Company Registration No. 09784759 (England and Wales)
JESSOPS (HOLDINGS) LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
JESSOPS (HOLDINGS) LIMITED
COMPANY INFORMATION
Director
R J Wherry
Secretary
K Yarwood
Company number
09784759
Registered office
The Firs
67 London Road
Newark
Nottinghamshire
NG24 1RZ
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
Business address
The Firs
67 London Road
Newark
Nottinghamshire
NG24 1RZ
JESSOPS (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
6 - 8
Profit and loss account
5
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
13
Group statement of cash flows
12
Notes to the financial statements
14 - 28
JESSOPS (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The director presents the strategic report for the year ended 31 May 2024.

Review and analysis of the business during the current year

The group continues to focus on its core activity of property development and construction. The focus of the management team is to deliver high quality service to our clients.

 

The holding company, Jessops (Holdings) Limited, does not trade outside the group and holds investments in the subsidiary undertakings and ownership of properties which is rents to group companies.

 

Trading conditions remained challenging given the impact of increasing inflation and labour and material supply issues within the sector.

The director continues to focus on securing contracts whilst limiting the exposure to risk for these issues.

 

Group turnover has risen to £11,852,446 (2023: £9,243,816) with an increase in gross profit margins to 27.04% (2023 - 18.82%).

 

The groups profit before tax amounted to £1,699,071 (2023: £657,226) which in the opinion of the director is a satisfactory performance given the trading conditions.

 

Principal risks and uncertainties

Management continually monitor the key risks facing the group, together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.

 

The principal risks and uncertainties facing the group are as follows:

 

i) Contract risk - time is invested in the tendering process, ensuring a realistic programme and margin to reduce this risk, Projects are closely monitored for performance and any indicators of performance issues are swiftly and monitored by a pro-active management team.

 

ii) Competitor pressure – trading conditions remain competitive, and therefore competitor pressure could result in losing sales to key competitors. The group manages this risk by carrying out high quality work and maintaining strong relationships with its key customers.

 

iii) People - the group depends upon its management team and highly skilled workforce but acknowledge the increasingly competitive market for people. Management seek to ensure that all personnel are appropriately remunerated and ensure that good performance is rewarded.

 

iv) Health and safety issues - the company operates high standards of health and safety with regular training for all employees and subcontractors.

Key performance indicators

Management use a range of performance measures to monitor and manage the business. The KPIs used to determine the progress and performance of the group are set out below:

 

i) Gross profit margin - the group's gross profit margin in the year increased to 27.04% (2023: 18.82%).

 

ii) Net assets - net assets represent the liquidity of the group and amounted to £7,229,865 (2023: £6,414,271).

 

iii) Financing - the group continues to operate without any bank debt and retains significant cash resources within the group to provide funding if required.

 

 

JESSOPS (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Outlook

The group has secured contracts for 2025 and 2026 and the director is confident of increasing trading activity in the forthcoming year.

 

On behalf of the board

R J Wherry
Director
26 September 2024
JESSOPS (HOLDINGS) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company was a holding company while the group continued to be that of property development and construction activities.

Director

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

R J Wherry
Results and dividends

The group results for the year are set out on page 5.

Ordinary dividends were paid amounting to £629,000. The director does not recommend payment of a further dividend.

Financial instruments

The group's principal financial instruments comprise of bank balances. The main purpose of its financial instrument is to finance the group's operations.

 

In respect of bank balances, the liquidity risk is managed by transferring funds between the accounts of the group to obtain the maximum rate of interest, whilst not impacting on the immediate financial needs of the group.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Liquidity risk in respect of creditors is managed by ensuring sufficient funds are available to meet amounts due.

Future developments

Presently, the company has already secured contracts for the next 12 months with the aim of improving performance in the next year.

