Company registration number 05404923 (England and Wales)
FESTIVE LIGHTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
FESTIVE LIGHTS LIMITED
COMPANY INFORMATION
Directors
M J Higginson
M M Higginson
M E Alty
M P Higginson
S A Alty
Company number
05404923
Registered office
Disklok House
Preston Road
Charnock Richard
Chorley
Lancashire
PR7 5HH
Auditor
Smith & Goulding Limited
2 Southport Road
Chorley
Lancashire
PR7 1LB
Business address
Disklok House
Preston Road
Charnock Richard
Chorley
Lancashire
PR7 5HH
Bankers
HSBC Bank Plc
49A Fishergate
Preston
PR1 8BQ
FESTIVE LIGHTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
FESTIVE LIGHTS 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 principal activities of the company continue to be the sale of outdoor and festive lights and accessories.

 

The year ended 31 January 2024 reported turnover of £10.45m compared with £11.59m in 2023, a decrease of £1.14m, Gross profit increased by 3% to just over 56%. Net assets have increased by £75k to £3.17m.

 

The results for the year are set out on page 8. The year was impacted by both the cost of living crisis and problems in the UK's logistics market in December. This had the effect of reducing profits compared to last year and leaving the Company with more stock than anticipated. Despite this the Company remained profitable and the stock position has since been corrected.

Principal risks and uncertainties

Supply chain disruption

The Directors consider that the biggest risk facing the business currently is continuing disruption to the supply of goods for resale. There has been significant disruption in recent years which has been caused by a number of factors – the COVID pandemic; the changes brought about by Brexit and also the recent conflict in Ukraine. The Directors consider that they have planned as much as possible to mitigate the effect of this disruption.

 

Financial risk management

The company's policy is to ensure that adequate and cost effective arrangements are maintained to finance current and future activities and that exposure to financial risk is minimised.

 

Liquidity and funding

The company is financed by agreed bank facilities and makes efforts to manage the financial risk by the monitoring of cash flow to ensure that the group is able to meet foreseeable debts as they fall due.

 

Interest rate risk

The company is subject to the risk of increases in the base rate of interest which would impact its borrowing costs. As at the date of signing the accounts, the Directors are aware that the base rate of interest is anticipated to increase, however they do not anticipate that this will have a material impact on the business.

 

Credit risk

To control credit risk from trade debtors, limits are set based on a combination of trade history and third party credit references and are reviewed regularly by the directors.

Key performance indicators

 

2024

2023

Change

 

£'000

£'000

%

 

 

 

 

Turnover

10,452

11,591

(10%)

Gross profit as % of turnover

56.47%

53.48%

5.6%

Operating profit

592

198

299%

Profit before taxation

452

89

508%

Profit before taxation as % of turnover

4.33%

0.77%

561%

Shareholders' funds

3,171

3,096

2.4%

Number of employees

70

79

(13%)

FESTIVE LIGHTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

On behalf of the board

M J Higginson
Director
4 October 2024
FESTIVE LIGHTS 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 is the sale of festive and outdoor lighting and other festive items.
Results and dividends

The results for the year are set out on page 8. A review of the results for the period is set out in the Strategic Report.

Ordinary dividends were paid amounting to £300,000. 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:

M J Higginson
M M Higginson
M E Alty
M P Higginson
S A Alty
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 company’s auditor 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 company’s auditor 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
M J Higginson
Director
4 October 2024
FESTIVE LIGHTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FESTIVE LIGHTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FESTIVE LIGHTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Festive Lights Limited (the 'company') for the year ended 31 January 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

FESTIVE LIGHTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FESTIVE LIGHTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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 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 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.

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

 

 

 

 

 

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

 

 

FESTIVE LIGHTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FESTIVE LIGHTS LIMITED (CONTINUED)
- 7 -

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

 

 

 

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.

Kieran Brophy ACA
Senior Statutory Auditor
For and on behalf of Smith & Goulding Limited
4 October 2024
Chartered Accountants
Statutory Auditor
2 Southport Road
Chorley
Lancashire
PR7 1LB
FESTIVE LIGHTS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,452,173
11,591,273
Cost of sales
(4,550,044)
(5,392,286)
Gross profit
5,902,129
6,198,987
Distribution costs
(2,343,786)
(2,646,542)
Administrative expenses
(3,329,603)
(3,668,019)
Other operating income
360,549
313,604
Operating profit
4
589,289
198,030
Interest payable and similar expenses
7
(140,330)
(109,044)
Profit before taxation
448,959
88,986
Tax on profit
8
(111,509)
(10,715)
Profit for the financial year
337,450
78,271

The income statement has been prepared on the basis that all operations are continuing operations.

