTE MANAGEMENT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
Before
30 June
30 June
Goodwill amortisation
Goodwill amortisation
2023
2022
Notes
£
£
£
£
Turnover
3
22,755,181
-
22,755,181
18,348,658
Cost of sales
(14,231,041)
-
(14,231,041)
(12,567,443)
Gross profit
8,524,140
-
8,524,140
5,781,215
Distribution costs
(2,826,429)
-
(2,826,429)
(1,879,214)
Administrative expenses
(3,838,716)
(570,049)
(4,408,765)
(3,564,536)
Operating profit
5
1,858,995
(570,049)
1,288,946
337,465
Interest payable and similar expenses
8
(112,812)
-
(112,812)
(102,920)
Profit before taxation
1,746,183
(570,049)
1,176,134
234,545
Tax on profit
9
(385,820)
-
(385,820)
(2,397)
Profit for the financial year
1,360,363
(570,049)
790,314
232,148
EBITDA
2,840,303
1,802,735
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FLETCHERS WASTE MANAGEMENT LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
3,995,218
4,565,267
Tangible assets
10
6,902,466
6,329,772
10,897,684
10,895,039
Current assets
Stocks
14
1,400
1,400
Debtors
15
5,655,788
4,728,789
Cash at bank and in hand
192,308
243,697
5,849,496
4,973,886
Creditors: amounts falling due within one year
16
(7,164,882)
(6,105,625)
Net current liabilities
(1,315,386)
(1,131,739)
Total assets less current liabilities
9,582,298
9,763,300
Creditors: amounts falling due after more than one year
17
(7,344,637)
(8,741,953)
Provisions for liabilities
Deferred tax liability
20
1,491,000
1,065,000
(1,491,000)
(1,065,000)
Net assets/(liabilities)
746,661
(43,653)
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
746,561
(43,753)
Total equity
746,661
(43,653)

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 March 2024 and are signed on its behalf by:
22 March 2024
W Fisher
Director
Company registration number 12344186 (England and Wales)
FLETCHERS WASTE MANAGEMENT LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
12
8,990,238
8,990,238
Current assets
Debtors
15
100
101
Cash at bank and in hand
71
167
171
268
Creditors: amounts falling due within one year
16
(3,620,217)
(2,704,145)
Net current liabilities
(3,620,046)
(2,703,877)
Total assets less current liabilities
5,370,192
6,286,361
Creditors: amounts falling due after more than one year
17
(5,370,641)
(6,286,714)
Net liabilities
(449)
(353)
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
(549)
(453)
Total equity
(449)
(353)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £96 (2022 - £453 loss).

The financial statements were approved by the board of directors and authorised for issue on 22 March 2024 and are signed on its behalf by:
22 March 2024
W Fisher
Director
Company registration number 12344186 (England and Wales)
FLETCHERS WASTE MANAGEMENT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,363,493
2,032,246
Interest paid
(112,812)
(102,920)
Income taxes refunded/(paid)
291,447
(7,426)
Net cash inflow from operating activities
2,542,128
1,921,900
Investing activities
Purchase of tangible fixed assets
(902,768)
(628,438)
Proceeds from disposal of tangible fixed assets
202,955
269,014
Net cash used in investing activities
(699,813)
(359,424)
Financing activities
Repayment of borrowings
(916,073)
(669,806)
Repayment of bank loans
(10,906)
(9,167)
Payment of finance leases obligations
(966,725)
(821,016)
Net cash used in financing activities
(1,893,704)
(1,499,989)
Net (decrease)/increase in cash and cash equivalents
(51,389)
62,487
Cash and cash equivalents at beginning of year
243,697
181,210
Cash and cash equivalents at end of year
192,308
243,697
FLETCHERS WASTE MANAGEMENT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
100
(275,901)
(275,801)
Year ended 30 June 2022:
Profit and total comprehensive income
-
232,148
232,148
Balance at 30 June 2022
100
(43,753)
(43,653)
Year ended 30 June 2023:
Profit and total comprehensive income
-
790,314
790,314
Balance at 30 June 2023
100
746,561
746,661
FLETCHERS WASTE MANAGEMENT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
100
-
0
100
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
(453)
(453)
Balance at 30 June 2022
100
(453)
(353)
Year ended 30 June 2023:
Profit and total comprehensive income
-
(96)
(96)
Balance at 30 June 2023
100
(549)
(449)
FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
1
Accounting policies
Company information

