Company registration number 06989818 (England and Wales)
JAYMEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
JAYMEL LIMITED
COMPANY INFORMATION
Directors
J R Pilley
(Appointed 1 March 2023)
M J Pilley
(Appointed 1 March 2023)
Company number
06989818
Registered office
Poolfoot Farm
Butts Road
Thornton-Cleveleys
FY5 4HX
Auditor
Sumer Auditco Limited
The Beehive
City Place
Gatwick
RH6 0PA
Bankers
Lloyds Bank Plc
2-12 Lord Street
Liverpool Law Courts
Merchants Court
Liverpool
Merseyside
L2 1TS
Solicitors
Weightmans LLP
3 Picadilly Place
Manchester
M1 3BN
JAYMEL LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 40
JAYMEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

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

 

Business Review - Group

The group's performance is a combination of the performance of the subsidiaries, Commercial Power Limited, Fleetwood Wanderers Limited and Poolfoot Sports Complex Limited.

 

Business Review - Commercial Power Limited

From a trading perspective, excluding exceptional items, Commercial Power Limited has delivered another successful year with the overall business performance being in line with the Directors’ expectations. Turnover for the year was £12.4m (2022: £7.34m) an increase of 68.9%. Reported trading profit prior to exceptional costs totals £7.5m (2022: £1.2m). This increased income and profit has arisen on a revised service offering to a related company, being a monthly retainer for services, rather than on a % commission basis.

The target market remains consistent with the prior year, and the business offers an independent commercial energy aggregation service, specialising in commercial gas and electricity to a predominantly SME and small corporate businesses. The business model has evolved since the previous year with more focus on debt collection which has increased additional revenue streams. However, energy aggregation service sales to third parties has decreased in the year with the main bulk of these sales being to related companies instead.

During the year, the company has incurred significant exceptional costs totalling £25.1m, which ultimately have resulted in the loss reported for the year and the shareholders deficit reported as at 30 June 2023.

The exceptional costs are explained in further detail in note 4 to the financial statements. Fundamentally the provisions made for group/ related company debts are based on potential non-recovery of historic balances. The exceptional group debt written off is based on a contractual debt reassignment of old, potentially irrecoverable debts to a related company, in which the company secured income on the reassignment for 10% of the debt value.

Post year end, sales with 3rd parties have further declined and as such the company is primarily only providing services to a related company. The directors consequently decided to cease new business and to transfer employees to the related company on 1 November 2023. The company will continue only to receive legacy income on historic arrangements/ contracts and will recover debts and pay 3rd party liabilities.

The exceptional costs and resultant loss for the year has resulted in a net liabilities position of (£12.2m). At the year end, creditors: amounts falling due within one year include debts owed to related companies of £13.7m. Agreement has been reached with these related companies that although the debt is technically considered due on demand (on the basis no formal loan agreement is in place), repayment will not be sought until cash flow permits. Based on this agreed financial support, the financial statements have been prepared on the going concern basis.

Key Performance Indicators - Commercial Power Limited

The board reviews the Company’s KPIs at the monthly board meetings. These include operational and financial measurements.

 

 

 

 

 

2023

 

2022

Turnover

 

 

 

£12.4m

 

£7.3m

Gross profit margin

 

 

89.75%

 

62.67%

Profit before tax and exceptional

£7.5m

 

£1.2m

(Loss)/ profit before tax

 

(£17.6m)

 

£266k

Shareholder/ (deficit) funds:

 

(£12.3m)

 

£5.3m

 

 

 

 

 

 

 

The above illustrates that prior to exceptional items, the company was trading profitably.

 

The exceptional items incurred in 2023 have resulted in the shareholder deficit.

JAYMEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Business Review - Fleetwood Wanderers Limited

Under the management of Scott Brown, the year saw the club compete for the ninth successive season (the current longest serving club) in the Sky Bet League One, the third tier of English professional football. The club finished 13th out of 24 clubs in the 2022/2023 season. The club also made it to the 5th Round in the FA Cup, the furthest in the club’s history.

 

The club continued to invest strongly in the academy and applied to achieve a Category 2 academy status, the second highest category in English football, with the intention of achieving this status for the 2023/2024.

 

In line with the club’s business model of investing into the academy through personnel and infrastructure (including  a significant investment into the refurbishment of a local hotel, held on long term lease)  the club continues to realise income from the sale of academy players and negotiated transfer clauses on those players, allowing for significant future sell on percentages, and other ongoing payments contingent on the performances of those players at their new clubs.

 

The expectations are that this income stream will continue and will benefit the club year on year, both from the future movements of players sold and with more academy players playing for the 1st team, through this continued investment and development of new young talent at the club.

 

Seven academy players made their first team debuts, illustrating the ongoing success of the commitment to invest in the development of the club and its players.

 

The club also joined forces with Waterford FC, Ireland, in a collaboration to extend the recruitment and development options for the club. The link saw two players transfer from the Irish club to Fleetwood during the season.

 

The club ended the season with Scott Brown in the post as manager.

 

Key Performance Indicators - Fleetwood Wanderers Limited

The Directors have, and will continue to, monitor all of the KPIs and daily operating controls and maintain a strong focus on increasing performance of the company.

