Company registration number 03520336 (England and Wales)
G&A FIRE PROTECTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
G&A FIRE PROTECTION LIMITED
COMPANY INFORMATION
Directors
Mr I Seabrook
Mr A Bush
Mr AR Quick
(Appointed 28 October 2022)
Mr JM Pearson
(Appointed 28 October 2022)
Secretary
Mr GT Shipp
Company number
03520336
Registered office
The Old Body Shop
Helions Bumpstead Road
Haverhill
Suffolk
CB9 7AA
Auditor
Sumer Auditco Limited
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
Business address
G&A Construction Services
Helions Bumpstead Road
Bankers
HSBC Bank Plc
46 Market Hill
Sudbury
Suffolk
CO10 2ES
G&A FIRE PROTECTION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
G&A FIRE PROTECTION LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report and business review, which includes the principal risks and uncertainties of the business and key performance indicators for the Period ended 31 December 2023.

Review of the business

The directors are please to report another profitable performance in the period. While we are moving out of the covid pandemic the effects were still felt through this trading period. Our work stream remains strong and continues to be, but the uncertainty in raw materials and the war in Ukraine proved challenging with consistent price increases through the year of 2023.

 

We can still see these continuing towards into 2024.

 

Due to these increases we are expecting turnover to grow through the next trading period. Its important we measure our costs against these to report the best possible returns for the business.

Principal risks and uncertainties

We operate across several market sectors in the UK and can be affected by economic conditions as well as investment cycles but our move into end user developments and key service areas will continue to strengthen and hopefully stabilise our position going forwards. We will be continuing our focus towards care homes, mod and client managed building projects going forwards.

 

The directors have considered the financial risks of the company and put in place suitable procedures and policies to mitigate the risks to an acceptable level. Current UK & Worldwide interest rates & inflation issues are an obvious risk to all businesses, but the directors believe that the company is well placed to keep trading successfully throughout the duration of the current economic climate as the core customer base is robust, along with a healthy financial situation.

Liquidity risk

The company manages its cash and borrowing requirements to minimise the interest expense whilst ensuring the company has sufficient liquid resources to meet operating needs of the business.

 

Credit risk

All customers who wish to trade on credit terms are subject to a credit verification procedure. Trade debtors are reviewed monthly, and a bad debt provision has been made for uncertainty caused by the pandemic.

Key performance indicators

The company has financial KPI’s including sales levels, gross profit margin and cash flow. The company measures performance on a regular basis utilising management reports designed to provide the directors with key operational information.

On behalf of the board

Mr AR Quick
Director
28 August 2024
G&A FIRE PROTECTION LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the Period ended 31 December 2023.

Principal activities

The principal activity of the Company during the period was that of fire protection services.

Results and dividends

The profit for the year, after taxation, amounted to £1,086,564 (2022 - £547,162).

The dividends of £368,332 (2022 - £195,000) were declared and paid in the year.

Directors

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

Mr I Seabrook
Mr A Bush
Mr AR Quick
(Appointed 28 October 2022)
Mr JM Pearson
(Appointed 28 October 2022)
Mr MA Hill
(Appointed 28 October 2022 and resigned 8 March 2024)

Mr MA Hill resigned as a director on 8 March 2024.

Future developments

The company’s prospects look very positive for 2024 and beyond in the key markets we operate, our aim is to continue our policy of developing key strategic relationships with both clients and suppliers. We have enjoyed successful relationships with our loyal supply chain and contacts who we have maintained positive relationships for many years. Our staff are also crucial in the development of the business on and off site. We will continue to provide any training and personal development needs going forwards with annual reviews of these processes.

 

The directors have highlighted the need to be transparent with our carbon emissions and aim to reduce this year on year with the target of a net Zero Strategy, this will be developed and improved through the next trading period.

Auditor

Peter Elsworthy and Moore resigned as auditors during the financial period and Sumer Auditco Limited were appointed as auditors.

Statement of disclosure to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

 

Medium-sized companies exemption

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

G&A FIRE PROTECTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Mr AR Quick
Director
28 August 2024
G&A FIRE PROTECTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company 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 Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

G&A FIRE PROTECTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G&A FIRE PROTECTION LIMITED
- 5 -
Opinion

We have audited the financial statements of G&A Fire Protection Limited (the 'company') for the Period ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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:

G&A FIRE PROTECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G&A FIRE PROTECTION LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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 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 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.

