MARKETGLEN LIMITED
Company registration number 01879392 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
MARKETGLEN LIMITED
COMPANY INFORMATION
Directors
Mr T J Dunning
Mr B D Bisiker
Mr A J Rosser
Mr W J Garfield Bennett
Ms H R Bisiker
Secretary
Mrs S A Bisiker
Company number
01879392
Registered office
Lake Vyrnwy Hotel
Llanwddyn
Oswestry
Powys
SY10 0LY
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
MARKETGLEN LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 30
MARKETGLEN 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
Marketglen Limited is the operator of the Lake Vyrnwy Hotel and Spa, a four-star independent Hotel located in the beautiful Vyrnwy Valley in Wales. The Hotel offers full-service facilities in 52 rooms together with fine lunching and dining adapted to modern tastes in its Tower Restaurant together with a comfortable but separate tavern with craft beers and a great view on site.
A luxurious Spa offers guests the opportunity to relax in comfort while enjoying one of Wales and the UK's most iconic views and the Hotel can also arrange diverse local activities for guests in the surrounding area while importantly providing a welcoming place for them to return to over their stay or in many cases over a future stay.
Conference and banqueting facilities offer opportunities for mid-week corporate orientated trade and are also designed to provide flexible and private venues for weddings and private parties from the locality and further afield.
The Board regards the Hotel's marketing and promotion in a crowded marketplace as a key strength taking advantage of its unmatched location and range of services on offer and a number of sympathetic but ambitious development options are currently under consideration by the board.
During the financial year under review, the business has, largely shrugged off the post Covid staffing challenges which has allowed a return to pre pandemic levels of occupancy with strong transactional rates supported by the Covid “staycation boom” which continued through much of the year”.
In common with wider industry, increased inflationary pressure on cost of sales (especially food) challenged GP margins. An above-inflation national living wage increase put pressure on operational wage costs, although the business was able to partially mitigate the impact by redevelopment of more cost effective product and a range of tactical selling price rises.
Inflationary pressure on overheads continued through the year the cost of utilities being a specific burden.
The result was a £36,616 loss before tax and exchange adjustments on dollar loans from its shareholders, compared with a loss before tax and foreign exchange of £60,478 last year. This represents a significant improvement in results from a loss before tax in the year ended 31 January 2023. This is largely due to a 15% increase in turnover from £3,717,365 last year to £4,271,836 this year together with careful cost control and margin management.
MARKETGLEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Principal risks and uncertainties
As noted above, the Hotel's staff are focussed on marketing and enhancing the business' offer to regular and potential guests as a core part of their routine, this reduces the principal risk of competing businesses attracting potential customers.
With the Covid staycation boom now recognised as being over, (evidenced by the short haul mini break market fully recovering to pre pandemic levels), the ongoing cost of living crisis and the continuing, wider economic continue to potentially challenge.
The continued and significant increase in the non-regulated holiday accommodation sector (AIRBNB et al) may result in an oversupply of hospitality product and there is a perception that the marketplace may soften. Continuing class leading occupancies allied with strong transaction rates give comfort that the business will continue to perform well against this backdrop.
Whilst Wales’s government is still focussed on the value of the hospitality sector to the Welsh economy, recent legislation to change the status of some holiday home accommodation and in some areas the creation of a more punitive rating structure for holiday home accommodation will continue to be a potential disrupter in the Wales holiday market. This will be resolved over time and the board feel that the hotel in its present form will remain resistant to these challenges.
Staff recruitment and training form a major part of the management effort as staff engagement with guests is so central to a high-quality stay for many people. In common with much of the hospitality industry the business has experienced some continued recruitment challenges, but these have been managed and the staff accommodation infrastructure provides an advantage over many industry competitors. A large proportion of staff live on site, offering security of employment and easier training opportunities in many cases.
Potential future risks and uncertainties
Along with much of the Hospitality industry the principal challenges for the business are anticipated to be the recruitment and training of staff and the potential effects on pricing and profitability of energy and food and beverage cost inflation. So far, this challenge has been navigated successfully, but emphasis on cost and resource control has become increasingly important to the management team alongside improving and fine-tuning the visitor experience.
Development and performance
The Hotel is very conscious of the need to constantly improve and enhance its offering to guests who are more aware than ever before of the alternatives offered by competing businesses. Improving the guest experience is central to the strategic management of the business and everything from the quality of the food on the menus to the brands offered in the Spa and the range and quality of the bedrooms is regularly and formally discussed and actioned if improvement is needed by both staff and managers whose views are very carefully considered by the Board. Investment in developing IT and other business generation techniques continue to bring returns.