 

The main KPIs and corresponding results are as follows:

 

 

 

 

2023

 

2022

Turnover

 

 

£6.1m

 

£7.3m

Loss after taxation

6.0m)

 

(£1.7m)

Shareholder’s deficit

(£30.9m)

 

(£24.9m)

 

Turnover has decreased by 18% during the year. This decrease principally relates to £1.6m reduction in income from player fees, which does vary year-on-year dependent on player loans and trading agreed. Funding from the EFL which has decreased by £0.4m post COVID. Positively, gate sales, bar sales, merchandise sales, prize money, facility hire and academy funding has all increased when compared to 2021/22.

 

The increased loss for the year is partially due to decreased income, as explained above, but also due to increased costs fundamentally relating to investment in the academy, the players and the club facilities.

 

The company remains in a net liabilities position, however financial support is provided by both group and related companies to ensure the future stability of the club.

JAYMEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Business Review - Poolfoot Sports Complex Limited

Poolfoot Farm is home to a number of professionally prepared grass pitches, two full size artificial grass pitches, four artificial grass 5-a-side pitches, gymnasium, classrooms, physiotherapy suite, changing rooms and offices. A new Air Dome was opened during the year housing another gymnasium area and a further three quarter size artificial grass pitch. A full public bar, restaurant and retail facility services the entire site.

 

The site continues to trade its bar, restaurant, retail outlet and hire of its football pitches and runs internationally focussed commercial football programmes and is the central training base for Fleetwood Town Football Club's First Team and Academy teams.

 

Business Review - Jaymel Limited

The company has built an elite sports and leisure complex, located a short distance from Fleetwood Town football club. The complex is mainly used by the football club for training but also a venue for local grassroots clubs to train and participate in local youth leagues. The emphasis on this complex is for community use. The operation of this complex is undertaken by Poolfoot Sports Complex Limited.

Principal Risks and Uncertainties

The group seeks to manage risk through a combination of Board oversight, operational routines, and policies and the principal risks are aggregated as follows:

 

Liquidity risk - Group

The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. For short to medium term flexibility, from time to time the other related party trading companies provide cash loans.

Credit risk- Commercial Power Group

The principal credit risk arises from the company's trade debtors.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

From time to time the business will issue its brokers with cash advances to support their cash flow, the use of these advances is monitored closely by the board so that the business does not take on undue risk.

Industry specific risks- Commercial Power Limited

The directors' consider the greatest risk to be the threat of increased regulation in the energy market. The business has continued to mitigate this risk by ensuring the business has the right skills and capabilities to monitor and maintain compliance with any arising regulatory requirements.

Industry specific risks- Fleetwood Wanderers Limited

The principal risk to the business is poor on field performance which could result in relegation that would potentially damage the income levels. Management are aware of this and are working towards a restructuring of the business model to mitigate such risk.

The club is impacted directly by the regulations and rules set by the FA, EFL, UEFA, and FIFA. The board monitors any changes within these regulations and ensure compliance to them.

JAYMEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -

On behalf of the board

J R Pilley
Director
15 April 2024
JAYMEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -

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

Principal activities

The principal activity of the company is a holding company.

 

The principal activities of the group's subsidiaries continued to be that of commercial aggregators, a football club and a sports and leisure facility.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

 

Going concern

The group is in a significant net current liabilities position and the going concern basis is entirely based on financial support provided by related companies. At the year end, net liabilities amounts to £40.2m (2022: £8.5m) which has increased in the year due to the accounting loss incurred.

 

At the year end, the group has related company debts of £52.9m, which are included within other creditors: amounts falling due within one year. This is on the basis that there are no formal loan agreements in place and as such by default are deemed repayable upon demand. Signed confirmations have been obtained, confirming that repayment of these loans will not be sought until cash flow permits.

 

Additionally, it has been agreed that certain profitable related trading companies, will financially support the group for a period of more than 12 months from the signature of these accounts. This will cover the ongoing costs of operating the various activities of the group as required. Financial forecasts have been prepared by these related companies and adequate financial funds are available to cover any shortfall of the group, based on budgets set for 2023/24.

 

Based on the financial forecasts prepared, the directors are satisfied that, for the foreseeable future, the group can meet its projected working capital requirements. Implicit within these projections is the assumption that there will be continued support from related party companies. Consequently, the financial statements have been prepared on a going concern basis.

Directors

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

A J Pilley
(Resigned 22 May 2023)
J R Pilley
(Appointed 1 March 2023)
M J Pilley
(Appointed 1 March 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

JAYMEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
Future developments

 

Fleetwood Wanderers Limited

The club is committed to improving the facilities and commenced work on new hospitality areas, providing state of the art facilities for home and visiting directors, and a further area for other guests of the club. Installation of a brand new set of floodlights commenced in June, using more efficient LEDs, with the intention for these to be ready for the new 2023/2024 season. Other stadium works including brand new press seating, full replacement of the artificial grass surrounding the pitch, CCTV/PA system improvements and the installation of LED advertising screens behind both goals, helping deliver increased sponsorship revenue. The club continues to invest to ensure the stadium meets the highest standards both from safety perspective and a supporter experience with further investment planned for the 2023/2024 season. There is also further investment intended on the hotel which will open up considerably more rooms to accommodate club personnel and will also provide opportunities to monetise the club's brand through international football programmes and touring groups to the area.

