Company registration number 03019120 (England and Wales)
J.P.E. (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
J.P.E. (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 43
J.P.E. (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
J Price
M C Birch
V J Cox
S Price
Secretary
M C Birch
Company number
03019120
Registered office
The Lodge
Warstone Road
Essington
Wolverhampton
United Kingdom
WV11 2AR
Auditor
Azets Audit Services
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
J.P.E. (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 1 -
The directors present the strategic report for the period ended 30 November 2023.
Review of the business
The consolidated business generated a profit after tax and non-controlling interests of £2,798,995 compared to the previous year £290,021.
The figures reflect a full independent stocktake and asset valuations of Shire Oak, Shipley, and Prees.
Principal risks and uncertainties
The process of risk acceptance and risk management is addressed through a framework, policies and internal controls. All policies are subject to Board approval and review is ongoing. Compliance with regulation, legal and ethical standards is a high priority for the group.
Economic conditions continue to dominate the principal risks and uncertainties with weak demand and poor market prices of the aggregates business being offset by strong demand in the Delaphos product within international market opportunities.
Development and performance
There are extremely good opportunities for cost reduction in the trading businesses which are being implemented as a matter of priority.
Non-Core Asset Sales have been made to protect the cash reserves and to pay down bank debt.
Key performance indicators
The key performance indicators are EBITDA and Cash Balances.
M C Birch
Director
23 August 2024
J.P.E. (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -
The directors present their annual report and financial statements for the period ended 30 November 2023.
Principal activities
The principal activity of the group continued to be that of quarrying and bulky waste recycling. It also includes the letting of property and the buying and selling of real estate.
Results and dividends
The results for the period are set out on page 7.
Ordinary dividends were paid amounting to £660,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
J Price
S Birch
(Resigned 29 September 2022)
M C Birch
V J Cox
S Price
Market value of land and buildings
It is the intention of the directors to continue to have the investment property revalued annually.
Future developments
The business is being more proactive with its sales strategy and is targeting new market areas to ensure it wins new contracts.
It is also looking at all entities within the group to reduce overheads to ensure it can continue to be competitive within the relevant markets.
All strategic decisions are made with contemporaneous management information and forecasts.
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
J.P.E. (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
M C Birch
S Price
Director
Director
23 August 2024
J.P.E. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.P.E. (HOLDINGS) LIMITED
- 4 -
Opinion
We have audited the financial statements of J.P.E. (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 November 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2023 and of the group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
J.P.E. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.P.E. (HOLDINGS) LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
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.
J.P.E. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.P.E. (HOLDINGS) LIMITED
- 6 -
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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the group’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 group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Lee Meredith BFP ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
29 August 2024
Chartered Accountants
Statutory Auditor
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
J.P.E. (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 7 -
Period
Year
ended
ended
30 November
31 August
2023
2022
as restated
Notes
£
£
Turnover
3
28,751,722
23,087,019
Cost of sales
(22,565,409)
(18,313,175)
Gross profit
6,186,313
4,773,844
Administrative expenses (including exceptional costs of £1,333,815 (2022 £56,451)
(3,839,674)
(5,414,172)
Other operating income
1,349,584
1,448,647
Operating profit
5
3,696,223
808,319
Interest receivable and similar income
9
93,717
79,046
Interest payable and similar expenses
10
(702,516)
(401,364)
Fair value gains and losses on investment properties
17
(334,471)
Profit before taxation
3,087,424
151,530
Tax on profit
12
(218,194)
31,024
Profit for the financial period
2,869,230
182,554
Profit for the financial period is attributable to:
- Owners of the parent company
2,798,995
290,021
- Non-controlling interests
70,235
(107,467)
2,869,230
182,554
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 15 to 43 form part of these financial statements.
J.P.E. (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 8 -
Period
Year
ended
ended
30 November
31 August
2023
2022
as restated
£
£
Profit for the period
2,869,230
182,554
Other comprehensive income
-
-
Total comprehensive income for the period
2,869,230
182,554
Total comprehensive income for the period is attributable to:
- Owners of the parent company
2,798,995
290,021
- Non-controlling interests
70,235
(107,467)
2,869,230
182,554
The notes on pages 15 to 43 form part of these financial statements.