 

Auditor

In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
R J Wherry
Director
26 September 2024
JESSOPS (HOLDINGS) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

JESSOPS (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2024
2023
Notes
£
£
Turnover
3
11,852,446
9,243,816
Cost of sales
(8,647,135)
(7,504,519)
Gross profit
3,205,311
1,739,297
Administrative expenses
(1,675,381)
(1,226,775)
Other operating income
2,956
16,934
Operating profit
4
1,532,886
529,456
Interest receivable and similar income
7
166,185
22,346
Fair value gains and losses on investment properties
12
-
0
105,424
Profit before taxation
1,699,071
657,226
Tax on profit
8
(254,477)
(32,814)
Profit for the financial year
20
1,444,594
624,412
Profit for the financial year is attributable to:
- Owners of the parent company
1,451,960
624,412
- Non-controlling interests
(7,366)
-
1,444,594
624,412

The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.

 

Further information regarding the basis of preparation of the figures is detailed in note 1.2 of the accounting policies.

JESSOPS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JESSOPS (HOLDINGS) LIMITED
- 6 -
Opinion

We have audited the financial statements of Jessops (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group profit and loss account, 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director 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 director is 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:

JESSOPS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JESSOPS (HOLDINGS) LIMITED
- 7 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the group and the parent company and the industry in which it operates and considered the risk of acts by the group and the parent company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

 

Audit procedures performed by the engagement team included:

 

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 example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

JESSOPS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JESSOPS (HOLDINGS) LIMITED
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Jolene Upshall FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP
26 September 2024
Chartered Accountants
Statutory Auditor
Trinity Court
Church Street
Rickmansworth
WD3 1RT
JESSOPS (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,245,081
1,264,069
Investment property
12
884,352
884,351
2,129,433
2,148,420
Current assets
Debtors
14
2,630,201
2,663,141
Cash at bank and in hand
5,767,907
3,900,476
8,398,108
6,563,617
Creditors: amounts falling due within one year
16
(3,188,148)
(2,228,562)
Net current assets
5,209,960
4,335,055
Total assets less current liabilities
7,339,393
6,483,475
Provisions for liabilities
Deferred tax liability
17
109,528
69,204
(109,528)
(69,204)
Net assets
7,229,865
6,414,271
Capital and reserves
Called up share capital
19
1,000
1,000
Revaluation reserve
20
79,068
79,068
Other reserves
20
69,316
69,316
Profit and loss reserves
20
7,087,847
6,264,887
Equity attributable to owners of the parent company
7,237,231
6,414,271
Non-controlling interests
(7,366)
-
7,229,865
6,414,271

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

The financial statements were approved and signed by the director and authorised for issue on 26 September 2024
26 September 2024
R J Wherry
Director
Company registration number 09784759 (England and Wales)
JESSOPS (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
821,300
838,500
Investments
11
1,129
1,099
822,429
839,599
Current assets
Debtors
14
1,830,000
1,732,500
Cash at bank and in hand
2,236,332
2,216,745
4,066,332
3,949,245
Creditors: amounts falling due within one year
16
(1,222,660)
(1,762,359)
Net current assets
2,843,672
2,186,886
Net assets
3,666,101
3,026,485
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
20
3,665,101
3,025,485
Total equity
3,666,101
3,026,485

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 £1,268,616 (2023 - £32,493 profit).