 

Commercial Power Limited

On 1 November 2023, the directors have decided not to undertake any new business with 3rd parties and as such the company employees were transferred to a related company. The company will continue to collect legacy income based on contractual agreements and will have minimal future costs.

Auditor

The auditor, Sumer Auditco Limited, is was appointed during the year and 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.

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.

JAYMEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
On behalf of the board
J R Pilley
Director
15 April 2024
JAYMEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAYMEL LIMITED
- 8 -
Opinion

We have audited the financial statements of Jaymel 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 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

JAYMEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAYMEL LIMITED
- 9 -
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.

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.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to regulations concerning property rental, health and safety and data protection. The trading subsidiaries also include laws related to the regulatory nature of brokerage, employment law and the operation of a football team.

JAYMEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAYMEL LIMITED
- 10 -

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

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

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.

Caroline Snape (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
15 April 2024
Statutory Auditor
The Beehive
City Place
Gatwick
RH6 0PA
JAYMEL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
2023
2022
as restated
Notes
£
£
Turnover
4
19,474,728
16,001,849
Cost of sales
(8,216,308)
(8,754,290)
Gross profit
11,258,420
7,247,559
Administrative expenses
(9,643,525)
(7,801,420)
Other operating income
609,598
405,988
Exceptional item
5
(4,092,106)
-
0
Exceptional items
5
(29,644,067)
-
0
Operating loss
6
(31,511,680)
(147,873)
Interest receivable and similar income
9
5,456
8,209
Interest payable and similar expenses
10
(147,737)
(67,906)
Amounts written off investments
11
(171,500)
-
Loss before taxation
(31,825,461)
(207,570)
Tax on loss
12
180,464
(45,534)
Loss for the financial year
(31,644,997)
(253,104)
Loss for the financial year is attributable to:
- Owner of the parent company
(29,710,910)
(276,884)
- Non-controlling interests
(1,934,087)
23,780
(31,644,997)
(253,104)
Total comprehensive income for the year is attributable to:
- Owner of the parent company
(29,710,910)
(276,884)
- Non-controlling interests
(1,934,087)
23,780
(31,644,997)
(253,104)
JAYMEL LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
15
316,117
148,072
Tangible assets
16
13,468,746
12,618,561
Investments
17
-
0
151,500
13,784,863
12,918,133
Current assets
Stocks
19
38,776
50,531
Debtors
20
3,664,857
4,716,684
Cash at bank and in hand
180,710
296,650
3,884,343
5,063,865
Creditors: amounts falling due within one year
21
(57,791,052)
(25,755,087)
Net current liabilities
(53,906,709)
(20,691,222)
Total assets less current liabilities
(40,121,846)
(7,773,089)
Creditors: amounts falling due after more than one year
22
(43,874)
(769,277)
Provisions for liabilities
Deferred tax liability
24
21,643
-
0
(21,643)
-
Net liabilities
(40,187,363)
(8,542,366)
Capital and reserves
Called up share capital
27
188
188
Revaluation reserve
1,301,723
1,301,723
Other reserves
873
873
Profit and loss reserves
(39,815,722)
(10,104,812)
Equity attributable to owner of the parent company
(38,512,938)
(8,802,028)
Non-controlling interests
(1,674,425)
259,662
(40,187,363)
(8,542,366)

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 15 April 2024 and are signed on its behalf by:
15 April 2024
J R Pilley
Director
Company registration number 06989818 (England and Wales)
JAYMEL LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
16
9,207,508
9,273,535
Investments
17
188
188
9,207,696
9,273,723
Current assets
Debtors
20
877,000
2,107,550
Cash at bank and in hand
687
2,832
877,687
2,110,382
Creditors: amounts falling due within one year
21
(9,310,230)
(9,318,197)
Net current liabilities
(8,432,543)
(7,207,815)
Total assets less current liabilities
775,153
2,065,908
Provisions for liabilities
Deferred tax liability
24
21,643
-
0
(21,643)
-
Net assets
753,510
2,065,908
Capital and reserves
Called up share capital
27
188
188
Revaluation reserve
1,301,723
1,301,723
Profit and loss reserves
(548,401)
763,997
Total equity
753,510
2,065,908

