JPR Group Holdings Limited
Annual report and Financial Statements
For the year ended 31 January 2024
JPR Group Holdings Limited
Company information
Directors
Mr J Moran
Mrs S Moran
Company number
12161688
Registered office
North Street
Stoke on Trent
Staffordshire
ST4 7SA
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
JPR Group Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
JPR Group Holdings Limited
Strategic report
For the year ended 31 January 2024
- 1 -

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

Review of the business

The Directors are pleased to report that the group generated an increase in turnover from £17,752,295 to £18,828,975 with subsequent after-tax profit levels of £1,305,806 for the 31st January 2024 year end.

 

The group enters a new financial year with a positive outlook and strong order book for the foreseeable future.

 

Raw material costs have stabilized, which has positively affected operating profit margins. There were no struggles with buying the appropriate materials and materials were delivered on time.

 

During the year, the group implemented internal infrastructure and recruitment measures in order to put it in a good shape for the year ahead. Senior management in the security department was transformed, which has resulted in a profit-making department as opposed to a loss-making in previous years.

 

Prompt payments were made to suppliers and HMRC.

 

The group maintains its commitment and implementation to apprentice training which is considered essential to future growth and prosperity.

Principal risks and uncertainties

Operating in the construction sector the group is exposed to protracted payment terms with customers and working capital management issues. The safety of the group's employees whilst on-site is a particular concern too.

 

The management of the group offset these risks by having strict credit terms with new customers and by developing strong relationships with customers to ensure contract terms are adhered to and problems are headed-off before they become significant. The health and safety of the workforce at construction sites is paramount to the group and our operational risk manager assesses all risks which the workforce may be exposed to before and during our onsite work.

 

Due to global economic conditions resulting in uncertainty in copper costs and fuel prices, the Directors will strive to ensure that these are closely monitored.

JPR Group Holdings Limited
Strategic report (continued)
For the year ended 31 January 2024
- 2 -
Key performance indicators

The directors assess the financial performance of the group by reviewing key financial benchmarks, namely, gross profit percentage, the level of net current assets and net cash.

 

Gross profit percentage is the measure of gross profit compared with turnover as a percentage and measures the group's ability to maintain a healthy contract price of services provided against managing costs of providing these services.

 

            2024        2023

Gross profit %        24.65%        14.43%

 

Net current assets is the measure of working capital in the business and demonstrates the group's ability to settle short-term debts and obligations as and when they fall due.

 

            2024        2023

Net current assets    £3,450,934    £2,632,903

 

Net cash is the total amount of cash held in the group less the amount of any structured debt. This measure shows the cash in the group in excess of any debt finance.

 

            2024        2023

Net cash        £1,661,905    £728,904

Financial statement risks

The financial instrument risks affecting the group relate to cashflow risk, credit risk and liquidity risk.

 

Cashflow risk is the risk that sufficient levels of cash do not flow into the group to allow working capital requirements to be met in a timely manner. The management of the timing of cash inflows and cash outflows is achieved with the close involvement of management with customer and supplier relationships. Management also reviews financial information on a regular basis to determine whether further measures are needed to ensure sufficient cash inflows to the business.

 

Credit risk is the risk that the group will not receive full settlement on amounts due from customers. This risk is managed through continually monitored credit procedures including having regular dialogue with customers during the conduct of the business.

 

Liquidity risk is the risk that the group will not have sufficient funds to carry out its short and longer- term objectives. Historically, the group has managed its funding requirements through the retention of cash arising from its operating activities without the need to raise cash through debt finance.

Future developments

The group has a strong order book for the current trading year. However the Directors are conscious of global economic certainties in particular fuel and energy prices and the effects that these will have on the UK economy.

On behalf of the board

Mr J Moran
Director
3 October 2024
JPR Group Holdings Limited
Directors' report
For the year ended 31 January 2024
- 3 -

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

Principal activities

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

 

The principal activity of the group continued to be that of mechanical, electrical, data services, CCTV and security and maintenance engineers.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £324,827 (2023 - £306,000). 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 J Moran
Mrs S Moran
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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.true

JPR Group Holdings Limited
Directors' report (continued)
For the year ended 31 January 2024
- 4 -
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J Moran
Director
3 October 2024
JPR Group Holdings Limited
Independent auditor's report
To the members of JPR Group Holdings Limited
- 5 -
Opinion

We have audited the financial statements of JPR Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

JPR Group Holdings Limited
Independent auditor's report (continued)
To the members of JPR Group Holdings Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

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.

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:

 

JPR Group Holdings Limited
Independent auditor's report (continued)
To the members of JPR Group Holdings Limited
- 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:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

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.

