Company registration number 05150258 (England and Wales)
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2024
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
COMPANY INFORMATION
Directors
Mr A R Killingsworth
Mr D J Preece
Secretary
Mr D J Preece
Company number
05150258
Registered office
Newcombe House
Bakewell Road
Orton Southgate
Peterborough
PE2 6XU
Auditor
Ensors Accountants LLP
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 40
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 1 -

The directors present the strategic report for the period ended 28 January 2024.

Fair review of the business

The Directors are pleased with the performance of the business, although sales across the business decreased by (1.3%) this was against a very challenging economic backdrop, gross margin % has increased by 1.6%pts to 62.2%. There are ongoing pressures in relation to sourcing materials and increased costs relating to transport. As a Group, the directors are continuing to work with business partners in our supply chain and are balancing a tight control of costs with investment to support the growth of the business for the future.

 

We have plans to continue to enhance our online offerings, improve the customer shopping experience, both online and in store, and to focus on delivering our key services where customers want it the most. We have enhanced our Brand portfolio, we launched M&Co online in June 2023 and have opened the first M&Co store at Newton Mearns in May 2024 and we acquired the Evans brand and residual stock in August 2023, this launched online in September 2023.

Principle risks and uncertainties

Brexit

 

Uncertainties and complications relating to Brexit have inevitably impacted upon the Group. Brexit was a significant event for the country, the implications of which continue today. The Group has reviewed the effects to date and addressed ongoing trading relationships.

 

The Group is monitoring the impact and potential requirements of these risks and is well placed with its multichannel distribution offering and localised sourcing opportunities. We anticipate being able to react and mitigate where possible.

 

Inflation

 

The Group monitoring the effect of inflationary increases in costs for consumers, our product is competitively priced and we are committed to providing value for money.

 

The future of the high street

 

As a result of the changing high street, we are actively revisiting all leases with the objective of achieving a sustainable operating environment in conjunction with the landlords. We are moving towards a more equal risk based approach where rent is dependent upon store performance and the ability to end arrangements, without prolonged commitment, is incorporated into the lease. The new approach is creating a more streamlined business which allows us to maintain a high street presence which otherwise may not have been viable.

 

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 2 -
Development and performance

We are pleased with the performance of the brands within the Yours Clothing portfolio, existing brands have performed well in the challenging environment of cost of living and post Brexit whilst new brands have achieved a promising start. The Group launched M&Co online in June 2023,and acquired the Evans brand in August 2023. The challenging nature of high street retail and our move towards a more equal risk-based approach on leases has resulted in the closure of 6 (2023: 16) stores. Since the period end, we have closed a further 1 store and opened a new M&Co Branded store in Newton Meares.

 

In addition:

Key performance indicators

Our key performance indicators used in the management of the business continue to be turnover, gross margin, stock holding, overhead cost percentage and employee headcount.

 

KPI

2024

2023

Variance

Commentary

Turnover

230,796,006

233,771,190

-1.3%

See the above fair review of the business

Gross margin

62.2%

60.6%

+1.6%

See the above fair review of the business

Stock holding

37,110,406

24,444,462

+52%

Increase due to support increased trading activities

*Overhead cost %

46.3%

39.1%

+7.2%

Increase due to support increased trading

Headcount

1,004

966

+4%

Increased trading and brand activity

 

*excludes exceptional cost of Director retirement costs

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 3 -
Section 172 statement

The directors recognise their duties under section 172(1) (a) to (f) of the Companies Act 2006 and at all times act in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole for the long term.

We have built and maintain strong relationships with our customers, suppliers and producers. We recognise that the ongoing relationship with our customers and key business partners are key to the success of our ongoing business. We therefore enter into dialogue with those parties and work with them wherever practical and mutually beneficial. We operate a customer service call centre with email feedback opportunities to engage with our customers and we have dedicated supplier service managers. In doing so we like to maintain our business standards to the highest ethical standards complying with rules and regulations not just in the UK, but also in the jurisdictions in which we operate throughout the world.

We are strong advocates in supporting the community locally and further afield. Support for charitable causes this year has included fundraising in support of the crisis in Ukraine with the backing of the British Red Cross and an ongoing community partnership with Barnados to support local families in need of assistance to cover emergency needs. This is in addition to supporting national fund raising drives for charities selected by its employees as well as being a bronze award holder for the level of charitable contributions donated to the charities trust through the Group assisted payroll giving scheme.