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 £1,312,398 (2022 - £198,347 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
15 April 2024
J R Pilley
Director
Company registration number 06989818 (England and Wales)
JAYMEL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 July 2021
188
1,301,723
873
(8,827,928)
(7,525,144)
235,882
(7,289,262)
Year ended 30 June 2022:
Loss and total comprehensive income
-
-
-
(276,884)
(276,884)
23,780
(253,104)
Dividends
13
-
-
-
(1,000,000)
(1,000,000)
-
(1,000,000)
Balance at 30 June 2022
188
1,301,723
873
(10,104,812)
(8,802,028)
259,662
(8,542,366)
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
-
(29,710,910)
(29,710,910)
(1,934,087)
(31,644,997)
Balance at 30 June 2023
188
1,301,723
873
(39,815,722)
(38,512,938)
(1,674,425)
(40,187,363)
JAYMEL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
188
1,301,723
1,565,650
2,867,561
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
198,347
198,347
Dividends
13
-
-
(1,000,000)
(1,000,000)
Balance at 30 June 2022
188
1,301,723
763,997
2,065,908
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
(1,312,398)
(1,312,398)
Balance at 30 June 2023
188
1,301,723
(548,401)
753,510
JAYMEL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
2,437,801
1,946,413
Interest paid
(147,737)
(67,906)
Income taxes refunded
118,497
-
0
Net cash inflow from operating activities
2,408,561
1,878,507
Investing activities
Purchase of intangible assets
(332,500)
(117,500)
Proceeds from disposal of intangibles
-
20,000
Purchase of tangible fixed assets
(1,467,403)
(24,462)
Proceeds from disposal of tangible fixed assets
-
4,687
Purchase of investments
(20,000)
(1,500)
Interest received
5,456
8,209
Net cash used in investing activities
(1,814,447)
(110,566)
Financing activities
Repayment of borrowings
(710,054)
(710,054)
Dividends paid to equity shareholders
-
0
(1,000,000)
Net cash used in financing activities
(710,054)
(1,710,054)
Net (decrease)/increase in cash and cash equivalents
(115,940)
57,887
Cash and cash equivalents at beginning of year
296,650
238,763
Cash and cash equivalents at end of year
180,710
296,650
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
1
Accounting policies
Company information

Jaymel Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Poolfoot Farm, Butts Road, Thornton-Cleveleys, FY5 4HX.

 

The group consists of Jaymel Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The company is a qualifying entity for the purpose of FRS102 and has elected to take exemption under FRS102 paragraph 1.12 (b) not to present the company statement of cashflows.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Jaymel 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.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
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, based on continued financial support by related companies. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Due to both current and historic trading losses, the group's balance sheet shows net current liabilities of £53,906,709 (2022: £20,691,222) and net liabilities of £40,187,363 (2022: £8,542,366).

 

The group requires continued financial support from related companies, namely the agreement that related company debts will not be sought for repayment unless group cash flow permits. Financial support from related companies also includes support for on-going working capital funding as required, to ensure the group has adequate financial funds available to ensure costs of operating the various trading companies. This financial support has been confirmed for a period of at least 12 months from the signature of the accounts, supported by the preparation of financial forecasts and budgets set for 2023/24.

 

As at 30 June 2023, the group owed related companies £52,902,063. These balances are included within other creditors: amounts falling due with one year, on the basis that there are no formal loan agreements and therefore by default are deemed to be repayable upon demand, from a statutory financial statement’s presentation perspective. This is despite the practical assurances received that these related company balances will not be sought for repayment until cash flow permits.

 

The directors have considered the future profitability of certain profitable, trading related companies and their ability to financial support the group and are satisfied that adequate resources are available, enabling this group to continue as a going concern. Based on financial forecasts and budgets set for 2023/24, the directors are satisfied that, for the foreseeable future, the group can meet its projected working capital requirements. Implicit within these projections is the assumption that that there will be continued support from related party companies. Consequently, the financial statements have been prepared on a going concern basis.

1.5
Turnover

Turnover from commissions represents the value of commissions receivable from third parties in respect of sales contracts signed up during the accounting period, excluding value added tax. Turnover from commissions is recognised by reference to the date the contract with the end user is confirmed as being approved by the energy provider.

Turnover from Fleetwood Wanderers Limited and Poolfoot Sports Complex Limited is recognised as services and events are provided. Income generated from football matches is recognised as matches are played, this includes seasonal packages which are split equally between league home games. Sponsorship and similar commercial income is recognised over the duration of the football season whilst additional facility fee for live coverage or highlights are taken when earned. Merit awards, where applicable, are accounted for only when known at the end of the season.

 

Where turnover represents prize money it is recognised in the accounting period in which the prize money is determined.

 

Merchandise sales are recognised at the fair value of the consideration received for goods sold and is shown net of VAT and other sales related taxes.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
1.6
Intangible fixed assets other than goodwill

In accordance with FRS102 "Goodwill and Intangible Assets", fees payable on the transfer of players' registrations are capitalised at cost and written off over the length of the players' contracts. Profit or loss on the sale of players' registrations is based on transfer fees receivable and amortised cost of the players and is recognised in the period in which the transfers are made. Players' registrations are written down for impairment when the carrying amount exceeds the amount recoverable through use or sale. Future payments for the acquisition of a player's registration, which may become due dependent on the performance of the team and/or the individual player, are recognised within the original cost of acquisition if, in the opinion of the Directors, it is probable that these payments will eventually be made. Similar terms may exist in contracts for the sale of players' registrations but such payments are not recognised as part of the proceeds of disposal until the event upon which the payment is dependent is known to have occurred. Provision is made for any impairment.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
15% p.a. straight line basis
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:

Freehold land and buildings
2% p.a. straight line basis
Leasehold land and buildings
5% p.a. straight line basis
Leasehold improvements
3.33% p.a. straight line basis and over lease term
Plant and equipment
15% p.a. reducing balance basis
Fixtures and fittings
15% p.a. straight line and 15 % p.a. reducing balance basis
Computers
15% p.a. straight line basis
Motor vehicles
33% p.a. straight line and 25% p.a. reducing balance basis

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.

