Company registration number NI030942 (Northern Ireland)
BOLAN INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BOLAN INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mrs Eleanor Dargan
Mr Gerard Dargan
Secretary
Mrs Eleanor Dargan
Company number
NI030942
Registered office
Glenwell House
10-12 Glenwell Road
Glengormley
County Antrim
UK
BT36 7RF
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
Danske Bank
Donegall Square West
Belfast
Ireland
BT1 6SJ
BOLAN INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 30
BOLAN INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
The directors present the strategic report for the year ended 31 January 2024.
Fair Review of the Business
Bolan Investments Limited operates 27 (2023 - 26) retail clothing stores,12 of them in Northern Ireland and 15 in Republic of Ireland (ROI).
The turnover in the year for the company is £13.4m (2023 - £13.2m) resulting in gross profit of £8.7m (2023 - £8.2m).
The directors intend to pursue strategies that would enhance the growth of the group and result in improved performance.
Principal risks and uncertainties
This is the second full year of trading after the Covid-19 pandemic as the final restrictions were lifted during the year ended 31 January 2022, and we firmly believe that the company is well placed to succeed in a post COVID-19 world.
As the company operates in a competitive market place, it also faces the following risks to its business:
The challenges we face are predominantly associated with maintaining our reputation amongst the consumer and other key stakeholders. To continue our good standing, we maintain a robust quality assurance system with regular reviews and inspections undertake by management. Any required actions are captured, implemented and re-inspected to ensure quality.
As for many businesses our size, the environment in which we operate continues to be challenging. We are also subject to consumer spending patterns and consumers overall level of disposable income within our economy. The process of risk acceptance and risk management is addressed through a framework of policies; all policies are subject to Board approval and ongoing review by management.
As fashion retailers we are forever contending with the very volatile issue of seasonality, having to ramp up inventories and then deplete them in a time-sensitive manner. There are certain things we cannot control, like the weather. if summer has not been hot enough we have to slash prices and dilute margins to sell stock that is not selling due to change of weather.
Alongside the stock management risk, the company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely. Cash and bank are monitored on a regular intervals and funding is secured before any acquisition commitments are made.
The Company has got the strategy in place to continue to expand in Republic of Ireland. More purchasing power, know-how of fashion industry will give a competitive advantage over its competitors.
Key Performance Indicators
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross margin.
Turnover of the company amounted to £13.4m (2023 - £13.2m)
Gross profit amounts to £8.7m (2023 - 8.2m) and gross profit margin equates to 65% (2023 - 62%).
Other performance indicators
The key non-financial performance indicators are customer service and satisfaction, and stakeholder relationships.
BOLAN INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Future Development
The company is in a good position to take advantage of any opportunities which may arise in the future. The directors aim to maintain the management which have resulted in profitability in this reporting period.
Mr Gerard Dargan
Director
27 August 2024
BOLAN INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 January 2024.
Principal activities
The principal activity of the company continued to be that of retail and wholesale of women's clothing. The results for the year and the financial statement position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs Eleanor Dargan
Mr Gerard Dargan
Auditor
The auditor, KLSA LLP, 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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Gerard Dargan
Director
27 August 2024
BOLAN INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
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 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.
BOLAN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLAN INVESTMENTS LIMITED
- 5 -
Opinion
We have audited the financial statements of Bolan Investments Limited (the 'company') for the year ended 31 January 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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. However, because not all future events or conditions can be predicted,this statement is not a guarantee as to the company's ability to continue as a going concern.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BOLAN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLAN INVESTMENTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations
To identify risks of material misstatement due to any irregularities, including fraud and non-compliance with laws and regulations, we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; and
we focused on specific laws and regulations which we considered may have a direct material effect on the operations of the company
financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation.
BOLAN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLAN INVESTMENTS LIMITED (CONTINUED)
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
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; for instance, any non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error.
Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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.
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.