Understanding and clear communication remains key to our relationship with our Bankers and professional advisors, together they offer valued experienced guidance.

We are an equal opportunity employer and continue to invest in our people and their working conditions. We increased our standards of cleaning and introduced additional measures to help protect our staff and any other individuals, from the impact of the recent pandemic. We look to continue to improve employee conditions with the development of additional warehouse space which contains improved staff facilities and working conditions in the new year 23/24. We seek to identify training and development opportunities and support staff where possible to progress in their employment within the organisation. We offer a confidential employee support service and remain committed to good human relations and working practices in all areas of our business.

We endeavour to minimise our impact upon the environment and to contribute positively wherever possible. We recycle all plastics and cardboard throughout our stores, warehouse and offices. We utilise Hybrid cars to reduce emission as well as having installed solar panels which supply non-polluting electricity back to the National Grid. The Group actively follows up on our Energy Savings Opportunity Scheme (ESOS) Reports.

On behalf of the board

Mr D J Preece
Director
25 July 2024
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 4 -

The directors present their annual report and financial statements for the period ended 28 January 2024.

Principal activities

The principal activity of the company and group continued to be that of clothing retail and related accessories.

Results and dividends

The results for the period are set out on page 10.

Ordinary dividends were paid amounting to £1,431,120 (2022: £1,072,435). The directors do not recommend payment of a further dividend.

Directors

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

Mr A R Killingsworth
Mr D J Preece
Financial instruments
Liquidity risk

Liquidity risk arises from the Group's management of working capital and the repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group policy is to ensure that there will be sufficient cash to meet its liabilities as they fall due. To achieve this cash balances are maintained at a level to meet expected requirements for at least the next month. The Board regularly receives both short and long term cash flow projections. At the end of the period these projections indicated that the Group is expected to have sufficient liquid resources to meet its obligations.

Foreign exchange risk

Market risk arises primarily from the Group's use of foreign currency financial instruments. It is the risk that the fair value of future currency cash flows from financial instruments will fluctuate because of changing foreign exchange rates. The Group is predominately exposed to currency risk on purchases made from suppliers in the Far East, but denominated in US $. The Group is also increasingly exposed to Sales in the Euro-zone and elsewhere, denominated in Euro €. Some purchases are made from suppliers denominated in Euro € and for the moment these perform a natural hedge.

Credit risk

Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual obligation. Being a retailer, credit sales are of a minimum, but where goods are sold on credit an appropriate credit assessment is implemented before entering a contract. Trade receivables predominantly relate to balances due from trusted customer payment platforms and selected reputable trade customers. The accounts are actively monitored, and minimal credit losses are expected on such contracts. Credit risk also arises from cash and cash equivalents and deposits with banks. Only highly rated banks are accepted. We bank with Barclays Bank Plc and Allied Irish Banks Plc whose current Moodys Credit Ratings are grade A. The Group does not enter into arrangements to manage credit risk.

Disabled persons

The Group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 5 -
Employee involvement

The group's policy is to consult and discuss with employees, 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.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

This statement incorporates the performance of the UK activities of the AK Retail Holdings Limited and its subsidiary; Yours Clothing Limited.

Greenhouse emissions and climate change performance

The Group is committed to control and where possible reduce greenhouse gas emissions. We have already taken a number of steps to reduce our energy consumption from fossil fuels, including upgrading to LED in stores, all of our company cars are petrol electric hybrids and vehicles are serviced in accordance with manufacturer’s recommendations, we have installed smart meters in the majority of our stores, and we have a large solar PV array installed at our Head Office to supply non-polluting electricity back to the National Grid.

