Company registration number 03193339 (England and Wales)
LANEND LIMITED
Annual report and financial statements
For the year ended 31 August 2023
LANEND LIMITED
COMPANY INFORMATION
Director
Mrs J B Burgess OBE
Secretary
Mrs J B Burgess OBE
Company number
03193339
Registered office
Station Road
Motspur Park
New Malden
KT3 6JJ
Auditor
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
LANEND LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 32
LANEND LIMITED
STRATEGIC REPORT
For the year ended 31 August 2023
- 1 -
The director presents the strategic report for the year ended 31 August 2023.
Review of the business
We aim to present a balanced and comprehensive review of the performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and global economic and political uncertainties.
Principal operations
The principal activities of the Company are the development of building projects through its subsidiary Planetree Developments Limited and through its subsidiary Blossom House School Limited to maintain and develop centres of excellence which provide children with speech, language and communication difficulties to gain an outstanding education. The aim is to provide accessible locations around London so that all children requiring Blossom’s first class facilities are able to benefit. The school is developing its third location in Wimbledon after the ongoing success of its second location in Euston building on the strengths established at Motspur Park. In addition to this the school is looking to purchase a small farm where a group of children with more complex learning and communication needs can follow a more functional curriculum which will support their independence as they move through their secondary schooling. The Company provides a centre of training excellence for new and prospective staff working in the sector. The school has developed a robust PGCE training programme which ensures good teaching staff retention. We have also introduced our own Behaviour Management course accredited by City and Guilds for Teaching Assistants.
Business review
The financial key performance indicators, for its subsidiary Blossom House School Limited, which best demonstrate the strength of the company as a whole were as follows:-
2023 2022
Turnover £14,412,695 £13,990,814
EBITDA (see note below) £127,974 £1,309,318
For Planetree Developments the key financial performance indicators were as follows:-
2023 2022
Turnover £3,375,000 £5,776,855
EBITDA (see note below) (£14,457) £312,555
Note: EBITDA represents earnings before interest, tax, depreciation, amortisiation and exceptional items.
The significant decrease in earnings in Blossom House School is a reflection on the significant increase in inflation during 2023 and the time lag in the ability of the Company to be able to negotiate fee increases with its principal fee payers as opposed to the need to increase staff salaries to remain competitive in the market place with both the state education system and the NHS. Furthermore, the Company was hit by significant utility cost increases across all its sites.
The decrease in the earnings of Planetree Developments Ltd is due to the final house of the Blossom Square project being sold during the year. The company will be wound down during the coming year.
LANEND LIMITED
STRATEGIC REPORT (CONTINUED)
For the year ended 31 August 2023
- 2 -
Principal risks and uncertainties
As an education provider, the Company’s main subsidiary, Blossom House School Limited, is registered and approved by the Department for Education (DfE) and is subject to inspection and report by Ofsted. The three schools were inspected at the year end and were again rated as Outstanding. The Company regularly updates its policies and procedures to ensure compliance with required standards.
The directors consider that there is significant long term demand for the Company’s services restricted only by any potential changes in legislation on the funding by local authorities for Special Educational Needs of which none is currently forecast. Due to the nature of the market the directors do not believe the Company is exposed to significant movements in the market prices of its services.
The Company’s principal financial instruments comprise cash, trade debtors and creditors and certain other debtors and creditors. Credit risk arises principally on third party derived revenues, company policy is aimed to minimise such risk and collection of debts is actively managed to ensure that payments are received in a timely manner. The vast majority, over 95%, of the Company’s customers are Local Authorities who have a good payment history.
The Company has some variable interest rate borrowings so there is some limited exposure to increased interest rate costs but its is not considered significant. As previously explained in the business review exceptionally high levels of inflation do expose the Company to the risk of costs increasing faster than the Company is able to increase its fees however this will balance out over time as the fee increases catch up with cost increases.
The Company works hard on staff retention and levels of senior staff turnover are historically low. The Company does carry our regular staff surveys and offers a number of non contractual staff benefits.
Development and performance
The group's turnover decreased as compared to last year.This fall was due to the completion of the project of one of the subsidiary entities.
However, the group's position at the end of the year remained strong as indicated in the group balance sheet.