BOLAN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOLAN INVESTMENTS LIMITED (CONTINUED)
- 8 -
Ketan Shah
Senior Statutory Auditor
For and on behalf of KLSA LLP
27 August 2024
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
BOLAN INVESTMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
13,360,123
13,160,849
Cost of sales
(4,675,149)
(4,937,381)
Gross profit
8,684,974
8,223,468
Administrative expenses
(7,239,338)
(6,275,650)
Other operating income
151,530
23,979
Exceptional item
4
(149,692)
Operating profit
5
1,597,166
1,822,105
Interest receivable and similar income
8
56,961
22,485
Interest payable and similar expenses
9
(22,980)
(2,697)
Profit before taxation
1,631,147
1,841,893
Tax on profit
10
(405,802)
(476,187)
Profit for the financial year
1,225,345
1,365,706
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BOLAN INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
£
£
Profit for the year
1,225,345
1,365,706
Other comprehensive income
-
-
Total comprehensive income for the year
1,225,345
1,365,706
BOLAN INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,457,308
1,498,507
Investment property
13
1,538,515
1,870,241
Investments
14
2,726
2,726
2,998,549
3,371,474
Current assets
Stocks
17
1,325,207
1,366,977
Debtors falling due after more than one year
18
289,363
770,342
Debtors falling due within one year
18
2,128,061
922,575
Cash at bank and in hand
3,551,009
3,621,720
7,293,640
6,681,614
Creditors: amounts falling due within one year
19
(1,663,790)
(2,638,415)
Net current assets
5,629,850
4,043,199
Total assets less current liabilities
8,628,399
7,414,673
Creditors: amounts falling due after more than one year
20
(3,854)
Provisions for liabilities
Deferred tax liability
22
19,982
27,747
(19,982)
(27,747)
Net assets
8,608,417
7,383,072
Capital and reserves
Called up share capital
24
2,098
2,098
Share premium account
41,278
41,278
Profit and loss reserves
8,565,041
7,339,696
Total equity
8,608,417
7,383,072
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Mr Gerard Dargan
Director
Company registration number NI030942 (Northern Ireland)
BOLAN INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
2,098
41,278
6,233,990
6,277,366
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
1,365,706
1,365,706
Dividends
11
-
-
(260,000)
(260,000)
Balance at 31 January 2023
2,098
41,278
7,339,696
7,383,072
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
1,225,345
1,225,345
Balance at 31 January 2024
2,098
41,278
8,565,041
8,608,417
BOLAN INVESTMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
798,291
1,471,504
Interest paid
(22,980)
(2,697)
Income taxes paid
(1,050,713)
(77,615)
Net cash (outflow)/inflow from operating activities
(275,402)
1,391,192
Investing activities
Purchase of tangible fixed assets
(153,747)
(339,474)
Proceeds from disposal of tangible fixed assets
2,200
Purchase of investment property
(560,317)
(225,241)
Proceeds from disposal of investment property
892,043
Repayment of loans
166,867
Interest received
56,961
22,485
Net cash generated from/(used in) investing activities
234,940
(373,163)
Financing activities
Repayment of bank loans
(40,929)
Payment of finance leases obligations
(30,249)
(37,250)
Dividends paid
(260,000)
Net cash used in financing activities
(30,249)
(338,179)
Net (decrease)/increase in cash and cash equivalents
(70,711)
679,850
Cash and cash equivalents at beginning of year
3,621,720
2,941,870
Cash and cash equivalents at end of year
3,551,009
3,621,720
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
1
Accounting policies
Company information
Bolan Investments Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Glenwell House, 10-12 Glenwell Road, Glengormley, County Antrim, UK, BT36 7RF.
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 to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Bolan Investments Limited is a wholly owned subsidiary of Gerard Fashions Group Limited and the results of Bolan Investments Limited are included in the consolidated financial statements of Gerard Fashions Group Limited which are available from Glenwell House, 10-12 Glenwell Road, Glengormley, County Antrim BT36 7RF.
1.2
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements. true
In addition, the Directors are not aware of any unlikely event, conditions and business risks beyond this point that may cast a significant doubt on the company's ability to continue as a going concern.
On the basis of this, the directors have a reasonable expectation that the company will 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. These financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
a) Sale of goods - retail
The company operates retail shops for the sale of women's clothing and related accessories. Sales of goods are recognised on sale to the customer, which is considered the point of delivery; retail sales are usually by cash, credit or payment card.
b) Sale of goods - wholesale
The company sells women's clothing and accessories in the wholesale market to it's subsidiaries. Sales of goods are recognised on delivery to the wholesaler, when the wholesaler has full discretion over the channel and price to sell the product and there is no unfulfilled obligation that could affect the wholesaler's acceptance of the product
c) Other operating income - rental income
Rental income represents amounts receivable from gross rents charged to tenants and the invoiced value of other services supplied. Rents received prior to the period to which they relate are accounted for as deferred income and released to the profit and loss account in the period to which the rent relates.
1.4
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:
Land and buildings Freehold
2% Straight Line basis
Land and buildings Leasehold
Straight line on cost over the lease periods of between one and ten years
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% straight line basis
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 credited or charged to profit or loss.