The financial statements were approved and signed by the director and authorised for issue on 26 September 2024
26 September 2024
R J Wherry
Director
Company registration number 09784759 (England and Wales)
JESSOPS (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Revaluation reserve
Other reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 June 2022
1,000
-
0
69,316
6,579,543
6,649,859
-
6,649,859
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
624,412
624,412
-
624,412
Dividends
9
-
-
-
(860,000)
(860,000)
-
(860,000)
Transfers
-
-
-
(79,068)
(79,068)
-
(79,068)
Revaluation
-
79,068
-
-
79,068
-
79,068
Balance at 31 May 2023
1,000
79,068
69,316
6,264,887
6,414,271
-
0
6,414,271
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
1,451,960
1,451,960
(7,366)
1,444,594
Dividends
9
-
-
-
(629,000)
(629,000)
-
(629,000)
Balance at 31 May 2024
1,000
79,068
69,316
7,087,847
7,237,231
(7,366)
7,229,865
JESSOPS (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
2,437,859
432,904
Income taxes (paid)/refunded
(1)
48,389
Net cash inflow from operating activities
2,437,858
481,293
Investing activities
Purchase of tangible fixed assets
(141,487)
(226,303)
Proceeds from disposal of tangible fixed assets
33,875
17,000
Purchase of investment property
-
(266,386)
Interest received
166,185
22,346
Net cash generated from/(used in) investing activities
58,573
(453,343)
Financing activities
Dividends paid to equity shareholders
(629,000)
(860,000)
Net cash used in financing activities
(629,000)
(860,000)
Net increase/(decrease) in cash and cash equivalents
1,867,431
(832,050)
Cash and cash equivalents at beginning of year
3,900,476
4,732,526
Cash and cash equivalents at end of year
5,767,907
3,900,476
JESSOPS (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,000
3,852,992
3,853,992
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
32,493
32,493
Dividends
9
-
(860,000)
(860,000)
Balance at 31 May 2023
1,000
3,025,485
3,026,485
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
1,268,616
1,268,616
Dividends
9
-
(629,000)
(629,000)
Balance at 31 May 2024
1,000
3,665,101
3,666,101
JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
1
Accounting policies
Company information

Jessops (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Firs, 67 London Road, Newark, Nottinghamshire NG24 1RZ.

 

The group consists of Jessops (Holdings) Limited and its subsidiaries, Jessops Construction Limited and Jessops Developments Limited.

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 £1.

The financial statements have been prepared under the historical cost convention, modified 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 for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

Jessops (Holdings) Limited acquired the entire share capital of Jessops Construction Limited on 1 May 2016 through a share for share exchange. The merger accounting principles were applied in the year ended 31 May 2017 which has resulted in a merger reserve shown on the groups balance sheet as explained in note 21.

 

Jessops (Holdings) Limited acquired Jessops Development Limited in 2018 from the date of their incorporation being the subscriber shareholder. Jessops Developments Limited was acquired and consolidated under acquisition accounting principles. There was no goodwill to be recognised as the subsidiary was acquired on incorporation.

 

Jessops (Holdings) Limited acquired 50% of the issued share capital of Pear Tree (Derby) Limited during the period from the date of their incorporation, being a subscriber shareholder. Pear Tree (Derby) Limited was acquired and consolidated as a subsidiary under acquisition accounting principles as Jessops (Holdings) Limited exercises control. There was no goodwill to be recognised as the subsidiary was acquired on incorporation.

 

JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -

The consolidated financial statements incorporate those of Jessops (Holdings) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 May 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.

 

On publishing the parent company financial statement, the company is taking the exemption in section 408 of Companies Act 2006 not to present the individual income statement and related notes of the parent company which form part of these approved financial statements.

1.3
Going concern

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

1.4
Turnover

Turnover represents the value of work done during the period net of value added tax. The value of work done is calculated as the certified work, plus the amount anticipated to be certified, adjusted for over and under measure. As described in more detail in note 1.9 revenue and costs are recognised by reference to the stage of completion of construction contracts where it can be reliably measured.

 

Rental income represents consideration received or receivable for property rental provided in the normal course of business, and is shown net of value added tax and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates and is recognised on an accruals basis.

1.5
Tangible fixed assets

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

Depreciation is 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
2% on cost
Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance

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

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, 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.

1.8
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.

1.9
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -

The value of work done is calculated as the certified work, plus the amount anticipated to be certified, allowing for over and under measure, this is then used to determine the appropriate amount to recognise as income in a given period. The stage of completion is also measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs.

 

Amounts due from contract customers (amounts recoverable on contracts) at the year end are included in debtors and are calculated at the estimated value of work done at the balance sheet date that has not been invoiced.