Future developments
The Hotel’s beautiful and unique setting and the wider local area jointly offer a huge number of opportunities to both widen and enhance the visitor experience. There is ready space within the Hotel’s site which with appropriate consents could offer expansion of room numbers and linked facilities.
Key performance indicators
The Hotel regards both turnover and gross margin after wage costs as key performance indicators, these were as follows in the years ended 31st January:
2024 2023
Sales (£'000s) £4,272 £3,717
GM (£'000s) £1,802 £1,593
GM% 42.17% 42.86%
MARKETGLEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Other performance indicators
In 2023/24 turnover grew by 15% year over year as the business fully recovered from the challenges of the pandemic, helped in part by the continuing staycation trend. The exceptional occupancy of over 80% year around underpins the continued popularity of the hotel giving comfort for the future.
Renegotiation of key overheads and costs, the lowering of inflationary pressure through early 2023/24 with the expected lowering of interest rates, assisted by a range of operational adjustments to improve margin, especially in the F&B department will further assist the return to full profitability.
Mr B D Bisiker
Director
11 September 2024
MARKETGLEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 January 2024.
Principal activities
The principal activity of the company and group continued to be that of a hotel with sporting facilities and spa.
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.
No preference dividends were paid. The directors do not recommend payment of a final 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 T J Dunning
Mr B D Bisiker
Mr A J Rosser
Mr W J Garfield Bennett
Ms H R Bisiker
Disclosures in the Strategic Report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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. It has done so in respect review of business, principal risks and uncertainties and future developments.
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 B D Bisiker
Director
11 September 2024
MARKETGLEN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
MARKETGLEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARKETGLEN LIMITED
- 6 -
Opinion
We have audited the financial statements of Marketglen Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MARKETGLEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARKETGLEN LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
MARKETGLEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARKETGLEN LIMITED
- 8 -
Irregularities, including fraud, and 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including; the Companies Act 2006, UK tax legislation, Food Safety and Health and Safety regulations. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management for their awareness of non-compliance, reviewing their board minutes and incident reports covering the financial year and post year end.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We did not identify any key audit matters relating to irregularities, including fraud.
As in all our audits, we also addressed the risk of management override of internal controls, including testing the appropriateness of journal entries, reviewing the judgments involved with accounting estimates, performed analytical procedures to identify any unusual or unexpected relationships and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
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 Lea FCA (Senior Statutory Auditor)
For and on behalf of Dyke Yaxley Limited
16 September 2024
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
MARKETGLEN LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
4,271,836
3,717,365
Cost of sales
(2,470,214)
(2,123,928)
Gross profit
1,801,622
1,593,437
Administrative expenses
(1,720,302)
(1,718,003)
Other operating income
4,114
4,429
Operating profit/(loss)
4
85,434
(120,137)
Interest payable and similar expenses
8
(75,850)
(48,437)
Profit/(loss) before taxation
9,584
(168,574)
Tax on profit/(loss)
9
4,870
7,212
Profit/(loss) for the financial year
21
14,454
(161,362)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
MARKETGLEN LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
£
£
Profit/(loss) for the year
14,454
(161,362)
Other comprehensive income
-
-
Total comprehensive income for the year
14,454
(161,362)
Total comprehensive income for the year is all attributable to the owners of the parent company.
MARKETGLEN LIMITED
GROUP BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,320,607
5,335,639
Current assets
Stocks
13
59,055
53,599
Debtors
14
38,357
51,190
Cash at bank and in hand
454,582
530,770
551,994
635,559
Creditors: amounts falling due within one year
15
(2,052,297)
(2,101,227)
Net current liabilities
(1,500,303)
(1,465,668)
Total assets less current liabilities
3,820,304
3,869,971
Creditors: amounts falling due after more than one year
16
(886,611)
(945,862)
Provisions for liabilities
Deferred tax liability
18
29,758
34,628
(29,758)
(34,628)
Net assets
2,903,935
2,889,481
Capital and reserves
Called up share capital
20
1,494,248
1,494,248
Profit and loss reserves
21
1,409,687
1,395,233
Total equity
2,903,935
2,889,481
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 11 September 2024 and are signed on its behalf by:
11 September 2024
Mr B D Bisiker
Director
Company registration number 01879392 (England and Wales)
MARKETGLEN LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,320,607
5,335,639
Investments
11
1
1
5,320,608
5,335,640
Current assets
Stocks
13
59,055
53,599
Debtors
14
38,357
51,190
Cash at bank and in hand
453,892
530,580
551,304
635,369
Creditors: amounts falling due within one year
15
(1,866,285)
(1,919,623)
Net current liabilities
(1,314,981)
(1,284,254)
Total assets less current liabilities
4,005,627
4,051,386
Creditors: amounts falling due after more than one year
16
(886,611)
(945,862)
Provisions for liabilities
Deferred tax liability
18
29,758
34,628
(29,758)
(34,628)
Net assets
3,089,258
3,070,896
Capital and reserves
Called up share capital
20
1,494,248
1,494,248
Profit and loss reserves
21
1,595,010
1,576,648
Total equity
3,089,258
3,070,896
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 £18,362 (2023 - £120,682 loss).
