Company registration number 14527249 (England and Wales)
NICK BROOKES GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
NICK BROOKES GROUP LIMITED
COMPANY INFORMATION
Directors
Mr N Brookes
(Appointed 7 December 2022)
Mrs S Brookes
(Appointed 7 December 2022)
Company number
14527249
Registered office
Wardle Industrial Estate
Green Lane
Wardle
Nantwich
Cheshire
CW5 6DB
Auditor
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
Business address
Wardle Industrial Estate
Green Lane
Wardle
Nantwich
Cheshire
CW5 6DB
NICK BROOKES GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 30
NICK BROOKES GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The directors present the strategic report for the year ended 31 August 2023.

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect growth in the foreseeable future.

 

The group's business is primarily derived from three key sales channels - skip and plant hire, building and demolition work, and urban quarry aggregate sales.

Principal risks and uncertainties

The directors consider that the level of profits achieved in the period and the principal risks and uncertainties that are present have been managed satisfactorily. The results for the period are set out in the profit and loss account.

 

Future performance is dependent upon any changes in the economic environment, impacting on the market. The directors are aware of the potential risks and uncertainties the group may face and that any plans to develop the business may be subject to unforeseen future events.

Development and performance

The group has invested heavily in plant and machinery, which has assisted in an improved result for the period. Further investment is expected in the new year.

 

No significant changes in the group's activities are expected.

Key performance indicators

The key performance indicators by which the directors manage and measure the business are turnover, gross profit and adjusted net profit before interest, tax, depreciation and amortisation. All three measures have improved in the period.

 

Turnover and gross profit are as per the profit and loss account. Net profit before interest, tax, depreciation and amortisation was £4,037,405 (2022 £3,906,219).

On behalf of the board

Mr N Brookes
Director
8 March 2024
NICK BROOKES GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -

The directors present their 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 skip hire and recycling waste.

Results and dividends

The results for the year are set out on page 7.

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

Directors

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

Mr N Brookes
(Appointed 7 December 2022)
Mrs S Brookes
(Appointed 7 December 2022)
Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr N Brookes
Mrs S Brookes
Director
Director
8 March 2024
NICK BROOKES GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

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.

NICK BROOKES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICK BROOKES GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Nick Brookes Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

NICK BROOKES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NICK BROOKES GROUP 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

 

Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws and regulations governing its activities and of the related parties and service organisations connected with it. We also consider how the systems and controls the entity has put in place over its activities might mitigate risks identified.

Audit response to risks identified

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

 

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

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.

NICK BROOKES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NICK BROOKES GROUP LIMITED
- 6 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Edwards FCCA CTA (Senior Statutory Auditor)
For and on behalf of Afford Bond Holdings Limited
8 March 2024
Chartered Accountants
Statutory Auditor
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
NICK BROOKES GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
16,010,556
15,831,681
Cost of sales
(12,283,755)
(12,407,120)
Gross profit
3,726,801
3,424,561
Administrative expenses
(2,095,608)
(2,096,267)
Other operating income
11,600
13,706
Operating profit
4
1,642,793
1,342,000
Interest receivable and similar income
7
38,030
18,325
Interest payable and similar expenses
8
(174,012)
(117,959)
Profit before taxation
1,506,811
1,242,366
Tax on profit
9
(266,590)
(130,894)
Profit for the financial year
1,240,221
1,111,472
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.
NICK BROOKES GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
725,000
893,850
Tangible assets
11
11,244,577
8,949,424
11,969,577
9,843,274
Current assets
Stocks
14
61,996
66,668
Debtors
15
2,902,313
3,521,337
Cash at bank and in hand
240,744
128,583
3,205,053
3,716,588
Creditors: amounts falling due within one year
16
(4,638,199)
(5,123,267)
Net current liabilities
(1,433,146)
(1,406,679)
Total assets less current liabilities
10,536,431
8,436,595
Creditors: amounts falling due after more than one year
17
(2,469,634)
(1,731,393)
Provisions for liabilities
Deferred tax liability
20
1,248,580
1,103,206
(1,248,580)
(1,103,206)
Net assets
6,818,217
5,601,996
Capital and reserves
Called up share capital
23
2,354
2,354
Capital redemption reserve
175,000
60,000
Profit and loss reserves
6,640,863
5,539,642
Total equity
6,818,217
5,601,996

