Company registration number 06494671 (England and Wales)
HARTS GROUP LTD
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
HARTS GROUP LTD
COMPANY INFORMATION
Directors
S K Hart
S D Edgson
S B Hart
H R Gabb
The Hon W J Cadogan
J H Hart
C C Gabb
C A Hindmarsh
C Somerville
A M Watkins
Secretary
S D Edgson
Company number
06494671
Registered office
The Old Hall
Market Overton
Oakham
Rutland
LE15 7PL
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
The Old Hall
Market Overton
Oakham
Rutland
LE15 7PL
Bankers
Barclays Bank Plc
PO Box 34
Colmore Row
Birmingham
B3 2BY
HARTS GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 30
HARTS GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -

The directors present their strategic report for the year ended 31 July 2023.

Review of the business

The directors aim to present a balanced and comprehensive review of the performance of the group during the year and of its position at the year end. This review is consistent with the size and nature of the group and is written in the context of the risks and uncertainties that the group faces.

 

The principal activity of the company is that of a holding company. The principal activity of the group continued to be that of restaurateurs.

 

The directors consider that the key financial performance indicators are those which communicate the financial performance and strength of the group as a whole, being turnover and gross profit margin. During the year, the group’s turnover increased by 58.3%. The profit before taxation was £391,443 with a gross profit margin of 67.2%, compared with a profit before taxation of £435,184 and 76.4% for the previous year.

 

In light of the current economic climate and competitive nature of the industry in which the group operates, the results for the year and the financial position of the group at the year end were considered satisfactory by the directors who believe that the group is well placed to react quickly to any changes in trading conditions and to take advantage of any business opportunities that may arise.

 

The directors are pleased to report that during spring 2024 the subsidiary company Barrafina Borough Yards Ltd opened to the public a new site in Borough Yards, London and can report that the performance of the site so far has been good.

 

The directors continually monitor the principal risks and uncertainties of the business and seek to mitigate any such risks. The directors believe that the principal risk factors facing the businesses include: reputational issues, loss of key personnel, and cost increases beyond their control from wage legislation, business rates, energy costs and food cost changes. The group responds to the highly competitive nature of the restaurant industry by continually improving the standard of its products, both in terms of facilities and levels of service.

On behalf of the board

S D Edgson
Director
27 September 2024
HARTS GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 2 -

The directors present their report and financial statements for the year ended 31 July 2023.

Results and dividends

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

The directors do not recommend payment of an ordinary dividend.

Directors

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

S K Hart
E G Hart
(Resigned 9 February 2024)
S D Edgson
S B Hart
H R Gabb
The Hon W J Cadogan
J H Hart
C C Gabb
C A Hindmarsh
C Somerville
A M Watkins
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Statement of directors' responsibilities

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

 

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

 

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

HARTS GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
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 and group 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 and group is aware of that information.

On behalf of the board
S D Edgson
Director
27 September 2024
HARTS GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HARTS GROUP LTD
- 4 -
Opinion

We have audited the financial statements of Harts Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 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 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Material uncertainty related 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.

 

We draw attention to note 1.3 of the financial statements concerning the group’s ability to continue as a going concern. The group had net current liabilities of £3,233,922 as at 31 July 2023. These conditions, along with other matters as set forth in note 1.3, indicate that a material uncertainty exists that may cast doubt on the group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

 

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the group and parent company.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

HARTS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARTS GROUP LTD
- 6 -
Audit response to risks identified

Our procedures to respond to risks identified included the following:

detail of a sample of revenue transactions; and

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

John Griffin FCCA (Senior Statutory Auditor)
For and on behalf of Newby Castleman LLP
27 September 2024
Chartered Accountants
Statutory Auditor
West Walk Building
110 Regent Road
Leicester
LE1 7LT
HARTS GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
23,727,311
14,987,128
Cost of sales
(7,771,536)
(3,541,156)
Gross profit
15,955,775
11,445,972
Distribution costs
(1,786,716)
(412,861)
Administrative expenses
(13,824,579)
(11,045,247)
Other operating income
261,861
649,900
Operating profit
4
606,341
637,764
Interest receivable and similar income
8
-
0
22,045
Interest payable and similar expenses
9
(214,898)
(224,625)
Profit before taxation
391,443
435,184
Taxation
10
(87,123)
(165,512)
Profit for the financial year
304,320
269,672
Profit for the financial year is attributable to:
- Owners of the parent company
271,768
247,819
- Non-controlling interests
32,552
21,853
304,320
269,672
Total comprehensive income for the year is attributable to:
- Owners of the parent company
271,768
247,819
- Non-controlling interests
32,552
21,853
304,320
269,672

