Company registration number 06744630 (England and Wales)
F AND N ONE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
F AND N ONE LIMITED
COMPANY INFORMATION
Directors
Mr F Bird
Mr ME Bird
(Appointed 9 October 2023)
Company number
06744630
Registered office
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
Auditor
Waters & Atkinson
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
F AND N ONE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of income and retained earnings
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
F AND N ONE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 31 January 2024.

These accounts consolidate the results for F and N One Limited and the subsidiaries, F and N Holdings Limited, Frank Bird (Poultry) Limited and Balingour Limited. The parent company does not trade and there have been no transactions in the period. F and N Holdings Limited receives income from a variety of sources, such as rent, deposit interest and other investment income. The groups income and profit is derived principally from the activities of Balingour Limited and Frank Bird (Poultry) Limited whose activities are respectively poultry rearing and poultry processing. All product of the former is sold to the latter at market price.

Review of the business

The results for the year ended 31 January 2024 are set out on page 9. These show an increase in turnover from £75,694,359 to £78,016,050, principally due to the main trading subsidiary company achieving an increased selling price during the year. The gross profit percentage has remained consistent at 13.9% compared to 13.7% last year.

Principal risks and uncertainties

The poultry market is subject to sudden changes in market price caused by shortage or oversupply of birds, availability and price of foreign imports and customer demand and these are difficult to predict. Due to ongoing events in Ukraine, we are particularly affected by the fluctuating grain and energy prices. As a result, the poultry market remains competitive and forward planning remains challenging.

By reviewing ongoing management accounts for the next accounting year, profits can be seen being made to a similar level of the same period in the prior year. Although the company expects the next 12 month period to be profitable, the results are expected to be lower as a result of the rising cost of living. For this reason, we continue to adopt the going concern basis in preparing the annual financial statements.

 

Development and performance

The directors continue to monitor the performance of the company's, their employees, customers and suppliers and to take action when that performance fails to meet up to expectations.

Key performance indicators

The key performance indicators are:

 

     31st January 2024         31st January 2023

Turnover                     £78,016,050             £75,694,359

Gross profit as a % of turnover          13.9%                 13.8%

(Loss)/Profit before tax             (£61,676)         £2,664,646

F AND N ONE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Section 172(1) statement

A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefits of its members as a whole, and in doing so have regard (amongst other matters) to factors (a) to (f).

 

(a) the likely consequences of any decision in the long term,

 

(b) the interests of the company's employees,

 

(c) the need to foster the company's business relationships with suppliers, customers and others,

 

(d) the impact of the company's operations on the community and the environment,

 

(e) the desirability of the company maintaining a reputation for high standards of business conduct, and

 

(f) the need to act fairly as between members of the company.

 

This is ultimately a family owned company with no exterior members, directors or investors. The aim of the director is to continue to operate a successful business ultimately for the benefit of the Bird family.

 

The group provides employment for 206 people in various roles in the two subsidiary trading companies, including many long term staff with a wealth of experience. The directors recognise the importance of providing adequate training and a safe working environment.

 

These companies have built long standing relationships with a number of suppliers over many years and work closely with these, notably the chicken growers, all of which are UK based.

 

The poultry processor company, Frank Bird (Poultry) Limited has many long standing customers with whom they have traded for many years.

 

The directors of both companies are aware of the potential impact on the local community and have made every effort to minimise this.

 

The trading companies' operations are subject to numerous regulations regarding all aspects of their operations and specifically have annual audits which ensure compliance with the BRC (British Retail Consortium) and Red Tractor food safety standards.

On behalf of the board

Mr F Bird
Director
9 October 2024
F AND N ONE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a 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 F Bird
Mr ME Bird
(Appointed 9 October 2023)
Auditor

Waters and Atkinson are deemed to be re-appointed under the section 487(2) of the Companies Act 2006.

Energy and carbon report

We are obliged to report UK energy consumption in accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
14,827,390
14,542,722
2024
2021
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
666.10
611.45
- Fuel consumed for owned transport
1,926.31
1,779.54
2,592.41
2,390.99
Scope 2 - indirect emissions
- Electricity purchased
814.80
870.82
Total gross emissions
3,407.21
3,261.81
Intensity ratio
Tonnes of CO2e per total £m sales revenue
43.706
43.126
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is Tonnes of CO2e per total £m sales revenue.

