Company Registration No. 04417618 (England and Wales)
MACNEIL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
MACNEIL LIMITED
COMPANY INFORMATION
Directors
Mr N J Lukka
Mr B N Lukka
Secretary
Mrs A N Lukka
Company number
04417618
Registered office
Macneil House
9-17 Lodge Lane
London
N12 8JH
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers
Royal Bank of Scotland
5-10 Great Tower Street
London
EC3P 3HX
Handelsbanken plc
2nd Floor Hathaway House
Popes Drive
Finchley Central
London
N3 1QF
MACNEIL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
MACNEIL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

Fair review of the business

The group made a pre-tax profit of £2,187,889 (2022: £3,766,706) for the year on a turnover of £7,490,341 (2022: £7,112,245). At 30 November 2023 the group had net assets of £29,583,309 (2022: £27,876,679). Both the level of business and the year end financial position were as expected in the light of current trading conditions and the directors do not anticipate any material changes in the present level of activity.

Principal risks and uncertainties

The directors recognise that within the business there are a number of risks which may affect the performance of the group. These risks are subject to regular review and, where appropriate, processes are established to minimise the level of exposure.

 

Regulatory - the group's nursing home business is regulated by the Care Quality Commission and is exposed to adverse findings that the Commission may raise. The group ensures that the nursing home is run to a high standard and to-date no such adverse findings have been reported.

 

Financial risk - the company is exposed to financial risk through its assets and liabilities. The key financial risk is that, in the current climate, the proceeds from its assets may not be sufficient to fund the obligations from liabilities as they fall due. The most important components of financial risk are:

 

1) Credit risk - the group continues to minimise commercial credit risk and has not suffered unduly from bad debts.

 

2) Interest rate risk - the group's borrowings are on a variable rate basis and the group is exposed to potential increases in interest rates. The group continues to monitor its interest obligations and its investment portfolio to ensure that future increases in interest rates will not unduly affect the performance of the business.

Key performance indicators

1) Investment property

In the opinion of the directors, individual property rentals are considered the key performance indicator when assessing business performance, which are reviewed monthly by the management team and have remained in line with the directors' expectations, in the current climate.

 

2) Care home

In the opinion of the directors, occupancy percentage and average fee per resident are considered key performance indicators when assessing business performance and are reviewed monthly by the management team, with both having remained in line with the directors' expectations, in the current climate.

 

EBITDA is also considered a key performance indicator and is reviewed on a monthly basis, by the management team.

 

On behalf of the board

Mr N J Lukka
Director
29 August 2024
MACNEIL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company continues to be that of property investment and development. In addition a significant activity of the group includes the provision of nursing home facilities for the elderly.

Results and dividends

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

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

Directors

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

Mr N J Lukka
Mr B N Lukka
Auditor
The auditor, HW Fisher LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
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
Mr N J Lukka
Director
29 August 2024
MACNEIL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
The directors are responsible for preparing 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 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 company and of the profit or loss of the company 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 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.
MACNEIL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MACNEIL LIMITED
- 4 -
Opinion

We have audited the financial statements of Macneil Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

MACNEIL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACNEIL 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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

MACNEIL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MACNEIL LIMITED
- 6 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

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.

Gilles Siow (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
29 August 2024
MACNEIL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
7,490,341
7,112,245
Cost of sales
(3,755,050)
(3,437,173)
Gross profit
3,735,291
3,675,072
Administrative expenses
(1,056,578)
(1,014,136)
Other operating income
17,410
74,740
Operating profit
4
2,696,123
2,735,676
Interest receivable and similar income
8
40,392
-
0
Interest payable and similar expenses
9
(548,626)
(243,499)
Fair value gains and losses on investment properties
10
-
1,274,529
Profit before taxation
2,187,889
3,766,706
Tax on profit
11
(481,259)
(881,051)
Profit for the financial year
24
1,706,630
2,885,655
Other comprehensive income
Tax relating to other comprehensive income
-
0
80,930
Total comprehensive income for the year
1,706,630
2,966,585
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