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 11 September 2024 and are signed on its behalf by:
11 September 2024
Mr B D Bisiker
Director
Company registration number 01879392 (England and Wales)
MARKETGLEN LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
1,494,248
1,556,595
3,050,843
Year ended 31 January 2023:
Loss and total comprehensive income
-
(161,362)
(161,362)
Balance at 31 January 2023
1,494,248
1,395,233
2,889,481
Year ended 31 January 2024:
Profit and total comprehensive income
-
14,454
14,454
Balance at 31 January 2024
1,494,248
1,409,687
2,903,935
MARKETGLEN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
1,494,248
1,697,330
3,191,578
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
(120,682)
(120,682)
Balance at 31 January 2023
1,494,248
1,576,648
3,070,896
Year ended 31 January 2024:
Profit and total comprehensive income
-
18,362
18,362
Balance at 31 January 2024
1,494,248
1,595,010
3,089,258
MARKETGLEN LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
170,992
36,402
Interest paid
(75,850)
(48,437)
Net cash inflow/(outflow) from operating activities
95,142
(12,035)
Investing activities
Purchase of tangible fixed assets
(59,799)
(85,810)
Proceeds from disposal of tangible fixed assets
-
6,749
Net cash used in investing activities
(59,799)
(79,061)
Financing activities
Proceeds from borrowings
-
129,197
Repayment of borrowings
(30,283)
-
Repayment of bank loans
(81,248)
(76,124)
Payment of finance leases obligations
-
(9,505)
Net cash (used in)/generated from financing activities
(111,531)
43,568
Net decrease in cash and cash equivalents
(76,188)
(47,528)
Cash and cash equivalents at beginning of year
530,770
578,298
Cash and cash equivalents at end of year
454,582
530,770
MARKETGLEN LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
176,141
74,159
Interest paid
(75,850)
(44,850)
Net cash inflow from operating activities
100,291
29,309
Investing activities
Purchase of tangible fixed assets
(59,799)
(85,810)
Proceeds from disposal of tangible fixed assets
6,749
Net cash used in investing activities
(59,799)
(79,061)
Financing activities
Proceeds from borrowings
87,663
Repayment of borrowings
(35,932)
-
Repayment of bank loans
(81,248)
(76,124)
Payment of finance leases obligations
-
(9,505)
Net cash (used in)/generated from financing activities
(117,180)
2,034
Net decrease in cash and cash equivalents
(76,688)
(47,718)
Cash and cash equivalents at beginning of year
530,580
578,298
Cash and cash equivalents at end of year
453,892
530,580
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
1
Accounting policies
Company information
Marketglen Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Lake Vyrnwy Hotel, Llanwddyn, Oswestry, Powys, SY10 0LY.
The group consists of Marketglen 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
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.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Marketglen 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.
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.
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
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 the goods have passed to the guest (usually on delivery of food and beverages), the amount of revenue can be measured reliably being the price the items are purchased and it is probable that the economic benefits associated with the transaction will flow to the entity.
Revenue from the sale of goods is recognised when the significant risks and rewards of the goods have passed to the guest (usually on delivery of food and beverages), the amount of revenue can be measured reliably being the price the items are purchased and it is probable that the economic benefits associated with the transaction will flow to the entity.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line basis
Leasehold land and buildings
Not depreciated
Plant and equipment
10% straight line basis
Fixtures and fittings
10% / 20% staight line basis
Motor vehicles
25% reducing balance basis
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.
The leasehold property consists of the hotel premises which undergoes a continual maintenance program which the directors believe maintains the property in such a state that the residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews to ensure that the carrying value is not higher than the recoverable amount.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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 group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
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.
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.