Our greenhouse gas emissions performance and energy usage for the period ended 28 January 2024 is:

 

kWh Energy Consumed YTD

tCO2e Emitted YTD

Intensity Ratio

 

Electricity

Natural Gas

Transport

Total

Scope 1

Scope 2

Scope 3

Scope 1+2

2023-2024

4,749,288

-

319,554

5,068,842

112

983

-

1,096

1.11

2022-2023

5,042,254

-

314,072

5,356,326

148

975

-

1,123

1.23

Intensity ratio tCO2e/FTE (tonnes of carbon dioxide equivalent / full time equivalent employees) kWh=kilowatt hour

The greenhouse gas emissions and climate change performance is aligned with the GHG Protocol methodology. The GHG Protocol establishes comprehensive global standardised frameworks to measure and manage greenhouse gas (GHG) emissions from private and public sector operations, value chains and mitigation actions. The framework has been in use since 2001, and forms a recognised structured format, to calculate a carbon footprint. Emissions Factors Applied – DEFRA 2021.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 6 -
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.

On behalf of the board
Mr D J Preece
Director
25 July 2024
2024-07-25
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
- 7 -
Opinion

We have audited the financial statements of AK Retail Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 January 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
- 8 -
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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the group's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of 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.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
- 9 -

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.

Jayson Lawson (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
25 July 2024
Chartered Accountants
Statutory Auditor
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 10 -
Period
Period
ended
ended
28 January
29 January
2024
2023
Notes
£
£
Turnover
3
230,796,006
233,771,190
Cost of sales
(77,037,283)
(81,689,185)
Distribution costs
(10,112,154)
(10,458,879)
Gross profit
143,646,569
141,623,126
Administrative expenses
(110,873,656)
(91,411,053)
Other operating income
30,772
57,661
Onerous contract (provision)/reversal
4
538,701
(4,197,674)
Operating profit
6
33,342,386
46,072,060
Interest receivable and similar income
9
2,157,648
919,995
Interest payable and similar expenses
11
(45,847)
(51,219)
Other gains and losses
10
(375,000)
698,119
Profit before taxation
35,079,187
47,638,955
Tax on profit
12
(9,112,838)
(9,933,893)
Profit for the financial period
25,966,349
37,705,062
Profit for the financial period is all attributable to the owners of the parent company.
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 JANUARY 2024
- 11 -
Period
Period
ended
ended
28 January
29 January
2024
2023
£
£
Profit for the period
25,966,349
37,705,062
Other comprehensive income
-
-
Total comprehensive income for the period
25,966,349
37,705,062
Total comprehensive income for the period is all attributable to the owners of the parent company.
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP BALANCE SHEET
AS AT
28 JANUARY 2024
28 January 2024
- 12 -
28 January 2024
29 January 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
14
2,268,881
357,156
Tangible assets
15
25,336,165
25,155,071
Investment property
17
5,780,929
3,250,000
Investments
16
1,335,987
934,507
34,721,962
29,696,734
Current assets
Stocks
20
37,110,406
24,444,462
Debtors
21
12,234,911
12,895,827
Investments
22
50,000,000
40,000,000
Cash at bank and in hand
41,243,951
37,112,095
140,589,268
114,452,384
Creditors: amounts falling due within one year
23
(29,837,022)
(22,925,333)
Net current assets
110,752,246
91,527,051
Total assets less current liabilities
145,474,208
121,223,785
Provisions for liabilities
Provisions
24
6,945,757
7,230,563
(6,945,757)
(7,230,563)
Net assets
138,528,451
113,993,222
Capital and reserves
Called up share capital
27
201
201
Profit and loss reserves
138,528,250
113,993,021
Total equity
138,528,451
113,993,222
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
25 July 2024
Mr D J Preece
Director
Company registration number 05150258 (England and Wales)
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 28 JANUARY 2024
28 January 2024
- 13 -
28 January 2024
29 January 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
14
2,091,790
254,689
Tangible assets
15
19,911,898
19,477,501
Investment property
17
5,780,929
3,250,000
Investments
16
1,336,187
934,707
29,120,804
23,916,897
Current assets
Debtors
21
1,116,230
756,499
Investments
22
50,000,000
40,000,000
Cash at bank and in hand
17,909,715
10,670,708
69,025,945
51,427,207
Creditors: amounts falling due within one year
23
(1,191,637)
(643,617)
Net current assets
67,834,308
50,783,590
Total assets less current liabilities
96,955,112
74,700,487
Provisions for liabilities
Deferred tax liability
25
145,538
-
0
(145,538)
-
Net assets
96,809,574
74,700,487
Capital and reserves
Called up share capital
27
201
201
Profit and loss reserves
96,809,373
74,700,286
Total equity
96,809,574
74,700,487

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £23,540,207 (2023 - £32,641,593).