FESTIVE LIGHTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2024
2023
£
£
Profit for the year
337,450
78,271
Other comprehensive income
-
-
Total comprehensive income for the year
337,450
78,271
FESTIVE LIGHTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
5,154
6,872
Other intangible assets
10
5,951
33,429
Total intangible assets
11,105
40,301
Tangible assets
11
2,798,158
2,903,766
2,809,263
2,944,067
Current assets
Stocks
12
1,112,581
2,262,479
Debtors
13
1,322,815
1,362,884
Cash at bank and in hand
815,506
89,534
3,250,902
3,714,897
Creditors: amounts falling due within one year
14
(1,716,353)
(2,265,562)
Net current assets
1,534,549
1,449,335
Total assets less current liabilities
4,343,812
4,393,402
Creditors: amounts falling due after more than one year
15
(860,535)
(921,104)
Provisions for liabilities
Deferred tax liability
18
349,766
376,237
(349,766)
(376,237)
Net assets
3,133,511
3,096,061
Capital and reserves
Called up share capital
20
100
100
Revaluation reserve
21
741,637
759,958
Profit and loss reserves
22
2,391,774
2,336,003
Total equity
3,133,511
3,096,061

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 4 October 2024 and are signed on its behalf by:
M J Higginson
Director
Company registration number 05404923 (England and Wales)
FESTIVE LIGHTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
100
778,279
2,564,411
3,342,790
Year ended 31 January 2023:
Profit
-
-
78,271
78,271
Other comprehensive income:
Tax relating to other comprehensive income
-
6,106
(6,106)
-
Total comprehensive income
-
6,106
72,165
78,271
Dividends
9
-
-
(325,000)
(325,000)
Transfers
-
(24,427)
24,427
-
Balance at 31 January 2023
100
759,958
2,336,003
3,096,061
Year ended 31 January 2024:
Profit
-
-
337,450
337,450
Other comprehensive income:
Tax relating to other comprehensive income
-
6,106
(6,106)
-
Total comprehensive income
-
6,106
331,344
337,450
Dividends
9
-
-
(300,000)
(300,000)
Transfers
-
(24,427)
24,427
-
Balance at 31 January 2024
100
741,637
2,391,774
3,133,511
FESTIVE LIGHTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,451,775
609,286
Interest paid
(140,330)
(109,044)
Income taxes paid
(23,710)
(213,133)
Net cash inflow from operating activities
1,287,735
287,109
Investing activities
Purchase of intangible assets
-
0
(18,871)
Purchase of tangible fixed assets
(36,422)
(63,287)
Net cash used in investing activities
(36,422)
(82,158)
Financing activities
Proceeds from new bank loans
213,133
441,390
Repayment of bank loans
(170,126)
(86,302)
Net movement on import loans
(327,166)
267,046
Payment of finance leases obligations
(18,367)
(18,895)
Dividends paid
(300,000)
(325,000)
Net cash (used in)/generated from financing activities
(602,526)
278,239
Net increase in cash and cash equivalents
648,787
483,190
Cash and cash equivalents at beginning of year
(78,883)
344,220
Cash and cash equivalents at end of year
815,506
(78,883)
Relating to:
Cash at bank and in hand
815,506
89,534
Bank overdrafts included in creditors payable within one year
-
0
(168,417)
FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
1
Accounting policies
Company information

Festive Lights Limited is a private company limited by shares incorporated in England and Wales. The registered office is Disklok House, Preston Road, Charnock Richard, Chorley, Lancashire, PR7 5HH.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

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.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Patents
10% straight line
Website costs
33 1/3% straight line
1.7
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:

Land and buildings Freehold
2% straight line
Land and buildings Leasehold
20% straight line
Plant and machinery
15% reducing balance or 1/3 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 credited or charged to profit or loss.

1.8
Impairment of fixed assets

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

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -

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

 

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

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

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 company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company 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 company.

1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
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 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 when the company has 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, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leases asset are consumed.

1.18
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.