1.10
Cash at bank and in hand

Cash at bank and in hand 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

1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

Impairment of financial assets

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

 

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

 

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.

JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
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, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

Derecognition of financial liabilities

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

1.12
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.

1.13
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.

JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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

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.

1.17
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.

JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no material indicators of impairments identified during the current financial year other than in respect of bad and doubtful trade debtor balances recognised in the financial statements and change in property valuations.

Investment properties

An key area of judgement in the financial statements relates to the carrying value of the investment properties which are stated at fair value. The Director has reviewed the market conditions and sales prices based upon known market transactions for similar properties as a basis for determining the directors' estimation of the fair value of the investment properties. However, the valuation of the groups investment properties is inherently subjective, as it is made on the basis of valuation assumptions which may in the future not prove to be accurate. In addition, the deferred tax liabilities recognised in respect of the fair value gains and losses on these investment properties are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be applicable.

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.

Revenue recognition in respect of services

The group uses the percentage of completion method to recognise project revenue for fixed-price contracts. This method requires the director to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract. Variations to estimates could result in the over or under recognition of revenue.

JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Recoverability of receivables

The group establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the director considers factors such as the aging of the receivables, past experience of recoverability and the credit profile of individuals or groups of customers.

Determining residual values and useful economic lives of property, plant and equipment

The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of the assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

 

Judgement is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected a the end of its useful economic life. Where possible this is done with reference to external market prices.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
11,677,956
9,173,006
Sundry sales
133,178
43,840
Rental income
41,312
26,970
11,852,446
9,243,816
2024
2023
£
£
Other significant revenue
Interest income
166,185
22,346
Grants received
280
3,000
2024
2023
£
£
Turnover analysed by geographical market
UK sales
11,852,446
9,243,816
JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(280)
(3,000)
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
141,965
138,781
Profit on disposal of tangible fixed assets
(15,365)
(6,159)
Operating lease charges
326,076
152,213
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
6
7
1
1
Administration
6
5
-
-
Construction
9
10
-
-
Total
21
22
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,463,271
1,199,681
-
0
-
0
Social security costs
10,819
10,819
-
-
Pension costs
151,039
68,845
-
0
-
0
1,625,129
1,279,345
-
0
-
0
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company's subsidiaries and parent company
20,110
20,080
For other services
All other non-audit services
18,865
12,500
JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
51,185
22,346
Other interest income
115,000
-
Total income
166,185
22,346
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
298,839
97,045
Adjustments in respect of prior periods
(84,686)
(71,937)
Total current tax
214,153
25,108
Deferred tax
Origination and reversal of timing differences
40,324
7,706
Total tax charge
254,477
32,814

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
1,699,071
657,226
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
424,768
131,445
Tax effect of expenses that are not deductible in determining taxable profit
40,739
7,671
Tax effect of income not taxable in determining taxable profit
-
0
(20,031)
Gains not taxable
(3,841)
(1,232)
Tax effect of utilisation of tax losses not previously recognised
(138,653)
-
0
Adjustments in respect of prior years
-
0
(514)
Permanent capital allowances in excess of depreciation
(32,793)
(20,757)
Research and development tax credit
(81,889)
(71,423)
Under/(over) provided in prior years
(2,797)
-
0
Tax at marginal rate
(342)
(51)
Deferred tax adjustments
40,816
7,706
Chargeable gains/(losses)
8,469
-
0
Taxation charge
254,477
32,814
JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
629,000
860,000
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 June 2023
860,000
842,763
180,321
1,883,084
Additions
-
0
94,992
46,495
141,487
Disposals
-
0
(25,507)
-
0
(25,507)
At 31 May 2024
860,000
912,248
226,816
1,999,064
Depreciation and impairment
At 1 June 2023
21,500
553,000
44,515
619,015
Depreciation charged in the year
17,200
83,364
41,401
141,965
Eliminated in respect of disposals
-
0
(6,997)
-
0
(6,997)
At 31 May 2024
38,700
629,367
85,916
753,983
Carrying amount
At 31 May 2024
821,300
282,881
140,900
1,245,081
At 31 May 2023
838,500
289,763
135,806
1,264,069
Company
Freehold land and buildings
£
Cost
At 1 June 2023 and 31 May 2024
860,000
Depreciation and impairment
At 1 June 2023
21,500
Depreciation charged in the year
17,200
At 31 May 2024
38,700
Carrying amount
At 31 May 2024
821,300
At 31 May 2023
838,500
JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,129
1,099