The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
25 July 2024
Mr D J Preece
Director
Company registration number 05150258 (England and Wales)
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 JANUARY 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 January 2022
201
77,705,009
77,705,210
Period ended 29 January 2023:
Profit and total comprehensive income
-
37,705,062
37,705,062
Dividends
13
-
(1,417,050)
(1,417,050)
Balance at 29 January 2023
201
113,993,021
113,993,222
Period ended 28 January 2024:
Profit and total comprehensive income
-
25,966,349
25,966,349
Dividends
13
-
(1,431,120)
(1,431,120)
Balance at 28 January 2024
201
138,528,250
138,528,451
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 JANUARY 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 January 2022
201
43,475,743
43,475,944
Period ended 29 January 2023:
Profit and total comprehensive income for the period
-
32,641,593
32,641,593
Dividends
13
-
(1,417,050)
(1,417,050)
Balance at 29 January 2023
201
74,700,286
74,700,487
Period ended 28 January 2024:
Profit and total comprehensive income
-
23,540,207
23,540,207
Dividends
13
-
(1,431,120)
(1,431,120)
Balance at 28 January 2024
201
96,809,373
96,809,574
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 JANUARY 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
33,064,776
50,573,276
Interest paid
(45,847)
(51,219)
Income taxes paid
(10,885,446)
(12,287,466)
Net cash inflow from operating activities
22,133,483
38,234,591
Investing activities
Purchase of intangible assets
(3,180,399)
(52,233)
Purchase of tangible fixed assets
(1,971,940)
(17,333,960)
Proceeds from disposal of tangible fixed assets
6,113
14,027
Purchase of investment property
(2,530,929)
(21,056)
Investment made
(11,051,000)
(40,249,149)
Interest received
2,157,648
577,316
Net cash used in investing activities
(16,570,507)
(57,065,055)
Financing activities
Dividends paid to equity shareholders
(1,431,120)
(1,417,050)
Net cash used in financing activities
(1,431,120)
(1,417,050)
Net increase/(decrease) in cash and cash equivalents
4,131,856
(20,247,514)
Cash and cash equivalents at beginning of period
37,112,095
57,359,609
Cash and cash equivalents at end of period
41,243,951
37,112,095
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 JANUARY 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
2,063,088
1,177,277
Interest paid
(4,126)
(219)
Income taxes paid
(483,514)
(270,087)
Net cash inflow from operating activities
1,575,448
906,971
Investing activities
Purchase of intangible assets
(2,990,485)
(78,639)
Purchase of tangible fixed assets
(711,324)
(15,130,292)
Purchase of investment property
(2,530,929)
(21,056)
Investment made
(11,051,000)
(40,249,149)
Interest received
2,378,417
508,080
Dividends received
22,000,000
30,000,000
Net cash generated from/(used in) investing activities
7,094,679
(24,971,056)
Financing activities
Dividends paid to equity shareholders
(1,431,120)
(1,417,050)
Net cash used in financing activities
(1,431,120)
(1,417,050)
Net increase/(decrease) in cash and cash equivalents
7,239,007
(25,481,135)
Cash and cash equivalents at beginning of period
10,670,708
36,151,843
Cash and cash equivalents at end of period
17,909,715
10,670,708
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2024
- 18 -
1
Accounting policies
Company information

AK Retail Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Newcombe House, Bakewell Road, Orton Southgate, Peterborough, PE2 6XU.

 

The group consists of AK Retail Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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 AK Retail Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 28 January 2024.

 

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

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

1.4
Going concern

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

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sale of goods 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, 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. The recognition for store sales is deemed to be the completion of transaction. For internet sales this is the anticipated receipt of the goods by the customer. For all other revenue streams the recognition point is dictated by the terms and conditions forming the sales contract. Where the buyer has a right of return and has subsequently exercised that right, an appropriate provision is made against revenue.

1.6
Intangible fixed assets other than goodwill

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Trademarks
Straight line over 10 years
Website costs
Straight line over 3 years
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% on cost (excluding land)
Leasehold land and buildings
Straight line over the full period of the lease
Plant and equipment
20% per annum reducing balance
Fixtures and fittings
20% per annum reducing balance
Computer equipment
33% per annum straight line
Motor vehicles
25% per annum 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.