 

G&A FIRE PROTECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G&A FIRE PROTECTION LIMITED
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors (as required by auditing standards), inspection of the Company’s regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

 

The potential effect of these laws and regulations on the financial statements varies considerably.

 

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

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: healthy and safety, anti-bribery and corruption, human rights and employment law and GDPR. Auditing standards limit the required audit procedures to identify non-compliance and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of; enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of Board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.

 

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the company’s controls, and the nature, timing, and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

 

A further descriptions of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ Report.

Use of our report

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

G&A FIRE PROTECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G&A FIRE PROTECTION LIMITED
- 8 -
John Perry                                  .........................
For and on behalf of Sumer Auditco Limited
28 August 2024
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
G&A FIRE PROTECTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
Period
Year
ended
ended
31 December
31 July
2023
2022
Notes
£
£
Turnover
5
22,323,738
14,298,481
Cost of sales
(17,026,837)
(11,671,500)
Gross profit
5,296,901
2,626,981
Administrative expenses
(3,856,273)
(1,992,576)
Other operating income
11,678
7,721
Operating profit
6
1,452,306
642,126
Interest receivable and similar income
10
4,791
251
Interest payable and similar expenses
11
(74,981)
(28,889)
Profit before taxation
1,382,116
613,488
Tax on profit
12
(295,552)
(66,326)
Profit for the financial Period
1,086,564
547,162

There were no recognised gains or losses for 2023 or 2022 other than those included in the statement of comprehensive income.

 

There was no other comprehensive income for 2023 (2022: £Nil).

The notes on pages 19 to 26 form part of these financial statements.

G&A FIRE PROTECTION LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
As at 31 December 2023
As at 31 July 2022
Notes
£
£
£
£
Fixed assets
Goodwill
14
46,585
65,000
Other intangible assets
14
142,723
-
0
Total intangible assets
189,308
65,000
Tangible assets
15
670,519
913,577
859,827
978,577
Current assets
Stocks
16
142,515
142,515
Debtors
17
2,742,686
3,996,739
Cash at bank and in hand
1,022,321
270,109
3,907,522
4,409,363
Creditors: amounts falling due within one year
18
(1,544,914)
(2,761,246)
Net current assets
2,362,608
1,648,117
Total assets less current liabilities
3,222,435
2,626,694
Creditors: amounts falling due after more than one year
19
(278,888)
(398,557)
Provisions for liabilities
Deferred tax liability
21
156,836
159,658
(156,836)
(159,658)
Net assets
2,786,711
2,068,479
Capital and reserves
Called up share capital
22
618
618
Share premium account
16,275
16,275
Capital redemption reserve
433
433
Profit and loss reserves
2,769,385
2,051,153
Total equity
2,786,711
2,068,479

The notes on pages 19 to 26 form part of these financial statements.

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

G&A FIRE PROTECTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr AR Quick
Director
Company registration number 03520336 (England and Wales)
G&A FIRE PROTECTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2021
918
16,275
133
1,699,291
1,716,617
Year ended 31 July 2022:
Profit and total comprehensive income
-
-
-
547,162
547,162
Dividends
13
-
-
-
(195,000)
(195,000)
Purchase of own shares
(300)
-
300
(300)
(300)
Balance at 31 July 2022
618
16,275
433
2,051,153
2,068,479
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
-
1,086,564
1,086,564
Dividends
13
-
-
-
(368,332)
(368,332)
Balance at 31 December 2023
618
16,275
433
2,769,385
2,786,711

The notes on pages 19 to 26 form part of these financial statements.