Fletchers Waste Management Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Clement Works, Clement Street, Sheffield, S9 5EA.

 

The group consists of Fletchers Waste Management Limited and all of its subsidiaries as detailed in note 13.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

 

1.2
Prior year restatement

Comparative amounts in relation to auditors remuneration (Note 5), directors remuneration (Note7) and NBV of assets held on hire purchase (Note 11) have been restated within the relevant notes to reflect their accurate balances. This has no impact on the profit or the reserves.

1.3
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.

FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Fletchers Waste Management Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 June 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.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and the company have 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.

1.6
Turnover

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

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

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.8
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:

Improvements to property
10% straight line
Leasehold land and buildings
2% straight line
Plant and equipment
10% straight line / 15% reducing balance
Fixtures and fittings
10% straight line / 15% reducing balance
Motor vehicles
20% straight line / 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.9
Fixed asset investments

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 and intangible 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).

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 and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

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.

FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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.

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.

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.

FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

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.

Accruals

Significant estimates and assumptions have been made relating to the costs of waste disposal included within accruals. Assessment of the anticipated costs of disposal have been made when determining the value of provision required. In determining this provision, judgements regarding the tonnage and costs of disposal per tonne of waste held at the year-end are made. Estimates are based on historical experience and knowledge of the composition of the waste held at the year-end.

FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Waste
22,353,479
17,761,612
Metals
401,702
587,046
22,755,181
18,348,658
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
22,755,181
18,348,658
4
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
Management
6
6
-
-
Administration
33
33
-
-
Drivers
30
29
-
-
Yard operatives
53
44
-
-
Total
122
112
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,535,943
3,760,309
-
0
-
0
Social security costs
319,005
152,748
-
-
Pension costs
94,616
78,807
-
0
-
0
4,949,564
3,991,864
-
0
-
0
FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
487,868
435,789
Depreciation of tangible fixed assets held under finance leases
493,440
459,432
Loss on disposal of tangible fixed assets
31,961
15,456
Amortisation of intangible assets
570,049
570,049
Operating lease charges
256,708
226,169
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
445,294
383,019
Company pension contributions to defined contribution schemes
11,713
14,827
457,007
397,846

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
125,760
100,000
Company pension contributions to defined contribution schemes
6,430
6,374
7
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
30,650
25,600
For other services
Taxation compliance services
3,250
3,250
FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
10,141
25,659
Interest on invoice finance arrangements
3,619
-
0
Interest on finance leases and hire purchase contracts
99,052
74,078
Other interest
-
3,183
Total finance costs
112,812
102,920
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
42,390
-
0
Adjustments in respect of prior periods
(82,570)
(123,303)
Total current tax
(40,180)
(123,303)
Deferred tax
Origination and reversal of timing differences
426,000
125,700
Total tax charge
385,820
2,397