1.8
Investment property

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

 

Property rented to a group entity is accounted for as tangible fixed assets.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

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

 

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

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

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is based on the first-in first-out principle and comprise all cost of purchase, any cost of conversion and other costs bringing the stock to their present location and condition including duty and freight.

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

1.12
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.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 21 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

Derecognition of financial liabilities

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

1.14
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.

1.15
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.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 23 -
1.16
Provisions

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

 

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

An onerous contact is considered to exist where the unavoidable costs exceed any economic benefit to be received from the contract. The present obligation under an onerous contract is measured and recognised as a provision.

 

Provision for the expected cost of customer right of return under sale of goods legislation and group terms and conditions is recognised at the period end. The provision is the director's best estimate of the amounts required to settle any such obligation.

 

Where the group has incurred a liability to make good a leasehold property, at the expiration of the lease or on leaving an estimate is made for that cost and a provision for such amount is spread over the life of the lease.

 

In any circumstances where there is a potential liability and the amount cannot be estimated reliably then a contingent liability is disclosed.

1.17
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.

1.18
Retirement benefits

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

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 24 -
1.19
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.

1.20

Short-term investment

Short-term investment includes deposits held with banks for maturity date more than three months and less than twelve months.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 25 -
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.

Dismantling costs and dilapidation of leasehold properties

The Group has contractual obligations to return leasehold properties to their original state prior to return to the landlord at the end of the lease. The Group estimates the amount of this future liability based upon a combination of historical experience of vacating stores and a best estimate of the likely future costs to be incurred in making good the Group property portfolio. The estimate is calculated store by store as a specific amount with adjustment made for any special circumstances relating to an individual property. The carrying value is disclosed in note 24.

Determining the lease term of contracts with renewal and termination options

The Group determine the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

The Group has many lease contracts that include extension and termination options. The Group evaluates whether it is reasonably certain whether or not to exercise option to renew or terminate the lease. It considers all relevant economic factors as to whether to exercise either renewal or termination.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 26 -
Stock provision

The Group provides for the full cost price of specific stock items where they are identified as damaged or not fit for sale. The Group also provides for stock shrinkage, based on historically observed rates of loses, for the period between the most recent stock take and the period end. Slow moving stock items are provided for in full and items identified with a cost price in excess of current sales price, based on managements understanding of the products and market, are provided for to reduce the stock value to the recoverable amount.

Return provision

The Group estimates Store returns by applying a return rate percentage, based on historical experience, to sales in the period leading up to the period end.  Online sales return provision is based upon the actual return of sold items following the period end.

Other provisions

The Government grant income received by the Group is subject to UK subsidy control conditions, as well as specific conditions attached to the grants themselves. The unprecedented nature of Covid-19 support funding means application of these conditions is open to a degree of interpretation. Where the Group has received income in connection with government grants but does not believe it will comply with all of the conditions, a provision is made for the Group's best estimate of amounts that will be repaid but the actual amount that will be repaid is not certain. The amount of £2,652,459, as was provided for in the previous financial period, is included within accruals and deferred income in relation to Government Grants.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
230,796,006
233,771,190
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
202,858,972
207,613,129
Europe
19,657,778
14,988,239
Rest of the world
8,279,256
11,169,822
230,796,006
233,771,190
2024
2023
£
£
Other revenue
Investment income
2,157,648
919,995
4
Exceptional item
2024
2023
£
£
Expenditure
Onerous contract provision
(538,701)
4,197,674
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 27 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
13,250
12,500
Audit of the financial statements of the company's subsidiaries
82,550
76,000
95,800
88,500
For other services
Taxation compliance services
17,860
16,850
6
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange gains
(737,351)
(2,993,775)
Depreciation of owned tangible fixed assets
1,776,679
1,673,900
Loss on disposal of tangible fixed assets
8,054
157,130
Amortisation of intangible assets
1,268,674
456,117
Operating lease charges
6,449,163
7,031,939
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
329,233
235,050
Company pension contributions to defined contribution schemes
245
245
329,478
235,295

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
314,833
220,650
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 28 -
8
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and warehouse
380
317
8
9
Retail
624
649
-
-
Total
1,004
966
8
9