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HARTS GROUP LTD
GROUP BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
7,627,673
7,783,679
Current assets
Stocks
15
312,438
252,515
Debtors
16
3,067,894
2,417,046
Cash at bank and in hand
1,835,730
1,428,466
5,216,062
4,098,027
Creditors: amounts falling due within one year
17
(8,449,984)
(7,573,028)
Net current liabilities
(3,233,922)
(3,475,001)
Total assets less current liabilities
4,393,751
4,308,678
Creditors: amounts falling due after more than one year
18
(1,540,202)
(1,641,617)
Provisions for liabilities
Provisions
21
5,000
-
0
Deferred tax liability
22
713,186
626,063
(718,186)
(626,063)
Net assets
2,135,363
2,040,998
Capital and reserves
Called up share capital
25
15,282
15,282
Share premium account
26
3,922,981
3,922,981
Share option reserve
580
580
Profit and loss reserves
26
(805,463)
(867,276)
Equity attributable to owners of the parent company
3,133,380
3,071,567
Non-controlling interests
(998,017)
(1,030,569)
2,135,363
2,040,998

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

The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
27 September 2024
S D Edgson
Director
Company registration number 06494671 (England and Wales)
HARTS GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
56,026
23,337
Investments
13
2,279
2,279
58,305
25,616
Current assets
Debtors
16
8,599,461
8,480,677
Cash at bank and in hand
39,089
49,741
8,638,550
8,530,418
Creditors: amounts falling due within one year
17
(1,595,737)
(1,442,364)
Net current assets
7,042,813
7,088,054
Total assets less current liabilities
7,101,118
7,113,670
Creditors: amounts falling due after more than one year
18
(725,112)
(958,232)
Provisions for liabilities
Deferred tax liability
22
13,540
5,457
(13,540)
(5,457)
Net assets
6,362,466
6,149,981
Capital and reserves
Called up share capital
25
15,282
15,282
Share premium account
26
4,355,205
4,355,205
Share option reserve
580
580
Profit and loss reserves
26
1,991,399
1,778,914
Total equity
6,362,466
6,149,981

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 £212,485 (2022 - £108,741 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
27 September 2024
S D Edgson
Director
Company registration number 06494671 (England and Wales)
HARTS GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 10 -
Share capital
Share premium account
Share option reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 August 2021
15,282
3,922,981
580
(952,367)
2,986,476
(1,052,422)
1,934,054
Year ended 31 July 2022:
Profit and total comprehensive income
-
-
-
247,819
247,819
21,853
269,672
Dividends
-
-
-
(162,728)
(162,728)
-
(162,728)
Balance at 31 July 2022
15,282
3,922,981
580
(867,276)
3,071,567
(1,030,569)
2,040,998
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
271,768
271,768
32,552
304,320
Dividends
-
-
-
(209,955)
(209,955)
-
(209,955)
Balance at 31 July 2023
15,282
3,922,981
580
(805,463)
3,133,380
(998,017)
2,135,363
HARTS GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 11 -
Share capital
Share premium account
Share option reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 August 2021
15,282
4,355,205
580
1,670,173
6,041,240
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
-
-
108,741
108,741
Balance at 31 July 2022
15,282
4,355,205
580
1,778,914
6,149,981
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
212,485
212,485
Balance at 31 July 2023
15,282
4,355,205
580
1,991,399
6,362,466
HARTS GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
1,635,919
3,806,850
Interest paid
(214,898)
(224,625)
Income taxes refunded
36,749
42,992
Net cash inflow from operating activities
1,457,770
3,625,217
Investing activities
Purchase of tangible fixed assets
(798,065)
(1,651,647)
Purchase of subsidiaries, net of cash acquired
-
0
50,252
Movement on loan accounts
3,257
(3,257)
Interest received
-
0
22,045
Net cash used in investing activities
(794,808)
(1,582,607)
Financing activities
Proceeds of new loans
444,359
-
0
Repayment of borrowings
(89,278)
(948,569)
Repayment of bank loans
(233,699)
(209,687)
Payment of finance leases obligations
(143,786)
(280,556)
Dividends paid to equity shareholders
(209,955)
(162,728)
Net cash used in financing activities
(232,359)
(1,601,540)
Net increase in cash and cash equivalents
430,603
441,070
Cash and cash equivalents at beginning of year
1,405,127
964,057
Cash and cash equivalents at end of year
1,835,730
1,405,127
Relating to:
Cash at bank and in hand
1,835,730
1,428,466
Bank overdrafts included in creditors payable within one year
-
0
(23,339)
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 13 -
1
Accounting policies
Company information

Harts Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The address of the registered office and the place of business is given in the company information page of these financial statements.