F AND N ONE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Measures taken to improve energy efficiency

Continual investment in processing and infrastructure that has delivered greater energy efficiency in the business.

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.

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 F Bird
Director
9 October 2024
F AND N ONE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF F AND N ONE LIMITED
- 5 -
Opinion

We have audited the financial statements of F and N One Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group statement of income and retained earnings, the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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:

F AND N ONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F AND N ONE LIMITED
- 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 or the directors' report.

 

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

Responsibilities of directors

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

F AND N ONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F AND N ONE LIMITED
- 7 -
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.

 

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

 

-the nature of the industry and sector, control environment and business performance;

-results of our inquiries of management and assessment of the risks of irregularities;

-any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

-identifying, evaluating, and complying with laws and regulations and whether management were aware of any instances of non-compliance;

-detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected, or alleged fraud;

-the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and

-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

-Posting of unusual journals and complex transactions

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We considered the following areas:

-UK Companies Act

-Tax legislation

-Latest BRC (British Retail Consortium) audit

- Reviewing any potential Avian Infuenza Prevention Zones

 

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.

 

In addition to the above, our procedures to respond to risks identified included the following:

 

-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-in addressing the risk of fraud through management override of controls, we assessed whether the judgements made in making the accounting estimates are indicative of potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business;

 

F AND N ONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF F AND N ONE LIMITED
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

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.

Damien Sissons BA FCA
Senior Statutory Auditor
For and on behalf of Waters & Atkinson
9 October 2024
Chartered Accountants
Statutory Auditor
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
F AND N ONE LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
78,016,050
75,694,359
Cost of sales
(67,195,772)
(65,291,434)
Gross profit
10,820,278
10,402,925
Administrative expenses
(11,979,160)
(9,897,013)
Other operating income
897,662
950,990
Operating (loss)/profit
4
(261,220)
1,456,902
Interest receivable and similar income
8
2,619,532
1,299,394
Interest payable and similar expenses
9
(538)
(528)
Amounts written off investments
10
(2,419,450)
(91,122)
(Loss)/profit before taxation
(61,676)
2,664,646
Tax on (loss)/profit
11
(375,456)
(660,136)
(Loss)/profit for the financial year
25
(437,132)
2,004,510
Retained earnings brought forward
75,922,254
73,917,744
Retained earnings carried forward
75,485,122
75,922,254
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
F AND N ONE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
£
£
(Loss)/profit for the year
(437,132)
2,004,510
Other comprehensive income
-
-
Total comprehensive income for the year
(437,132)
2,004,510
Total comprehensive income for the year is all attributable to the owners of the parent company.
F AND N ONE LIMITED
GROUP BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,249,133
7,590,503
Investment property
13
7,750,000
9,415,031
15,999,133
17,005,534
Current assets
Stocks
16
1,052,639
1,311,319
Debtors
17
9,431,724
9,978,267
Investments
18
18,249,074
18,916,072
Cash at bank and in hand
37,781,282
36,165,990
66,514,719
66,371,648
Creditors: amounts falling due within one year
19
(6,402,513)
(6,929,074)
Net current assets
60,112,206
59,442,574
Total assets less current liabilities
76,111,339
76,448,108
Provisions for liabilities
Deferred tax liability
21
624,098
523,734
(624,098)
(523,734)
Net assets
75,487,241
75,924,374
Capital and reserves
Called up share capital
23
1,920
1,920
Capital redemption reserve
24
200
200
Profit and loss reserves
25
75,485,121
75,922,254
Total equity
75,487,241
75,924,374
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
09 October 2024
Mr F Bird
Director
Company registration number 06744630 (England and Wales)
F AND N ONE LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
1,920
1,920
Capital and reserves
Called up share capital
23
1,920
1,920