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
25,248,547
22,609,959
1,554,098
1,103,483
Social security costs
2,413,893
1,638,847
205,330
181,988
Pension costs
307,030
266,714
4,978
3,993
27,969,470
24,515,520
1,764,406
1,289,464
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,807,168
577,316
Other income from investments
(Losses)/Gains on financial instruments measured at fair value through profit or loss
(649,520)
342,679
Total income
2,157,648
919,995
10
Amounts written off investments
2024
2023
£
£
Changes in the fair value of investment properties
-
698,119
Amounts written off current loans
(375,000)
-
(375,000)
698,119
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 29 -
11
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
45,847
51,219
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
8,697,866
11,273,930
Adjustments in respect of prior periods
36,449
5,807
Double tax relief
(20,236)
(87,550)
Total UK current tax
8,714,079
11,192,187
Foreign current tax on profits for the current period
20,236
23,405
Adjustments in foreign tax in respect of prior periods
(2,692)
-
0
Total current tax
8,731,623
11,215,592
Deferred tax
Origination and reversal of timing differences
381,215
(1,281,699)
Total tax charge
9,112,838
9,933,893
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
12
Taxation
(Continued)
- 30 -

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

2024
2023
£
£
Profit before taxation
35,079,187
47,638,955
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
8,429,529
9,051,401
Tax effect of expenses that are not deductible in determining taxable profit
306,560
63,116
Tax effect of income not taxable in determining taxable profit
-
0
(197,752)
Adjustments in respect of prior years
45,093
-
0
Permanent capital allowances in excess of depreciation
160,444
35,077
Effect of revaluations of investments
167,759
-
0
Under/(over) provided in prior years
(11,336)
5,807
Deferred tax adjustments in respect of prior years
7,005
(45,095)
Foreign tax credits
-
0
(65,412)
Remeasurement of deferred tax for change in tax rates
7,784
(295,517)
Impact of transition
-
0
1,382,268
Taxation charge
9,112,838
9,933,893
13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,431,120
1,417,050
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 31 -
14
Intangible fixed assets
Group
Trademarks
Website costs
Total
£
£
£
Cost
At 30 January 2023
1,078,639
2,266,500
3,345,139
Additions
2,990,485
189,914
3,180,399
Disposals
-
0
(1,868,500)
(1,868,500)
At 28 January 2024
4,069,124
587,914
4,657,038
Amortisation and impairment
At 30 January 2023
823,950
2,164,033
2,987,983
Amortisation charged for the period
1,153,384
115,290
1,268,674
Disposals
-
0
(1,868,500)
(1,868,500)
At 28 January 2024
1,977,334
410,823
2,388,157
Carrying amount
At 28 January 2024
2,091,790
177,091
2,268,881
At 29 January 2023
254,689
102,467
357,156
Company
Trademarks
£
Cost
At 30 January 2023
1,078,639
Additions
2,990,485
At 28 January 2024
4,069,124
Amortisation and impairment
At 30 January 2023
823,950
Amortisation charged for the period
1,153,384
At 28 January 2024
1,977,334
Carrying amount
At 28 January 2024
2,091,790
At 29 January 2023
254,689
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 32 -
15
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 30 January 2023
22,586,202
8,743,552
1,719,467
4,928,277
1,917,480
169,214
40,064,192
Additions
1,032,674
69,462
328,229
276,418
265,157
-
0
1,971,940
Disposals
-
0
(330,219)
-
0
(37,428)
(446,014)
(57,799)
(871,460)
Transfers
12,952
(12,952)
-
0
-
0
-
0
-
0
-
0
At 28 January 2024
23,631,828
8,469,843
2,047,696
5,167,267
1,736,623
111,415
41,164,672
Depreciation and impairment
At 30 January 2023
1,359,778
7,730,324
514,831
3,821,897
1,360,743
121,548
14,909,121
Depreciation charged in the period
587,976
320,837
270,276
250,490
335,668
11,432
1,776,679
Eliminated in respect of disposals
-
0
(330,219)
-
0
(29,586)
(443,608)
(53,880)
(857,293)
Transfers
11,321
(11,321)
-
0
-
0
-
0
-
0
-
0
At 28 January 2024
1,959,075
7,709,621
785,107
4,042,801
1,252,803
79,100
15,828,507
Carrying amount
At 28 January 2024
21,672,753
760,222
1,262,589
1,124,466
483,820
32,315
25,336,165
At 29 January 2023
21,226,424
1,013,228
1,204,636
1,106,380
556,737
47,666
25,155,071
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 33 -
Company
Freehold land and buildings
£
Cost
At 30 January 2023
19,859,509
Additions
711,324
At 28 January 2024
20,570,833
Depreciation and impairment
At 30 January 2023
382,008
Depreciation charged in the period
276,927
At 28 January 2024
658,935
Carrying amount
At 28 January 2024
19,911,898
At 29 January 2023
19,477,501
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
18
-
0
-
0
200
200
Listed investments
1,335,987
934,507
1,335,987
934,507
1,335,987
934,507
1,336,187
934,707
Fixed asset investments revalued