 

The group consists of Harts Group Ltd and all of its subsidiaries ("the group").

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including 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. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 taken advantage of the exemption from preparing a statement of cash flows on the basis that the group statement of cash flows, included in these financial statements, includes the company's cash flows. true

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Harts Group Ltd and all of its subsidiaries other than Barrafina Outside Catering Limited (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

The Companies Act 2006 s405 exemption has been taken with regards to Barrafina Outside Catering Limited. The subsidiary is considered immaterial to the group and has not been consolidated. A loss of £1,728 was incurred during the year to 31 July 2023 with capital and reserves of £10,777 at the year-end.

All financial statements are made up to 31 July 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.3
Going concern

These financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cast doubt on the group’s ability to continue as a going concern. true

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 14 -

The group meets its day to day working capital requirements through management of its cash resources, a bank loan facility and loans provided by the shareholders. The directors have prepared forecasts for the period ending 12 months from the date of approval of these financial statements. Based on these forecasts, the directors consider the group will have sufficient working capital to meet the forecast levels of group activity. Therefore the directors consider it appropriate to prepare the financial statements on the going concern basis. However, the margin of facilities over requirements is not large and, inherently, there can be no certainty in relation to these matters.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services

provided in the normal course of business, net of VAT, and comprises;

contracts.

1.5
Research and development expenditure

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

1.6
Tangible fixed assets

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

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

Short leasehold improvements
Straight line over the life of the lease
Fixtures, fittings & computer equipment
10% to 33% per annum of cost
Computer equipment
25% of net book value
1.7
Fixed asset investments

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

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, or the asset’s cash generating unit, is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price and are measured on a first in first out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.10
Financial instruments

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

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 15 -

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 

Loans are initially measured at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. 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.

 

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.

1.12
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

1.13
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

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

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.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 16 -
1.16
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors do not consider there to be any key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

3
Turnover
Other revenue
Interest income
-
0
22,045
Grants received
-
0
107,434

All turnover originates in the United Kingdom from the group's principal activity.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
0
(107,434)
Depreciation of owned tangible fixed assets
858,212
686,129
Depreciation of tangible fixed assets held under finance leases
95,859
37,076
Amortisation of intangible assets
-
0
189,511
Operating lease charges
1,212,768
1,570,010
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
70,000
40,000
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 17 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Restaurant
292
197
-
0
-
0
Management
37
28
30
23
Total
329
225
30
23

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
8,655,273
5,904,002
1,537,079
1,151,632
Social security costs
908,038
525,031
136,804
105,681
Pension costs
171,442
82,620
40,315
14,931
9,734,753
6,511,653
1,714,198
1,272,244
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
193,117
229,683
Company pension contributions to defined contribution schemes
460
178
193,577
229,861
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
n/a
110,000

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 18 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
-
0
22,045
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
68,145
83,937
Interest on finance leases and hire purchase contracts
141,359
49,030
Other interest on financial liabilities
1,250
91,658
Other interest
4,144
-
0
Total finance costs
214,898
224,625
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
(67,197)
Deferred tax
Origination and reversal of timing differences
87,123
232,709
Total tax charge
87,123
165,512

From 1 April 2023, the UK corporation tax rate increased from 19% to 25%. The current year rate is pro-rated accordingly.