Stacey Parr FCCA (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited
3 October 2024
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
JPR Group Holdings Limited
Group statement of comprehensive income
For the year ended 31 January 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
18,828,975
17,752,295
Cost of sales
(14,186,794)
(15,191,147)
Gross profit
4,642,181
2,561,148
Administrative expenses
(2,817,388)
(2,220,677)
Other operating income
3,000
-
Operating profit
4
1,827,793
340,471
Interest receivable and similar income
5,836
1,982
Interest payable and similar expenses
8
(15,438)
(17,520)
Profit before taxation
1,818,191
324,933
Tax on profit
9
(512,385)
(63,291)
Profit for the financial year
24
1,305,806
261,642
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
JPR Group Holdings Limited
Group statement of financial position
As at 31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
42,817
42,984
Tangible assets
12
191,021
139,656
233,838
182,640
Current assets
Stocks
15
6,000
6,000
Debtors
16
4,758,225
3,806,358
Cash at bank and in hand
1,661,905
1,069,484
6,426,130
4,881,842
Creditors: amounts falling due within one year
17
(2,975,196)
(2,248,939)
Net current assets
3,450,934
2,632,903
Total assets less current liabilities
3,684,772
2,815,543
Creditors: amounts falling due after more than one year
18
-
(136,232)
Provisions for liabilities
Deferred tax liability
20
58,459
33,977
(58,459)
(33,977)
Net assets
3,626,313
2,645,334
Capital and reserves
Called up share capital
22
255
255
Capital redemption reserve
23
510
510
Profit and loss reserves
24
3,625,548
2,644,569
Total equity
3,626,313
2,645,334

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 3 October 2024 and are signed on its behalf by:
03 October 2024
Mr J Moran
Director
Company registration number 12161688 (England and Wales)
JPR Group Holdings Limited
Company statement of financial position
As at 31 January 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
255
255
Current assets
Debtors
16
250,326
276,427
Cash at bank and in hand
407,395
375,929
657,721
652,356
Creditors: amounts falling due within one year
17
(5,144)
(339)
Net current assets
652,577
652,017
Net assets
652,832
652,272
Capital and reserves
Called up share capital
22
255
255
Profit and loss reserves
24
652,577
652,017
Total equity
652,832
652,272

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 £325,387 (2023 - £307,442 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 3 October 2024 and are signed on its behalf by:
03 October 2024
Mr J Moran
Director
Company registration number 12161688 (England and Wales)
JPR Group Holdings Limited
Group statement of changes in equity
For the year ended 31 January 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
255
510
2,688,927
2,689,692
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
261,642
261,642
Dividends
10
-
-
(306,000)
(306,000)
Balance at 31 January 2023
255
510
2,644,569
2,645,334
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
1,305,806
1,305,806
Dividends
10
-
-
(324,827)
(324,827)
Balance at 31 January 2024
255
510
3,625,548
3,626,313
JPR Group Holdings Limited
Company statement of changes in equity
For the year ended 31 January 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
255
650,575
650,830
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
307,442
307,442
Dividends
10
-
(306,000)
(306,000)
Balance at 31 January 2023
255
652,017
652,272
Year ended 31 January 2024:
Profit and total comprehensive income
-
325,387
325,387
Dividends
10
-
(324,827)
(324,827)
Balance at 31 January 2024
255
652,577
652,832
JPR Group Holdings 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/(absorbed by) operations
31
1,505,214
(66,856)
Interest paid
(15,438)
(17,520)
Income taxes paid
(115,925)
(257,064)
Net cash inflow/(outflow) from operating activities
1,373,851
(341,440)
Investing activities
Purchase of intangible assets
(13,224)
(53,730)
Purchase of tangible fixed assets
(123,710)
(72,720)
Proceeds from disposal of tangible fixed assets
15,075
24,050
Interest received
5,836
1,982
Net cash used in investing activities
(116,023)
(100,418)
Financing activities
Amounts introduced by directors
-
306,000
Amounts withdrawn by directors
-
(307,891)
Repayment of bank loans
(340,580)
(126,087)
Dividends paid to equity shareholders
(324,827)
(306,000)
Net cash used in financing activities
(665,407)
(433,978)
Net increase/(decrease) in cash and cash equivalents
592,421
(875,836)
Cash and cash equivalents at beginning of year
1,069,484
1,945,320
Cash and cash equivalents at end of year
1,661,905
1,069,484
JPR Group Holdings Limited
Notes to the group financial statements
For the year ended 31 January 2024
- 14 -
1
Accounting policies
Company information

JPR Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is North Street, Stoke on Trent, Staffordshire, ST4 7SA.