MACNEIL LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
16,438,505
16,675,695
Investment properties
13
23,909,331
24,402,915
40,347,836
41,078,610
Current assets
Debtors
16
11,350,230
11,064,223
Cash at bank and in hand
1,086,751
5,093,173
12,436,981
16,157,396
Creditors: amounts falling due within one year
17
(12,989,356)
(18,663,081)
Net current liabilities
(552,375)
(2,505,685)
Total assets less current liabilities
39,795,461
38,572,925
Creditors: amounts falling due after more than one year
18
(7,438,636)
(7,846,994)
Provisions for liabilities
21
(2,773,516)
(2,849,252)
Net assets
29,583,309
27,876,679
Capital and reserves
Called up share capital
23
100
100
Revaluation reserve
10,131,057
10,294,490
Profit and loss reserves
24
19,452,152
17,582,089
Total equity
29,583,309
27,876,679
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
29 August 2024
Mr N J Lukka
Director
MACNEIL LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
180,822
210,618
Investment properties
13
23,909,331
24,402,915
Investments
14
200
200
24,090,353
24,613,733
Current assets
Debtors
16
3,117,863
5,801,133
Cash at bank and in hand
406,910
3,436,896
3,524,773
9,238,029
Creditors: amounts falling due within one year
17
(11,630,300)
(18,238,981)
Net current liabilities
(8,105,527)
(9,000,952)
Total assets less current liabilities
15,984,826
15,612,781
Creditors: amounts falling due after more than one year
18
(2,504,468)
(2,724,144)
Provisions for liabilities
21
(504,196)
(548,412)
Net assets
12,976,162
12,340,225
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
24
12,976,062
12,340,125
Total equity
12,976,162
12,340,225

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 £635,937 (2022 - £1,693,464 profit).

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
29 August 2024
Mr N J Lukka
Director
Company Registration No. 04417618
MACNEIL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 December 2021
100
10,376,992
14,533,002
24,910,094
Year ended 30 November 2022:
Profit for the year
-
-
2,885,655
2,885,655
Other comprehensive income:
Tax relating to other comprehensive income
-
80,930
-
0
80,930
Total comprehensive income for the year
-
80,930
2,885,655
2,966,585
Transfers
-
(163,432)
163,432
-
Balance at 30 November 2022
100
10,294,490
17,582,089
27,876,679
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
1,706,630
1,706,630
Transfers
-
(163,433)
163,433
-
Balance at 30 November 2023
100
10,131,057
19,452,152
29,583,309
MACNEIL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
100
10,646,661
10,646,761
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
1,693,464
1,693,464
Balance at 30 November 2022
100
12,340,125
12,340,225
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
635,937
635,937
Balance at 30 November 2023
100
12,976,062
12,976,162
MACNEIL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(2,663,543)
1,127,926
Interest paid
(548,626)
(243,499)
Income taxes paid
(637,681)
(608,631)
Net cash (outflow)/inflow from operating activities
(3,849,850)
275,796
Investing activities
Purchase of tangible fixed assets
(208,191)
(79,898)
Proceeds on disposal of tangible fixed assets
(19,652)
(27,785)
Purchase of investment property
-
(3,141)
Proceeds on disposal of investment property
493,584
1,350,000
Loans made
-
(40,316)
Receipts arising from loans made
40,316
-
Interest received
40,392
-
0
Net cash generated from investing activities
346,449
1,198,860
Financing activities
Proceeds of new bank loans
-
5,709,154
Repayment of bank loans
(573,238)
(4,289,120)
Payment of finance leases obligations
70,217
-
Net cash (used in)/generated from financing activities
(503,021)
1,420,034
Net (decrease)/increase in cash and cash equivalents
(4,006,422)
2,894,690
Cash and cash equivalents at beginning of year
5,093,173
2,198,483
Cash and cash equivalents at end of year
1,086,751
5,093,173
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
1
Accounting policies
Company information

Macneil Limited (“the company”) is a private limited company incorporated by shares in England and Wales. The registered office is Macneil House, 9-17 Lodge Lane, London, N12 8JH.

 

The group consists of Macneil Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties 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 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’: 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Macneil Limited and all of its subsidiaries (ie 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.

 

All financial statements are made up to 30 November 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.3
Going concern

The directors have considered the effect of the on-going Covid-19 pandemic. As the group operates in the care and investment property sectors, the pandemic has caused some disruption to the group's business. However with tighter operational controls, accompanied by various government grants and financial assistance, the directors have been able to mitigate the Covid-19 impact on the business such that it has continued to trade and generate positive cash flows.

 

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

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes,where relevant.

 

Revenue for the provision of nursing home services is recognised by reference to the occupation and use of the facilities of the nursing home.

 

Revenue from rental receipts is recognised on an accruals basis and arises from the group's investment properties.

1.5
Tangible fixed assets

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

Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold
2% straight line (excluding freehold land)
Fixtures, fittings & equipment
15% reducing balance
Leasehold improvement
Over the term of the lease

The excess depreciation between revalued land and buildings and historical cost is transferred between the profit and loss reserve and revaluation reserve.