G&A FIRE PROTECTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
2,484,751
88,892
Investing activities
Purchase of intangible assets
(175,001)
-
0
Purchase of tangible fixed assets
(45,816)
(22,416)
Proceeds from disposal of tangible fixed assets
410,826
99,114
Interest received
4,791
251
HP Interest paid
(22,016)
(7,768)
Net cash generated from investing activities
172,784
69,181
Financing activities
Purchase of treasury shares
-
0
(300)
Repayment of other loans
(82,635)
(24,838)
Repayment of bank loans
(94,576)
(45,662)
Repayment of finance leases
(287,134)
(246,697)
Interest paid
(52,965)
(21,121)
Dividends paid
(368,332)
(195,000)
Net cash used in financing activities
(885,642)
(533,618)
Net increase/(decrease) in cash and cash equivalents
1,771,893
(375,545)
Cash and cash equivalents at beginning of Period
(749,572)
(374,027)
Cash and cash equivalents at end of Period
1,022,321
(749,572)
Relating to:
Cash at bank and in hand
1,022,321
270,109
Bank overdrafts included in creditors payable within one year
-
0
(1,019,681)
G&A FIRE PROTECTION LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
1
Cash generated from operations
2023
2022
£
£
Profit for the Period after tax
1,086,564
547,162
Adjustments for:
Taxation charged
295,552
66,326
Finance costs
74,981
28,889
Investment income
(4,791)
(251)
Gain on disposal of tangible fixed assets
(85,119)
(24,783)
Amortisation and impairment of intangible assets
50,693
13,000
Depreciation and impairment of tangible fixed assets
318,185
189,768
Corporation tax paid/(received)
(34,220)
(84,898)
Movements in working capital:
Increase in stocks
-
0
(14,864)
Decrease/(increase) in debtors
1,257,867
(131,225)
Decrease in creditors
(474,961)
(500,232)
Cash generated from operating activities
2,484,751
88,892
2
Analysis of changes in net funds/(debt)
1 August 2022
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
139,464
882,857
1,022,321
Bank overdrafts
(513,491)
513,491
-
0
(374,027)
1,396,348
1,022,321
Debt due after 1 year
(325,335)
106,136
(219,199)
Debt due within 1 year
(182,160)
(13,169)
(195,329)
Finance leases
(203,194)
(101,296)
(304,490)
(1,084,716)
1,388,019
303,303
G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 15 -
3
Accounting policies
Company information

G&A Fire Protection Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Body Shop, Helions Bumpstead Road, Haverhill, Suffolk, CB9 7AA.

 

The Company's functional and presentational currency is GBP.

3.1
Reporting period

The accounts have been prepared for a period from 1 August 2022 to 31 December 2023. The comparative figures are for 12 months to 31 July 2022.

3.2
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

3.3
Going concern

The financial statements are prepared on a going concern basis. In arriving at their decision totrue prepare these financial statements on the going concern basis, the directors have reviewed the budgets, forecasts and cashflow projections. The Company benefits from a strong financial position and expects the growth in sales, profitability and cash to continue.

 

The directors believe that the Company has adequate resources to continue in operational existence for at least, but not limited to, twelve months from the date of approving these financial statements and so continue to adopt the going concern basis.

3.4
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Invoices are raised based on the stage of completion on a project. See note 3 for revenue recognition policy on amounts recoverable on long term contracts.

3.5
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

 

G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 16 -

Other intangible assets (Carbon Credits)

 

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Goodwill
10% straight line
Other intangibles (Carbon Credits)
Over the term of the projects
3.6
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Freehold land and buildings
2% straight line
Leasehold land and buildings
10% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 17 -
3.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

3.8
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

3.9
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

3.10
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Other financial assets


Debtors

G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 18 -

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any 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 company 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.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.11
Equity instruments

Equity instruments issued by the company 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 company.

3.12
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.14
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

3.15
Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

3.16
Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

 

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

3.17

Interest Income

Interest income is recognised in profit or loss using the effective interest method.

G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 20 -
3.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

4
Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Critical judgements
Amounts recoverable on long term contracts

Revenue on long term contracts is recognised as the work is completed if the final outcome can be assessed with reasonable certainty. The percentage completion of a project is measured using milestones and costs incurred to date as a proportion of the estimated total costs of completing the project. This is then used to determine the total revenue recognised on a project. A full provision is made for loss making contracts in the period in which they are foreseen.

Useful economic lives of goodwill

The annual amortisation charge for goodwill is sensitive to changes in the useful economic life of the asset. The goodwill is currently being amortised on a straight-line basis of 10 years from the date of acquisition, being the Directors' estimate of the useful economic life of the business acquired. This economic life is re-assessed annually and revised when necessary to reflect current estimates, based on recoverability and expected future economic inflows to the company.

Amortisation period of carbon credits

Other intangible assets consists of carbon credits which are being amortised over the period of the project to which it relates. The period of the project is based on current estimates and kept under review.

Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the useful economic lives and residual values of assets. The economic lives and residual values are re-assessed annually. They are revised when necessary to reflect current estimates, based on recoverability and expected economic utilisation of the asset.

 

5
Turnover

The whole of the turnover is attributable to the Company's principal activity being the provision of fire prevention contracts.

All turnover arose within the United Kingdom.