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 £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
09 October 2024
Mr F Bird
Director
Company registration number 06744630 (England and Wales)
F AND N ONE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
31,236
1,997,473
Interest paid
(538)
(528)
Income taxes paid
(305,057)
(558,437)
Net cash (outflow)/inflow from operating activities
(274,359)
1,438,508
Investing activities
Purchase of tangible fixed assets
(1,224,937)
(240,987)
Proceeds on disposal of tangible fixed assets
96,727
61,700
Acquisition of investments
320,579
(56,846)
Movement in loans
485,751
(636,160)
Interest received
2,530,928
1,229,014
Dividends received
88,604
70,380
Net cash generated from investing activities
2,297,652
427,101
Financing activities
Reduction in investments
(2,073,031)
-
Net cash used in financing activities
(2,073,031)
-
Net (decrease)/increase in cash and cash equivalents
(49,738)
1,865,609
Cash and cash equivalents at beginning of year
36,165,990
34,300,382
Cash and cash equivalents at end of year
37,781,282
36,165,990
F AND N ONE LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
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
F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
1
Accounting policies
Company information

F and N One Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

 

The group consists of F and N One Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. 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 F and N One 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 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

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

1.3
Going concern

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

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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -

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
5% on cost and 2% on cost
Short leasehold
5% on cost and 2% on cost
Plant and equipment
10% on cost
Helicopter
Originally at 5% on cost however no longer depreciated as directors consider market value is in excess of book value and is likely to remain so
Motor vehicles
25% on cost and 20% on cost

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

1.6
Investment property

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

 

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.8
Impairment of fixed assets

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

1.9
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.10
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.

1.11
Financial instruments

The unlisted investments and loan included in current asset investments are basic financial instruments shown at cost.

F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
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.

1.14
Employee benefits

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

1.15
Retirement benefits

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

1.16
Leases

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

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

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.

Trade debtors

Trade and other debtors are recognised to the extent they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

Depreciation

Management have reviewed the asset lives and associated residual values of all tangible fixed asset classes and have concluded that asset lives and residual values are appropriate.

Accruals

At each balance sheet date, management undertake an assessment of the costs which have not yet been invoiced based upon their contractual arrangements and include appropriate provisions for these costs.

Stock

Estimates for provisions for slow moving or obsolete stock are made by management. The valuation of stock requires the application of judgement. These are based on assumptions and values and reflect historical experience and current trends.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
78,016,050
75,694,359
2024
2023
£
£
Other revenue
Interest income
2,530,928
1,229,014
Dividends received
88,604
70,380
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
451,904
449,241
Loss/(profit) on disposal of tangible fixed assets
17,676
(20,912)
Operating lease charges
500
500
F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
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
1,390
1,270
Audit of the financial statements of the company's subsidiaries
23,215
22,160
24,605
23,430
For other services
Taxation compliance services
3,500
3,500
Other taxation services
1,500
1,500
All other non-audit services
36,520
31,540
41,520
36,540
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
Directors
2
2
-
1
Office and managerial
17
18
-
-
Production and farm staff
202
199
-
-
Total
221
219
-
0
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
12,931,629
10,260,701
-
0
-
0
Social security costs
1,490,906
1,188,292
-
-
Pension costs
153,605
134,542
-
0
-
0
14,576,140
11,583,535
-
0
-
0
F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
6,002,527
4,071,282
Company pension contributions to defined contribution schemes
1,321
1,321
6,003,848
4,072,603
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
5,930,088
4,000,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,480,501
524,677
Other interest income
1,050,427
704,337
Total interest revenue
2,530,928
1,229,014
Other income from investments
Dividends received
88,604
70,380
Total income
2,619,532
1,299,394
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,480,501
524,677
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
244
Other finance costs:
Other interest
538
284
Total finance costs
538
528
F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
10
Amounts written off investments
2024
2023
£
£
Gain on disposal of current asset investments
51,633
40,084
Loss on disposal of current asset investments
(26,606)
(11,754)
Amounts written off investments
(2,073,031)
-
Other gains and losses
(371,446)
(119,452)
(2,419,450)
(91,122)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
402,872
523,656
Adjustments in respect of prior periods
(127,781)
28,624
Total current tax
275,091
552,280
Deferred tax
Origination and reversal of timing differences
100,365
107,856
Total tax charge
375,456
660,136