 

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

1.6
Investment properties

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.7
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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.8
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.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

Derecognition of financial liabilities

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

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the assets. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.13
Retirement benefits

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

1.14
Leases

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

 

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

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

1.15
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.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 17 -
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.

Valuation of land and buildings

The group carries its property used in the business at fair value, with changes in fair value being recognised through other comprehensive income. The group has consulted with external valuers to ascertain the fair value of the land and buildings. The valuation of the group’s land and buildings is inherently subjective due to, among other factors, the individual nature, location and condition of the nursing home premises. The land element of the land and buildings is also a subjective judgement. As a result the valuation is subject to a degree of uncertainty.

 

The most recent external valuation took place in January 2021 and was reflected in the 2020 financial statements. Since then the Directors have assessed the market value of the property each year and deem the net book value to be materially in line with the market value at the year-end date.

 

Deferred tax has been recognised on revalued property, based on the estimated fair value at the year-end date.

Valuation of investment properties

The directors have assessed the fair value of investment properties at year end. In determining the fair value of the investment properties, the directors made use of historical and current market data, as well as existing lease agreements and third party valuations. The valuation of the company’s investment properties is inherently subjective due to, among other factors, the individual nature, location and condition of the properties. As a result the valuation is subject to a degree of uncertainty.

Related party debtors

Included in the accounts are amounts due from companies under the control of Mr N J Lukka and members of his close family. The directors have considered the quality and performance of the underlying assets and deemed these amounts to be recoverable and not impaired.

 

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Nursing home fees
5,994,698
5,655,299
Rental income
1,495,643
1,456,946
7,490,341
7,112,245
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Turnover and other revenue
(Continued)
- 18 -
2023
2022
£
£
Other significant revenue
Interest income
40,392
-
Grants received
17,410
-
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(17,410)
-
Depreciation of owned tangible fixed assets
438,198
433,318
Loss on disposal of investment property
26,835
27,785
Operating lease charges
20,604
20,736
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
18,840
8,800
Audit of the financial statements of the company's subsidiaries
12,241
9,820
31,081
18,620
6
Employees

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

2023
2022
Number
Number
Administration and care staff
114
115

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,168,176
2,847,508
Social security costs
296,678
270,861
Pension costs
62,674
55,403
3,527,528
3,173,772
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 19 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
26,000
26,000
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
40,392
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
543,874
241,470
Interest on finance leases and hire purchase contracts
1,397
-
Other interest
3,355
2,029
Total finance costs
548,626
243,499
10
Fair value gains and losses on investment properties
2023
2022
£
£
Changes in the fair value of investment properties
-
1,274,529
11
Taxation
2023
2022
£
£
UK corporation tax on profits for the current period
556,995
536,662
Deferred tax
Origination and reversal of timing differences
(75,736)
344,389
Total tax charge
481,259
881,051
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
11
Taxation
(Continued)
- 20 -

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

2023
2022
£
£
Profit before taxation
2,187,889
3,766,706
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
503,433
715,674
Tax effect of expenses that are not deductible in determining taxable profit
1,810
2,447
Adjustments in respect of prior years
(728)
-
0
Permanent capital allowances in excess of depreciation
1,944
1,740
Effect of revaluations of investments
-
0
(242,161)
Other non-reversing timing differences
(103)
(3)
Deferred tax movements
(75,736)
344,388
Depreciation add back
99,479
80,515
Capital allowances
(48,840)
(21,549)
Tax expense for the year
481,259
881,051

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
-
(80,930)
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 21 -
12
Tangible fixed assets
Group
Land and buildings Freehold
Fixtures, fittings & equipment
Leasehold improvement
Total
£
£
£
£
Cost or valuation
At 1 December 2022
16,576,944
2,322,849
-
0
18,899,793
Additions
2,117
126,125
79,949
208,191
Disposals
-
0
(57,977)
-
0
(57,977)
At 30 November 2023
16,579,061
2,390,997
79,949
19,050,007
Depreciation and impairment
At 1 December 2022
615,649
1,608,449
-
0
2,224,098
Depreciation charged in the year
307,867
125,001
5,330
438,198
Eliminated in respect of disposals
-
0
(50,794)
-
0
(50,794)
At 30 November 2023
923,516
1,682,656
5,330
2,611,502
Carrying amount
At 30 November 2023
15,655,545
708,341
74,619
16,438,505
At 30 November 2022
15,961,295
714,400
-
0
16,675,695
Company
Fixtures, fittings & equipment
£
Cost or valuation
At 1 December 2022
1,073,210
Additions
9,297
Disposals
(57,977)
At 30 November 2023
1,024,530
Depreciation and impairment
At 1 December 2022
862,592
Depreciation charged in the year
31,910
Eliminated in respect of disposals
(50,794)
At 30 November 2023
843,708
Carrying amount
At 30 November 2023
180,822
At 30 November 2022
210,618
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
12
Tangible fixed assets
(Continued)
- 22 -

