Company Registration No. 05439104 (England and Wales)
FISHPOOLS HOLDINGS LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2024
FISHPOOLS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr I Carson
Mr S J Fishpool
Secretary
Mr E Duggan
Company number
05439104
Registered office
107 - 115 High Street
Waltham Cross
Herts
EN8 7AL
Auditor
Moore NHC Audit Limited
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
Business address
107 - 115 High Street
Waltham Cross
Herts
EN8 7AL
FISHPOOLS HOLDINGS 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 - 27
FISHPOOLS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 1 -

The directors present the strategic report for the period ended 28 January 2024.

Review of the business

This year marked a significant milestone for the business as we celebrate our 125th birthday. We have reached this point through decades of commitment to our core values of superb product choice and selection, leading customer service and continual reinvestment in the business and our people.

As we reported last year, the normalisation of trading levels following the turbulence of the pandemic years had intersected with rising cost-of-living pressures, which started to have an impact on big-ticket retail sales across the UK.

Whilst we were not immune to these sector-wide challenges, our order intake performance for last year was in line with our initial projections. This has been achieved whilst starting substantial updates to our furniture presentations in store and resisting the temptation to sacrifice margins to buy short-term volumes.

As sales and margins returned close to pre-pandemic levels, we continued to invest in our people, with a new learning and development strategy, together with substantial market-driven salary increases across the board and a very healthy profit related bonus scheme for all employees.

Throughout the year, we have continued to focus on optimising efficiency and effectiveness in everything we do, reviewing how we blend technology and people to best provide a fantastic customer experience for this market.

Despite these challenges and with the end of Government covid support, we effectively managed controllable costs, with retail profit returning to pre-pandemic levels, although naturally lower than recent record years.

Principle risks and uncertainties:

Our principal risk continues to stem from a sluggish retail sector, influenced directly by cost-of-living constraints, a subdued housing market and political uncertainty. That said, bolstered by solid margins, prudent control of overheads, ongoing investment in our people and a solid cash position, we maintain complete confidence in our long-term strategy in an extremely difficult market.

Key performance indicators:

Total sales amounted to £29.3 million, as predicted back in line with pre-pandemic levels of trading. Notably, our gross margins strengthened to 47.5%, offsetting a portion of the volume decline.

Profit before taxation of £1.9m was 6.8% down on last year and at least in line with our pre-pandemic performance.

Election years and cost of living challenges never make for great trading periods and 2024 is proving to be no different, however as we continue to celebrate our 125th birthday year we remain confident about our strategy of long-term decision making, balanced with a sensible day-to-day focus on immediate efficiencies and effectiveness – an approach which will continue to serve us well for many years to come.

On behalf of the board

Mr S J Fishpool
Director
7 August 2024
FISHPOOLS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 2 -

The directors present their annual report and financial statements for the period ended 28 January 2024.

Principal activities

The principal activity of the company continued to be that of a holding company providing management services to members of the group. The company has two subsidiaries, Fishpools Limited, whose principal activity continues to be the retailing of furniture and associated items, and Fishpools (Finance) Limited, whose principal activity continues to be property investment and management.

Results and dividends

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

Ordinary dividends were paid amounting to £1,021,578. The directors do not recommend payment of a further dividend.

Directors

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

Mr I Carson
Mr S J Fishpool
Auditor

The auditor, Moore NHC Audit Limited, is 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.

Going concern
The directors have considered trading forecasts and cash flow requirements for a period of 12 months from the date of approval of these financial statements and have concluded that it is appropriate to prepare them on a going concern basis.
On behalf of the board
Mr S J Fishpool
Director
7 August 2024
2024-08-07
FISHPOOLS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FISHPOOLS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FISHPOOLS HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Fishpools Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 January 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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:

FISHPOOLS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FISHPOOLS HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

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.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation

 

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

 

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

 

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

 

Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

 

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.