Depreciation and residual values
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
De-recognition
Tangible assets are de-recognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.
1.5
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.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
1.8
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined on direct purchase value and all costs attributable to bringing the stock to its current location and condition and is stated on a Fist-in-First-out (FIFO) basis. Net realisable value is the estimate of the selling price in the ordinary course of business, less the costs of completion and selling expense.
1.9
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.
1.10
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 company 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.
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
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 company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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 company’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 when the company has 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.
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 leases asset are consumed.
1.16
Foreign exchange
a) Functional and presentation currency
The company's functional and presentation currency is the pound sterling, the currency of the United Kingdom..
b) Translation of foreign currencies
Transactions in foreign currencies during the year are converted into pound sterling, the currency of the United Kingdom, at rates ruling at the transaction dates. Assets and liabilities at the reporting date which are expressed in foreign currencies are translated into pound sterling at rates ruling at that date. The resulting differences from conversion and translation are dealt with in profit or loss in the year in which they arise.
1.17
There were no changes in presentation in the current year.
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Critical judgements
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets and investment properties
Management reviews the useful lives, depreciation methods and residual values of the items of tangible fixed assets and on a regular basis. During the year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of tangible fixed assets and investment properties are disclosed in note 12 and note 13.
Stocks provisioning
The company sells women's clothing and is subject to changing consumer demands and fashion trends. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stocks provision, management considers the nature and condition of the stock, as well as applying assumptions around saleability of the goods.
Fair value of investment properties
The fair value of investment property is derived from the current market prices of comparable real estate. The fair value is based on a valuation made by independent appraisers who hold a recognised and relevant valuation licence and have recent experience in valuing property in the same location as the company’s investment property. The carrying amount of investment property is disclosed in note 13.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
13,360,123
13,160,849
2024
2023
£
£
Turnover analysed by geographical market
Northern Ireland
5,190,694
5,133,020
Republic of Ireland
8,169,429
8,027,829
13,360,123
13,160,849
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
56,961
22,485
4
Exceptional item
2024
2023
£
£
Expenditure
Waiver of inter-group loan
-
149,692
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(7,399)
93,401
Fees payable to the company's auditor for the audit of the company's financial statements
23,280
19,750
Depreciation of owned tangible fixed assets
187,258
186,317
Depreciation of tangible fixed assets held under finance leases
7,688
35,854
Profit on disposal of tangible fixed assets
-
(2,200)
Operating lease charges
1,563,886
1,484,531
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Sales
144
178
Admin & Managers
39
39
Total
183
217
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,597,054
2,152,216
Social security costs
232,094
183,736
Pension costs
172,246
18,698
3,001,394
2,354,650
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
353,308
92,769
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
267,000
-
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
32,680
3,244
Other interest income
24,281
19,241
Total income
56,961
22,485
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
32,680
3,244
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
149
253
Other finance costs:
Interest on finance leases and hire purchase contracts
1,908
2,444
Other interest
20,923
22,980
2,697
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
413,567
382,543
Adjustments in respect of prior periods
93,644
Total current tax
413,567
476,187
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(7,765)
Total tax charge
405,802
476,187
From 1 April 2023, the main rate of corporation tax increased from 19% to 25%, resulting in an hybrid rate of 24% for the year.
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:
2024
2023
£
£
Profit before taxation
1,631,147
1,841,893
Expected tax charge based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
391,475
349,960
Tax effect of expenses that are not deductible in determining taxable profit
20,078
34,289
Adjustments in respect of prior years
93,644
Group relief
(714)
Permanent capital allowances in excess of depreciation
(11,942)
(24,086)
Depreciation on assets not qualifying for tax allowances
23,597
23,094
Deferred tax
(7,765)
Other adjustments
(9,641)
Taxation charge for the year
405,802
476,187
11
Dividends
2024
2023
£
£
Final paid
260,000
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
12
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 February 2023
1,354,636
114,902
1,048,021
339,506
1,356,638
18,936
4,232,639
Additions
12,260
123,987
17,500
153,747
At 31 January 2024
1,354,636
114,902
1,060,281
339,506
1,480,625
36,436
4,386,386
Depreciation and impairment
At 1 February 2023
284,427
114,902
816,981
265,049
1,234,607
18,166
2,734,132
Depreciation charged in the year
24,379
73,943
29,975
61,504
5,145
194,946
At 31 January 2024
308,806
114,902
890,924
295,024
1,296,111
23,311
2,929,078
Carrying amount
At 31 January 2024
1,045,830
169,357
44,482
184,514
13,125
1,457,308
At 31 January 2023
1,070,209
231,040
74,457
122,031
770
1,498,507
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Tangible fixed assets
(Continued)
- 25 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
7,688
15,378
13
Investment property
2024
£
Fair value
At 1 February 2023
1,870,241
Additions through external acquisition
560,317
Disposals
(892,043)
At 31 January 2024
1,538,515
Investment property comprises £1,538,515. The directors believe this to be an appropriate value as it was made on an open market basis by reference to market evidence of transaction prices for similar properties.