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
10
Taxation
(Continued)
- 19 -

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

2023
2022
£
£
Profit before taxation
391,443
435,184
Expected tax charge based on the standard rate of corporation tax in the UK of 21.01% (2022: 19.00%)
82,225
82,685
Tax effect of expenses that are not deductible in determining taxable profit
21
10,871
Tax effect of utilisation of tax losses not previously recognised
-
0
26,073
Change in unrecognised deferred tax assets
-
0
44,981
Adjustments in respect of prior years
-
0
(67,197)
Group relief
-
0
2,052
Depreciation on assets not qualifying for tax allowances
29,155
55,005
Deferred tax adjustments in respect of prior years
19,593
(16,562)
Reversal of deferred tax asset for unused tax losses
(35,508)
-
0
Other tax adjustments
-
0
(53,793)
Movement in deferred tax not recognised
-
0
53,368
Super deduction relief
(8,363)
(7,978)
Consolidation adjustments
-
0
36,007
Taxation charge
87,123
165,512
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
1,700,823
Amortisation and impairment
At 1 August 2022 and 31 July 2023
1,700,823
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
The company had no intangible fixed assets at 31 July 2023 or 31 July 2022.
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 20 -
12
Tangible fixed assets
Group
Short leasehold improvements
Fixtures, fittings & computer equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 August 2022
4,366,297
8,110,341
6,273
12,482,911
Additions
-
0
796,035
2,030
798,065
At 31 July 2023
4,366,297
8,906,376
8,303
13,280,976
Depreciation and impairment
At 1 August 2022
1,015,381
3,683,590
261
4,699,232
Depreciation charged in the year
201,568
750,554
1,949
954,071
At 31 July 2023
1,216,949
4,434,144
2,210
5,653,303
Carrying amount
At 31 July 2023
3,149,348
4,472,232
6,093
7,627,673
At 31 July 2022
3,350,916
4,426,751
6,012
7,783,679
Company
Fixtures, fittings & computer equipment
£
Cost
At 1 August 2022
41,093
Additions
57,284
At 31 July 2023
98,377
Depreciation and impairment
At 1 August 2022
17,756
Depreciation charged in the year
24,595
At 31 July 2023
42,351
Carrying amount
At 31 July 2023
56,026
At 31 July 2022
23,337
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
12
Tangible fixed assets
(Continued)
- 21 -

Fixed assets have been pledged as security for the group’s bank borrowings.

 

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Fixtures, fittings & computer equipment
853,056
1,160,709
5,400
10,800
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,279
2,279
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
2,279
Carrying amount
At 31 July 2023
2,279
At 31 July 2022
2,279
14
Subsidiaries

Details of the company's subsidiaries at 31 July 2023 are as follows:

Name of undertaking and country of
Nature of business
Class of
office
shares held
% held
Barrafina Limited
United Kingdom
Restaurateurs
Ordinary
100.00
Fino Restaurant Limited
United Kingdom
Dormant
Ordinary
100.00
Leoni's Quo Vadis Limited
United Kingdom
Dormant
Ordinary
100.00
Quo Vadis Soho Limited
United Kingdom
Restaurateurs
Ordinary
80.00
Barrafina Outside Catering Ltd
United Kingdom
Non-trading
Ordinary
100.00
Barrafina Borough Yards Limited
United Kingdom
Restaurateurs
Ordinary
100.00
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
14
Subsidiaries
(Continued)
- 22 -

The registered office address of Barrafina Outside Catering Limited is 6 Wing Lane, Pilton, Oakham, Rutland, United Kingdom, LE15 9NR.

 

The registered office address of all other subsidiaries is the same as the company's registered office address as given in the company information page of these financial statements.

15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
312,438
252,515
-
0
-
0
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
405,102
310,511
20,242
22,042
Corporation tax recoverable
-
0
36,749
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
7,831,474
7,798,976
Other debtors
1,776,695
1,107,248
744,069
659,659
Prepayments and accrued income
886,097
962,538
3,676
-
0
3,067,894
2,417,046
8,599,461
8,480,677
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
291,502
321,378
262,272
258,930
Obligations under finance leases
20
430,724
367,554
5,958
7,150
Other borrowings
19
307,875
285,497
219,103
237,500
Trade creditors
1,469,999
1,815,120
46,317
48,033
Amounts owed to group undertakings
-
0
31,941
631
631
Other taxation and social security
1,912,864
1,566,020
154,834
379,523
Other creditors
2,488,651
1,815,260
756,556
442,644
Accruals and deferred income
1,548,369
1,370,258
150,066
67,953
8,449,984
7,573,028
1,595,737
1,442,364
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 23 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
725,112
952,274
725,112
952,274
Obligations under finance leases
20
482,387
689,343
-
0
5,958
Other borrowings
19
332,703
-
0
-
0
-
0
1,540,202
1,641,617
725,112
958,232
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,016,614
1,250,313
987,384
1,211,204
Bank overdrafts
-
0
23,339
-
0
-
0
Other loans
640,578
285,497
219,103
237,500
1,657,192
1,559,149
1,206,487
1,448,704
Payable within one year
599,377
606,875
481,375
496,430
Payable after one year
1,057,815
952,274
725,112
952,274

Group

Bank loans include a loan of £1,200,000 which is repayable by 60 monthly instalments of £20,000 up to May 2027. The loan carries a fixed interest rate of 16.5% per annum.