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

2024
2023
£
£
(Loss)/profit before taxation
(61,676)
2,664,646
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(15,419)
506,283
Tax effect of expenses that are not deductible in determining taxable profit
604,799
1,330
Tax effect of income not taxable in determining taxable profit
(20,565)
9,475
Gains not taxable
6,175
5,296
Adjustments in respect of prior years
(127,781)
28,624
Tax at marginal rate
(1,806)
-
0
Capital allowances in excess of depreciation
(158,436)
18,617
Deferred tax reduction
100,364
107,856
Franked investment income not subject to tax
1,072
(13,372)
Origination and reversal of timing differences
(12,947)
-
Asset disposal
-
(3,973)
Taxation charge
375,456
660,136
F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
12
Tangible fixed assets
Group
Freehold land and buildings
Short leasehold
Plant and equipment
Helicopter
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
7,235,643
2,793,321
9,145,712
635,646
2,647,955
22,458,277
Additions
-
0
-
0
696,857
-
0
528,080
1,224,937
Disposals
-
0
-
0
(432,672)
-
0
(145,434)
(578,106)
At 31 January 2024
7,235,643
2,793,321
9,409,897
635,646
3,030,601
23,105,108
Depreciation and impairment
At 1 February 2023
2,415,112
2,528,429
7,687,472
420,646
1,816,115
14,867,774
Depreciation charged in the year
92,728
8,738
173,375
-
0
177,063
451,904
Eliminated in respect of disposals
-
0
-
0
(339,584)
-
0
(124,119)
(463,703)
At 31 January 2024
2,507,840
2,537,167
7,521,263
420,646
1,869,059
14,855,975
Carrying amount
At 31 January 2024
4,727,803
256,154
1,888,634
215,000
1,161,542
8,249,133
At 31 January 2023
4,820,531
264,892
1,458,240
215,000
831,840
7,590,503
The company had no tangible fixed assets at 31 January 2024 or 31 January 2023.

Included in cost of land and buildings is freehold land of £1,709,742 which is not depreciated.

The leasehold property is rented by Balingour Limited from F and N Holdings Limited on renewable yearly leases. If the lease was terminated, Balingour Limited would be entitled to compensation determined by the Agricultural Holdings Act 1986, the Agriculture Act 1986 and any regulations for the calculation of the compensation being in force at the time. The likelihood of termination of the lease is however remote and therefore the leasehold property is being written off over its estimated useful life rather than over the period of the lease.

Plant and Machinery includes poultry processing plant purchased over twenty five years ago. This plant continues to be maintained in such a state of repair that any further provision for depreciation is not currently required. The net book value of this machinery is £120,000.

Included in freehold property are several residential properties with a total cost value of £946,191 on which no depreciation has been taken on the grounds that any depreciation charge and accumulated depreciation would be immaterial. The company intends to maintain and repair the properties to ensure impairment of these assets is unlikely.

F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 February 2023 and 31 January 2024
9,415,031
-
Net gains or losses through fair value adjustments
(1,665,031)
-
At 31 January 2024
7,750,000
-
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,920
1,920
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
1,920
Carrying amount
At 31 January 2024
1,920
At 31 January 2023
1,920
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
F and N Holdings Limited
United Kingdom
Ordinary
100.00
Frank Bird (Poultry) Limited
United Kingdom
Ordinary
0
Balingour Limited
United Kingdom
Ordinary
0
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,052,639
1,311,319
-
0
-
0
F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,964,462
6,218,744
-
0
-
0
Corporation tax recoverable
-
0
39,991
-
0
-
0
Other debtors
2,962,571
3,280,803
-
0
-
0
Prepayments and accrued income
504,691
438,729
-
0
-
0
9,431,724
9,978,267
-
-
18
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Listed investments
2,713,920
2,972,918
-
-
Unlisted investments
4,258,154
4,666,154
-
-
Loans
11,277,000
11,277,000
-
0
-
0
18,249,074
18,916,072
-
0
-
0
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
342,000
342,000
-
0
-
0
Trade creditors
4,300,066
5,919,185
-
0
-
0
Corporation tax payable
64,308
134,264
-
0
-
0
Other taxation and social security
294,811
280,103
-
-
Other creditors
243,801
-
0
-
0
-
0
Accruals and deferred income
1,157,527
253,522
-
0
-
0
6,402,513
6,929,074
-
0
-
0
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
342,000
342,000
-
0
-
0
Payable within one year
342,000
342,000
-
0
-
0