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.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Accomodation
1,806,392
1,657,239
Food and drink
1,973,953
1,635,482
Spa
237,994
170,714
Misc
253,497
253,930
4,271,836
3,717,365
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
3
Turnover
(Continued)
- 21 -
2024
2023
£
£
Turnover analysed by geographical market
UK
4,271,836
3,717,365
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange (gains)/losses
(46,200)
108,097
Depreciation of owned tangible fixed assets
59,272
58,707
Loss on disposal of tangible fixed assets
15,559
2,830
Operating lease charges
25,487
25,906
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
8,000
6,000
For other services
All other non-audit services
3,500
4,887
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
Hotel staff
71
71
71
71
Administration
10
8
10
8
Total
81
79
81
79
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,681,145
1,551,660
1,678,595
1,549,335
Social security costs
115,125
117,068
115,125
117,068
Pension costs
48,248
46,866
48,248
46,866
1,844,518
1,715,594
1,841,968
1,713,269
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
104,128
97,182
Company pension contributions to defined contribution schemes
26,514
26,133
130,642
123,315
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
75,850
44,646
Other interest on financial liabilities
-
3,587
75,850
48,233
Other finance costs:
Interest on finance leases and hire purchase contracts
-
204
Total finance costs
75,850
48,437
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(4,870)
(7,212)
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Taxation
(Continued)
- 23 -
The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
9,584
(168,574)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
1,821
(32,029)
Tax effect of expenses that are not deductible in determining taxable profit
15,739
24,042
Tax effect of utilisation of tax losses not previously recognised
(5,616)
23,117
Unutilised tax losses carried forward
742
7,729
Change in unrecognised deferred tax assets
(4,870)
(7,212)
Permanent capital allowances in excess of depreciation
(12,713)
(22,859)
Other permanent differences
27
Taxation credit
(4,870)
(7,212)
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
55,000
5,043,003
922,089
1,012,808
185,283
7,218,183
Additions
28,280
31,519
59,799
Disposals
(38,579)
(12,752)
(1,500)
(52,831)
At 31 January 2024
55,000
5,043,003
911,790
1,031,575
183,783
7,225,151
Depreciation and impairment
At 1 February 2023
21,250
794,912
901,630
164,752
1,882,544
Depreciation charged in the year
1,100
21,487
31,552
5,133
59,272
Eliminated in respect of disposals
(23,293)
(12,746)
(1,233)
(37,272)
At 31 January 2024
22,350
793,106
920,436
168,652
1,904,544
Carrying amount
At 31 January 2024
32,650
5,043,003
118,684
111,139
15,131
5,320,607
At 31 January 2023
33,750
5,043,003
127,177
111,178
20,531
5,335,639
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Tangible fixed assets
(Continued)
- 24 -
Company
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
55,000
5,043,003
922,089
1,012,808
185,283
7,218,183
Additions
28,280
31,519
59,799
Disposals
(38,579)
(12,752)
(1,500)
(52,831)
At 31 January 2024
55,000
5,043,003
911,790
1,031,575
183,783
7,225,151
Depreciation and impairment
At 1 February 2023
21,250
794,912
901,630
164,752
1,882,544
Depreciation charged in the year
1,100
21,487
31,552
5,133
59,272
Eliminated in respect of disposals
(23,293)
(12,746)
(1,233)
(37,272)
At 31 January 2024
22,350
793,106
920,436
168,652
1,904,544
Carrying amount
At 31 January 2024
32,650
5,043,003
118,684
111,139
15,131
5,320,607
At 31 January 2023
33,750
5,043,003
127,177
111,178
20,531
5,335,639
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
1
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
1
Carrying amount
At 31 January 2024
1
At 31 January 2023
1
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
12
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
Wayfarer Limited
First Floor, Durell House, 28 New Street, St Helier, Jersey, JE2 3RA
Ordinary
100.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
59,055
53,599
59,055
53,599
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
19,667
34,015
19,667
34,015
Other debtors
4,083
5,048
4,083
5,048
Prepayments and accrued income
14,607
12,127
14,607
12,127
38,357
51,190
38,357
51,190
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
82,142
104,139
82,142
104,139
Other borrowings
17
1,218,421
1,248,704
1,032,787
1,068,719
Trade creditors
154,849
134,142
154,471
132,523
Other taxation and social security
147,459
145,364
147,459
145,364
Other creditors
10,834
11,673
10,834
11,673
Accruals and deferred income
438,592
457,205
438,592
457,205
2,052,297
2,101,227
1,866,285
1,919,623
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
886,611
945,862
886,611
945,862
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
968,753
1,050,001
968,753
1,050,001
Loans from group undertakings
1
1
23,601
24,601
Loans from related parties
1,218,420
1,248,703
1,009,186
1,044,118
2,187,174
2,298,705
2,001,540
2,118,720
Payable within one year
1,300,563
1,352,843
1,114,929
1,172,858
Payable after one year
886,611
945,862
886,611
945,862
The overdraft and loans are secured by fixed charges over the property and land of the Lake Vyrnwy Hotel, which is owned by Wayfarer Limited - a company controlled by G B Trustees Limited as a trustee of the Byfleet Trust.