Listed investments comprise publically traded shares. The shares have been carried at their closing price as at the reporting date using data obtained from the Financial Times.

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 30 January 2023
934,507
Additions
1,051,000
Valuation changes
(649,520)
At 28 January 2024
1,335,987
Carrying amount
At 28 January 2024
1,335,987
At 29 January 2023
934,507
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
16
Fixed asset investments
(Continued)
- 34 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 30 January 2023
200
934,507
934,707
Additions
-
1,051,000
1,051,000
Valuation changes
-
(649,520)
(649,520)
At 28 January 2024
200
1,335,987
1,336,187
Carrying amount
At 28 January 2024
200
1,335,987
1,336,187
At 29 January 2023
200
934,507
934,707
17
Investment property
Group
Company
2024
2024
£
£
Fair value
At 30 January 2023
3,250,000
3,250,000
Additions
2,530,929
2,530,929
At 28 January 2024
5,780,929
5,780,929

Investment property comprises a residential property held for rental income and capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Tailor Made Estate Agency, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

18
Subsidiaries

Details of the company's subsidiary at 28 January 2024 is as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Yours Clothing Limited
Newcombe House, Bakewell Road, Orton Southgate, Peterborough, United Kingdom, PE2 6XU
Clothing retailer
Ordinary
100.00
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 35 -
19
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
50,000,000
40,000,000
50,000,000
40,000,000
20
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
37,110,406
24,444,462
-
0
-
0
21
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,370,147
7,408,223
-
0
-
0
Corporation tax recoverable
1,530,422
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
14,692
-
Other debtors
2,053,339
1,307,628
1,070,149
720,343
Prepayments and accrued income
3,047,206
2,564,964
31,389
1,125
11,001,114
11,280,815
1,116,230
721,468
Deferred tax asset (note 25)
1,233,797
1,615,012
-
0
35,031
12,234,911
12,895,827
1,116,230
756,499
22
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
50,000,000
40,000,000
50,000,000
40,000,000

During the period, the Company deposited £50m into four fixed term deposits with Santander. The maturity dates of the deposit range from 22 April 2024 and 13 October 2024.

AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 36 -
23
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
8,216,931
6,825,243
47,184
258
Amounts owed to group undertakings
-
0
-
0
-
0
76,183
Corporation tax payable
-
0
623,401
724,848
245,128
Other taxation and social security
7,029,108
6,300,161
396,685
280,067
Other creditors
2,083,462
1,753,269
4,587
31,981
Accruals and deferred income
12,507,521
7,423,259
18,333
10,000
29,837,022
22,925,333
1,191,637
643,617
24
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations/dismantling provision
1,935,668
1,750,418
-
-
Returns provision
1,351,116
1,282,471
-
-
Onerous contract provision
3,658,973
4,197,674
-
-
6,945,757
7,230,563
-
-
Movements on provisions:
Dilapidations/dismantling provision
Returns provision
Onerous contract provision
Total
Group
£
£
£
£
At 30 January 2023
1,750,418
1,282,471
4,197,675
7,230,564
Additional provisions in the year
240,500
1,351,116
1,076,149
2,667,765
Utilisation of provision
(55,250)
(1,282,471)
(1,614,851)
(2,952,572)
At 28 January 2024
1,935,668
1,351,116
3,658,973
6,945,757
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
24
Provisions for liabilities
(Continued)
- 37 -
Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows;
2024
2023
£
£
Within next 12 months
Returns provision
1,351,116
1,282,471
Dilapidations/dismantling provision
538,044
302,691
Onerous contract provision
2,733,554
2,262,341
After more than 12 months
Dilapidations/dismantling provision
1,397,624
1,447,727
Onerous contract provision
925,418
1,935,333
6,945,756
7,230,563
25
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
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
-
(98,023)
24,897
Revaluations
-
-
(174,529)
-
Short term temporary differences
-
-
1,506,349
1,590,115
-
-
1,233,797
1,615,012
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
(28,876)
-
-
16,281
Revaluations
174,529
-
-
-
Short term temporary differences
(115)
-
-
18,750
145,538
-
-
35,031
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
25
Deferred taxation
(Continued)
- 38 -
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 30 January 2023
(1,615,012)
(35,031)
Charge to profit or loss
381,215
180,569
Liability/(Asset) at 28 January 2024
(1,233,797)
145,538