 

The group consists of JPR Group Holdings 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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

Related party exemption

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.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company JPR Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

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.

 

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
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.

1.5
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 16 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

Where the outcome of a long-term contract can be estimated reliably, revenue costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. Amounts recoverable are included in debtors and are valued, inclusive of profit, at work executed at contract price plus variances.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Any work invoiced in advance of the work being complete s recorded in creditors.

 

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

 

Contracts are valued based on managements judgment and the profit margin each individual contract is expected to attain.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
20% straight line
1.7
Tangible fixed assets

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

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

Plant and equipment
33% straight line
Fixtures and fittings
20% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

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

JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Fixed asset investments

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

 

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

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

1.9
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).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and cash at bank.

1.12
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position 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.

JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 18 -
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.

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 and loans from fellow group companies 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.

1.13
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.

1.14
Taxation

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

JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.16
Retirement benefits

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

1.17
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.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
- 20 -
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.

Valuation of contracts

Management review each construction contract ongoing at the year end in order to obtain an accurate valuation of the work completed to date and therefore any profits or losses on contract to recognise. Management recognise profits on contracts once the outcome can be measured with reasonable certainty. Management will review the level of work completed and the costs incurred on each individual contract at the year end and estimate the profit margin that the company expects to make on each contract. The contract valuation will be adjusted based on this, with any increases in valuations of contracts being recorded in debtors and any reductions in valuations of contracts being recorded in creditors. Any anticipated future losses are provided for in full. Uncertainties in the valuation of individual contracts relate to the actual value of work to be completed on the contracts and therefore the actual profit expected to be made each contract.

Critical judgements in applying the Company's accounting policies

 

In the directors' opinion there are no critical judgements that they have made in applying the company's accounting policies and that have had a significant effect on the amounts recognised in the financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Mechanical and electrical engineering work
18,828,975
17,752,295
2024
2023
£
£
Other revenue
Interest income
5,836
1,982
Grants received
3,000
-
JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(3,000)
-
Depreciation of owned tangible fixed assets
66,103
53,074
Profit on disposal of tangible fixed assets
(8,833)
(6,178)
Amortisation of intangible assets
13,391
10,746
Operating lease charges
95,130
288,412
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
2,500
-
Audit of the financial statements of the company's subsidiaries
15,000
18,770
17,500
18,770
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
Operatives
92
86
-
-
Management
29
28
-
-
Directors
2
2
-
-
Total
123
116
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,043,933
4,767,818
-
0
-
0
Social security costs
463,497
450,472
-
-
Pension costs
227,281
140,367
-
0
-
0
5,734,711
5,358,657
-
0
-
0
JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
27,816
22,793
Company pension contributions to defined contribution schemes
103,000
24,000
130,816
46,793

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
6,768
17,520
Other interest
8,670
-
Total finance costs
15,438
17,520
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
424,109
52,131
Adjustments in respect of prior periods
63,794
1
Total current tax
487,903
52,132
Deferred tax
Origination and reversal of timing differences
24,482
11,159
Total tax charge
512,385
63,291
JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
9
Taxation
(Continued)
- 23 -