There is a limited guaranteed provided by Secretary of State for the Department for Business, Energy and Industrial Strategy.
18
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
126,908
128,897
Tax losses
(211,274)
(208,393)
Revaluations
114,124
114,124
29,758
34,628
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
126,908
128,897
Tax losses
(211,274)
(208,393)
Revaluations
114,124
114,124
29,758
34,628
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
18
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
34,628
34,628
Credit to profit or loss
(4,870)
(4,870)
Liability at 31 January 2024
29,758
29,758
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,248
46,866
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.
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable Preference shares of £1 each
1,494,245
1,494,245
1,494,245
1,494,245
Preference shares classified as equity
1,494,245
1,494,245
Total equity share capital
1,494,248
1,494,248
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
20
Share capital
(Continued)
- 28 -
The ordinary shares have attached to them a right to vote, a right to participate in dividends and the right to participate in a distribution on a wind up. They do not confer any rights of redemption.
The preference shares are redeemable by the company at par on 31 January 1995. Redeemable preference shareholders have the right to participate in a distribution on a wind up in priority to those paid up on ordinary shares. They have the right to attend and vote at general meeting of the company only in one of the following events:
a) if any resolution for winding up shall be proposed and then only on such resolution or;
b) if the redemption date has passed without full redemption of the shares at the time
Redeemable preference shares can be converted to ordinary shares at any time at the option of the preference shares.
21
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
1,395,233
1,556,595
1,576,648
1,697,330
Profit/(loss) for the year
14,454
(161,362)
18,362
(120,682)
At the end of the year
1,409,687
1,395,233
1,595,010
1,576,648
Included within the Profit and Loss Reserve is a Revaluation Reserve of £649,814 (2023 :£649,814)
22
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
-
4,637
-
4,637
-
4,637
-
4,637
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
23
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Company
Entities with control, joint control or significant influence over the company
1,009,186
1,044,120
Entities over which the company has control, joint control or significant influence
23,600
24,600
There is an interest free loan of £271,597 (2023: £280,999) outstanding to Grampian Company Limited a company that owns 21.8% of the company's share capital. There is also an interest free loan from Wintergreen Energy Corporation of £737,589 (2023: £763,121). Finally, there is also an interest free loan from Byfleet Trust £85,902 (2023: £90,954) and from Wintergreen Energy Corporation £123,331 (2023: £113,631).
24
Controlling party
The ultimate controlling party, as Trustee of the Byfleet Trust, is G BTrustees Limited, a company incorporated in Jersey. Its accounts are available from First Floor, Durell House, 28 New Street, St. Helier, Jersey, JE2 3RA.
25
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
14,454
(161,362)
Adjustments for:
Taxation credited
(4,870)
(7,212)
Finance costs
75,850
48,437
Loss on disposal of tangible fixed assets
15,559
2,830
Depreciation and impairment of tangible fixed assets
59,272
58,707
Movements in working capital:
Increase in stocks
(5,456)
(8,765)
Decrease in debtors
12,833
45,270
Increase in creditors
3,350
58,497
Cash generated from operations
170,992
36,402
MARKETGLEN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
26
Cash generated from operations - company
2024
2023
£
£
Profit/(loss) for the year after tax
18,362
(120,682)
Adjustments for:
Taxation credited
(4,870)
(7,212)
Finance costs
75,850
44,850
Loss on disposal of tangible fixed assets
15,559
2,830
Depreciation and impairment of tangible fixed assets
59,272
58,707
Movements in working capital:
Increase in stocks
(5,456)
(8,765)
Decrease in debtors
12,833
45,270
Increase in creditors
4,591
59,161
Cash generated from operations
176,141
74,159
27
Analysis of changes in net debt - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
530,770
(76,188)
454,582
Borrowings excluding overdrafts
(2,298,705)
111,531
(2,187,174)
(1,767,935)
35,343
(1,732,592)
28
Analysis of changes in net debt - company
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
530,580
(76,688)
453,892
Borrowings excluding overdrafts
(2,118,720)
117,180
(2,001,540)
(1,588,140)
40,492
(1,547,648)
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.200Mr T J DunningMr B D BisikerMr A J RosserMr W J Garfield BennettMs H R BisikerMrs S A 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