J.P.E. (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 9 -
30 November 2023
31 August 2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
13
61,643
123,286
Negative goodwill
13
(2,555)
(5,108)
Net goodwill
59,088
118,178
Tangible assets
14
9,689,900
14,027,811
Investment property
17
2,970,000
2,970,000
12,718,988
17,115,989
Current assets
Stocks
18
2,778,812
2,320,672
Debtors
19
4,771,812
6,826,888
Cash at bank and in hand
6,139,910
1,244,475
13,690,534
10,392,035
Creditors: amounts falling due within one year
20
(7,769,759)
(9,034,101)
Net current assets
5,920,775
1,357,934
Total assets less current liabilities
18,639,763
18,473,923
Creditors: amounts falling due after more than one year
21
(3,447,523)
(5,335,628)
Provisions for liabilities
Deferred tax liability
24
1,102,731
1,258,016
(1,102,731)
(1,258,016)
Net assets
14,089,509
11,880,279
Capital and reserves
Called up share capital
26
100
100
Non-distributable profits reserve
27
1,082,220
1,082,220
Distributable profit and loss reserves
8,456,230
6,317,235
Equity attributable to owners of the parent company
9,538,550
7,399,555
Non-controlling interests
4,550,959
4,480,724
14,089,509
11,880,279
The notes on pages 15 to 43 form part of these financial statements.
J.P.E. (HOLDINGS) LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
23 August 2024
M C Birch
S Price
Director
Director
Company registration number 03019120 (England and Wales)
J.P.E. (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 11 -
30 November 2023
31 August 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
14
9,263,647
13,573,912
Investments
15
201
201
9,263,848
13,574,113
Current assets
Stocks
18
2,778,812
2,216,779
Debtors
19
4,833,228
6,175,093
Cash at bank and in hand
856,489
278,869
8,468,529
8,670,741
Creditors: amounts falling due within one year
20
(7,011,816)
(8,496,448)
Net current assets
1,456,713
174,293
Total assets less current liabilities
10,720,561
13,748,406
Creditors: amounts falling due after more than one year
21
(4,121,170)
(9,208,670)
Provisions for liabilities
Deferred tax liability
24
767,315
941,816
(767,315)
(941,816)
Net assets
5,832,076
3,597,920
Capital and reserves
Called up share capital
26
100
100
Distributable profit and loss reserves
5,831,976
3,597,820
Total equity
5,832,076
3,597,920
The notes on pages 15 to 43 form part of these financial statements.
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 £2,894,156 (2022 - £283,327 profit).
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
23 August 2024
M C Birch
S Price
Director
Director
Company registration number 03019120 (England and Wales)
J.P.E. (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
As restated for the period ended 31 August 2022:
Balance at 1 September 2021
100
1,333,074
6,789,120
8,122,294
3,483,430
11,605,724
Effect of change in accounting policy
-
-
(1,012,760)
(1,012,760)
919,833
(92,927)
As restated
100
1,333,074
5,776,360
7,109,534
4,403,263
11,512,797
Year ended 31 August 2022:
Profit and total comprehensive income
-
(250,854)
540,875
290,021
(107,467)
182,554
Acquisition of subsidiary
-
-
-
-
184,928
184,928
Balance at 31 August 2022
100
1,082,220
6,317,235
7,399,555
4,480,724
11,880,279
Period ended 30 November 2023:
Profit and total comprehensive income
-
-
2,798,995
2,798,995
70,235
2,869,230
Dividends
11
-
-
(660,000)
(660,000)
-
(660,000)
Balance at 30 November 2023
100
1,082,220
8,456,230
9,538,550
4,550,959
14,089,509
The notes on pages 15 to 43 form part of these financial statements.