The deferred tax asset /liability set out above is expected to reverse within 12 months.

26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
307,030
266,714

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. At the balance sheet date, £90,245 (2023: £64,787) was outstanding.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
201
201
201
201
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
2024
2023
2024
2023
£
£
£
£
Within one year
4,167,447
4,976,982
-
-
Between two and five years
5,684,574
7,948,942
-
-
In over five years
490,291
1,303,568
-
-
10,342,312
14,229,492
-
-
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 39 -
29
Related party transactions

The Group has taken advantage of the exemption available under FRS 102 para 33.1A not to disclose transactions entered into between two or more members of a group.

 

All key management personnel are also Directors. Please see note 8 for the Directors remuneration.

 

At the period end, the Group and the Company has made provision for non-recoverability of a loan of £375,000 given to Spalding United Football Club (2017) Ltd. Mr A R Killingsworth is a director and majority shareholder of Spalding United Football Club (2017) Ltd.

 

30
Controlling party

The Group is ultimately controlled by Mr A R Killingsworth, by virtue of his 100% shareholding in the parent company.

31
Cash generated from group operations
2024
2023
£
£
Profit for the period after tax
25,966,349
37,705,062
Adjustments for:
Taxation charged
9,112,838
9,933,893
Finance costs
45,847
51,219
Investment income
(2,157,648)
(919,995)
Loss on disposal of tangible fixed assets
8,054
157,130
Fair value gain on investment properties
-
0
(698,119)
Amortisation and impairment of intangible assets
1,268,674
456,117
Depreciation and impairment of tangible fixed assets
1,776,679
1,673,900
Fair value loss on fixed asset investment
649,520
(342,679)
(Decrease)/increase in provisions
(284,806)
4,564,094
Movements in working capital:
Increase in stocks
(12,665,944)
(7,500,860)
Decrease in debtors
1,810,123
1,747,136
Increase in creditors
7,535,090
3,746,378
Cash generated from operations
33,064,776
50,573,276
32
Analysis of changes in net funds - group
30 January 2023
Cash flows
28 January 2024
£
£
£
Cash at bank and in hand
37,112,095
4,131,856
41,243,951
AK RETAIL HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 40 -
33
Cash generated from operations - company
2024
2023
£
£
Profit for the period after tax
23,540,207
32,641,593
Adjustments for:
Taxation charged
1,143,803
433,382
Finance costs
4,126
219
Investment income
(24,378,417)
(30,850,759)
Fair value gain on investment properties
-
0
(698,119)
Amortisation and impairment of intangible assets
1,153,384
351,728
Depreciation and impairment of tangible fixed assets
276,927
184,464
Fair value loss on fixed asset investments
649,520
(342,679)
Movements in working capital:
Increase in debtors
(394,762)
(439,603)
Increase/(decrease) in creditors
68,300
(102,949)
Cash generated from operations
2,063,088
1,177,277
34
Analysis of changes in net funds - company
30 January 2023
Cash flows
28 January 2024
£
£
£
Cash at bank and in hand
10,670,708
7,239,007
17,909,715
2024-01-282023-01-30falseCCH SoftwareCCH Accounts Production 2024.100Mr A R KillingsworthMr D J PreeceMr D J 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