Company registration number 09294172 (England and Wales)
BRIGHT LITTLE STARS GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
BRIGHT LITTLE STARS GROUP LTD
COMPANY INFORMATION
Directors
Mr A Devani
Mr R Popat
Mr P Varsani
Company number
09294172
Registered office
Kinetic Business Centre
Theobald Street
Elstree
Hertfordshire
WD6 4PJ
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
BRIGHT LITTLE STARS GROUP LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
17 - 31
BRIGHT LITTLE STARS GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The holding company earned dividends amounting to £266k for the year and a similar amount in the previous year.

 

At the year-end, the company net assets remained £9,126,280 (2023: £8,071,443) and had shareholders funds of £9,126,280.

 

Principal risks and uncertainties

The principal risk and uncertainties facing the group include operating in a competitive market and compliance with all the regulated bodies.

 

Risks are reviewed by the board and appropriate strategies have been put in place to mitigate and monitor them.

 

Finance risk

The group's policy is to finance its operations on a medium-term basis from retained profits, inter-company borrowings and bank facilities. Additional uncommitted borrowing and overdraft facilities are utilised for short term financing requirements.

 

Business risk

The nurseries are regulated with various external bodies; The principal risks to which the nurseries are exposed are considered to be:

 

The directors have a risk management strategy which comprises:

The implementation of procedures designed to minimise or manage any potential impact on the nurseries should those risks materialise.

Principal risks and uncertainties

Key controls include:

BRIGHT LITTLE STARS GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Development and performance

Future Developments

The directors aim to continue with the management policies which have resulted in the group's steady growth in recent years. Performance has been robust which reflects on the group's strengths and resilience. We expect that 2024/​26 will show continued maturity of our existing branches with the existing brand demand for its product. In 2023 Bright Little Stars Group was recognised by Nursery Management Today for ‘Nursery Group of the Year’ and First Rung Awards for ‘Apprentice Employer of the Year’.

 

The directors continue to develop and invest in the existing facilities to provide the highest quality of educational facilities. The revamp of all outdoor areas across the group has been completed and Solar Panel Systems have been installed at half of all settings improving our sustainability and reducing energy costs. All branches are closed for renovation and development one week every June.

 

The directors continue to invest in technology and other efficiency gains. We continued to add enhancements to our CRM system, more sophisticated KPIs, and upgraded and robust IT hardware.

 

Bright Little Stars is migrating from offering Morning and Afternoon sessions to offering only Full Days due to changing parent needs and a more consistent daily curriculum. Over 90% of all sessions are now Full Days and we are on track to offer only Full Day sessions by 2026. This migrating, reducing flexibly, has reduced demand and has further increased occupancy efficiency.

 

Bright Little Stars Nursery considers its staff to be its’ biggest asset. We consider our staff benefits package to be market leading and in 23/24 we provided additional mid-year pay increases to all employees. Our internal temporary staff cover agency has grown from strength to strength. Unlike when utilising external agencies, these internal cover staff have completed our company induction, training and are familiar with Bright Little Stars processes providing seamless cover. We launched our Academy Program in 2024 to provide each employee with an even clearer professional development journey. The company also continues to invest in its apprenticeship scheme. We no longer see recruitment and retention as a key operation risk for the company.

 

The company successfully launched the first two phases of the government extended childcare scheme. The final stage is currently scheduled to launch in September 2025 underpinning growth across the entire industry.

 

The directors use both financial and non-financial performance indicators to monitor the group's position.

Key performance indicators

The key financial performance indicators within the business are dividends earned by the company and balance sheet with net investments in the year.

 

The key non-financial performance indicators are increased applications and increased waiting lists for each of the nurseries, and stakeholder relationships.

 

The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business performance review.

 

On behalf of the board

Mr P Varsani
Director
30 September 2024
BRIGHT LITTLE STARS GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

 

 

Principal activities

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

 

The principal activity of the subsidiary companies was that of providing nursery and pre school childcare and education to children and that of the management of the nurseries.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £266,050. The directors do not recommend payment of a further dividend.