Mrs J B Burgess OBE
Secretary
16 July 2024
LANEND LIMITED
DIRECTOR'S REPORT
For the year ended 31 August 2023
- 3 -
The director presents her annual report and financial statements for the year ended 31 August 2023.
Principal activities
The principal activity of the company and group continued to be that of property development.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mrs J B Burgess OBE
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, through unions, staff councils and 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.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
WSM Advisors Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
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.
LANEND LIMITED
DIRECTOR'S REPORT (CONTINUED)
For the year ended 31 August 2023
- 4 -
By order of the board
Mrs J B Burgess OBE
Secretary
16 July 2024
LANEND LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
For the year ended 31 August 2023
- 5 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is 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. She is 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.
LANEND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANEND LIMITED
- 6 -
Opinion
We have audited the financial statements of Lanend Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 August 2023 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
The impact of macro-economic uncertainties on our audit
Our audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties. All audits assess and challenge the reasonableness of estimates made by the trustees and the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company's future prospects and performance.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.
LANEND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANEND LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and posting inappropriate journal entries to manipulate the fair value of the company's assets.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation where relevant, enquiries with management as to the risks of non-compliance and any instances thereof, challenging assumptions and judgments made by management, and identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. Our audit procedures also focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less like we are to become aware of it.
LANEND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANEND LIMITED
- 8 -
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.
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.
Wendy Patterson (Senior Statutory Auditor)
For and on behalf of WSM Advisors Limited
22 July 2024
Chartered Accountants
Statutory Auditor
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
LANEND LIMITED
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 August 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
17,806,793
19,788,189
Cost of sales
(3,426,784)
(6,051,381)
Gross profit
14,380,009
13,736,808
Administrative expenses
(15,132,430)
(13,691,166)
Other operating income
68,117
19,937
Operating (loss)/profit
4
(684,304)
65,579
Interest receivable and similar income
7
14,784
32,783
Interest payable and similar expenses
8
(82,978)
(262,029)
Loss before taxation
(752,498)
(163,667)
Tax on loss
9
106,126
(314,417)
Loss for the financial year
(646,372)
(478,084)
Loss for the financial year is attributable to:
- Owners of the parent company
(438,892)
(616,872)
- Non-controlling interests
(207,480)
138,788
(646,372)
(478,084)
LANEND LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 August 2023
- 10 -
2023
2022
£
£
Loss for the year
(646,372)
(478,084)
Other comprehensive income
-
-
Total comprehensive income for the year
(646,372)
(478,084)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(438,892)
(616,872)
- Non-controlling interests
(207,480)
138,788
(646,372)
(478,084)
LANEND LIMITED
GROUP BALANCE SHEET
As at 31 August 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
126,525
253,690
Tangible assets
11
6,358,818
6,799,884
6,485,343
7,053,574
Current assets
Stocks
14
1,298,454
4,487,219
Debtors
15
1,785,811
1,697,880
Cash at bank and in hand
2,641,066
384,941
5,725,331
6,570,040
Creditors: amounts falling due within one year
16
(5,535,348)
(6,109,312)
Net current assets
189,983
460,728
Total assets less current liabilities
6,675,326
7,514,302
Creditors: amounts falling due after more than one year
17
(1,016,026)
(1,141,577)
Provisions for liabilities
Deferred tax liability
20
884,635
951,688
(884,635)
(951,688)
Net assets
4,774,665
5,421,037
Capital and reserves
Called up share capital
22
80,000
80,000
Capital redemption reserve
20,000
20,000
Profit and loss reserves
5,047,290
5,486,182
Equity attributable to owners of the parent company
5,147,290
5,586,182
Non-controlling interests
(372,625)
(165,145)
4,774,665
5,421,037
The financial statements were approved by the board of directors and authorised for issue on 16 July 2024 and are signed on its behalf by:
16 July 2024
Mrs J B Burgess OBE
Director
Company registration number 03193339 (England and Wales)
LANEND LIMITED
COMPANY BALANCE SHEET
As at 31 August 2023
31 August 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
1,500,001
1,500,001
Current assets
Stocks
14
1,298,454
1,298,454
Debtors
15
2,817,786
4,037,254
Cash at bank and in hand
379,788
100,543
4,496,028
5,436,251
Creditors: amounts falling due within one year
16
(39,237)
(935,777)
Net current assets
4,456,791
4,500,474
Net assets
5,956,792
6,000,475
Capital and reserves
Called up share capital
22
80,000
80,000
Capital redemption reserve
20,000
20,000
Profit and loss reserves
5,856,792
5,900,475
Total equity
5,956,792
6,000,475
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 £43,683 (2022 - £727,858 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 July 2024 and are signed on its behalf by:
16 July 2024
Mrs J B Burgess OBE
Director
Company registration number 03193339 (England and Wales)
LANEND LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 31 August 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 September 2021
80,000
20,000
6,103,054
6,203,054
(303,933)
5,899,121
Year ended 31 August 2022:
Loss and total comprehensive income
-
-
(616,872)
(616,872)
138,788
(478,084)
Balance at 31 August 2022
80,000
20,000
5,486,182
5,586,182
(165,145)
5,421,037
Year ended 31 August 2023:
Loss and total comprehensive income
-
-
(438,892)
(438,892)
(207,480)
(646,372)
Balance at 31 August 2023
80,000
20,000
5,047,290
5,147,290
(372,625)
4,774,665
LANEND LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 31 August 2023
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 September 2021
80,000
20,000
6,628,332
6,728,332
Year ended 31 August 2022:
Loss and total comprehensive income for the year
-
-
(727,857)
(727,857)
Balance at 31 August 2022
80,000
20,000
5,900,475
6,000,475
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
-
(43,683)
(43,683)
Balance at 31 August 2023
80,000
20,000
5,856,792
5,956,792
LANEND LIMITED
GROUP STATEMENT OF CASH FLOWS
For the year ended 31 August 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,744,865
5,366,541
Interest paid
(82,978)
(262,029)
Income taxes (paid)/refunded
(75,315)
232,868
Net cash inflow from operating activities
2,586,572
5,337,380
Investing activities
Purchase of tangible fixed assets
(182,100)
(518,854)
Proceeds from disposal of subsidiaries, net of cash disposed
-
(618,389)
Repayment of loans
(14,780)
545,283
Interest received
14,784
32,783
Net cash used in investing activities
(182,096)
(559,177)
Financing activities
Repayment of bank loans
(142,210)
(7,340,852)
Payment of finance leases obligations
(6,141)
11,184
Net cash used in financing activities
(148,351)
(7,329,668)
Net increase/(decrease) in cash and cash equivalents
2,256,125
(2,551,465)
Cash and cash equivalents at beginning of year
384,941
2,936,406
Cash and cash equivalents at end of year
2,641,066
384,941
LANEND LIMITED
COMPANY STATEMENT OF CASH FLOWS
For the year ended 31 August 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
336,783
1,349,659
Interest paid
(503)
(18,826)
Income taxes (paid)/refunded
(57,039)
214,184
Net cash inflow from operating activities
279,241
1,545,017
Investing activities
Proceeds from disposal of subsidiaries
(618,389)
(Advancement)/repayment arising from loans made
(13,574)
(15,679)
Interest received
13,578
31,949
Net cash generated from/(used in) investing activities
4
(602,119)
Financing activities
Repayment of bank loans
-
(850,000)
Net cash used in financing activities
-
(850,000)
Net increase in cash and cash equivalents
279,245
92,898
Cash and cash equivalents at beginning of year
100,543
7,645
Cash and cash equivalents at end of year
379,788
100,543
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2023
- 17 -
1
Accounting policies
Company information
Lanend Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Station Road, Motspur Park, New Malden, KT3 6JJ.
The group consists of Lanend Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated financial statements incorporate those of Lanend Limited and all of its subsidiaries.
All financial statements are made up to 31 August 2023.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
1.2
Going concern
At the time of approving the financial statements, the director has undertaken an assessment of the adequacy of the resources available to the company. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 18 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2.5% per annum on a straight line basis
Leasehold land and buildings
4% per annum on a straight line basis
Leasehold improvements
4% to 20% per annum on a straight line basis
Plant and equipment
10% to 33% per annum on a straight line basis
Fixtures and fittings
10% to 33% per annum on a straight line basis
Motor vehicles
25% per annum on a straight line 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.