Some leasehold improvements capitalised during the year have not yet been depreciated. They came into use following the year end and will be depreciated in the year to 30 June 2024.

1.8
Fixed asset investments

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

 

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

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

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -

Other fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in or .

1.9
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). 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.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

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.

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.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 21 -
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.

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.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

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

1.13
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.

 

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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 23 -
1.17
Government grants

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Turnover and cost of sales

Turnover derived from commission on a pence per unit basis includes an estimate of the amount of utility supplied to end users. This estimate is constantly revised throughout the length of the end users contact and is based on meter readings and industry data. Estimation of the number of units consumed and therefore commissions receivable are revised throughout the contact until final reconciliation data is received.

 

Similarly commissions paid may also subject to the same degree of estimation, with associated costs dependent on the receipt of final reconciliation data.

Tangible fixed assets

The useful economic life of tangible fixed assets has to be estimated by the directors of the company to ensure an appropriate depreciation charge is recognised in the year. The value of the assets ultimately depends on the condition of the assets and whether economic income can be derived from the asset. The directors undertake a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements. Depreciation charged during the year totalled £515,544 (2022: £516,206).

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
3
Prior period adjustment

During the year, certain costs which are directly attributable to operating a football club and delivering the FTIFA experience, have been reclassified from administrative costs to cost of sales. Costs include player wages (including social security costs and pension contributions), loan player fees, agents fees and club fines. As well as travelling expenses and professional fees for coaches and other football professionals, that are directly attributable to FTIFA income. A prior year adjustment has been processed to ensure costs for 2022 are presented on a comparable basis.

 

As a result of the prior year adjustment, cost of sales for 2022 has increased by £4,610,529 and administrative expenses have decreased equally by £4,610,529. There has been no change to the previously report loss or net liabilities as at 30 June 2022.

Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Year ended 30 June 2022
£
£
£
Cost of sales
(4,143,761)
(4,610,529)
(8,754,290)
Administrative expenses
(12,411,949)
4,610,529
(7,801,420)
Loss after taxation
(253,104)
-
(253,104)
4
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Aggregation and debt collection commissions
12,399,236
7,343,478
Football operations
5,421,529
6,754,281
Non-football operations
1,653,963
1,904,090
19,474,728
16,001,849
2023
2022
£
£
Other revenue
Interest income
5,456
8,209
Grants received
-
78,783
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
5
Exceptional item
2023
2022
£
£
Expenditure
Exceptional item- group debt formally written off
29,644,067
-
Exceptional item- related party debt provision for non-recovery
4,092,106
-
33,736,173
-

Exceptional items in the current year represents a full provision for non-recoverability of an intercompany loan, with its related parties Smart Choice Metering Limited, Utilisearch Limited and Power Grade Ltd.

 

Also in the current year, an exception loss was incurred on group debt reassignment to a related company.

6
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Government grants
-
(78,783)
Depreciation of owned tangible fixed assets
515,544
561,206
Impairment of owned tangible fixed assets
101,674
-
Profit on disposal of tangible fixed assets
-
(1,822)
Amortisation of intangible assets
130,718
30,784
Impairment of intangible assets
33,737
-
0
Profit on disposal of intangible assets
-
(19,006)
Operating lease charges
211,092
188,494

Government grants received in the prior year relate to claims made for the Coronavirus Job Retention Scheme and the Restart Grant Scheme.

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
6,500
5,000
Audit of the financial statements of the company's subsidiaries
40,000
29,250
46,500
34,250
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
8
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
Playing staff
54
43
-
-
Non-playing staff
138
125
-
-
Other staff
62
94
-
-
Total
254
262
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,408,530
7,219,399
-
0
-
0
Social security costs
849,151
749,037
-
-
Pension costs
73,463
93,675
-
0
-
0
8,331,144
8,062,111
-
0
-
0

Remuneration paid to directors during the year was £Nil (2022: £Nil).

9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
3,368
-
0
Other interest income
2,088
8,209
Total income
5,456
8,209
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
10
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
2,198
Other interest on financial liabilities
104,409
39,963
104,409
42,161
Other finance costs:
Other interest
43,328
25,745
Total finance costs
147,737
67,906
11
Amounts written off investments
2023
2022
£
£
Other gains and losses
(171,500)
-
12
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(162,445)
(60,589)
Deferred tax
Origination and reversal of timing differences
(13,694)
96,925
Changes in tax rates
(4,325)
9,198
Total deferred tax
(18,019)
106,123
Total tax (credit)/charge
(180,464)
45,534
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
12
Taxation
(Continued)
- 28 -

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

2023
2022
£
£
Loss before taxation
(31,825,461)
(207,570)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(6,046,838)
(39,438)
Tax effect of expenses that are not deductible in determining taxable profit
6,783,691
10,529
Tax effect of income not taxable in determining taxable profit
-
0
(2,207)
Unutilised tax losses carried forward
(833,475)
30,993
Change in unrecognised deferred tax assets
32,370
48,005
Adjustments in respect of prior years
(162,445)
(60,589)
Effect of change in corporation tax rate
(4,325)
9,198
Permanent capital allowances in excess of depreciation
(675)
(146)
Depreciation on assets not qualifying for tax allowances
51,233
49,189
Taxation (credit)/charge
(180,464)
45,534

Deferred tax has been recognised at a rate of 25%. In October 2022, the government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.