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
1,176,134
234,545
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
241,107
44,564
Tax effect of expenses that are not deductible in determining taxable profit
121,981
131,092
Tax effect of income not taxable in determining taxable profit
(3,270)
(22,354)
Adjustments in respect of prior years
(82,570)
(123,303)
Group relief
(20)
-
0
Other permanent differences
(52)
517
Deferred tax adjustments in respect of prior years
-
0
51,167
Tax at marginal rate
(206)
-
0
Fixed asset differences
(19,081)
(96,891)
Remeasurement of deferred tax for changes in tax rate
65,503
17,029
Deferred tax not recognised
62,428
576
Taxation charge
385,820
2,397
FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
10
Tangible fixed assets
Group
Improvements to property
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2022
193,672
27,144
8,701,534
60,385
330,319
9,313,054
Additions
87,762
7,274
1,403,521
67,115
223,246
1,788,918
Disposals
-
0
-
0
(557,862)
-
0
(188,353)
(746,215)
At 30 June 2023
281,434
34,418
9,547,193
127,500
365,212
10,355,757
Depreciation and impairment
At 1 July 2022
19,761
14,139
2,848,690
4,077
96,615
2,983,282
Depreciation charged in the year
22,835
487
877,003
15,595
65,388
981,308
Eliminated in respect of disposals
-
0
-
0
(365,186)
-
0
(146,113)
(511,299)
At 30 June 2023
42,596
14,626
3,360,507
19,672
15,890
3,453,291
Carrying amount
At 30 June 2023
238,838
19,792
6,186,686
107,828
349,322
6,902,466
At 30 June 2022
173,911
13,005
5,852,844
56,308
233,704
6,329,772
The company had no tangible fixed assets at 30 June 2023 or 30 June 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
£
£
£
£
Plant and equipment
4,164,211
3,995,602
-
0
-
0
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
5,700,493
Amortisation and impairment
At 1 July 2022
1,135,226
Amortisation charged for the year
570,049
At 30 June 2023
1,705,275
FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
11
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 30 June 2023
3,995,218
At 30 June 2022
4,565,267
The company had no intangible fixed assets at 30 June 2023 or 30 June 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
8,990,238
8,990,238
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
8,990,238
Carrying amount
At 30 June 2023
8,990,238
At 30 June 2022
8,990,238
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Fletcher Plant Limited
Clement Works, Clement Street, Sheffield, S9 5EA
Provision of waste management services
Ordinary
100.00
-
Retford Waste Limited
Same as above
Provision of waste management services
Ordinary
100.00
-
Mr Rubble Limited
Same as above
Dormant
Ordinary
-
100.00
The Soil Lab Limited
Same as above
Dormant
Ordinary
100.00
-
Fast Skips Limited
Same as above
Dormant
Ordinary
100.00
-
The Haz Bag Limited
Same as above
Dormant
Ordinary
100.00
-
FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,400
1,400
-
0
-
0
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,630,639
3,178,320
-
0
-
0
Corporation tax recoverable
599,336
293,202
-
0
-
0
Other debtors
4,978
11,073
100
101
Prepayments and accrued income
1,420,835
1,246,194
-
0
-
0
5,655,788
4,728,789
100
101
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
10,000
10,000
-
0
-
0
Obligations under finance leases
19
1,380,450
990,688
-
0
-
0
Trade creditors
2,697,729
2,661,313
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,620,217
2,704,145
Corporation tax payable
557,996
595
-
0
-
0
Other taxation and social security
574,435
420,585
-
-
Other creditors
1,267,769
1,450,096
-
0
-
0
Accruals and deferred income
676,503
572,348
-
0
-
0
7,164,882
6,105,625
3,620,217
2,704,145

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

 

Included in other creditors is an invoice discounting facility of £1,026,228 (2022: £1,404,728). This is secured by an all assets debenture over the present and future assets of the subsidiary company Fletcher Plant Limited.

FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
19,927
30,833
-
0
-
0
Obligations under finance leases
19
1,954,069
2,424,406
-
0
-
0
Other borrowings
18
5,370,641
6,286,714
5,370,641
6,286,714
7,344,637
8,741,953
5,370,641
6,286,714

Obligations under finance leases are secured by a fixed charge over the assets to which they relate.

