Company registration number 07980462 (England and Wales)
EOF HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
EOF HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J Hull
Mr J A Jowett
Mr L Burrows
(Appointed 1 March 2023)
Company number
07980462
Registered office
Elite Road
Goole
East Yorkshire
DN14 8BF
Auditor
Mitchell Charlesworth (Audit) Limited
3rd Floor
44 Peter Street
Manchester
M2 5GP
EOF HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
EOF HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 31 January 2024.

Review of the business

We aim to present a balanced and comprehensive review of the developments and performance of our businesses during the period and its position at the year end.

 

Our review is consistent with the size and the non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Key performance indicators

We monitor a wide range of key performance indicators, both financial and non-financial on a regular basis.

 

The directors believe that the key performance indicators, which communicate the financial strength of the company, are turnover, gross profit and operating profit:

 

 

The group is in a strong financial position at the year end.

On behalf of the board

Mr J Hull
Director
6 August 2024
EOF HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company during the year was that of a holding company coordinating the management, administration and direction of its subsidiary company and leasing property to the trading company.

 

The Group's principal activity is that of manufacturing office furniture.

Results and dividends

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

Ordinary dividends were paid amounting to £5,287,176. The directors do not recommend payment of a further dividend.

Directors

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

Mr J Hull
Mr J A Jowett
Mr L Burrows
(Appointed 1 March 2023)
Auditor

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

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.

EOF HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J Hull
Director
6 August 2024
EOF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EOF HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of EOF Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

EOF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EOF HOLDINGS LIMITED
- 5 -
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.

EOF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EOF HOLDINGS LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following area: the timing of the recognition of revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also considered the effect of a non-integrated stock control system and the impact on the stock cut-off procedures.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local taxation legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included Data Protection Regulations.

EOF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EOF HOLDINGS LIMITED
- 7 -
Audit response to risks identified

As a result of performing the above, we identified the timing of the recognition of revenueas the key audit matter related to the potential risk of fraud.

 

In addition to the above, our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Alison Buckley (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited
6 August 2024
Accountants
Statutory Auditor
3rd Floor
44 Peter Street
Manchester
M2 5GP
EOF HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME false
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
23,758,882
27,702,564
Cost of sales
(12,148,070)
(13,979,700)
Gross profit
11,610,812
13,722,864
Distribution costs
(595,103)
(573,441)
Administrative expenses
(5,440,496)
(5,295,695)
Other operating income
62,106
71,486
Operating profit
4
5,637,319
7,925,214
Interest receivable and similar income
6
2,012
79,103
Interest payable and similar expenses
7
85
(13,462)
Profit before taxation
5,639,416
7,990,855
Tax on profit
8
(1,527,614)
(1,687,228)
Profit for the financial year
4,111,802
6,303,627
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EOF HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
121,652
87,769
Tangible assets
11
19,895,740
20,414,860
Investment property
12
2,200,000
2,200,000
22,217,392
22,702,629
Current assets
Stocks
15
6,002,393
6,497,116
Debtors
16
4,394,733
5,899,617
Cash at bank and in hand
7,960,301
6,815,309
18,357,427
19,212,042
Creditors: amounts falling due within one year
17
(2,846,162)
(3,099,519)
Net current assets
15,511,265
16,112,523
Total assets less current liabilities
37,728,657
38,815,152
Provisions for liabilities
Deferred tax liability
18
1,685,000
1,596,121
(1,685,000)
(1,596,121)
Net assets
36,043,657
37,219,031
Capital and reserves
Called up share capital
20
2,860
2,860
Capital redemption reserve
2,450
2,450
Profit and loss reserves
36,038,347
37,213,721
Total equity
36,043,657
37,219,031