 

F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
624,098
523,734
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
523,734
-
Charge to profit or loss
100,364
-
Liability at 31 January 2024
624,098
-

The deferred tax provision relates to capital allowances in excess of depreciation.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
153,605
134,542

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.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
1,520
1,520
1,520
1,520
A2 Ordinary of £1 each
400
400
400
400
1,920
1,920
1,920
1,920
F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
24
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
200
200
-
0
-
0
25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
75,922,253
73,917,744
-
-
Profit/(loss) for the year
(437,132)
2,004,510
-
0
-
0
At the end of the year
75,485,121
75,922,254
-
0
-
26
Financial commitments, guarantees and contingent liabilities

Barclays Bank hold a £700,000 guarantee from Frank Bird (Poultry) Limited against the Paul Bird Motorsport Limited bank account and also retain a charge over the company's credit balances as an additional form of security.

27
Directors Advances, Credits and Guarantees

The directors current account is included within other debtors and relates to Frank Bird. During the year, this account was overdrawn to a maximum of £573,470 and interest was paid at the official rate. The total overdrawn amount at the year end was £159,107.

28
Related party transactions
Transactions with related parties

During the year, the group had the following year end intercompany loan balances, companies of which Mr F Bird is the controlling party, namely:

2024
2023
£
£
Group
F and N Properties
98,492
89,779
F and N Two
240,199
338,242
F and N Three
(243,801)
(52,728)
Other related parties
194,929
182,013

Other related parties is amounts owed from Paul Bird Motorsport Limited for expenses recharged during the year via the sales ledger. Management have confirmed that the outstanding balance will be paid following the year end.

F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
29
Related Party Disclosures

F and N Holdings Limited allows the company Paul Bird Motorsports Limited to use a workshop within its premises rent free. Paul Bird was the sole director and shareholder of this company and he was the son of Frank Bird, sole director of F and N Holdings.

Other debtors at note 17 includes an amount due from F and N Three, a company controlled by Frank Bird. No interest has been charged and this is payable on demand.

The loan shown in note 18 has been made to F and N Guernsey Limited, a company ultimately controlled by Frank Bird. This is likely to be a long term loan although it is repayable on demand in certain circumstances such as non payment of interest. Interest is payable at 2% over base rate. F and N Holdings have a charge over a property owned by F and N Guernsey Limited as security.

The loan shown in note 20 has been made by F and N Properties Limited, a company controlled by Frank Bird, to this company. No interest has been paid and the loan is repayable on demand.

30
Ultimate Controlling Party

F and N One Limited and the group are controlled by the Frank and Isabel Bird No. 1 Joint Settlement. This Trust is controlled by Frank Bird.

31
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(437,132)
2,004,510
Adjustments for:
Taxation charged
375,456
660,136
Finance costs
538
528
Investment income
(2,619,532)
(1,299,394)
Loss/(gain) on disposal of tangible fixed assets
17,676
(20,912)
Depreciation and impairment of tangible fixed assets
451,904
449,241
Gain on sale of investments
(51,633)
(40,084)
Other gains and losses
2,471,083
131,206
Movements in working capital:
Decrease/(increase) in stocks
258,680
(229,184)
Decrease/(increase) in debtors
20,801
(460,790)
(Decrease)/increase in creditors
(456,605)
802,216
Cash generated from operations
31,236
1,997,473
32
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
-
-
Cash absorbed by operations
-
-
F AND N ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
33
Analysis of changes in net funds - company
1 February 2023
31 January 2024
£
£
No movement in the year
34
Analysis of changes in net funds - group
1 February 2023
Cash flows
Other non-cash changes
31 January 2024
£
£
£
£
Cash at bank and in hand
36,165,990
1,615,292
-
37,781,282
Borrowings excluding overdrafts
(342,000)
2,073,031
(2,073,031)
(342,000)
35,823,990
3,688,323
(2,073,031)
37,439,282
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