18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
29,927
40,833
-
0
-
0
Other loans
5,370,641
6,286,714
5,370,641
6,286,714
5,400,568
6,327,547
5,370,641
6,286,714
Payable within one year
10,000
10,000
-
0
-
0
Payable after one year
5,390,568
6,317,547
5,370,641
6,286,714

The other long-term loans are secured by way of a cross guarantee and debenture between the group.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,954,069
990,688
-
0
-
0
In two to five years
1,380,450
2,424,406
-
0
-
0
3,334,519
3,415,094
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery.

FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
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
1,493,000
1,065,000
Short term timing differences
(2,000)
-
1,491,000
1,065,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
1,065,000
-
Charge to profit or loss
426,000
-
Liability at 30 June 2023
1,491,000
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
94,616
78,807

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.

Accrued pension contributions at the year end in respect of defined contribution schemes amounted to £8,281 (2022: £9,306)

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
264,553
211,376
-
-
Between two and five years
918,126
758,657
-
-
In over five years
326,197
478,750
-
-
1,508,876
1,448,783
-
-
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
218,200
-
-
-
25
Events after the reporting date

On 11 March 2024 Fletchers Waste Management Limited and its subsidiary undertakings were acquired by DM TopCo Limited a member of the Beauparc Utilities Group.

FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
26
Related party transactions

S A Lythgoe and R P Fletcher are directors of the group and hold a cross guarantee and debenture between the following group companies: Fletchers Waste Management Limited, Fletcher Plant Limited and Mr Rubble Limited in relation to loan notes due to them which are held within Fletcher Waste Management Limited.


On the 31 January 2020, Fletchers Waste Management Limited acquired 100% of the share capital of Fletcher Plant Limited. As part of the acquisition loan notes totalling £8,768,000 were issued to R P Fletcher and S A Lythgoe, who remain shareholders of Fletchers Waste Management Limited.

 

During the year £916,073 was repaid in respect of the loan notes. At the year end the balance remaining on the loan notes is £5,370,641 (2022: £6,286,714 (restated due to the prior year adjustment see note 27)) and is included within creditors due more than one year.

 

Payments to related party pension schemes totalled £215,000 (2022: £185,000) in relation to property rental agreements.

 

The group entered into transactions with other business interests of Mr G Leverett, a director of the group A summary of these transactions is set out below:

 

Materials Market Limited

 

During the year the group made purchases of £542,672 (2022: £Nil). A balance of £82,763 (2022: £Nil) was owed to Materials Market and is included in trade creditors at the year end.

27
Controlling party

On 11 March 2024 Fletchers Waste Management Limited was acquired by DM TopCo Limited a company incorporated in the Republic of Ireland and a member of the Beauparc Utilities Group. From this date DM TopCo Limited became its immediate parent undertaking.

28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
790,314
232,148
Adjustments for:
Taxation charged
385,820
2,397
Finance costs
112,812
102,920
Loss on disposal of tangible fixed assets
31,961
15,456
Amortisation and impairment of intangible assets
570,049
570,049
Depreciation and impairment of tangible fixed assets
981,308
895,221
Movements in working capital:
Increase in debtors
(620,865)
(1,801,484)
Increase in creditors
112,094
2,015,539
Cash generated from operations
2,363,493
2,032,246
FLETCHERS WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
29
Analysis of changes in net debt - group
1 July 2022
Cash flows
New finance leases
30 June 2023
£
£
£
£
Cash at bank and in hand
243,697
(51,389)
-
192,308
Borrowings excluding overdrafts
(6,327,547)
926,979
-
(5,400,568)
Obligations under finance leases
(3,415,094)
966,725
(886,150)
(3,334,519)
(9,498,944)
1,842,315
(886,150)
(8,542,779)
30
Prior period adjustment

Group and Company

 

Amounts owed by a director totalling £20,506 has been reclassified and netted off the loan notes due to the same director.

 

The prior period adjustment does not give rise to any effect upon profit or equity as previously reported.

2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300R P FletcherG L LeverettF LythgoeS LythgoeF WardB McCabeM C MountainW 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