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 8 March 2024 and are signed on its behalf by:
08 March 2024
Mr N Brookes
Mrs S Brookes
Director
Director
Company registration number 14527249 (England and Wales)
NICK BROOKES GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,710,000
-
0
Investments
12
2,354
-
0
Total assets less current liabilities
2,712,354
-
0
Creditors: amounts falling due after more than one year
17
(882,315)
-
Net assets
1,830,039
-
0
Capital and reserves
Called up share capital
23
2,354
-
0
Profit and loss reserves
1,827,685
-
Total equity
1,830,039
-

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 £1,827,685 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 8 March 2024 and are signed on its behalf by:
08 March 2024
Mr N Brookes
Mrs S Brookes
Director
Director
Company registration number 14527249 (England and Wales)
NICK BROOKES GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2021
2,354
60,000
4,452,170
4,514,524
Year ended 31 August 2022:
Profit and total comprehensive income
-
-
1,111,472
1,111,472
Dividends
-
-
(24,000)
(24,000)
Balance at 31 August 2022
2,354
60,000
5,539,642
5,601,996
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
1,240,221
1,240,221
Dividends
-
-
(24,000)
(24,000)
Redemption of shares
23
-
115,000
(115,000)
-
0
Balance at 31 August 2023
2,354
175,000
6,640,863
6,818,217
NICK BROOKES GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2021
-
0
-
0
-
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 August 2022
-
0
-
0
-
Year ended 31 August 2023:
Profit and total comprehensive income
-
1,827,685
1,827,685
Issue of share capital
23
2,354
-
2,354
Balance at 31 August 2023
2,354
1,827,685
1,830,039
NICK BROOKES GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,686,101
3,189,381
Interest paid
(174,012)
(117,959)
Income taxes paid
(33,221)
(53,234)
Net cash inflow from operating activities
3,478,868
3,018,188
Investing activities
Purchase of tangible fixed assets
(4,428,646)
(2,430,436)
Proceeds from disposal of tangible fixed assets
517,338
433,250
Repayment of loans
934,561
(823,794)
Interest received
38,030
18,325
Net cash used in investing activities
(2,938,717)
(2,802,655)
Financing activities
Repayment of preference shares
(115,000)
-
Repayment of bank loans
(80,523)
(79,940)
Payment of finance leases obligations
(210,986)
(339,940)
Dividends paid to equity shareholders
(24,000)
(24,000)
Net cash used in financing activities
(430,509)
(443,880)
Net increase/(decrease) in cash and cash equivalents
109,642
(228,347)
Cash and cash equivalents at beginning of year
(650,571)
(422,224)
Cash and cash equivalents at end of year
(540,929)
(650,571)
Relating to:
Cash at bank and in hand
240,744
128,583
Bank overdrafts included in creditors payable within one year
(781,673)
(779,154)
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -
1
Accounting policies
Company information

Nick Brookes Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Nick Brookes Group 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 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

All business combinations are accounted for by applying the purchase method except for group reconstructions which have been accounted for by using the merger accounting method.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Nick Brookes Group 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 August 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 14 -
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.

 

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.

1.6
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, which is ten years.

 

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
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 property
2% straight line
Property improvements
10% reducing balance
Plant and equipment
15-25% reducing balance
Fixtures and fittings
20% reducing balance
Urban quarry
15% reducing balance
Motor vehicles
20% reducing balance

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

NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

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

 

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

NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 16 -

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

1.10
Stocks

Stocks are stated at the lower of cost and 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 cost and replacement 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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

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

 

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

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.

NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 17 -
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.

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.

NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

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.

1.15
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.