Directors

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

Mr A Devani
Mr R Popat
Mr P Varsani
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

On behalf of the board
Mr P Varsani
Director
30 September 2024
BRIGHT LITTLE STARS GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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

 

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

BRIGHT LITTLE STARS GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRIGHT LITTLE STARS GROUP LTD
- 5 -
Opinion

We have audited the financial statements of Bright Little Stars Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BRIGHT LITTLE STARS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRIGHT LITTLE STARS GROUP LTD
- 6 -
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 and the Directors' Report.

 

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

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

BRIGHT LITTLE STARS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRIGHT LITTLE STARS GROUP LTD
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

 

To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

 

The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: UK Company law that regulates corporations formed under the Companies Act 2006 and HMRC laws and regulations relating to submissions of applicable taxes and documents. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

 

We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

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.

BRIGHT LITTLE STARS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRIGHT LITTLE STARS GROUP LTD
- 8 -

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.

Shilpa Chheda (Senior Statutory Auditor)
For and on behalf of KLSA LLP
30 September 2024
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
BRIGHT LITTLE STARS GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
10,538,230
9,135,137
Administrative expenses
(8,651,694)
(8,020,773)
Other operating income
7,887
4,371
Operating profit
4
1,894,423
1,118,735
Interest receivable and similar income
8
12,810
14,206
Interest payable and similar expenses
9
(874,755)
(644,792)
Profit before taxation
1,032,478
488,149
Tax on profit
10
(243,699)
(179,849)
Profit for the financial year
788,779
308,300
Profit for the financial year is all attributable to the owners of the parent company.

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

BRIGHT LITTLE STARS GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
£
£
Profit for the year
788,779
308,300
Other comprehensive income
Revaluation of tangible fixed assets
287,295
-
0
Tax relating to other comprehensive income
244,793
(590,529)
Other comprehensive income for the year
532,088
(590,529)
Total comprehensive income for the year
1,320,867
(282,229)
Total comprehensive income for the year is all attributable to the owners of the parent company.
BRIGHT LITTLE STARS GROUP LTD
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
22,630,433
22,385,528
Current assets
Debtors
15
1,889,313
1,158,399
Cash at bank and in hand
400,872
819,464
2,290,185
1,977,863
Creditors: amounts falling due within one year
16
(1,766,987)
(1,489,790)
Net current assets
523,198
488,073
Total assets less current liabilities
23,153,631
22,873,601
Creditors: amounts falling due after more than one year
17
(11,489,742)
(12,015,092)
Provisions for liabilities
Deferred tax liability
19
2,537,609
2,787,066
(2,537,609)
(2,787,066)
Net assets
9,126,280
8,071,443
Capital and reserves
Called up share capital
21
160
140
Revaluation reserve
7,482,076
6,949,988
Profit and loss reserves
1,644,044
1,121,315
Total equity
9,126,280
8,071,443

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 30 September 2024 and are signed on its behalf by:
30 September 2024
Mr P Varsani
Director
Company registration number 09294172 (England and Wales)
BRIGHT LITTLE STARS GROUP LTD
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
160
140
Capital and reserves
Called up share capital
21
160
140