J.P.E. (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 August 2022:
Balance at 1 September 2021
100
3,760,071
3,760,171
Effect of change in accounting policy
-
(445,579)
(445,579)
As restated
100
3,314,492
3,314,592
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
283,328
283,328
Balance at 31 August 2022
100
3,597,820
3,597,920
Period ended 30 November 2023:
Profit and total comprehensive income
-
2,894,156
2,894,156
Dividends
11
-
(660,000)
(660,000)
Balance at 30 November 2023
100
5,831,976
5,832,076
The notes on pages 15 to 43 form part of these financial statements.
J.P.E. (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 14 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
1,040,030
2,729,280
Income taxes refunded/(paid)
229,468
(147,054)
Net cash inflow from operating activities
1,269,498
2,582,226
Investing activities
Purchase of tangible fixed assets
1,945,389
634,371
Proceeds from disposal of tangible fixed assets
8,814,968
123,333
Purchase of investment property
-
(131,972)
Repayment of loans
(14,281)
-
Interest received
93,717
79,046
Net cash generated from investing activities
10,839,793
704,778
Financing activities
Repayment of bank loans
(1,274,034)
(293,103)
Payment of finance leases obligations
(4,577,306)
(2,938,639)
Interest paid
(702,516)
(401,364)
Dividends paid to equity shareholders
(660,000)
Net cash used in financing activities
(7,213,856)
(3,633,106)
Net increase/(decrease) in cash and cash equivalents
4,895,435
(346,102)
Cash and cash equivalents at beginning of period
1,244,475
1,590,577
Cash and cash equivalents at end of period
6,139,910
1,244,475
The notes on pages 15 to 43 form part of these financial statements.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 15 -
1
Accounting policies
Company information
J.P.E. (Holdings) Limited (“the company”) is a private company limited by shares and incorporated in England and Wales. The registered office is The Lodge, Warstone Road, Essington, Wolverhampton, United Kingdom, WV11 2AR.
The group consists of J.P.E. (Holdings) Limited and all of its subsidiaries.
1.1
Reporting period
The reporting period has been extended from the 31 August 2023 to 30 November 2023 which covers a 15 months reporting period. This was due to a group restructure during the period to align all financial year ends, therefore the figures are not entirely comparable to the prior year.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. Modified to include certain assets 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:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.4
Basis of consolidation
The consolidated financial statements incorporate those of J.P.E. (Holdings) Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
The accounting periods incorporated into the consolidation are the year ended 30 November 2023 for J.P.E (Holdings) Limited, Prees Developments Limited and Transforma Solutions Limited and Textek Limited.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.5
Going concern
In assessing the appropriateness of the going concern assumption, the directors have reviewed detailed cash flow forecasts considering reasonably foreseeable potential scenarios and uncertainties in relation to income and expenditure. Based on these forecasts, the directors have a reasonable expectation that the Group can meet its liabilities as they fall due as such have deemed it appropriate for the financial statements to be prepared on the going concern basis.
1.6
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.
Rents receivable are recognised when the right to receive payment is established.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.7
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 3 years for goodwill acquired in the year. Previous goodwill acquired is fully amortised.
The Group also had acquisitions where the costs of acquisitions were less than fair value of the identifiable net assets acquired. Such differences (“negative goodwill”) are being amortised on a systematic basis over its expected life, which is 5 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.
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property and quarries
Straight line over 25 years on additions only
Land and buildings Leasehold
Over the period of the lease
Plant and machinery
25% - Reducing balance
Fixtures, fittings & equipment
25% - Reducing balance
Computer equipment
33% - Straight line
Motor vehicles
25% - 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.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.
No depreciation has been charged on the freehold quarries due to them either being in the process of being refilled or already being fully extracted and the value is purely the remaining land value.
1.9
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.17
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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.
1.18
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.
1.19
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.20
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.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.21
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.
1.22
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Bad debts
The recoverability of trade debtor balances can be uncertain and could lead to possible impairment. The company assesses the recoverability of trade debtors based on historical experience, with reference to the financial position and performance of the counterparty, amongst other factors. At 30 November 2023 the provision was £262,913 (2022 £142,079).
Depreciation
The company recognises depreciation so as to write off the cost of the assets over their useful economic lives.