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
1,818,191
324,933
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
454,548
61,737
Tax effect of expenses that are not deductible in determining taxable profit
1,057
1,858
Effect of change in corporation tax rate
(5,470)
-
Under/(over) provided in prior years
63,794
-
0
Capital allowances in excess of capital allowances
-
0
(11,463)
Changes in provision
-
0
11,159
Deferred tax adjustments in respect of current year
(1,544)
-
0
Taxation charge
512,385
63,291
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
324,827
306,000
11
Intangible fixed assets
Group
Software
£
Cost
At 1 February 2023
53,730
Additions
13,224
At 31 January 2024
66,954
Amortisation and impairment
At 1 February 2023
10,746
Amortisation charged for the year
13,391
At 31 January 2024
24,137
JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
11
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 31 January 2024
42,817
At 31 January 2023
42,984
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
220,787
46,775
53,712
475,439
796,713
Additions
-
0
-
0
-
0
123,710
123,710
Disposals
-
0
-
0
-
0
(53,919)
(53,919)
At 31 January 2024
220,787
46,775
53,712
545,230
866,504
Depreciation and impairment
At 1 February 2023
213,476
27,969
53,710
361,902
657,057
Depreciation charged in the year
5,012
4,143
-
0
56,948
66,103
Eliminated in respect of disposals
-
0
-
0
-
0
(47,677)
(47,677)
At 31 January 2024
218,488
32,112
53,710
371,173
675,483
Carrying amount
At 31 January 2024
2,299
14,663
2
174,057
191,021
At 31 January 2023
7,311
18,806
2
113,537
139,656
The company had no tangible fixed assets at 31 January 2024 or 31 January 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
255
255
JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
255
Carrying amount
At 31 January 2024
255
At 31 January 2023
255
14
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
JPR Mechanical and Electrical Services Limited
North Street, Stoke On Trent, Staffordshire, ST4 7SA
Mechanical and electrical engineers
Ordinary C & D Shares
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,000
6,000
-
0
-
0
JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
- 26 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,765,531
2,488,410
-
0
-
0
Gross amounts owed by contract customers
1,410,852
1,172,030
-
0
-
0
Amounts owed by group undertakings
-
-
250,326
275,499
Other debtors
97,981
82,915
-
0
928
Prepayments and accrued income
306,929
63,003
-
0
-
0
4,581,293
3,806,358
250,326
276,427
Amounts falling due after more than one year:
Trade debtors
176,932
-
0
-
0
-
0
Total debtors
4,758,225
3,806,358
250,326
276,427
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
-
0
204,348
-
0
-
0
Trade creditors
1,321,071
1,071,157
-
0
-
0
Corporation tax payable
424,109
52,131
131
339
Other taxation and social security
131,254
230,763
-
-
Other creditors
71,781
57,260
-
0
-
0
Accruals and deferred income
1,026,981
633,280
5,013
-
0
2,975,196
2,248,939
5,144
339
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
136,232
-
0
-
0
JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
- 27 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
340,580
-
0
-
0
Payable within one year
-
0
204,348
-
0
-
0
Payable after one year
-
0
136,232
-
0
-
0

The Bank loans were secured by fixed and floating charges over the assets of the group.

20
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
58,459
34,701
Other timing differences
-
(724)
58,459
33,977
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
33,977
-
Charge to profit or loss
24,482
-
Liability at 31 January 2024
58,459
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
227,281
140,367
JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
21
Retirement benefit schemes
(Continued)
- 28 -

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.

 

At the period end the creditor was £25 (2023 - £3,809).

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary C of £1 each
153
153
153
153
Ordinary D of £1 each
102
102
102
102
255
255
255
255

Each ordinary share has full voting rights, full dividend rights and the right to participate in distributions on winding up.

23
Capital redemption reserve

Capital redemption reserve is made up of the share capital that has been repurchased by the company.

24
Profit and loss reserves

Profit and loss reserves are made up of accumulated profits less accumulated losses and distributions to shareholders.

25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
69,820
71,423
-
-
Between two and five years
50,966
-
-
-
120,786
71,423
-
-
26
Events after the reporting date

After the year end, an interest free loan was issued to the directors totalling £600k. The loan is expected to be repaid within 12 months.

JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
- 29 -
27
Related party transactions
Transactions with related parties

Pension scheme

During the year, the group paid rent of £60,500 (2023 - £38,759) to a pension scheme under common control.

 

Transactions with directors

During the year, dividends have been paid to directors totalling £324,827 (2023 - £306,000).

 

Key management personnel

During the year, a total of key management personnel compensation of £295,294 (2023 - £341,193) was paid.

28
Directors' transactions

The advance is unsecured, repayable on demand and interest is charged at HMRC's official rate of interest per annum, where the balance exceeds £10,000.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors loan account - J Moran
2.25
928
(928)
-
928
(928)
-
29
Controlling party

The controlling party is J Moran.

30
Prior period adjustment

A prior period error was noted regarding the classification of amounts recoverable on contracts which were incorrectly classified as trade debtors and prepayments. As such, amounts recoverable on contracts have increased by £1,172,030 and trade debtors and prepayments have decreased by £872,469 and £299,561 respectively. The reclassification has had no impact on profit or net assets.

JPR Group Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2024
- 30 -
31
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
1,305,806
261,642
Adjustments for:
Taxation charged
512,385
63,291
Finance costs
15,438
17,520
Investment income
(5,836)
(1,982)
Gain on disposal of tangible fixed assets
(8,833)
(6,178)
Amortisation and impairment of intangible assets
13,391
10,746
Depreciation and impairment of tangible fixed assets
66,103
53,074
Movements in working capital:
(Increase)/decrease in debtors
(951,867)
57,799
Increase/(decrease) in creditors
558,627
(522,768)
Cash generated from/(absorbed by) operations
1,505,214
(66,856)
32
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
1,069,484
592,421
1,661,905
Borrowings excluding overdrafts
(340,580)
340,580
-
728,904
933,001
1,661,905
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.200Mr J MoranMrs S 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