Daniel Garfield (Senior Statutory Auditor)
for and on behalf of Moore NHC Audit Limited
12 August 2024
Chartered Accountants
Statutory Auditor
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
FISHPOOLS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 JANUARY 2024
- 7 -
Period
Period
ended
ended
28 January
29 January
2024
2023
Notes
£
£
Turnover
3
29,323,014
34,294,529
Cost of sales
(15,407,009)
(19,116,653)
Gross profit
13,916,005
15,177,876
Administrative expenses
(12,661,264)
(13,685,584)
Other operating income
107,267
326,147
Operating profit
4
1,362,008
1,818,439
Interest receivable and similar income
8
554,628
197,749
Fair value loss on foreign exchange contracts
9
(52,731)
(15,524)
Profit before taxation
1,863,905
2,000,664
Tax on profit
10
(497,464)
(433,811)
Profit for the financial period
24
1,366,441
1,566,853
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
FISHPOOLS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 28 JANUARY 2024
28 January 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
10,315,231
10,409,338
Investment properties
13
3,148,350
3,148,350
13,463,581
13,557,688
Current assets
Stocks
17
3,003,024
3,529,590
Debtors
18
2,114,440
1,958,296
Investments
19
7,500
15,000
Cash at bank and in hand
14,930,112
15,187,875
20,055,076
20,690,761
Creditors: amounts falling due within one year
20
(7,014,560)
(8,128,606)
Net current assets
13,040,516
12,562,155
Total assets less current liabilities
26,504,097
26,119,843
Provisions for liabilities
21
(660,011)
(620,620)
Net assets
25,844,086
25,499,223
Capital and reserves
Called up share capital
23
681,053
681,053
Share premium account
24
100
100
Revaluation reserve
24
1,435,390
1,435,390
Capital redemption reserve
24
470,748
470,748
Profit and loss reserves
24
23,256,795
22,911,932
Total equity
25,844,086
25,499,223
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
07 August 2024
Mr S J Fishpool
Director
FISHPOOLS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 28 JANUARY 2024
28 January 2024
- 9 -
28 January 2024
29 January 2023
Notes
£
£
£
£
Fixed assets
Investments
14
14,000,000
14,000,000
Current assets
Debtors
18
2,595,558
2,638,937
Creditors: amounts falling due within one year
20
(1,046,703)
(1,425,061)
Net current assets
1,548,855
1,213,876
Net assets
15,548,855
15,213,876
Capital and reserves
Called up share capital
23
681,053
681,053
Share premium account
24
13,299,596
13,299,596
Capital redemption reserve
24
150,552
150,552
Profit and loss reserves
24
1,417,654
1,082,675
Total equity
15,548,855
15,213,876

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,356,557 (2023 - £985,879 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
07 August 2024
Mr S J Fishpool
Director
Company registration number 05439104 (England and Wales)
FISHPOOLS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 JANUARY 2024
- 10 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 31 January 2022
681,053
100
1,450,914
470,748
22,691,659
25,294,474
Period ended 29 January 2023:
Profit and total comprehensive income
-
-
-
-
1,566,853
1,566,853
Dividends
11
-
-
-
-
(1,362,104)
(1,362,104)
Other movements
-
-
(15,524)
-
15,524
-
Balance at 29 January 2023
681,053
100
1,435,390
470,748
22,911,932
25,499,223
Period ended 28 January 2024:
Profit and total comprehensive income
-
-
-
-
1,366,441
1,366,441
Dividends
11
-
-
-
-
(1,021,578)
(1,021,578)
Balance at 28 January 2024
681,053
100
1,435,390
470,748
23,256,795
25,844,086
FISHPOOLS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 JANUARY 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 31 January 2022
681,053
13,299,596
150,552
1,458,900
15,590,101
Period ended 29 January 2023:
Profit and total comprehensive income for the period
-
-
-
985,879
985,879
Dividends
11
-
-
-
(1,362,104)
(1,362,104)
Balance at 29 January 2023
681,053
13,299,596
150,552
1,082,675
15,213,876
Period ended 28 January 2024:
Profit and total comprehensive income
-
-
-
1,356,557
1,356,557
Dividends
11
-
-
-
(1,021,578)
(1,021,578)
Balance at 28 January 2024
681,053
13,299,596
150,552
1,417,654
15,548,855
FISHPOOLS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 JANUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,237,395
1,640,096
Income taxes paid
(580,345)
(607,250)
Net cash inflow from operating activities
657,050
1,032,846
Investing activities
Purchase of tangible fixed assets
(525,748)
(370,513)
Proceeds on disposal of tangible fixed assets
70,385
26,366
Disposal of investments
7,500
Interest received
554,628
197,749
Net cash generated from/(used in) investing activities
106,765
(146,398)
Financing activities
Dividends paid to equity shareholders
(1,021,578)
(1,362,104)
Net cash used in financing activities
(1,021,578)
(1,362,104)
Net decrease in cash and cash equivalents
(257,763)
(475,656)
Cash and cash equivalents at beginning of period
15,187,875
15,663,531
Cash and cash equivalents at end of period
14,930,112
15,187,875
FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2024
- 13 -
1
Accounting policies
Company information

Fishpools Holdings Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 107-115 High Street, Waltham Cross, Hertfordshire, EN8 7AL.

 

The group consists of Fishpools Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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

 

 

The financial statements of the company are consolidated in these financial statements of Fishpools Holdings Limited.

1.2
Basis of consolidation

The consolidated financial statements consist of the financial statements of the parent company Fishpools Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint venture and associates.