The directors regularly review and replace plant and machinery and hence familiar with usage of assets to determine the appropriate useful lives to use. At 30 November 2023 depreciation to date was £5,775,374 (2022 £5,587.243).
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 23 -
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Quarrying and associated activities
19,959,821
15,551,142
Phosphate sales
5,665,421
5,137,927
Other property income
341,212
241,901
Mattress recycling
2,653,871
1,468,598
Steel sales
131,397
687,451
28,751,722
23,087,019
2023
2022
£
£
Other revenue
Interest income
93,717
79,046
Grants received
-
9,268
Other income
1,249,655
1,439,379
All of the turnover of the group is derived from sales in the United Kingdom.
4
Exceptional item
2023
2022
£
£
Expenditure
Exceptional item - provision against debt
-
56,451
Exceptional item - revaluation of leasehold property
1,333,815
-
1,333,815
56,451
During the period ended 30 November 2023 J.P.E (Holdings) Limited revalued the leasehold quarries, resulting in a loss of £1,333,815 (2022 £Nil). As there was no revaluation reserve in respect of this asset, the entirety of the revaluation loss has been recognised in profit or loss.
During the period ended 30 November 2023 J.P.E (Holdings) Limited made a provision of £Nil (2022 £56,451) against a debt, which may not be recoverable, the company is continuing to persue the debt via legal means.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 24 -
5
Operating profit
2023
2022
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange (gains)/losses
(25,198)
35,164
Government grants
-
(9,268)
Depreciation of owned tangible fixed assets
(629,415)
940,254
Depreciation of tangible fixed assets held under finance leases
3,067,947
827,990
(Profit)/loss on disposal of tangible fixed assets
(5,354,336)
17,341
Amortisation of intangible assets
61,643
61,643
Release of negative goodwill
(2,553)
(2,553)
Operating lease charges
2,028,420
1,237,652
6
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
55,000
25,500
Audit of the financial statements of the company's subsidiaries
34,000
55,920
89,000
81,420
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production staff
88
94
85
83
Administrative staff
23
17
20
17
Total
111
111
105
100
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,336,638
3,745,767
5,090,794
3,487,359
Social security costs
550,844
419,428
531,640
401,097
Pension costs
215,343
93,876
211,916
88,794
6,102,825
4,259,071
5,834,350
3,977,250
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 25 -
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
334,382
203,222
Company pension contributions to defined contribution schemes
84,649
19,903
419,031
223,125
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
223,447
141,341
Company pension contributions to defined contribution schemes
81,237
17,702
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
141
Other interest income
93,717
78,905
Total income
93,717
79,046
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
141
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 26 -
10
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
207,294
164,635
Interest on invoice finance arrangements
16,087
10,761
Other interest on financial liabilities
76,122
134,190
299,503
309,586
Other finance costs:
Interest on finance leases and hire purchase contracts
402,996
88,434
Other interest
17
3,344
Total finance costs
702,516
401,364
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
660,000
-
12
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
279,604
12,065
Adjustments in respect of prior periods
1,869
Total current tax
281,473
12,065
Deferred tax
Origination and reversal of timing differences
52,599
287,690
Adjustment in respect of prior periods
60,755
(82,848)
Tax losses carried forward
(176,633)
(247,931)
Total deferred tax
(63,279)
(43,089)
Total tax charge/(credit)
218,194