2023
2022
£
£
Other revenue
Grants received
-
6,991
Insurance claims receivable
11,678
730
G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
5
Turnover
(Continued)
- 21 -

Government grants receivable represent amounts receivable under the Coronavirus Job Retention Scheme (CJRS) to cover salaries of furloughed staff.

6
Operating profit
2023
2022
Operating profit for the period is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
318,185
189,768
Profit on disposal of tangible fixed assets
(85,119)
(24,783)
Amortisation of intangible assets
50,693
13,000
Operating lease charges
54,300
56,735
7
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,750
12,300
8
Employees

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

2023
2022
Number
Number
63
54

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,297,363
2,741,154
Social security costs
479,620
329,636
Pension costs
95,017
180,714
4,872,000
3,251,504
G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 22 -
9
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
346,439
29,645
Company pension contributions to defined contribution schemes
5,296
476
351,735
30,121

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
109,411
13,764

The total amount of P11d taxable benefits relating to the directors' totalled £7,280.

10
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest receivable
4,791
251
11
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
52,959
21,121
Other interest on financial liabilities
6
-
0
52,965
21,121
Other finance costs:
Interest on finance leases and hire purchase contracts
22,016
7,768
74,981
28,889
12
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
298,374
91,351
Adjustments in respect of prior periods
-
0
(57,131)
Total current tax
298,374
34,220
G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
12
Taxation
2023
2022
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
13,428
32,106
Adjustment in respect of prior periods
(16,250)
-
0
Total deferred tax
(2,822)
32,106
Total tax charge
295,552
66,326

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

2023
2022
£
£
Profit before taxation
1,382,116
613,488
Expected tax charge based on the standard rate of corporation tax in the UK of 22.23% (2022: 19.00%)
307,244
116,563
Tax effect of expenses that are not deductible in determining taxable profit
(8,120)
10,677
Adjustments in respect of prior years
(16,250)
-
0
Effect of change in corporation tax rate
(1,272)
7,705
Under/(over) provided in prior years
-
0
(57,131)
Gains/rollover relief etc
13,950
(11,488)
Taxation charge for the period
295,552
66,326

Factors that may affect future tax charges

 

The closing deferred tax liabilities have been measured at the rate of 25.00% (2022 - 25.00%) in accordance with the rates enacted at the balance sheet date. In the UK Budget Statement on 3 March 2021, the Chancellor announced the intention for corporation tax to rise to a headline rate of 25.00% from 1 April 2023, which was subsequently enacted into law when the Finance Act 2021 was given Royal Assent on 10 June 2021.

13
Dividends
2023
2022
£
£
Interim dividends paid
368,332
195,000
G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
14
Intangible fixed assets
Goodwill
Other intangibles (Carbon Credits)
Total
£
£
£
Cost
At 1 August 2022
130,000
-
0
130,000
Additions
-
0
175,001
175,001
At 31 December 2023
130,000
175,001
305,001
Amortisation and impairment
At 1 August 2022
65,000
-
0
65,000
Amortisation charged for the Period
18,415
32,278
50,693
At 31 December 2023
83,415
32,278
115,693
Carrying amount
At 31 December 2023
46,585
142,723
189,308
At 31 July 2022
65,000
-
0
65,000
15
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
255,000
52,228
265,652
1,191,205
1,764,085
Additions
-
0
-
0
14,306
386,528
400,834
Disposals
(255,000)
-
0
-
0
(233,978)
(488,978)
At 31 December 2023
-
0
52,228
279,958
1,343,755
1,675,941
Depreciation and impairment
At 1 August 2022
9,350
22,188
244,597
574,373
850,508
Depreciation charged in the Period
2,550
7,399
19,577
288,659
318,185
Eliminated in respect of disposals
(11,900)
-
0
-
0
(151,371)
(163,271)
At 31 December 2023
-
0
29,587
264,174
711,661
1,005,422
Carrying amount
At 31 December 2023
-
0
22,641
15,784
632,094
670,519
At 31 July 2022
245,650
30,040
21,055
616,832
913,577
G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
15
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
451,103
291,475

Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the useful economic lives and residual values of assets. The economic lives and residual values are re-assessed annually. They are revised when necessary to reflect current estimates, based on recoverability and expected economic utilisation of the asset.