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

The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
06 August 2024
Mr J  Hull
Director
Company registration number 07980462 (England and Wales)
EOF HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
16,701,047
16,701,047
Investment property
12
2,200,000
2,200,000
Investments
13
5,050
5,050
18,906,097
18,906,097
Current assets
Debtors
16
1,057,791
1,226,026
Cash at bank and in hand
2,037,595
1,317,152
3,095,386
2,543,178
Creditors: amounts falling due within one year
17
(15,451,789)
(15,543,936)
Net current liabilities
(12,356,403)
(13,000,758)
Total assets less current liabilities
6,549,694
5,905,339
Provisions for liabilities
Deferred tax liability
18
1,469,891
1,408,207
(1,469,891)
(1,408,207)
Net assets
5,079,803
4,497,132
Capital and reserves
Called up share capital
20
2,860
2,860
Capital redemption reserve
2,450
2,450
Profit and loss reserves
5,074,493
4,491,822
Total equity
5,079,803
4,497,132

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,869,847 (2023 - £4,216,839 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
06 August 2024
Mr J  Hull
Director
Company registration number 07980462 (England and Wales)
EOF HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
2,860
2,450
34,437,157
34,442,467
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
6,303,627
6,303,627
Dividends
9
-
-
(3,527,063)
(3,527,063)
Balance at 31 January 2023
2,860
2,450
37,213,721
37,219,031
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
4,111,802
4,111,802
Dividends
9
-
-
(5,287,176)
(5,287,176)
Balance at 31 January 2024
2,860
2,450
36,038,347
36,043,657
EOF HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
2,860
2,450
3,802,047
3,807,357
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
4,216,838
4,216,838
Dividends
9
-
-
(3,527,063)
(3,527,063)
Balance at 31 January 2023
2,860
2,450
4,491,822
4,497,132
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
5,869,847
5,869,847
Dividends
9
-
-
(5,287,176)
(5,287,176)
Balance at 31 January 2024
2,860
2,450
5,074,493
5,079,803
EOF HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
8,172,604
9,216,120
Interest paid
85
(13,462)
Income taxes paid
(1,712,957)
(1,007,068)
Net cash inflow from operating activities
6,459,732
8,195,590
Investing activities
Purchase of intangible assets
(75,386)
(39,575)
Purchase of tangible fixed assets
(274,469)
(125,741)
Proceeds from disposal of tangible fixed assets
68,250
64,500
Loans made to other entities
252,029
-
Repayment of loans
-
(448,779)
Interest received
2,012
79,103
Net cash used in investing activities
(27,564)
(470,492)
Financing activities
Repayment of bank loans
-
(1,400,000)
Dividends paid to equity shareholders
(5,287,176)
(3,527,063)
Net cash used in financing activities
(5,287,176)
(4,927,063)
Net increase in cash and cash equivalents
1,144,992
2,798,035
Cash and cash equivalents at beginning of year
6,815,309
4,017,274
Cash and cash equivalents at end of year
7,960,301
6,815,309
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
1
Accounting policies
Company information

EOF Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Elite Road, Goole, East Yorkshire, DN14 8BF.

 

The group consists of EOF 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.

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

 

1.2
Business combinations

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

EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company EOF 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 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.4
Going concern

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

1.5
Turnover

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

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

1.6
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.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -

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

Software
33% straight line
1.8
Tangible fixed assets

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

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

Freehold land and buildings
nil
Leasehold buildings and improvements
20% reducing balance
Plant and equipment
20% reducing balance
Fixtures and fittings
33.3% reducing balance
Motor vehicles
25% reducing balance

Assets in the course of construction are not depreciated.

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.

1.9
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.

1.10
Fixed asset investments

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

 

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

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

1.11
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.

EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -

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.

1.12
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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 complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
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.

1.14
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.

EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
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.

EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
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.

1.15
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.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

1.17
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.

EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.18
Retirement benefits

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

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.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Manufacture and supply of office furniture
23,437,618
27,426,184
Rental income
321,264
276,380
23,758,882
27,702,564
2024
2023
£
£
Turnover analysed by geographical market
UK
23,758,882
27,032,749
Europe
-
304,308
Rest of the World
-
365,507
23,758,882
27,702,564
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
2,012
79,103
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
8,797
22,722
Fees payable to the group's auditor for the audit of the group's financial statements
3,100
2,625
Depreciation of owned tangible fixed assets
719,453
946,386
Loss/(profit) on disposal of tangible fixed assets
5,886
(13,788)
Amortisation of intangible assets
41,503
27,081
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
96
92
-
-
Sales
10
10
-
-
Administration
26
26
3
3
Total
132
128
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,736,212
4,920,936
-
0
-
0
Social security costs
94,975
92,264
-
-
Pension costs
412,307
212,380
-
0
-
0
5,243,494
5,225,580
-
0
-
0
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,012
79,103
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
11,766
Other interest
(85)
1,696
Total finance costs
(85)
13,462
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,438,735
1,623,411
Deferred tax
Origination and reversal of timing differences
88,879
63,817
Total tax charge
1,527,614
1,687,228

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

2024
2023
£
£
Profit before taxation
5,639,416
7,990,855
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
1,355,152
1,518,262
Tax effect of expenses that are not deductible in determining taxable profit
39,712
21,886
Under/(over) provided in prior years
1,063
1,916
Dividend income
-
(50,402)
Fixed asset differences
129,302
113,835
Other
2,385
81,731
Taxation charge
1,527,614
1,687,228
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
5,287,176
3,527,063
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 February 2023
1,750,000
268,452
2,018,452
Additions
-
0
75,386
75,386
At 31 January 2024
1,750,000
343,838
2,093,838
Amortisation and impairment
At 1 February 2023
1,750,000
180,683
1,930,683
Amortisation charged for the year
-
0
41,503
41,503
At 31 January 2024
1,750,000
222,186
1,972,186
Carrying amount
At 31 January 2024
-
0
121,652
121,652
At 31 January 2023
-
0
87,769
87,769
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold buildings and improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
16,701,047
45,000
5,995,469
17,428
959,234
23,718,178
Additions
-
0
-
0
-
0
1,474
272,995
274,469
Disposals
-
0
-
0
-
0
-
0
(256,683)
(256,683)
At 31 January 2024
16,701,047
45,000
5,995,469
18,902
975,546
23,735,964
Depreciation and impairment
At 1 February 2023
-
0
36,948
2,685,525
6,789
574,056
3,303,318
Depreciation charged in the year
-
0
1,471
604,555
2,955
110,472
719,453
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(182,547)
(182,547)
At 31 January 2024
-
0
38,419
3,290,080
9,744
501,981
3,840,224
Carrying amount
At 31 January 2024
16,701,047
6,581
2,705,389
9,158
473,565
19,895,740
At 31 January 2023
16,701,047
8,052
3,309,944
10,639
385,178
20,414,860
Company
Freehold land and buildings
£
Cost
At 1 February 2023 and 31 January 2024
16,701,047
Depreciation and impairment
At 1 February 2023 and 31 January 2024
-
0
Carrying amount
At 31 January 2024
16,701,047
At 31 January 2023
16,701,047
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
11
Tangible fixed assets
(Continued)
- 25 -

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
940,000
940,000
940,000
940,000

Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within company tangible fixed assets is £16,701,047 (2023 - £16,701,047). The carrying value of these investment properties included within group tangible fixed assets is £16,701,047 (2023 - £16,701,047).

Freehold land with a carrying amount of £940,000 (2023 - £940,000) has been pledged to secure borrowings of the company.