(31,024)
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
12
Taxation
(Continued)
- 27 -
The actual charge/(credit) 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
3,087,424
151,530
Expected tax charge based on the standard rate of corporation tax in the UK of 22.21% (2022: 19.00%)
685,717
28,791
Tax effect of expenses that are not deductible in determining taxable profit
4,632
93,792
Gains not taxable
(1,067,503)
Unutilised tax losses carried forward
62,590
Adjustments in respect of prior years
1,869
Effect of change in corporation tax rate
(5,556)
9,649
Depreciation on assets not qualifying for tax allowances
19,347
Amortisation on assets not qualifying for tax allowances
13,124
11,227
Deferred tax adjustments in respect of prior years
49,594
(83,293)
Enhanced capital allowances
(17,703)
(79,844)
Mineral extraction allowance
(119,051)
(73,936)
Chargeable gains
653,724
-
Taxation charge/(credit)
218,194
(31,024)
13
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 September 2022 and 30 November 2023
229,929
(12,767)
217,162
Amortisation and impairment
At 1 September 2022
106,643
(7,659)
98,984
Amortisation charged for the period
61,643
(2,553)
59,090
At 30 November 2023
168,286
(10,212)
158,074
Carrying amount
At 30 November 2023
61,643
(2,555)
59,088
At 31 August 2022
123,286
(5,108)
118,178
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
13
Intangible fixed assets
(Continued)
- 28 -
Company
Goodwill
£
Cost
At 1 September 2022 and 30 November 2023
45,000
Amortisation and impairment
At 1 September 2022 and 30 November 2023
45,000
Carrying amount
At 30 November 2023
At 31 August 2022
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 29 -
14
Tangible fixed assets
Group
Freehold property and quarries
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 September 2022
4,879,826
5,023,526
8,524,123
170,288
2,449
1,014,842
19,615,054
Additions
26,056
1,048
2,171,009
6,719
90,140
600,097
2,895,069
Disposals
(2,935,140)
(1,511,468)
(313,806)
(4,760,414)
Revaluation
(2,284,435)
(2,284,435)
At 30 November 2023
1,970,742
2,740,139
9,183,664
177,007
92,589
1,301,133
15,465,274
Depreciation and impairment
At 1 September 2022
119,547
949,709
3,698,801
87,998
163
731,025
5,587,243
Depreciation charged in the period
19,573
60,733
2,147,422
25,014
17,300
168,490
2,438,532
Eliminated in respect of disposals
(1,187,727)
(112,055)
(1,299,782)
Revaluation
(950,619)
(950,619)
At 30 November 2023
139,120
59,823
4,658,496
113,012
17,463
787,460
5,775,374
Carrying amount
At 30 November 2023
1,831,622
2,680,316
4,525,168
63,995
75,126
513,673
9,689,900
At 31 August 2022
4,760,279
4,073,817
4,825,322
82,290
2,286
283,817
14,027,811
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
14
Tangible fixed assets
(Continued)
- 30 -
Company
Freehold property and quarries
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 September 2022
4,359,112
5,024,436
8,465,703
161,809
954,582
18,965,642
Additions
26,056
1,048
2,165,009
6,719
88,610
600,097
2,887,539
Disposals
(2,935,140)
(1,511,468)
(313,806)
(4,760,414)
Revaluation
(2,284,435)
(2,284,435)
At 30 November 2023
1,450,028
2,741,049
9,119,244
168,528
88,610
1,240,873
14,808,332
Depreciation and impairment
At 1 September 2022
950,619
3,668,073
83,096
689,942
5,391,730
Depreciation charged in the period
138
60,733
2,139,220
25,014
16,397
161,854
2,403,356
Eliminated in respect of disposals
(1,187,727)
(112,055)
(1,299,782)
Revaluation
(950,619)
(950,619)
At 30 November 2023
138
60,733
4,619,566
108,110
16,397
739,741
5,544,685
Carrying amount
At 30 November 2023
1,449,890
2,680,316
4,499,678
60,418
72,213
501,132
9,263,647
At 31 August 2022
4,359,112
4,073,817
4,797,630
78,713
264,640
13,573,912
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 31 -
Included in the Group's freehold property and quarries is investment property rented to another group entity with a cost value of £520,714 (2022 £520,714).