13
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
-
1,000,000
14
Impairments

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

2023
2022
Notes
£
£
In respect of:
Intangible assets
15
33,737
-
Property, plant and equipment
16
101,674
-
Recognised in:
Administrative expenses
135,411
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
15
Intangible fixed assets
Group
Software
Player Registrations
Total
£
£
£
Cost
At 1 July 2022
51,950
172,500
224,450
Additions
-
0
332,500
332,500
At 30 June 2023
51,950
505,000
556,950
Amortisation and impairment
At 1 July 2022
10,420
65,958
76,378
Amortisation charged for the year
7,793
122,925
130,718
Impairment losses
-
0
33,737
33,737
At 30 June 2023
18,213
222,620
240,833
Carrying amount
At 30 June 2023
33,737
282,380
316,117
At 30 June 2022
41,530
106,542
148,072
The company had no intangible fixed assets at 30 June 2023 or 30 June 2022.

More information on impairment movements in the year is given in note 14.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 30 -
16
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 1 July 2022
8,833,355
5,260,842
102,295
1,778,358
3,960,413
385,388
387,732
20,708,383
Additions
-
0
-
0
1,417,306
23,500
21,356
5,241
-
0
1,467,403
At 30 June 2023
8,833,355
5,260,842
1,519,601
1,801,858
3,981,769
390,629
387,732
22,175,786
Depreciation and impairment
At 1 July 2022
-
0
3,032,027
19,353
1,349,974
2,995,279
359,992
333,197
8,089,822
Depreciation charged in the year
-
0
263,040
13,535
64,784
150,774
9,777
13,634
515,544
Impairment losses
-
0
-
0
71,883
-
0
12,817
16,974
-
0
101,674
At 30 June 2023
-
0
3,295,067
104,771
1,414,758
3,158,870
386,743
346,831
8,707,040
Carrying amount
At 30 June 2023
8,833,355
1,965,775
1,414,830
387,100
822,899
3,886
40,901
13,468,746
At 30 June 2022
8,833,355
2,228,815
82,942
428,384
965,134
25,396
54,535
12,618,561
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 31 -
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 July 2022 and 30 June 2023
8,833,355
1,166,645
10,000,000
Depreciation and impairment
At 1 July 2022
-
0
726,465
726,465
Depreciation charged in the year
-
0
66,027
66,027
At 30 June 2023
-
0
792,492
792,492
Carrying amount
At 30 June 2023
8,833,355
374,153
9,207,508
At 30 June 2022
8,833,355
440,180
9,273,535

More information on impairment movements in the year is given in note 14.

Some leasehold improvements capitalised during the year have not yet been depreciated. They came into use following the year end and will be depreciated in the year to 30 June 2024.

Fixed assets comprise of an elite sports and leisure complex, which the directors estimate has a fair value of £10,000,000 as at 30 June 2023 (2022: £10,000,000). This is based on a rebuild land and building cost assessment of £8,833,355 plus additional in-built operational facilities included in fixtures and fittings. The rebuild cost valuation was undertaken on 28th April 2022 by RebuildCostASSESSMENT.com, who are not connected with the company.

If the assets were measured using the cost model, the carrying amounts would be as follows:
2023
2022
£
£
Group
Cost
7,285,608
7,285,608
Accumulated depreciation
(2,120,619)
(1,974,907)
Carrying value
5,164,989
5,310,701
Company
Cost
7,285,608
7,285,608
Accumulated depreciation
(2,120,619)
(1,974,907)
Carrying value
5,164,989
5,310,701
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 32 -
17
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
18
-
0
-
0
188
188
Unlisted investments
-
0
151,500
-
0
-
0
-
0
151,500
188
188
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2022
219,036
Additions
20,000
At 30 June 2023
239,036
Impairment
At 1 July 2022
67,536
Impairment losses
171,500
At 30 June 2023
239,036
Carrying amount
At 30 June 2023
-
At 30 June 2022
151,500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
188
Carrying amount
At 30 June 2023
188
At 30 June 2022
188
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 33 -
18
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Fleetwood Wanderers Limited
1
Football club
Ordinary shares
97.00
Commercial Power Limited
1
Commissons aggregator
Ordinary shares
90.00
Poolfoot Sports Complex Limited
1
Sports and leisure facility
Ordinary shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Poolfoot Farm, Butts Road, Thornton-Cleveleys, United Kingdom, FY5 4HX
19
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
38,776
50,531
-
0
-
0
20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
970,772
421,918
-
0
-
0
Corporation tax recoverable
149,821
22,380
-
0
-
0
Amounts owed by group undertakings
-
-
-
1,159,554
Other debtors
1,357,402
2,814,910
25,000
47,996
Prepayments and accrued income
1,121,680
1,196,932
852,000
900,000
3,599,675
4,456,140
877,000
2,107,550
Deferred tax asset (note 24)
65,182
25,520
-
0
-
0
3,664,857
4,481,660
877,000
2,107,550
Amounts falling due after more than one year:
Other debtors
-
0
235,024
-
0
-
0
Total debtors
3,664,857
4,716,684
877,000
2,107,550
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 34 -
21
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
23
717,716
710,054
-
0
-
0
Trade creditors
1,209,731
1,555,423
1,000
7,900
Amounts owed to group undertakings
-
0
-
0
1,198,428
1,179,428
Corporation tax payable
83,493
-
0
-
0
-
0
Other taxation and social security
904,758
1,429,309
19,953
18,806
Deferred income
25
532,812
213,573
-
0
-
0
Other creditors
53,059,547
20,606,952
8,084,248
8,106,961
Accruals and deferred income
1,282,995
1,239,776
6,601
5,102
57,791,052
25,755,087
9,310,230
9,318,197
22
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
23
-
0
717,716
-
0
-
0
Deferred income
25
43,874
51,561
-
0
-
0
43,874
769,277
-
-
23
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
717,716
1,427,770
-
0
-
0
Payable within one year
717,716
710,054
-
0
-
0
Payable after one year
-
0
717,716
-
0
-
0