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 £266,050 (2023 - £221,250 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
30 September 2024
Mr P Varsani
Director
Company registration number 09294172 (England and Wales)
BRIGHT LITTLE STARS GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
140
7,540,517
1,034,265
8,574,922
Year ended 30 June 2023:
Profit for the year
-
-
308,300
308,300
Other comprehensive income:
Tax relating to other comprehensive income
-
(590,529)
-
0
(590,529)
Total comprehensive income
-
(590,529)
308,300
(282,229)
Dividends
11
-
-
(221,250)
(221,250)
Balance at 30 June 2023
140
6,949,988
1,121,315
8,071,443
Year ended 30 June 2024:
Profit for the year
-
-
788,779
788,779
Other comprehensive income:
Revaluation of tangible fixed assets
-
287,295
-
287,295
Tax relating to other comprehensive income
-
244,793
-
0
244,793
Total comprehensive income
-
532,088
788,779
1,320,867
Issue of share capital
21
20
-
-
20
Dividends
11
-
-
(266,050)
(266,050)
Balance at 30 June 2024
160
7,482,076
1,644,044
9,126,280
BRIGHT LITTLE STARS GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
140
-
0
140
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
221,250
221,250
Dividends
11
-
(221,250)
(221,250)
Balance at 30 June 2023
140
-
0
140
Year ended 30 June 2024:
Profit and total comprehensive income
-
266,050
266,050
Issue of share capital
21
20
-
20
Dividends
11
-
(266,050)
(266,050)
Balance at 30 June 2024
160
-
0
160
BRIGHT LITTLE STARS GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,487,472
1,699,665
Interest paid
(874,755)
(644,792)
Income taxes paid
(76,010)
-
0
Net cash inflow from operating activities
536,707
1,054,873
Investing activities
Purchase of tangible fixed assets
(121,916)
(163,355)
Repayment of loans
-
200,000
Interest received
309
13,382
Other income received from investments
12,501
824
Net cash (used in)/generated from investing activities
(109,106)
50,851
Financing activities
Proceeds from issue of shares
20
-
Proceeds from new bank loans
865,000
-
Repayment of bank loans
(1,445,163)
(1,079,114)
Dividends paid to equity shareholders
(266,050)
(221,250)
Net cash used in financing activities
(846,193)
(1,300,364)
Net decrease in cash and cash equivalents
(418,592)
(194,640)
Cash and cash equivalents at beginning of year
819,464
1,014,104
Cash and cash equivalents at end of year
400,872
819,464
BRIGHT LITTLE STARS GROUP LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Proceeds from disposal of subsidiaries
(20)
-
0
Dividends received
266,050
221,250
Net cash generated from investing activities
266,030
221,250
Financing activities
Proceeds from issue of shares
20
-
Dividends paid to equity shareholders
(266,050)
(221,250)
Net cash used in financing activities
(266,030)
(221,250)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information

Bright Little Stars Group Ltd (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Kinetic Business Centre, Theobald Street, Elstree, Hertfordshire, WD6 4PJ.

 

The group consists of Bright Little Stars Group Ltd and all of its subsidiaries listed in note 12. The principal activities of the company and its subsidiaries (the group) are set out in the directors' report.

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 and the group. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bright Little Stars Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.3
Going concern

The group is financed by equity and banking facilities. The group is therefore dependent upon it's bankers and shareholders for continued financial support.

 

At the year-end, the group has net current assets of £523k (2023: £488k) and shareholders funds of £9.1m (2023: £8.0m).

 

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the budgets for the next 12 months from the date of the approval of the financial statements.

 

The bank will continue to provide financial support to the group as required and thus the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

 

1.4
Turnover

Income represents the value, net of value added tax and discounts, of the following streams:

- Government funding, which is recognised as income when the company becomes entitled to the fund.

- Contract services, including nursery fees and child care vouchers are recognised as income when the service is provided and invoice raised.

BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
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
not depreciated
Plant and machinery
7% on Reducing Balance Method
Motor vehicles
10% Reducing Balance Method

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
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.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Cash and cash equivalents

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

1.9
Financial instruments

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

 

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

 

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

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.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.10
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.

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax 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.

1.12
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.

1.13
Retirement benefits

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

1.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instruments.

1.15

Comparatives

There were no changes in comparative figures during the year.

BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of tangible assets

Management reviews the useful lives, depreciation methods and residual values of the items of tangible assets on a regular basis. During the financial year, the directors have evaluated that the residual value of the freehold land and buildings in the group companies equals to the fair value of the properties. The properties have also been maintained at a high standard and their market value continues to appreciate over the years. Therefore there is no depreciation charge for the current year. The carrying amounts of tangible assets are disclosed in note 12.

Valuation of properties

Freehold properties are carried at fair value based on valuations performed by external independent valuers or the directors. Fair value is ascertained through review of a number of factors and information flows, including market knowledge, recent market movements, recent sales of similar properties and historical experience. There is an inevitable degree of judgement involved and the value can only be reliably tested ultimately in the market itself.