 

All financial statements are made up to 28 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.3
Going concern

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

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Reporting period

The company reports on a 52 weeks basis and therefore the accounts have been prepared for the period from 30 January 2023 to 28 January 2024..

1.5
Turnover

Group turnover comprises amount receivables for goods sold and rental income.

 

Revenue from the sale of goods is recognised at the fair value of the consideration received or receivable for goods sold, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts. Revenue is recognised when the significant risks and reward of ownership of the goods have passed to the buyer (usually upon delivery or collection 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 cost incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from rental income is wholly derived in the United Kingdom net of VAT. Rent receivable from tenants under operating leases is recognised on a straight line basis over the lease term after accounting for any rental incentives.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
1% Straight line
Plant and equipment
10-20% Straight line
Motor vehicles
20% Straight line

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.

1.7
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. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

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

 

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

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

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

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

 

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

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

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

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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.

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 19 -
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 investment property

The value of investment property is based on underlying assumptions concerning the receipt of the contractual rentals, expected future rentals and market evidence of transaction prices for similar properties.

 

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of the fixed assets. The description rates are derived after determining an estimates of an asset's expected economic useful life and the expected residual value at the end of its life. The useful economic lives are based on historical experience with similar assets as well as anticipation of future events, which may impact an assets life, such as changes in technology. Depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.

 

Provisions

The group recognises provisions for impairment of trade receivables and stock in its financial statements, when considered appropriate. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
29,108,786
34,083,176
Rental income
214,228
211,353
29,323,014
34,294,529
2024
2023
£
£
Other significant revenue
Interest income
554,628
197,749
Grants received
-
218,880

The total turnover of the group for the period has been derived from its principal activities wholly undertaken in the United Kingdom.

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange losses/(gains)
68,910
(69,834)
Government grants
-
(218,880)
Depreciation of owned tangible fixed assets
611,009
651,441
Profit on disposal of tangible fixed assets
(61,539)
(17,844)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
42,000
40,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and Management
78
83
2
2
Sales and distribution
99
112
-
-
Total
177
195
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,102,047
7,898,046
779,500
1,270,186
Social security costs
709,865
821,640
103,436
157,067
Pension costs
135,619
135,383
-
0
-
0
8,092,250
8,855,069
882,936
1,427,253

Payroll costs should be considered in the light of restructuring activity including one off termination costs, together with the cost of additional recruitment in key positions.

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
836,609
1,425,186
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
836,609
1,297,186

Key management personnel includes some of the directors and members of senior management. The compensation paid or payable to key management of the Group for the employee services carried out during the year amounted £1,393,763 (2023: £2,059,387).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
531,560
197,749
Other interest income
23,068
-
Total income
554,628
197,749
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
554,628
197,749
9
Fair value gains/(losses) on foreign exchange contracts
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Fair value gains/(losses) on foreign exchange contracts
(52,731)
(15,524)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
458,073
407,135
Adjustments in respect of prior periods
-
0
26,676
Total current tax
458,073
433,811
FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
10
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
39,391
-
Total tax charge
497,464
433,811

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

2024
2023
£
£
Profit before taxation
1,863,905
2,000,664
Expected tax charge based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
447,337
380,126
Tax effect of expenses that are not deductible in determining taxable profit
587
5,404
Adjustments in respect of prior years
-
0
26,676
Tax at marginal rate
(617)
-
0
Fixed asset timing differences
10,766
21,605
Deferred tax on fixed asset timing differences
39,391
-
0
Taxation charge
497,464
433,811
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,021,578
1,362,104
FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 23 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 30 January 2023
11,061,574
3,195,417
816,962
15,073,953
Additions
9,891
440,278
75,579
525,748
Disposals
-
0
-
0
(157,891)
(157,891)
At 28 January 2024
11,071,465
3,635,695
734,650
15,441,810
Depreciation and impairment
At 30 January 2023
1,825,742
2,192,579
646,294
4,664,615
Depreciation charged in the period
127,451
396,556
87,002
611,009
Eliminated in respect of disposals
-
0
-
0
(149,045)
(149,045)
At 28 January 2024
1,953,193
2,589,135
584,251
5,126,579
Carrying amount
At 28 January 2024
9,118,272
1,046,560
150,399
10,315,231
At 29 January 2023
9,235,832
1,002,838
170,668
10,409,338
The company had no tangible fixed assets at 28 January 2024 or 29 January 2023.
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 30 January 2023 and 28 January 2024
3,148,350
-

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2023 by Derrick Wade Waters, Chartered Surveyors, who are not connected with the company. This was carried out in accordance with Royal Institution of Chartered Surveyors' "RICS Valuation - Global Standards, 2020" (the 'Red Book'). The valuation was made on an open market value basis by reference to underlying assumptions concerning contractual rentals, expected future rentals and market evidence of transaction prices for similar properties.