1.6
Fixed asset investments
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 19 -
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.
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
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.
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 21 -
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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.
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
School fee income
14,412,695
13,990,814
Cafe income
19,098
20,520
Sale of goods
3,375,000
5,776,855
17,806,793
19,788,189
2023
2022
£
£
Turnover analysed by geographical market
UK
17,806,793
19,788,189
2023
2022
£
£
Other revenue
Interest income
14,784
32,783
Grants received
54,797
7,757
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Government grants
(54,797)
(7,757)
Depreciation of owned tangible fixed assets
623,166
585,966
Amortisation of intangible assets
127,165
191,373
Operating lease charges
1,369,908
1,363,089
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,200
9,900
Audit of the financial statements of the company's subsidiaries
3,825
20,970
15,025
30,870
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 23 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Full-time staff
182
178
-
1
Part-time staff
132
116
-
-
Total
314
294
1
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
9,765,283
8,886,515
882
Social security costs
913,671
807,304
-
-
Pension costs
348,642
309,111
11,027,596
10,002,930
882
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
4
Other interest income
14,780
32,783
Total income
14,784
32,783
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4
-
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 24 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
81,706
70,753
Other interest on financial liabilities
-
187,529
81,706
258,282
Other finance costs:
Interest on finance leases and hire purchase contracts
768
3,296
Other interest
504
451
Total finance costs
82,978
262,029
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(106,126)
314,417
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
(752,498)
(163,667)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(188,125)
(31,097)
Tax effect of expenses that are not deductible in determining taxable profit
65,838
57,682
Tax effect of income not taxable in determining taxable profit
(3,268)
Tax effect of utilisation of tax losses not previously recognised
70,823
(138,449)
Unutilised tax losses carried forward
21,412
302,438
Permanent capital allowances in excess of depreciation
(6,055)
(6,277)
Other timing issues
302
157
Deferred tax adjustment
(4,693)
Deferred tax losses carried forward
(67,053)
Change in tax rate
-
134,656
Taxation (credit)/charge
(106,126)
314,417
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 25 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
956,865
Amortisation and impairment
At 1 September 2022
703,175
Amortisation charged for the year
127,165
At 31 August 2023
830,340
Carrying amount
At 31 August 2023
126,525
At 31 August 2022
253,691
Company
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
17,500
Amortisation and impairment
At 1 September 2022 and 31 August 2023
17,500
Carrying amount
At 31 August 2023
At 31 August 2022
-
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 26 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 September 2022
1,253,064
7,374,796
30,263
1,962
1,718,075
152,503
10,530,663
Additions
24,222
40,667
117,211
182,100
At 31 August 2023
1,277,286
7,415,463
30,263
1,962
1,835,286
152,503
10,712,763
Depreciation and impairment
At 1 September 2022
71,773
2,257,777
30,263
1,962
1,265,944
103,060
3,730,779
Depreciation charged in the year
31,748
358,908
218,340
14,170
623,166
At 31 August 2023
103,521
2,616,685
30,263
1,962
1,484,284
117,230
4,353,945
Carrying amount
At 31 August 2023
1,173,765
4,798,778
351,002
35,273
6,358,818
At 31 August 2022
1,181,291
5,117,019
452,131
49,443
6,799,884
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 27 -
Company
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
30,263
1,962
17,377
49,602
Depreciation and impairment
At 1 September 2022 and 31 August 2023
30,263
1,962
17,377
49,602
Carrying amount
At 31 August 2023
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
1,500,001
1,500,001
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022 and 31 August 2023
1,500,001
Carrying amount
At 31 August 2023
1,500,001
At 31 August 2022
1,500,001
13
Subsidiaries
Details of the company's subsidiaries at 31 August 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Blossom House School Ltd
Station Road, Motspur Park, New Malden. KT3 6JJ
Ordinary shares
55.00
Planetree Developments Ltd