Other borrowings in absolute terms includes an unsecured, non-interest bearing loan from the EFL of £666,667 (2022: £1,333,334). For accounting purposes an interest rate of 2.5% p.a. has been applied to discount this loan as required by accounting standard for non-market rate loans. Repayments of £333,333 commenced on 13 August 2021, twice yearly and full repayment due by 15 January 2024. After discounting the loan balance at year end amounted to £656,516 (2022: £1,305,770).

 

Other borrowings also includes a £61,200 (2022: £122,000) total unsecured, non-interest bearing advance from the EFL. On the grounds of immateriality, no discounting has been applied for this loan. Repayments of £30,400 commenced on 1 October 2021, twice yearly and full repayment due by 1 April 2024.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 35 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
(6,964)
-
25,540
112,183
Tax losses
(217,417)
-
-
151,933
Revaluations
246,024
-
-
(246,024)
Retirement benefit obligations
-
-
6,118
6,115
Short term timing differences
-
-
33,524
1,313
21,643
-
65,182
25,520
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
(6,964)
-
-
94,091
Tax losses
(217,417)
-
-
151,933
Revaluations
246,024
-
-
(246,024)
21,643
-
-
-
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 July 2022
(25,520)
-
(Credit)/charge to profit or loss
(13,694)
16,449
Effect of change in tax rate - profit or loss
(4,325)
5,194
Liability/(Asset) at 30 June 2023
(43,539)
21,643

The deferred tax asset, set out above, fundamentally relates to accelerated capital allowances claimed on the purchase of fixed assets, and is expected to release over the useful economic life of the associated fixed asset. The other short term timing differences and pension contributions will affect tax relief when paid.

 

The deferred tax liability, set out above, fundamentally relates to the net expected future tax liability payable after considering unutilised tax losses and the expected gain on a revalued property. Also there are accelerated capital allowances claimed on the purchase of fixed assets, which will release over the useful economic life of the associated asset acquired.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 36 -
25
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
51,561
59,248
-
-
Other deferred income
525,125
205,886
-
-
576,686
265,134
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
532,812
213,573
-
0
-
0
Non-current liabilities
43,874
51,561
-
0
-
0
576,686
265,134
-
-

The grants are secured by way of a negative pledge over leasehold property assets of the company.

26
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,463
93,675

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.

 

As at the year-end, contributions due to the schemes in respect of the current reporting year were £47,782 (2022: £47,649).

27
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
188
188
188
188
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 37 -
28
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
535,955
476,757
-
-
Between two and five years
2,001,836
1,822,102
-
-
In over five years
5,100,000
5,500,000
-
-
7,637,791
7,798,859
-
-
29
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102 Section 33, not to disclose transactions entered into between two or more members of a group, where any subsidiary party to the transaction is wholly owned.

During the year the group has recognised sales of £11,173,529 (2022: £2,732,688) to and recharges of other administrative expenses of £549,055 (2022: £312,351) from Business Energy Solutions Ltd, a company under common control. During the year £Nil (2022: £1,203) was repaid to Business Energy Solutions Ltd. At the year-end an amount of £15,775,832 (2022: £13,647,299) was owed to Business Energy Solutions Ltd, this amount is included within other creditors.

During the year the group has recognised sales of £1,994,132 (2022: £4,697,747) to and recharges of other administrative expenses of £139,151 (2022: £103,655) from BES Commercial Electricity Ltd, a company under common control. At the year-end an amount of £6,097,298 (2022: £6,222,799) was owed to BES Commercial Electricity Ltd, this amount is included within other creditors.

During the year the group has recognised sales of £499 (2022: £Nil) to CX Global Holdings FZCO, a company under common control During the year £269,996 (2022: £86,164) was advanced to CX Global Holdings FZCO. At the year-end an amount of £356,759 (2022: £104,805) was owed from CX Global Holdings FZCO, this amount is included within other debtors.

During the year, the group has recognised various management services from JRP Management Services Limited, a company under common control of £1,609,054 (2022: £Nil) and has also made sales to JRP Management Services Limited of £297,110 (2022: £Nil). Additionally, debt totalling £31,296,141 owed by the group to the following companies, was sold to JRP Management Services Limited.