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
4,133,464
4,516,740
4,133,464
4,516,740
Motor vehicles
467,762
205,977
467,762
205,977
4,601,226
4,722,717
4,601,226
4,722,717
Leasehold quarries with a carrying amount of £2,680,315 were revalued on 2 August 2023 by RICS Registered valuers Avison Young (UK) Limited, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Leasehold Quarries
2023
2022
£
£
Group
Cost
10,050,967
10,048,871
Accumulated depreciation
(2,115,184)
(1,901,239)
Carrying value
7,935,783
8,147,632
Company
Cost
5,025,483
5,024,435
Accumulated depreciation
(1,057,592)
(950,620)
Carrying value
3,967,891
4,073,815
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
201
201
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
15
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022 and 30 November 2023
201
Carrying amount
At 30 November 2023
201
At 31 August 2022
201
16
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Prees Developments Limited
United Kingdom
Ordinary share capital
-
50.00
Transforma Solutions Limited
United Kingdom
Ordinary share capital
50.00
-
Textek Limited
United Kingdom
Ordinary share capital
100.00
-
17
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 September 2022 and 30 November 2023
2,970,000
-
Investment property comprises of land and buildings on an established commercial estate. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 24 August 2023 by Avison Young (UK) Limited, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, as at the balance sheet date.
Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold investment property
2,970,000
2,970,000
-
-
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 33 -
18
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
2,778,812
2,320,672
2,778,812
2,216,779
19
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,240,820
5,629,112
3,717,026
5,175,723
Corporation tax recoverable
108,321
344,643
105,098
341,420
Amounts owed by group undertakings
-
-
668,364
407,213
Other debtors
19,377
454,737
8,066
82,145
Prepayments and accrued income
403,294
306,390
334,674
168,592
4,771,812
6,734,882
4,833,228
6,175,093
Deferred tax asset (note 24)
92,006
4,771,812
6,826,888
4,833,228
6,175,093
20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
22
108,207
320,347
98,378
310,518
Obligations under finance leases
23
2,389,541
1,300,178
2,389,541
1,300,178
Trade creditors
1,677,656
3,813,677
1,438,820
3,619,342
Amounts owed to group undertakings
146,256
Corporation tax payable
374,390
99,771
249,522
Other taxation and social security
412,750
511,854
355,851
467,598
Other creditors
2,251,477
2,494,766
2,022,826
2,280,920
Accruals and deferred income
555,738
493,508
456,878
371,636
7,769,759
9,034,101
7,011,816
8,496,448
Obligations under finance leases are secured by fixed charges on the assets concerned.
Within other creditors there is a factoring balance of £1,917,710 (2022 £2,208,797) secured by a fixed and floating charge over the companies assets in favour of Lloyds Commercial Finance Limited.
Furthermore, there is a debt of £79,139 (2022 £160,166) secured by a debenture including a legal mortgage, fixed and floating charges over the fixed assets, trade debtors, bank credit balances and any other debts owing to the company, dated 5 November 2019.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 34 -
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
22
718,824
1,780,718
704,080
1,754,507
Obligations under finance leases
23
2,728,699
3,554,910
2,728,699
3,554,910
Amounts owed to group undertakings
688,391
3,899,253
3,447,523
5,335,628
4,121,170
9,208,670
Amounts included above which fall due after five years are as follows:
Payable by instalments
229,836
596,467
229,836
596,467
22
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
827,031
2,101,065
802,458
2,065,025
Payable within one year
108,207
320,347
98,378
310,518
Payable after one year
718,824
1,780,718
704,080
1,754,507
The long-term loans and overdrafts are secured by way of fixed and floating legal charges over commercial freehold property in favour of Lloyds bank PLC.
The bank loan has an interest rate of 2.13 % plus base rate, repayable by June 2030.
Coronavirus business interruption loan scheme has an interest rate of 1.72% plus base rate, repayable by June 2026.
There is a Bounce Back loan which has an interest rate of 2.5%, repayable by May 2026.
23
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,480,322
1,400,948
2,480,322
1,400,948
In two to five years
3,093,643
3,628,355
3,093,643
3,628,355
5,573,965
5,029,303
5,573,965
5,029,303
Less: future finance charges
(455,725)
(174,215)
(455,725)
(174,215)
5,118,240
4,855,088
5,118,240
4,855,088
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
23
Finance lease obligations
(Continued)
- 35 -
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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
24
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
777,327
932,375
-
(13,182)
Tax losses
-
-
-
105,122
Investment property
325,641
325,641
-
-
Provisions
(237)
-
-
66
1,102,731
1,258,016
-
92,006
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
767,315
941,816
-
-
Group
Company
2023
2023
Movements in the period:
£
£
Liability at 1 September 2022
1,166,010
941,816
Credit to profit or loss
(63,279)
(174,501)
Liability at 30 November 2023
1,102,731
767,315
The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature on asset disposal.