 

All fair value movements have been transferred to the revaluation reserve, of which there were none for the period ended 28 January 2024. Derrick Wade Waters, Chartered Surveyors have confirmed that there has been no material movements in valuation across the year.

 

 

 

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 24 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
14,000,000
14,000,000
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 30 January 2023 and 28 January 2024
14,000,000
Carrying amount
At 28 January 2024
14,000,000
At 29 January 2023
14,000,000
15
Subsidiaries

Details of the company's subsidiaries at 28 January 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Fishpools (Finance) Limited
107-115 High Street, Waltham Cross, Herts, EN8 7AL
Property investment and management
Ordinary
100.00
Fishpools Limited
107-115 High Street, Waltham Cross, Herts, EN8 7AL
Retail of home furnishings
Ordinary
100.00
16
Financial instruments

At the balance sheet date, the company had a number of commitments to buy and sell foreign currencies, the total fair value of which was a loss of £52,731 (2023: nil).

 

The contracts are valued based on available market data. The group does not adopt hedge accounting for forward exchange contracts, consequently fair value gains and losses are recognised in profit or loss.

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,003,024
3,529,590
-
0
-
0
FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 25 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
157,857
313,245
-
0
-
Corporation tax recoverable
526,065
502,855
-
0
-
0
Amounts owed by group undertakings
-
-
2,595,558
2,638,827
Other debtors
485,646
123,926
-
0
-
Prepayments and accrued income
944,872
1,018,270
-
0
-
0
2,114,440
1,958,296
2,595,558
2,638,827
19
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
7,500
15,000
-
-
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Payments received on account
3,129,886
3,308,699
-
0
-
0
Trade creditors
898,072
1,055,094
-
0
-
0
Corporation tax payable
308,073
407,135
278,257
231,256
Other taxation and social security
863,722
928,862
5,780
12,422
Derivative financial instruments
52,731
-
0
-
0
-
0
Other creditors
51,387
49,795
-
0
-
0
Accruals and deferred income
1,710,689
2,379,021
762,666
1,181,383
7,014,560
8,128,606
1,046,703
1,425,061
21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
660,011
620,892
Other timing differences
-
(272)
660,011
620,620
FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
21
Deferred taxation
(Continued)
- 26 -
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 30 January 2023
620,620
-
Charge to profit or loss
39,391
-
Liability at 28 January 2024
660,011
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,619
135,383

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. Contributions totaling £28,452 (2023: £27,846) were payable to the fund at the period end date and are included in creditors.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
681,052
681,052
681,052
681,052
Special Rights Redeemable share of £1 each
1
1
1
1
681,053
681,053
681,053
681,053

The Special Rights Redeemable Share is non-transferable and non-voting, save where a resolution is proposed to alter the rights of the special share, alter any or all of Regulations 8, 9, 10, 11, or 12 or adopt new Articles of association, where the share shall carry the right to the number of votes equal to the number of Ordinary shares in issue at the date of resolution.

 

The share confers no right of participation in the profits or assets of the company, nor to any distribution of capital on winding up of the company. The company may redeem the share for cash at any time after the death of the holder or on the date on which the holder ceases to be employed by the company.

 

FISHPOOLS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 27 -
24
Reserves
Share premium
Consideration received for shares issued above their nominal value net of transaction costs.
Revaluation reserve
All current and prior period revaluations on investment properties and financial instruments measured at fair value.
Capital redemption reserve
The nominal value of shares repurchased and still held at the end of the reporting period.
Profit and loss reserves
Cumulative profit and loss net of distribution to owners.
25
Related party transactions

The company has taken advantage of FRS 102 section 33.1A exemption to not disclose any related party transactions with companies that are wholly owned with the group. There has been no related party transactions outside of intercompany transactions.

                        

26
Cash generated from group operations
2024
2023
£
£
Profit for the period after tax
1,366,441
1,566,853
Adjustments for:
Taxation charged
497,464
433,811
Investment income
(554,628)
(197,749)
Gain on disposal of tangible fixed assets
(61,539)
(17,844)
Depreciation and impairment of tangible fixed assets
611,009
651,441
Fair value loss on foreign exchange contracts
52,731
15,524
Movements in working capital:
Decrease in stocks
526,566
805,457
(Increase)/decrease in debtors
(132,934)
387,941
Decrease in creditors
(1,067,715)
(2,005,338)
Cash generated from operations
1,237,395
1,640,096
27
Analysis of changes in net funds - group
30 January 2023
Cash flows
28 January 2024
£
£
£
Cash at bank and in hand
15,187,875
(257,763)
14,930,112
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