Station Road, Motspur Park, New Malden. KT3 6JJ
Ordinary Shares
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
1,298,454
4,487,219
1,298,454
1,298,454
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 28 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
94,828
52,709
2,251
3,288
Corporation tax recoverable
213,702
209,121
213,702
209,121
Amounts owed by group undertakings
-
-
-
3,182,000
Other debtors
773,726
803,868
656,747
642,845
Prepayments and accrued income
219,008
186,959
1,301,264
1,252,657
872,700
4,037,254
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
1,945,086
-
Other debtors
54,850
54,600
54,850
54,600
1,945,086
-
Deferred Taxation
429,697
390,623
484,547
445,223
1,945,086
-
Total debtors
1,785,811
1,697,880
2,817,786
4,037,254
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
129,198
145,857
Obligations under finance leases
19
17,977
24,118
Payments received on account
2,386,591
2,290,982
Trade creditors
247,265
321,459
12,511
3,065
Amounts owed to group undertakings
443,415
Corporation tax payable
4,988
75,720
4,581
57,038
Other taxation and social security
335,898
308,735
-
8,561
Other creditors
531,185
912,434
395,000
Accruals and deferred income
1,882,246
2,030,007
22,145
28,698
5,535,348
6,109,312
39,237
935,777
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 29 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
1,016,026
1,141,577
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,145,224
1,287,434
Payable within one year
129,198
145,857
Payable after one year
1,016,026
1,141,577
The long-term loans are secured by fixed charges over their property and an unlimited debenture.
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
6,205
6,205
In two to five years
11,772
17,913
17,977
24,118
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 30 -
20
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
884,635
951,688
-
-
Tax losses
-
-
429,697
390,623
884,635
951,688
429,697
390,623
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 September 2022
561,065
-
Credit to profit or loss
(106,127)
-
Liability at 31 August 2023
454,938
-
The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
348,642
309,111
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
80,000
80,000
80,000
80,000
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 31 -
23
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties. The group's operating lease commitments at the year end totalled £16,977,249 (2022: £18,234,954).
24
Related party transactions
As at 31 August 2023, Planetree Developments Limited, a wholly owned subsidiary of Lanend Limited, owed the company £1,449,999 (2022: £3,182,000). The amount is repayable on demand and is interest free.
As at 31 August 2023, Blossom House School Limited, a subsidiary of Lanend Limited, owed the company £495,086 (2022: -£443,415 owed by the company). The amount is repayable on demand and is interest free.
25
Cash generated from group operations
2023
2022
£
£
Loss for the year after tax
(646,372)
(478,084)
Adjustments for:
Taxation (credited)/charged
(106,126)
314,417
Finance costs
82,978
262,029
Investment income
(14,784)
(32,783)
Amortisation and impairment of intangible assets
127,165
191,373
Depreciation and impairment of tangible fixed assets
623,166
585,966
Movements in working capital:
Decrease in stocks
3,188,765
5,569,136
(Increase)/decrease in debtors
(29,495)
141,978
Decrease in creditors
(480,432)
(1,187,491)
Cash generated from operations
2,744,865
5,366,541
LANEND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 August 2023
- 32 -
26
Cash generated from operations - company
2023
2022
£
£
Loss for the year after tax
(43,683)
(727,857)
Adjustments for:
Taxation charged/(credited)
(4,693)
Finance costs
504
18,827
Investment income
(13,578)
(31,949)
Amortisation and impairment of intangible assets
-
3,500
Depreciation and impairment of tangible fixed assets
-
4,344
Amounts written off investments
-
618,389
Movements in working capital:
Increase in stocks
-
(22,227)
Decrease in debtors
1,237,623
1,817,053
Decrease in creditors
(844,083)
(325,728)
Cash generated from operations
336,783
1,349,659
27
Analysis of changes in net funds/(debt) - group
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash at bank and in hand
384,941
2,256,125
2,641,066
Borrowings excluding overdrafts
(1,287,434)
142,210
(1,145,224)
Obligations under finance leases
(24,118)
6,141
(17,977)
(926,611)
2,404,476
1,477,865
28
Analysis of changes in net funds - company
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash at bank and in hand
100,543
279,245
379,788
2023-08-312022-09-01falseCCH SoftwareCCH Accounts Production 2024.100Mrs J B Burgess OBEEvansMrs J B Burgess 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