 

16
Stocks
2023
2022
£
£
Raw materials and consumables
142,515
142,515
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,350,819
1,246,986
Amounts recoverable on long term contracts
325,277
2,440,363
Corporation tax recoverable
9,103
9,103
Other debtors
32,526
268,686
Prepayments and accrued income
24,961
31,601
2,742,686
3,996,739
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
-
1,063,722
Obligations under finance leases
165,315
125,132
Other loans
20
74,512
56,498
Trade creditors
611,803
948,848
Corporation tax
298,374
34,220
Other taxation and social security
94,499
99,114
Other creditors
165,100
196,303
Accruals and deferred income
135,311
237,409
1,544,914
2,761,246
G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
18
Creditors: amounts falling due within one year
(Continued)
- 26 -

Bank loans include a term loan that was drawn down in November 2020 and is repayable by October 2024. The loan bears interest at a rate of 2.75% per annum over the Base Rate and secured by a legal charge held over the freehold property of the Company.

 

Other loans include a Coronavirus Interruption Loan (CBIL) that was drawn down in March 2021 and is repayable by February 2026. This loan is 100% guaranteed by the Government and there were no fees or interest payable in the first 12 months. After this 12 month period, interest is charged at 8.9% per annum. The first instalment was paid in March 2022.

 

HSBC Bank Plc hold a fixed charge over all property and a floating charge over all other assets of the Company.

 

Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

 

19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
-
50,535
Obligations under finance leases
207,059
179,358
Other loans
20
71,829
168,664
278,888
398,557

Bank loans include a term loan that was drawn down in November 2020 and is repayable by October 2024. The loan bears interest at rate of 2.75% per annum over the Base Rate and is secured by a legal charge held over the freehold property of the company.

 

Other loans include a Coronavirus Business Interruption Loan (CBIL) that was drawn down in March 2021 and is repayable by February 2026. This loan is 100% guaranteed by the Government and there were no fees or interest payable in the first 12 months. After this 12 month period, interest is charged at 8.9% per annum. The first instalment was paid in March 2022.

 

HSBC Bank Plc hold a fixed charge over all property and a floating charge over all other assets of the company.

 

Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

 

G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 27 -
20
Loans and overdrafts
2023
2022
£
£
Bank loans
94,576
94,576
Bank overdrafts
-
1,019,681
Other loans
225,162
243,557
319,738
1,357,814
Payable within one year
100,539
1,138,615
Payable after one year
219,199
219,199
21
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Fixed asset timing differences
158,347
161,036
Short term timing differences
(1,511)
(1,378)
156,836
159,658
2023
Movements in the Period:
£
Liability at 1 August 2022
159,658
Credit to profit or loss
(2,822)
Liability at 31 December 2023
156,836

 

22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
567 (2022 - 567) Ordinary shares of £1 each
567
567
567
567
5,132 (2022 - 5,132) Growth shares of 1p each
51
51
51
51
618
618
618
618
G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
22
Share capital
(Continued)
- 28 -

The growth shares

The shares rank pari-passu in respect of voting, return of assets and dividends above the ordinary share value as at 31 July 2017.

23
Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £95,017 (2022 - £180,714). Contributions totaling £18,545 (2022 - £18,395) were payable to the fund at the balance sheet date and are included in other creditors.

24
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
54,300
54,300
Between two and five years
116,250
182,058
In over five years
131,250
175,000
301,800
411,358
25
Related party transactions

The Company has taken advantage of the exemptions contained within FRS 102.33.7A not to disclose key management personnel compensation in total as the key management personnel and directors are considered to be the same. See note 9 for disclosure of directors’ remuneration.


At 31 December 2023 £2,748 (2022 - £1,520) was owed to G&A Safety Limited, a company controlled by A Bush, and is included within trade creditors. This balance is unsecured, interest free and repayable on demand. During the year the Company incurred expenditure of £42,828 (2022 - £35,115) with G&A Safety Limited.

26
Directors' transactions

At 31 December 2023 £6,515 was owed to the Company by A Bush and is included within other debtors (2022 - £2,699). This balance is unsecured, interest free and repayable on demand.

At 31 December 2023 £70,178 (2022 - £94,790) was owed from the Company to other directors and is included within other creditors. These balances are unsecured, interest free and repayable on demand.

During the year dividends of £368,332 (2022 - £195,000) were paid to directors.

27
Ultimate controlling party

The ultimate controlling party for the current and previous period is A Bush by virtue of his majority shareholding.

G&A FIRE PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
28
Post balance sheet event

On 28 March 2024 the entire share capital of G&A Fire Protection Limited was purchased by G&A Fire Protection Trustees Limited.

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