1.16
Retirement benefits

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

NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 19 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
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 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
2023
2022
£
£
Turnover analysed by class of business
Skip and plant hire
9,000,259
8,783,157
Other sales
7,010,297
7,048,524
16,010,556
15,831,681
2023
2022
£
£
Other revenue
Interest income
38,030
18,325
Grants received
11,600
13,706
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 20 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(11,600)
(13,706)
Depreciation of owned tangible fixed assets
946,973
799,123
Depreciation of tangible fixed assets held under finance leases
719,133
879,997
Profit on disposal of tangible fixed assets
(49,952)
(242,711)
Amortisation of intangible assets
168,850
178,200
Operating lease charges
18,000
18,000
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
6,950
-
Audit of the financial statements of the company's subsidiaries
7,900
12,150
14,850
12,150
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
Cost of sales
113
119
-
-
Administration
15
15
-
-
Directors
3
3
-
-
Total
131
137
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,324,551
4,567,812
-
0
-
0
Pension costs
82,900
82,810
-
0
-
0
4,407,451
4,650,622
-
0
-
0
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 21 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
38,030
18,325
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
78,710
39,176
Interest on finance leases and hire purchase contracts
95,302
78,723
Other interest
-
60
Total finance costs
174,012
117,959
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
121,216
33,227
Adjustments in respect of prior periods
-
0
7,400
Total current tax
121,216
40,627
Deferred tax
Origination and reversal of timing differences
145,374
90,267
Total tax charge
266,590
130,894
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
9
Taxation
(Continued)
- 22 -

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

2023
2022
£
£
Profit before taxation
1,506,811
1,242,366
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
286,294
236,050
Tax effect of expenses that are not deductible in determining taxable profit
2,626
-
0
Tax effect of income not taxable in determining taxable profit
(2,204)
(2,604)
Effect of change in corporation tax rate
2,838
-
Permanent capital allowances in excess of depreciation
(19,250)
(110,959)
Other permanent differences
(3,714)
1,007
Under/(over) provided in prior years
-
0
7,400
Taxation charge
266,590
130,894
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
3,051,000
Amortisation and impairment
At 1 September 2022
2,157,150
Amortisation charged for the year
168,850
At 31 August 2023
2,326,000
Carrying amount
At 31 August 2023
725,000
At 31 August 2022
893,850
The company had no intangible fixed assets at 31 August 2023 or 31 August 2022.
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 23 -
11
Tangible fixed assets
Group
Freehold property
Property improvements
Plant and equipment
Fixtures and fittings
Urban quarry
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 September 2022
314,046
157,775
9,876,976
70,303
2,180,377
7,019,402
19,618,879
Additions
2,710,000
-
0
481,623
5,868
-
0
1,231,155
4,428,646
Disposals
-
0
-
0
(577,850)
-
0
-
0
(1,017,630)
(1,595,480)
At 31 August 2023
3,024,046
157,775
9,780,749
76,171
2,180,377
7,232,927
22,452,045
Depreciation and impairment
At 1 September 2022
-
0
56,000
4,866,885
50,755
1,958,797
3,737,019
10,669,456
Depreciation charged in the year
-
0
10,178
897,322
4,451
33,256
720,899
1,666,106
Eliminated in respect of disposals
-
0
-
0
(291,502)
-
0
-
0
(836,592)
(1,128,094)
At 31 August 2023
-
0
66,178
5,472,705
55,206
1,992,053
3,621,326
11,207,468
Carrying amount
At 31 August 2023
3,024,046
91,597
4,308,044
20,965
188,324
3,611,601
11,244,577
At 31 August 2022
314,046
101,775
5,010,091
19,548
221,580
3,282,384
8,949,424
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
Company
Freehold property
£
Cost
At 1 September 2022
-
0
Additions
2,710,000
At 31 August 2023
2,710,000
Depreciation and impairment
At 1 September 2022 and 31 August 2023
-
0
Carrying amount
At 31 August 2023
2,710,000
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,354
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022
-
Additions
2,354
At 31 August 2023
2,354
Carrying amount
At 31 August 2023
2,354
At 31 August 2022
-
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2023 are as follows:

NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Nick Brookes Recycling Limited
Wardle Industrial Estate Green Lane, Wardle, Nantwich, Cheshire, England, CW5 6DB
ordinary
100.00
Nick Brookes Demolition Limited
Wardle Industrial Estate Green Lane, Wardle, Nantwich, Cheshire, England, CW5 6DB
ordinary
100.00
Envirocare (NW) Limited
Wardle Industrial Estate Green Lane, Wardle, Nantwich, Cheshire, England, CW5 6DB
ordinary
100.00
Nick Brookes Concrete Limited
Wardle Industrial Estate Green Lane, Wardle, Nantwich, Cheshire, England, CW5 6DB
ordinary
100.00
Hadley Estates Holdings Limited
Wardle Industrial Estate Green Lane, Wardle, Nantwich, Cheshire, England, CW5 6DB
ordinary
100.00
Brookes Regeneration Limited
Wardle Industrial Estate Green Lane, Wardle, Nantwich, Cheshire, England, CW5 6DB
ordinary
100.00
Evergreen Environmental Services Limited
Wardle Industrial Estate Green Lane, Wardle, Nantwich, Cheshire, England, CW5 6DB
ordinary
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
61,996
66,668
-
-
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,426,201
2,274,022
-
0
-
0
Other debtors
13,159
940,809
-
0
-
0
Prepayments and accrued income
462,953
306,506
-
0
-
0
2,902,313
3,521,337
-
-
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
854,480
861,857
-
0
-
0
Obligations under finance leases
19
1,351,301
1,615,440
-
0
-
0
Trade creditors
1,609,276
1,900,550
-
0
-
0
Corporation tax payable
121,261
33,266
-
0
-
0
Other taxation and social security
511,372
551,685
-
-
Other creditors
145,828
94,296
-
0
-
0
Accruals and deferred income
44,681
66,173
-
0
-
0
4,638,199
5,123,267
-
0
-
0
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
177,120
247,747
-
0
-
0
Obligations under finance leases
19
1,345,835
1,292,682
-
0
-
0
Other borrowings
18
-
0
115,000
-
0
-
0
Government grants
21
64,364
75,964
-
0
-
0
Other creditors
882,315
-
0
882,315
-
0
2,469,634
1,731,393
882,315
-
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
249,927
330,450
-
0
-
0
Bank overdrafts
781,673
779,154
-
0
-
0
Preference shares
-
0
115,000
-
0
-
0
1,031,600
1,224,604
-
-
Payable within one year
854,480
861,857
-
0
-
0
Payable after one year
177,120
362,747
-
0
-
0

The long-term loan is a term loan of 180 months commenced April 2017, bearing interest in the current year at a rate of 3.85%.

 

The overdraft is a facility of £1.05m, repayable on demand and bearing interest at a rate of 3.35% over Bank of England base rate.

 

Bank borrowings are secured by debenture and unlimited guarantee and letter of set-off over group assets.

NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 27 -
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,351,301
1,615,440
-
0
-
0
In two to five years
1,345,835
1,292,682
-
0
-
0
2,697,136
2,908,122
-
-

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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,248,580
1,103,206
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 September 2022
1,103,206
-
Charge to profit or loss
145,374
-
Liability at 31 August 2023
1,248,580
-
21
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
64,364
75,964
-
-
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 28 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
82,900
82,810

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.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,354
-
2,354
-

On 21 December 2022 2,354 ordinary shares of £1 each were issued at par.

24
Group reconstruction

On 21 December 2022 a group reconstruction comprising Nick Brookes Group Limited and all of its subsidiaries was effected.

 

The reconstruction has been accounted for by the merger accounting method.

25
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchase of land and buildings
2023
2022
£
£
Group
Key management personnel
2,710,000
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
941,203
-
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
25
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Key management personnel
-
934,561
26
Directors' transactions

Dividends totalling £24,000 (2022 - £24,000) were paid in the year in respect of shares held by the company's directors.

In addition, the following loans to directors were existed during the period:

Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Loans made
2.25
934,561
38,030
(972,591)
-
934,561
38,030
(972,591)
-
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,240,221
1,111,472
Adjustments for:
Taxation charged
266,590
130,894
Finance costs
174,012
117,959
Investment income
(38,030)
(18,325)
Gain on disposal of tangible fixed assets
(49,952)
(242,711)
Amortisation and impairment of intangible assets
168,850
178,200
Depreciation and impairment of tangible fixed assets
1,666,106
1,679,120
Movements in working capital:
Decrease/(increase) in stocks
4,672
(15,593)
Increase in debtors
(315,536)
(301,954)
Increase in creditors
580,768
564,025
Decrease in deferred income
(11,600)
(13,706)
Cash generated from operations
3,686,101
3,189,381
NICK BROOKES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 30 -
28
Analysis of changes in net debt - group
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash at bank and in hand
128,583
112,161
240,744
Bank overdrafts
(779,154)
(2,519)
(781,673)
(650,571)
109,642
(540,929)
Borrowings excluding overdrafts
(445,450)
195,523
(249,927)
Obligations under finance leases
(2,908,122)
210,986
(2,697,136)
(4,004,143)
516,151
(3,487,992)
2023-08-312022-09-01falseCCH SoftwareCCH Accounts Production 2024.100Mr N BrookesMrs S 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