 

Commercial Power Limited (fellow group company)        £29,644,067

BES Commercial Electricity Ltd (related company)        £ 644,115

Business Energy Solutions Ltd (related company)        £ 1,007,959

 

At the year-end £30,998,898 (2022: £Nil) was owed to JRP Management Services Limited, this amount is included within other creditors.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
29
Related party transactions
(Continued)
- 38 -

During the year the group recognised sales of £63,994 (2022: £17,167) to and has recognised commissions due to CX International (PTY) Ltd, a company under common control, of £287,436 (2022: £868,982). During the year £Nil (2022: £19,294) was advanced to CX International (PTY) Ltd. At the year-end an amount of £19,306 (2022 debtor: £102,030) was owed to CX International (PTY) Ltd as included in other creditors.

During the year the group has recognised sales of £26,859 (2022: £30,885) to and purchases of £Nil (2022: £6,837) from Smart Choice Metering Limited, a company under control. During the year £953,000 (2022: £236,015) was advanced to Smart Choice Metering Limited. During the year a provision has been made for non-recoverability of £3,192,015 (2022: £Nil) for debt owed by Smart Choice Metering Limited. At the year-end an amount of £3,597 (2022: £2,211,975) was owed by Smart Choice Metering Limited.

During the year, the group has recognised various management services from Davidson Family Limited, a company under common control of £180,376 (2022: £Nil). At the year-end £9,324 (2022: £Nil) was owed to Davidson Family Limited, this amount is included within other creditors.

During the year the group has recognised sales of £33,085 (2022: £111,950) to and purchases of £49,325 (2022: £60,441) from Card Saver Limited, a company under common control. At the year-end an amount of £742 (2022 debtor: £36,259) was owed to Card Saver Limited, this amount is included within other creditors.

During the year the group recognised sales of £1,994 (2022: £5,362) to and purchases of £385 (2022: £Nil) from The Leisure Channel Limited, a company under common control. At the year-end an amount of £3,879 (2022: £3,448) was owed by The Leisure Channel Limited, this amount is included within other debtors.

During the year the group has recognised sales of £995 (2022: £Nil) to, and accommodation charges of £105,115 (2022: £93,641) from New Primrose Developments LLP, a partnership under common control. At the year-end an amount of £665 (2022: £5,833) was owed to New Primrose Developments LLP, this amount is included within other creditors.

During the year the group has recognised purchases from Breck Apartments LLP of £11,258 (2022: £12,073), a partnership under common control. At the year-end an amount of £Nil (2022: £3,040) was owed to Breck Apartments LLP, this amount is included within other creditors.

During the year the group has recognised sales of £Nil (2022: £16,200) to and purchases of £114,603 (2022: £638,432) from Utilisearch Ltd, a company under common control. During the year a provision has been made for non-recoverability of £19,440 (2022: £Nil) for debt owed by Utilisearch Ltd. At the year-end an amount of £Nil (2022: £10,457) was owed by Utilisearch Ltd.

During the year £101,418 (2022: £Nil) was donated by the group to Hout Bay Charitable Trust ZSA, a charity under common control.

During the year the group has recognised sales of £2,252 (2022: £Nil) to Power Grade Ltd, a company under control. During the year £880,651 (2022: £Nil) was advanced to Power Grade Ltd and a provision has been made for non-recoverability of £880,651 (2022: £Nil) for the debt owed by Power Grade Ltd. At the year-end an amount of £7 (2022: £Nil) was owed by Power Grade Ltd, this amount is included within other debtors.

All group debts are unsecured, non-interest bearing and repayable on demand.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 39 -
30
Directors' transactions

Included within accruals is interest payable to the director at a rate of 10% p.a. (2022: 10%) on any balances owed to them throughout the year. During the year interest of £21,089 (2022: £1,011) was incurred. As at the year end accrued interest amounted to £41,636 (2022: £20,547).

 

The overdrawn director's loan balance was fully repaid by 31 March 2024.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Director's loan
2.25
(532,223)
777,591
2,018
247,386
(532,223)
777,591
2,018
247,386
31
Controlling party

The ultimate controlling party is deemed to be A J Pilley by virtue of his majority shareholding.

32
Cash generated from group operations
2023
2022
£
£
Loss for the year after tax
(31,644,997)
(253,104)
Adjustments for:
Taxation (credited)/charged
(180,464)
45,534
Finance costs
147,737
67,906
Investment income
(5,456)
(8,209)
Gain on disposal of tangible fixed assets
-
(1,822)
Gain on disposal of intangible assets
-
(19,006)
Amortisation and impairment of intangible assets
164,455
30,784
Depreciation and impairment of tangible fixed assets
617,218
561,206
Other gains and losses
171,500
-
Movements in working capital:
Decrease/(increase) in stocks
11,755
(4,708)
Decrease in debtors
1,218,930
8,491
Increase in creditors
31,625,571
1,656,884
Increase/(decrease) in deferred income
311,552
(137,543)
Cash generated from operations
2,437,801
1,946,413
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 40 -
33
Analysis of changes in net debt - group
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
296,650
(115,940)
180,710
Borrowings excluding overdrafts
(1,427,770)
710,054
(717,716)
(1,131,120)
594,114
(537,006)
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2024.100A J PilleyJ R PilleyM J 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