Bank loans include a BBLS loan of £50,000 which is repayable by 60 monthly instalments up to May 2026 following an interest and repayment free period of 12 months. The loan carries a fixed interest rate of 2.50% per annum.

Company

Bank loans include a loan of £1,200,000 which is repayable by 60 monthly instalments of £20,000 up to May 2027. The loan carries a fixed interest rate of 16.5% per annum.

Bank loans include a BBLS loan of £50,000 which is repayable by 60 monthly instalments up to Jan 2027 following an interest and repayment free period of 12 months. The loan carries a fixed interest rate of 2.50% per annum.

The bank loans are secured by an interlocking cross guarantee and debenture between Quo Vadis Soho Limited, Leoni's Quo Vadis Limited, Fino Restaurant Limited and Barrafina Limited, limited guarantees given by certain company directors and a charge over 10 Adelaide Street, London.

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 24 -
20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
430,724
367,554
5,958
7,150
In two to five years
482,387
689,343
-
0
5,958
913,111
1,056,897
5,958
13,108

The finance leases are secured on the assets to which they relate.

21
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Other provisions
5,000
-
-
-
Movements on provisions:
Other provisions
Group
£
Additional provisions in the year
5,000

Prejudicial disclosure exemption from the requirements of FRS 102 section 21.14 has been taken due to proceedings relating to the provision being ongoing at the date of signing the accounts.

22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
981,844
964,744
Tax losses
(266,708)
(337,051)
Short term timing differences
(1,950)
(1,630)
713,186
626,063
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
22
Deferred taxation
(Continued)
- 25 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
14,007
5,834
Short term timing differences
(467)
(377)
13,540
5,457
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 August 2022
626,063
5,457
Charge to profit or loss
87,123
8,083
Liability at 31 July 2023
713,186
13,540
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
171,442
82,620

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.

24
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 August 2022 and 31 July 2023
5,800,000
5,800,000
580.00
580.00
Exercisable at 31 July 2023
-
-
-
-

In 2021, 6,500,000 share options were issued on an equity settled basis and have been reserved at fair value within the accounts. These options will vest on the earlier of a sale of the company or after 10 years from the grant date. The options outstanding at 31 July 2023 had an exercise price of £0.0001, and a remaining contractual life of 7 years.

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 26 -
25
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
118,370,737 Ordinary shares of 0.01p each
11,837
11,837
4,380,000 A Ordinary shares of 0.01p each
438
438
19,988,864 B Ordinary shares of 0.01p each
1,999
1,999
1,023,861 D Ordinary shares of 0.01p each
102
102
9,059,926 E Ordinary shares of 0.01p each
906
906
15,282
15,282

The Ordinary, A Ordinary and B Ordinary shares carry the right to attend, speak and vote at all general meetings of the company. The Ordinary and B Ordinary shares carry a right to participate in any dividends. The A Ordinary, D Ordinary, and E Ordinary shares carry no rights to dividends. On a return of capital, the surplus assets will be distributed on the basis of the relevant priority arrangement as set out in articles 10.2, 10.3, 10.4, or 10.5 in the Articles of Association for the company.

26
Reserves

The share premium reserve represents the premium on shares issued at a value that exceeds their nominal value.

 

The share option reserve represents active share options granted and not issued.

 

The profit and loss reserve comprises retained profits and losses for the current and prior periods.

27
Financial commitments, guarantees and contingent liabilities

Under the terms of an unlimited interlocking guarantee, Harts Group Ltd, Quo Vadis Soho Limited, Fino Restaurant Limited, Barrafina Limited and Leoni's Quo Vadis Limited jointly and severally undertook to satisfy on demand all sums owing to the bank by the other parties to the agreement. As at 31 July 2023 the net amounts owing to the bank were £987,384 (2022 - £1,211,204) by Harts Group Ltd, £Nil (2022 - £23,339) by Quo Vadis Soho Limited, £Nil (2022 - £Nil) by Fino Restaurant Limited, £Nil (2022 - £Nil) by Barrafina Limited and £Nil (2022 - £Nil) by Leoni's Quo Vadis Limited.