25
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
215,343
93,876
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
25
Retirement benefit schemes
(Continued)
- 36 -
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.
26
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
27
Non-distributable profits reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the period
1,082,220
1,333,074
-
-
Non distributable profits in the period
-
(250,854)
-
-
At the end of the period
1,082,220
1,082,220
-
-
28
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
1,208,417
1,687,573
1,208,417
1,687,573
Between two and five years
433,017
2,421,462
433,017
2,421,462
1,641,434
4,109,035
1,641,434
4,109,035
29
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
1,950,086
-
1,950,086
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 37 -
30
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
419,031
223,125
The only key management personnel of the group are its directors.
Transactions with related parties
During the period the group entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
636
-
511,226
597,632
Interest Charged
2023
2022
£
£
Group
Other related parties
87,603
90,039
Sales and purchases between related parties are made at arms length.
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2023
2022
£
£
Group
Other related parties
20,844
77,624
The amounts outstanding are unsecured and will be settled in cash.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
30
Related party transactions
(Continued)
- 38 -
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2023
2023
2023
2022
2022
2022
Balance
Provision
Net
Balance
Provision
Net
£
£
£
£
£
£
Group
Other related parties
1,194,456
1,203,451
(8,995)
1,350,700
727,718
622,982
The amounts outstanding are unsecured and will be settled in cash.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 39 -
31
Controlling party
There is no ultimate controlling party.
32
Analysis of changes in net funds/(debt) - group
1 September 2022
Cash flows
New finance leases
30 November 2023
£
£
£
£
Cash at bank and in hand
1,244,475
4,895,435
-
6,139,910
Borrowings excluding overdrafts
(2,101,065)
1,274,034
-
(827,031)
Obligations under finance leases
(4,855,088)
4,577,306
(4,840,458)
(5,118,240)
(5,711,678)
10,746,775
(4,840,458)
194,639
33
Cash generated from group operations
2023
2022
£
£
Profit for the period after tax
2,869,230
182,555
Adjustments for:
Taxation charged/(credited)
218,194
(31,024)
Finance costs
702,516
401,364
Investment income
(93,717)
(79,046)
Loss on revaluation of leasehold land and buildings
1,333,816
(Gain)/loss on disposal of tangible fixed assets
(5,354,336)
17,341
Fair value (gain)/loss on investment properties
334,471
Amortisation and impairment of intangible assets
59,090
59,090
Depreciation and impairment of tangible fixed assets
2,438,532
1,768,244
Movements in working capital:
Increase in stocks
(458,140)
(586,169)
Decrease/(increase) in debtors
1,741,029
(313,235)
(Decrease)/increase in creditors
(2,416,184)
975,689
Cash generated from operations
1,040,030
2,729,280
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 40 -
34
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment at 1 Sep 2021
Adjustment at 31 Aug 2022
As restated at 31 Aug 2022
£
£
£
£
Fixed assets
Tangible assets
12,404,724
2,634,354
(1,011,267)
14,027,811
Investment properties
2,970,000
(1,057,500)
1,057,500
2,970,000
Current assets
Debtors due within one year
6,247,668
(363,109)
942,329
6,826,888
Creditors due within one year
Finance leases
(909,050)
270,676
(661,804)
(1,300,178)
Taxation
(516,839)
(82,721)
(12,065)
(611,625)
Other creditors
(6,801,951)
(2,274,999)
2,274,999
(6,801,951)
Creditors due after one year
Loans and overdrafts
(1,780,718)
2,274,999
(2,274,999)
(1,780,718)
Finance leases
(1,978,017)
(2,538,625)
961,732
(3,554,910)
Other creditors
505,472
(435,373)
(70,099)
-
Provisions for liabilities
Deferred tax
(1,258,016)
136,419
(136,419)
(1,258,016)
Net assets
12,246,251
(1,435,879)
1,069,907
11,880,279
Capital and reserves
Profit and loss reserves
8,577,793
(2,355,712)
1,069,907
7,291,988