Debtor recoverability

The directors review loans receivable on an annual basis. In determining whether receivables are impaired, the directors make judgement as to whether there is any evidence indicating that there is a measurable decrease in the estimate future cash flows expected.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
School fees
9,335,230
8,188,222
Government funding
1,180,621
929,544
Other income
22,379
17,371
10,538,230
9,135,137
2024
2023
£
£
Other revenue
Interest income
12,810
14,206
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 22 -

All turnover arose in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
164,306
162,657
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,100
2,100
Audit of the financial statements of the company's subsidiaries
36,060
26,700
38,160
28,800
For other services
All other non-audit services
16,087
16,087
6
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
Nursery
348
289
-
-
Management
3
3
3
3
Total
351
292
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,952,122
5,481,471
-
0
-
0
Social security costs
452,776
390,899
-
-
Pension costs
90,747
78,836
-
0
-
0
6,495,645
5,951,206
-
0
-
0
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
136,088
158,758

Emolument of the highest paid director, excluding pension contributions, amounted to £61,355 (2023: £59,517). The total remuneration paid to key management personnel during the year was £245,181 (2023: £249,393)

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
309
13,382
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
12,501
824
Total income
12,810
14,206
2024
2023
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
12,501
824
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
874,755
644,792
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
248,363
76,009
Deferred tax
Origination and reversal of timing differences
(4,664)
103,840
Total tax charge
243,699
179,849
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 24 -

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
1,032,478
488,149
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
258,120
100,071
Tax effect of expenses that are not deductible in determining taxable profit
1,652
307
Unutilised tax losses carried forward
-
0
(3,257)
Group relief
-
0
(14)
Permanent capital allowances in excess of depreciation
(11,410)
30,753
Deferred tax
(4,663)
103,840
Marginal relief
-
0
(86)
Subsidiaries depreciation in excess of permanent capital allowances
-
0
(51,765)
Taxation charge
243,699
179,849

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

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(244,793)
590,529

 

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
266,050
221,250
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 July 2023
21,269,569
3,287,648
183,093
24,740,310
Additions
-
0
121,916
-
0
121,916
Revaluation
(769,733)
-
0
-
0
(769,733)
At 30 June 2024
20,499,836
3,409,564
183,093
24,092,493
Depreciation and impairment
At 1 July 2023
1,057,028
1,252,822
44,932
2,354,782
Depreciation charged in the year
-
0
143,582
20,724
164,306
Revaluation
(1,057,028)
-
0
-
0
(1,057,028)
At 30 June 2024
-
0
1,396,404
65,656
1,462,060
Carrying amount
At 30 June 2024
20,499,836
2,013,160
117,437
22,630,433
At 30 June 2023
20,212,541
2,034,826
138,161
22,385,528
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 26 -

During the financial year, the directors have evaluated that the residual value of the freehold land and buildings in the group companies equals to the fair value of the properties. The properties have also been maintained at a high standard and their market value continues to appreciate over the years. Therefore there is no depreciation charge for the current year.

 

The cumulative depreciation charge on the Freehold buildings brought forward will be reversed once the fair values are incorporated in future years .

 

The freehold land and buildings at Bright Little Stars Limited was revalued at fair value on 27 June 2024 by Gerald Eve LLP at £3,500,000. The directors consider that these valuations remain appropriate as at 30 June 2024.

 

The longterm leasehold land and buildings at Bright Little Stars Watford Limited was revalued at fair value on 27 June 2024 by Gerald Eve LLP at £2,446,880. The directors consider that these valuations remain appropriate as at 30 June 2024.

 

The freehold property at Bright Little Stars Stanmore Limited was valued at £3,940,000 by Gerald Eve LLP on 05 June 2020 on a fair value basis. The directors consider that these valuations remain appropriate as at 30 June 2024.

 

The freehold land and buildings at Bright Little Stars Harrow Limited was revalued at fair value on 24 May 2023 by Gerald Eve LLP Registered valuer at £3,556,000. In the opinion of the director, the valuation at the balance sheet date represents the fair value.

 

The freehold property at Bright Little Stars Barnet Limited was valued at £3,924,193 by Gerald Eve LLP on 20 March 2024 on a fair value basis. The directors consider that these valuations remain appropriate as at 30 June 2024.