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
2,726
2,726
15
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Abril Ingenieria Topografica S L
Spain
Technical surveyin services
Ordinary
100.00
16
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,034,648
1,298,767
Carrying amount of financial liabilities
Measured at amortised cost
951,233
1,319,450
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
17
Stocks
2024
2023
£
£
Raw materials and consumables
293,254
204,850
Finished goods and goods for resale
1,031,953
1,162,127
1,325,207
1,366,977
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,393,379
297,949
Other debtors
351,906
230,476
Prepayments and accrued income
382,776
394,150
2,128,061
922,575
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
289,363
770,342
Total debtors
2,417,424
1,692,917
Other debtors (amounts falling due after more than one year) represent loans advanced to Bolan SSAS Trust. The loans carry interest of 3.25% and 3.75% and are repayable by 1 May 2025 and 1 June 2034 respectively.
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
21
3,855
30,250
Trade creditors
511,538
757,958
Amounts owed to group undertakings
332,614
378,431
Corporation tax
194,715
831,861
Other taxation and social security
517,842
490,958
Other creditors
9,132
59,956
Accruals and deferred income
94,094
89,001
1,663,790
2,638,415
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
21
3,854
21
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
3,855
32,158
In two to five years
3,980
3,855
36,138
Less: future finance charges
(2,034)
3,855
34,104
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
19,982
27,747
2024
Movements in the year:
£
Liability at 1 February 2023
27,747
Credit to profit or loss
(7,765)
Liability at 31 January 2024
19,982
The deferred tax liability set out above is expected to reverse when the properties are sold. - the movements during the year represent the release of the provision in respect of the investment property transferred to the company's fellow subsidiary.
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,246
18,698
The company operates a defined contribution pension scheme for all qualifying employees.
During the year, the company paid a pension contribution amounting to £154,000 in relation to one of the directors.
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2,098
2,098
2,098
2,098
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
1,075,209
898,660
Between two and five years
2,341,469
1,258,340
In over five years
639,722
170,588
4,056,400
2,327,588
26
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
353,308
92,769
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
26
Related party transactions
(Continued)
- 29 -
Transactions with related parties
The company has taken advantage of the exemption available in FRS 102 (s33 ''Related Party Disclosure''), whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
During the year, the company entered into the following transactions with related parties:
The balance receivable from related parties at the year end date are as follows:
Amounts due from connected company - £26,495 (2023 - £39,737)
The companies are connected as they are under common control, which makes them related parties, and the balance represents funds advanced during the normal course of business activities.
Amounts due from Bolan SSAS Trust - £426,918 (2023 - £770,342)
The balance represents loans advanced to the Trust.
No guarantees were given or received.
27
Directors' transactions
During the year, the directors sold two of their investment properties to the company at a cost of £370,000.
28
Ultimate controlling party
The parent company of Bolan Investments Limited is Gerard Fashions Group Limited.
The ultimate controlling party is Mr G. Dargan.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Gerard Fashions Group Limited. Copies of consolidated financial statements of Gerard Fashions Group Limited which are available from Glenwell House, 10-12 Glenwell Road, Glengormley, County Antrim BT36 7RF
BOLAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
29
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,225,345
1,365,706
Adjustments for:
Taxation charged
405,802
476,187
Finance costs
22,980
2,697
Investment income
(56,961)
(22,485)
Gain on disposal of tangible fixed assets
-
(2,200)
Depreciation and impairment of tangible fixed assets
194,946
222,171
Movements in working capital:
Decrease/(increase) in stocks
41,770
(209,115)
Increase in debtors
(724,507)
(794,472)
(Decrease)/increase in creditors
(311,084)
433,015
Cash generated from operations
798,291
1,471,504
30
Analysis of changes in net funds
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
3,621,720
(70,711)
3,551,009
Obligations under finance leases
(34,104)
30,249
(3,855)
3,587,616
(40,462)
3,547,154
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