Non-controlling interest
3,668,358
919,833
-
4,588,191
Total equity
12,246,251
(1,435,879)
1,069,907
11,880,279
Reconciliation of changes in equity - group
1 September
31 August
2021
2022
£
£
Adjustments to prior period
Under charged interest receivable
-
(81,233)
Reclassificaton of finance lease assets
(10,206)
(188,304)
Deferred tax adjustment
-
(1,649)
Corporation tax adjustment
(82,721)
(94,786)
Total adjustments
(92,927)
(365,972)
Equity as previously reported
11,605,723
12,246,251
Equity as adjusted
11,512,796
11,880,279
Analysis of the effect upon equity
Profit and loss reserves
(1,012,760)
(1,285,805)
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
34
Prior period adjustment
(Continued)
- 41 -
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior period
Under charged interest receivable
(81,233)
Reclassificaton of finance lease assets
(178,098)
Deferred tax adjustment
(1,649)
Corporation tax adjustment
(12,065)
Total adjustments
(273,045)
Profit as previously reported
455,599
Profit as adjusted
182,554
Changes to the balance sheet - company
As previously reported
Adjustment at 1 Sep 2021
Adjustment at 31 Aug 2022
As restated at 31 Aug 2022
£
£
£
£
Fixed assets
Tangible assets
11,950,825
2,257,743
(634,656)
13,573,912
Current assets
Debtors due within one year
6,099,696
-
75,397
6,175,093
Creditors due within one year
Finance leases
(909,050)
270,676
(661,804)
(1,300,178)
Creditors due after one year
Finance leases
(1,978,017)
(2,538,625)
961,732
(3,554,910)
Other creditors
(3,393,781)
(435,373)
(70,099)
(3,899,253)
Net assets
4,372,929
(445,579)
(329,430)
3,597,920
Capital and reserves
Profit and loss reserves
4,372,829
(445,579)
(329,430)
3,597,820
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
34
Prior period adjustment
(Continued)
- 42 -
Reconciliation of changes in equity - company
1 September
31 August
2021
2022
£
£
Adjustments to prior period
Under charged interest payable
(435,373)
(505,472)
Over charged interest receivable
-
(81,233)
Reclassificaton of finance lease assets
(10,206)
(188,304)
Total adjustments
(445,579)
(775,009)
Equity as previously reported
3,760,171
4,372,929
Equity as adjusted
3,314,592
3,597,920
Analysis of the effect upon equity
Profit and loss reserves
352,903
(775,009)
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior period
Under charged interest payable
(70,099)
Over charged interest receivable
(81,233)
Reclassificaton of finance lease assets
(178,098)
Total adjustments
(329,430)
Profit as previously reported
612,758
Profit as adjusted
283,328
Notes to reconciliation - Group only adjustments
Non-controlling interest reserve
During the period the director's identified that the non-controlling interest reserve had been understated, this related to prior year adjustments posted in the current period and historical differences. There is no impact on overall equity as a result of the adjustment..
Notes to reconciliation - Company adjustments
Over charged interest receivable
During the period the company discovered that it had previously over charged interest of £81,233 to Black Country Reclamations Limited. This over charge has now been corrected.
Under charged interest payable
During the period the directors' became aware that the interest of £505,472 charged on the loan from a subsidiary had been incorrectly calculated in previous years. The interest has now been corrected.
J.P.E. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
34
Prior period adjustment
(Continued)
- 43 -
Fixed assets acquired on finance leases
During the period the directors' became aware that assets with a cost value of £2,538,625 had historically been treated as operating leases and expensed through the profit or loss. These assets meet the criteria of finance leases and have been brought onto the balance sheet in the prior year and depreciated accordingly. The impact on retained reserves and the profit and loss account in the previous period was a reduction of £188,304.
2023-11-302022-09-01falseCCH SoftwareCCH Accounts Production 2024.100J PriceS BirchV J CoxS PriceS PriceM C 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