 

The freehold land and buildings (Including plant & machinery) at Bright Little Stars Stratford Limited was revalued at fair value on 09 February 2022 by Morgan Allen MRICS, RICS Registered Valuer at Gerald Eve LLP acting on behalf HSBC UK Bank plc at £3,710,000. The directors consider that these valuations remain appropriate as at 30 June 2024.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Group
Cost
11,651,865
11,591,667
Accumulated depreciation
(541,099)
(654,104)
Carrying value
11,110,766
10,937,563
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
160
140
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
140
Additions
20
At 30 June 2024
160
Carrying amount
At 30 June 2024
160
At 30 June 2023
140
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Bright Little Stars Harrow Limited
England and Wales
Nursery
Ordinary & Ordinary A
100.00
Bright Little Stars Head Office Limited
England and Wales
Management
Ordinary & Ordinary A
100.00
Bright Little Stars Limited
England and Wales
Nursery
Ordinary & Ordinary A
100.00
Bright Little Stars Stanmore Limited
England and Wales
Nursery
Ordinary & Ordinary A
100.00
Bright Little Stars Watford Limited
England and Wales
Nursery
Ordinary & Ordinary A
100.00
Bright Little Stars Barnet Limited
England and Wales
Nursery
Ordinary & Ordinary A
100.00
Bright Little Stars Stratford Limited
England and Wales
Nursery
Ordinary & Ordinary A
100.00
Bright Little Stars Hornsey Limited
England and Wales
Nursery
Ordinary & Ordinary A
100.00
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Other debtors
110,328
134,047
-
0
-
0
Prepayments and accrued income
51,063
6,460
-
0
-
0
161,391
140,507
-
-
Amounts falling due after more than one year:
Other debtors
1,727,922
1,017,892
-
0
-
0
Total debtors
1,889,313
1,158,399
-
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
771,133
793,079
-
0
-
0
Payments received on account
95,270
87,391
-
0
-
0
Corporation tax payable
248,362
76,009
-
0
-
0
Other taxation and social security
82,853
79,535
-
-
Other creditors
482,370
411,988
-
0
-
0
Accruals and deferred income
86,999
41,788
-
0
-
0
1,766,987
1,489,790
-
0
-
0
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
11,107,303
11,665,520
-
0
-
0
Deposits received
382,439
349,572
-
0
-
0
11,489,742
12,015,092
-
0
-
0
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
11,878,436
12,458,599
-
0
-
0
Payable within one year
771,133
793,079
-
0
-
0
Payable after one year
11,107,303
11,665,520
-
0
-
0

The bank loans are secured by the first charge over the freehold properties of the group and by the personal guarantee from the directors. The loans are subject to monthly repayments and commercial rates of interest.

19
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
2,782,401
1,358,019
Revaluations
(244,792)
1,429,047
2,537,609
2,787,066
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
2,787,066
-
Credit to profit or loss
(4,665)
-
Credit to other comprehensive income
(244,792)
-
Liability at 30 June 2024
2,537,609
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,747
78,836
BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
Retirement benefit schemes
(Continued)
- 30 -

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
128
112
128
112
Ordinary A shares of £1 each
32
28
32
28
160
140
160
140
22
Related party transactions
Transactions with related parties

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

Interest on longterm loan advances
Longterm loan advances
2024
2023
2024
2023
£
£
£
£
Group
BLS Finance and Investment Limited
1,084
1,084
977,350
772,350
BLS Ventures Limited
-
-
250,572
245,572
Other information

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

 

At the balance sheet date, loans receivable from the directors amounted to £25k (2023: £55k) and amount due from related companies by virtue of common control amounted to £1.2m (2023: £1m). The loans are due after stated loan duration, interest rate charge is as per HMRC lending rate and is due each quarter.

The loans are secured by personal guarantee from the directors.

 

23
Controlling party

In the opinion of the directors, there in no ultimate controlling party.

BRIGHT LITTLE STARS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
788,779
308,300
Adjustments for:
Taxation charged
243,699
179,849
Finance costs
874,755
644,792
Investment income
(12,810)
(14,206)
Depreciation and impairment of tangible fixed assets
164,306
162,657
Movements in working capital:
(Increase)/decrease in debtors
(730,914)
605,346
Increase/(decrease) in creditors
159,657
(187,073)
Cash generated from operations
1,487,472
1,699,665
25
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
819,464
(418,592)
400,872
Borrowings excluding overdrafts
(12,458,599)
580,163
(11,878,436)
(11,639,135)
161,571
(11,477,564)
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