12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 February 2023 and 31 January 2024
2,200,000
2,200,000

The investment property is held at its market value. The directors, having assessed the current market, do not consider that there has been a change in its fair value in the year.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
5,050
5,050
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
5,050
Carrying amount
At 31 January 2024
5,050
At 31 January 2023
5,050
14
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Elite Office Furniture (UK) Limited
England & Wales
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
4,016,190
4,568,147
-
-
Work in progress
350,466
308,955
-
-
Finished goods and goods for resale
1,635,737
1,620,014
-
0
-
0
6,002,393
6,497,116
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,869,500
3,825,209
204,157
120,363
Unpaid share capital
260
260
260
260
Other debtors
1,397,537
1,864,380
853,374
1,105,403
Prepayments and accrued income
127,436
209,768
-
0
-
0
4,394,733
5,899,617
1,057,791
1,226,026
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
847,172
946,999
6,000
772
Amounts owed to group undertakings
1
-
0
14,826,901
15,078,930
Corporation tax payable
958,289
1,232,511
143,898
198,059
Other taxation and social security
242,547
297,534
616
379
Other creditors
637,030
426,756
474,374
264,100
Accruals and deferred income
161,123
195,719
-
0
1,696
2,846,162
3,099,519
15,451,789
15,543,936
18
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,346,002
1,285,250
Tax losses
27,195
-
Short-term timing differences
-
(933)
Capital gains
311,803
311,804
1,685,000
1,596,121
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,158,088
1,096,403
Capital gains
311,803
311,804
1,469,891
1,408,207
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
18
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
1,596,121
1,408,207
Charge to profit or loss
88,879
61,684
Liability at 31 January 2024
1,685,000
1,469,891

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
412,307
212,380

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.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
2,450
2,450
2,450
2,450
Ordinary A of £1 each
35
35
35
35
Ordinary B of £1 each
20
20
20
20
Ordinary C of £1 each
25
25
25
25
Ordinary D of £1 each
260
260
260
260
Ordinary E of £1 each
15
15
15
15
Ordinary F of £1 each
15
15
15
15
Ordinary G of £1 each
15
15
15
15
Ordinary H of £1 each
25
25
25
25
2,860
2,860
2,860
2,860
EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
20
Share capital
(Continued)
- 29 -

The holders of the 'A' ordinary shares, the 'B' ordinary shares, the 'C' ordinary shares, the 'D' ordinary shares, the 'E' ordinary shares, the 'F' ordinary shares, the 'G' ordinary shares and the 'H' ordinary shares have the right to receive notice and attend all General Meetings of the company but have no right to vote at such meeting. The ordinary shareholders have the right to attend and vote at such meetings.

 

On a return of capital on liquidation the assets of the company remaining will be applied first in paying the holders of each class of share, the sum of one pound per share, secondly paying 5% of the aggregate capital value of the company to the holders of the 'D' ordinary shares in issue, and finally by paying the remaining surplus assets of the company to the holders of the ordinary shares to the entire exclusion of the holders of the 'A' ordinary shares, the 'B' ordinary shares, the 'C' ordinary shares, the 'D' ordinary shares, the 'E' ordinary shares, the 'F' ordinary shares, the 'G' ordinary shares and the 'H' ordinary shares.

 

In all other respects the shares rank pari passu with each other.

21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
71,106
24,887
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Key management personnel
71,106
71,106
Other related parties
495,452
765,106
Company
Key management personnel
71,106
71,106
Other related parties
6,818
6,818
22
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Dividends totalling £2,924,577 (2023 - £1,501,315) were paid in the year in respect of shares held by the company's directors.

EOF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
23
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
6,815,309
1,144,992
7,960,301
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,111,802
6,303,627
Adjustments for:
Taxation charged
1,527,614
1,687,228
Finance costs
(85)
13,462
Investment income
(2,012)
(79,103)
Loss/(gain) on disposal of tangible fixed assets
5,886
(13,788)
Amortisation and impairment of intangible assets
41,503
27,081
Depreciation and impairment of tangible fixed assets
719,453
946,386
Movements in working capital:
Decrease in stocks
494,723
100,332
Decrease in debtors
1,252,855
396,497
Increase/(decrease) in creditors
20,865
(165,602)
Cash generated from operations
8,172,604
9,216,120
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.100Mr J HullMr J A JowettMr L 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