On 12 July 2023 Pear Tree (Derby) Limited incorporated, with Jessops (Holdings) Limited subscribing to 50% of the ordinary share capital.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
1,099
Additions
30
At 31 May 2024
1,129
Carrying amount
At 31 May 2024
1,129
At 31 May 2023
1,099
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 June 2023 and 31 May 2024
884,352
-

Investment property comprises rental properties. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties by either a professional estate agent, independent to the company, or the director of the group.

13
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Jessops Construction Limited
United Kingdom
Ordinary shares
100.00
0
Jessops Developments Limited
United Kingdom
Ordinary shares
100.00
0
Pear Tree (Derby) Limited
United Kingdom
Ordinary shares
50.00
0
JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
12,000
1,467
-
0
-
0
Gross amounts owed by contract customers
644,117
827,315
-
0
-
0
Amounts owed by group undertakings
-
-
20,000
-
Other debtors
1,846,058
1,768,370
1,810,000
1,732,500
Prepayments and accrued income
128,026
65,989
-
0
-
0
2,630,201
2,663,141
1,830,000
1,732,500
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,857,930
1,769,837
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
2,626,938
1,883,961
n/a
n/a
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,693,599
1,751,649
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
621,000
1,750,000
Corporation tax payable
311,197
97,045
64,630
12,359
Other taxation and social security
250,013
247,556
-
-
Other creditors
587,497
39,892
537,030
-
0
Accruals and deferred income
345,842
92,420
-
0
-
0
3,188,148
2,228,562
1,222,660
1,762,359

The group's bank overdraft facility is secured by a legal charge over the company's land and buildings.

17
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
109,528
69,204
JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
17
Deferred taxation
(Continued)
- 27 -
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 June 2023
69,204
-
Charge to profit or loss
40,324
-
Liability at 31 May 2024
109,528
-

The deferred tax liability set out above is expected to reverse over the life of the qualifying assets and relates to accelerated capital allowances and revaluations of freehold property that are expected to mature.

 

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,039
68,845

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.

19
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000

 

20
Reserves
Revaluation reserve

This represents the revaluation uplift on investment properties net of deferred tax.

 

Profit and loss reserves

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

 

Other reserve

This represents the merger reserve and is the difference between the cost of investment and the nominal value of the share capital acquired in Jessops Construction Limited under merger accounting plus any other non distributable reserves of the subsidiary undertaking.

 

JESSOPS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
21
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
2024
2023
£
£
Group
Related party entities
-
9,696

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Related party entities
1,830,000
1,732,500
Other information

The company has taken advantage of the exemption conferred by paragraph 33.1A of FRS 102 "Related Party Disclosures" not to disclose transactions with other group entities, whose voting rights are 100% controlled within the group, and where consolidated financial statements of the group are publicly available. This exemption is available as Jessops Construction Limited and Jessops Developments Limited are wholly owned subsidiaries of Jessops (Holdings) Limited.

 

All transactions were made on an arm's length basis. The amounts due are trading balances and therefore are due under normal credit terms.

22
Controlling party

R Wherry was the ultimate controlling party throughout the prior and current year as he owns 100% of the issued share capital of Jessops (Holdings) Limited.

23
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
3,900,476
1,867,431
5,767,907
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