The carrying value of land and buildings was revalued as at 30 November 2020. The revaluation is based on a valuation report prepared on 7 January 2021 by a third party RICS certified property consultant. Their valuation is based on the special assumption that the land and buildings are fully equipped as operational entities and valued having regard to trading potential, as at the date of valuation. As at 30 November 2023 the directors believe that the carrying amount of land and buildings correctly reflect their fair value.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the carrying amounts included would have been £3,894,501 (2022: £3,995,044), being cost of £5,133,000 (2022: £5,130,883) and depreciation of £1,238,499 (2022: £1,135,839 ).

 

13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 December 2022
24,402,915
24,402,915
Disposals
(493,584)
(493,584)
At 30 November 2023
23,909,331
23,909,331

At 30 November 2023, the comparable historic cost of investment properties included at valuation was £19,345,610 (2022: £19,839,194).

 

The directors have assessed the fair value of investment properties at year end. In determining the fair value of the investment properties, the directors made use of historical and current market data, as well as existing lease agreements and third party valuations by RICS certified property consultants.

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
200
200
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 December 2022 and 30 November 2023
200
Carrying amount
At 30 November 2023
200
At 30 November 2022
200
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Lukka Care Homes (2010) Ltd
1
Ordinary
100.00
Macneil Properties Ltd
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Macneil House, 9-17 Lodge Lane, London, N12 8JH.

The outstanding liabilities at the balance sheet date of Macneil Properties Ltd, one of the company's subsidiary undertakings, have been guaranteed by Macneil Limited pursuant to s479A to s479C of the Companies Act 2006.

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
964,517
657,316
96,543
85,379
Amounts owed by group undertakings
-
-
144
2,636,205
Amounts owed by companies under common control
2,652,375
2,652,676
1,092,375
1,091,164
Other debtors
7,606,245
7,642,954
1,880,589
1,922,904
Prepayments and accrued income
127,093
111,277
48,212
65,481
11,350,230
11,064,223
3,117,863
5,801,133
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
460,407
562,317
209,028
287,552
Obligations under finance leases
20
7,247
-
0
-
0
-
0
Trade creditors
367,614
166,023
68,559
13,344
Amounts owed to group undertakings
-
0
-
0
41,151
41,151
Amounts owed to companies under common control
10,985,141
16,749,006
10,985,141
17,543,872
Corporation tax payable
256,438
337,124
87,152
90,421
Other taxation and social security
129,478
109,499
51,854
48,604
Other creditors
526,672
474,943
95,699
97,452
Accruals and deferred income
256,359
264,169
91,716
116,585
12,989,356
18,663,081
11,630,300
18,238,981
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
7,375,666
7,846,994
2,504,468
2,724,144
Obligations under finance leases
20
62,970
-
0
-
0
-
0
7,438,636
7,846,994
2,504,468
2,724,144
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
7,836,073
8,409,311
2,713,496
3,011,696
Payable within one year
460,407
562,317
209,028
287,552
Payable after one year
7,375,666
7,846,994
2,504,468
2,724,144
7,836,073
8,409,311
2,713,496
3,011,696
Amounts included above which fall due after five years:
Payable by instalments
1,653,618
1,848,162
-
-

Included within bank loans are the following amounts:

- £639,224 repayable on a monthly basis and subject to interest of base rate + 3%;

- £108,633 repayable on a monthly basis and subject to interest of base rate + 2.75%;

- £1,939,167 repayable on a monthly basis and subject to interest of base rate + 2.85%;

- £26,472 repayable on a monthly basis and subject to interest of 2.5%;

- £2,496,239 repayable on a monthly basis and subject to interest of base rate + 2.25%; and

- £2,626,338 repayable on a quarterly basis and subject to interest of base rate +2.10%.

 

The loan terms range between 4 and 15 years.

 

The bank loans are secured by a legal charge over the freehold property and a debenture over the assets of the group, as well as by cross-guarantees given by the other companies under common control of the shareholders amounting to £19,259,465 (2022: £21,692,396 ) along with a guarantee of £600,000 from the director, Mr N J Lukka.