 

Barrafina Limited acts as guarantor for loans amounting to £2,500,000 made to a company which has common directors.

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 27 -
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
1,210,650
1,206,900
-
-
Between two and five years
4,847,600
4,846,350
-
-
In over five years
6,345,825
7,557,725
-
-
12,404,075
13,610,975
-
-
Reduction in rent payments recognised in profit or loss arising from the COVID-19 pandemic
-
105,252
-
-
Lessor

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
300,000
300,000
-
-
Between two and five years
1,200,000
1,200,000
-
-
In over five years
1,500,000
1,800,000
-
-
3,000,000
3,300,000
-
-
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
0
31,566
-
0
-
0
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 28 -
30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
645,332
711,521
Transactions with related parties

Group

During the year, dividends totalling £67,000 (2022 - £76,406) were paid to close family members of company directors.

 

During the year, the following transactions were made to companies which have common directors. Sales and management charges of £2,366,595 (2022 - £1,699,173), rental income of £480,720 (2022 - £475,490) and purchases of £78,303 (2022 - £177,046). Amounts due from these companies at the year end totalled £1,740,695 (2022 - £1,097,942). Amounts due to these companies at the year end totalled £1,515,293 (2022 - £1,084,729).

 

Creditors include £Nil (2022 - £47,997) owed to companies which have common directors. Interest of £Nil (2022 - £82,510) was paid in relation to these balances.

 

During the year, recharges of £169,669 (2022 - £90,708) were made to and purchases totalling £58,500 (2022 - £78,000) were made from companies with directors in common. Debtors falling due within one year include £10,942 (2022 - £21,742) owed from these companies at the year end. Creditors falling due within one year include £1,625 (2022 - £35,159) owed by these companies at the year end.

 

Company

During the year, management charges totalling £1,114,563 (2022 - £984,836) were made to and purchases of £191 (2022 - £3,420) were made from companies which have directors in common. Amounts owed from these companies at the year end totalled £743,061 (2022 - £653,608) and amounts owed to these companies at the year end totalled £612,632 (2022 - £308,641).

 

During the year, recharges of £65,650 (2022 - £54,708) were made to companies under the control of key management personnel. At the year-end amounts due from companies under the control of key management personnel totalled £10,942 (2022 - £10,942).

 

The company has taken advantage of the exemption offered by FRS 102 from the requirement to disclosetrue transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 29 -
31
Directors' transactions

Group

Dividends totalling £142,955 (2022 - £86,322) were paid in the year in respect of shares held by the group's directors.

Creditors falling due within one year include amounts owed to directors totalling £219,103 (2022 - £237,500).

 

Company

Creditors falling due within one year include amounts owed to directors totalling £219,103 (2022 - £237,500).

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director
-
3,257
(3,257)
-
3,257
(3,257)
-
0
32
Controlling party

The group is controlled by S K Hart, H R Gabb and C Gabb by virtue of their shareholdings in the company.

33
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
304,320
269,672
Adjustments for:
Taxation charged
87,123
165,512
Finance costs
214,898
224,625
Investment income
-
0
(22,045)
Amortisation and impairment of intangible assets
-
0
189,511
Depreciation and impairment of tangible fixed assets
954,071
723,205
Increase in provisions
5,000
-
0
Movements in working capital:
Increase in stocks
(59,923)
(37,350)
(Increase)/decrease in debtors
(690,854)
1,079,344
Increase in creditors
821,284
1,214,376
Cash generated from operations
1,635,919
3,806,850
HARTS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 30 -
34
Analysis of changes in net debt - group
1 August 2022
Cash flows
31 July 2023
£
£
£
Cash at bank and in hand
1,428,466
407,264
1,835,730
Bank overdrafts
(23,339)
23,339
-
0
1,405,127
430,603
1,835,730
Borrowings excluding overdrafts
(1,535,810)
(121,382)
(1,657,192)
Obligations under finance leases
(1,056,897)
143,786
(913,111)
(1,187,580)
453,007
(734,573)
2023-07-312022-08-01falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityS K HartE G HartS B HartH R GabbThe Hon W J CadoganJ H HartC C GabbC A HindmarshC SomervilleA M WatkinsA M WatkinsS D 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