 

There is a second tier fixed and floating charge over the assets of the group.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
7,247
-
0
-
0
-
0
In two to five years
62,970
-
0
-
0
-
0
70,217
-
-
-

Finance lease payments represent rentals payable by the company for a motor vehicle. Lease include purchase option at the end of the lease period, and no restrictions are placed on the use of the asset. The lease term is 48 months and is on a fixed repayment basis.

21
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
2023
2022
Group
£
£
Accelerated capital allowances
(1,453)
33,975
Short term timing differences
(1,548)
(1,281)
Revaluations
1,955,483
1,955,483
Investment property
505,396
545,437
Deferred tax arising on held over gains from transfer of land and buildings
315,638
315,638
2,773,516
2,849,252
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
(1,077)
3,097
Short term timing differences
(123)
(122)
Investment property
505,396
545,437
504,196
548,412
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
21
Deferred taxation
(Continued)
- 26 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 December 2022
2,849,252
548,412
Credit to profit or loss
(75,736)
(44,216)
Liability at 30 November 2023
2,773,516
504,196

Deferred tax is based on the future expected rate of corporation tax of 25% (2022: 25%)

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,674
55,403

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
24
Reserves
Profit and loss reserves

Profit and loss reserves include £3,977,945 (2022: £4,018,284) in respect of unrealised gains arising on investment properties.

 

 

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
25
Operating lease commitments
Lessee

At the reporting end date the group and the company 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
10,226
17,280
10,226
17,280
Between two and five years
-
10,226
-
10,226
10,226
27,506
10,226
27,506
Lessor

The group's operating leasing arrangements as a lessor arise in respect of its investment properties which are held for rental purposes.

 

At the reporting end date the group and the company had contracted with tenants for the following minimum lease payments:

 

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
1,216,142
1,165,664
1,193,364
1,175,647
Between two and five years
1,909,948
1,829,961
2,791,045
2,821,502
In over five years
2,357,645
2,781,509
5,342,631
6,464,490
5,483,735
5,777,134
9,327,040
10,461,639
MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
26
Related party transactions
Transactions with related parties

At 30 November 2023 the group was owed £2,652,375, by companies under common control (2022: £2,652,676). The group charged no interest on this balance in the current or prior year.

 

At 30 November 2023 the group owed £10,985,141 to companies under common control (2022: £16,749,006). The group was charged no interest on this balance in the current or prior year.

 

All of the above companies are related parties by virtue of the significant interest in the share capital of each by Mr N J Lukka and members of his close family, and the balances arose from loans made to/received from the above companies.

 

The assets of the group are subject to a cross-guarantee given in relation to the borrowings of other companies under the control of the shareholders.

 

At the year end the group was owed £1,804 to Mr N J Lukka (2022: £40,316), inclusive of interest, which was repaid within 9 months of the year-end.

 

At the year end the group was owed £4,595,063 (2022: £4,595,050) by BNJ Investments Limited, a company owned by Mr B N Lukka, a director of the company. The group charged no interest on this loan in the current period.

 

At the year end the group was owed £2,810,000 (2022: £2,810,000) by RZV Group Limited, a company jointly owned by Mrs S N Vithlani, daughter of Mr N J Lukka, and her spouse Mr J Vithlani. The group charged no interest on this loan in the current period.

 

At the year end the group was owed £252 (2022: £nil) by SJV Group Limited, a company jointly owned by Mrs S N Vithlani, daughter of Mr N J Lukka, and her spouse Mr J Vithlani. The group charged no interest on this loan in the current period.

 

At the year end the group was owed £186,902 (2022: £197,588) by Radia Estates Limited, a company over which Mr N J Lukka is a director. No interest was charged on this balance.

MACNEIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 29 -
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,706,630
2,885,655
Adjustments for:
Taxation charged
481,259
881,051
Finance costs
548,626
243,499
Investment income
(40,392)
-
0
Loss on disposal of tangible fixed assets
26,835
27,785
Depreciation and impairment of tangible fixed assets
438,198
433,318
Changes in the fair value of investment properties
-
(1,274,529)
Movements in working capital:
(Increase) in debtors
(326,323)
(2,253,426)
(Decrease)/increase in creditors
(5,498,376)
184,573
Cash (absorbed by)/generated from operations
(2,663,543)
1,127,926
28
Analysis of changes in net debt - group
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
5,093,173
(4,006,422)
1,086,751
Borrowings excluding overdrafts
(8,409,311)
573,238
(7,836,073)
Obligations under finance leases
-
(70,217)
(70,217)
(3,316,138)
(3,503,401)
(6,819,539)
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