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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

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

2024
2023
£
£
Turnover analysed by geographical market
UK
10,217,762
11,126,256
Overseas
234,411
465,017
10,452,173
11,591,273
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
69,688
20,896
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
6,500
Depreciation of owned tangible fixed assets
142,030
149,242
Amortisation of intangible assets
29,196
62,281
Operating lease charges
117,593
116,223
5
Employees

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

2024
2023
Number
Number
Management and administration
16
18
Sales and marketing
21
17
Fulfilment and customer service
33
44
Total
70
79
FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,012,200
2,286,589
Social security costs
186,702
213,272
Pension costs
40,318
44,816
2,239,220
2,544,677
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
383,024
344,388
Company pension contributions to defined contribution schemes
7,389
7,068
390,413
351,456

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
76,605
72,100
Company pension contributions to defined contribution schemes
1,478
1,414
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
138,160
106,555
Interest on finance leases and hire purchase contracts
2,170
2,489
140,330
109,044
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
138,024
24,882
Adjustments in respect of prior periods
(44)
-
0
Total current tax
137,980
24,882
FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Taxation
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(26,471)
(14,167)
Total tax charge
111,509
10,715

In the budget on 3 March 2021, the UK Government announced an increase in the main UK corporation tax rate from 19% to 25% with effect from 1 April 2023. The change in rate was substantively enacted on 24 May 2021. Deferred tax has been calculated at 25% which was the tax rate substantively enacted at 31 January 2023.

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
448,959
88,986
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
112,240
16,907
Tax effect of expenses that are not deductible in determining taxable profit
-
0
153
Depreciation on assets not qualifying for tax allowances
13,993
10,649
Amortisation on assets not qualifying for tax allowances
429
326
Other permanent differences
(3,308)
(2,514)
Under/(over) provided in prior years
(44)
-
0
Deferred taxation on unrealised revaluation
(6,106)
(6,106)
Enhanced capital allowances
(125)
(6,765)
Change of rate of deferred tax
(5,570)
(1,935)
Taxation charge for the year
111,509
10,715
9
Dividends
2024
2023
£
£
Interim paid
300,000
325,000
FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
10
Intangible fixed assets
Goodwill
Patents
Website costs
Total
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
42,951
18,041
542,767
603,759
Amortisation and impairment
At 1 February 2023
36,079
18,041
509,338
563,458
Amortisation charged for the year
1,718
-
0
27,478
29,196
At 31 January 2024
37,797
18,041
536,816
592,654
Carrying amount
At 31 January 2024
5,154
-
0
5,951
11,105
At 31 January 2023
6,872
-
0
33,429
40,301
11
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2023
2,771,749
18,383
843,154
36,950
3,670,236
Additions
6,920
-
0
29,502
-
0
36,422
At 31 January 2024
2,778,669
18,383
872,656
36,950
3,706,658
Depreciation and impairment
At 1 February 2023
279,530
18,383
434,045
34,512
766,470
Depreciation charged in the year
57,711
-
0
83,708
611
142,030
At 31 January 2024
337,241
18,383
517,753
35,123
908,500
Carrying amount
At 31 January 2024
2,441,428
-
0
354,903
1,827
2,798,158
At 31 January 2023
2,492,219
-
0
409,109
2,438
2,903,766

Freehold land and buildings with a carrying amount of £2.55 million were revalued on 20 January 2022 by Keppie Massie Limited, commercial property consultants and independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors are of the opinion that this valuation is similar to market value at the year end.

 

 

The revaluation surplus is disclosed in note 21.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
11
Tangible fixed assets
(Continued)
- 23 -
2024
2023
£
£
Cost
1,670,479
1,663,559
Accumulated depreciation
(217,903)
(184,619)
Carrying value
1,452,576
1,478,940
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,112,581
2,262,479
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
477,405
457,959
Corporation tax recoverable
-
0
1,151
Amounts owed by group undertakings
11,250
14,550
Other debtors
744,010
784,913
Prepayments and accrued income
90,150
104,311
1,322,815
1,362,884
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
397,071
554,049
Obligations under finance leases
17
10,573
18,367
Trade creditors
190,318
264,817
Corporation tax
138,024
24,905
Other taxation and social security
604,225
600,264
Other creditors
275,181
737,989
Accruals and deferred income
100,961
65,171
1,716,353
2,265,562
FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
845,936
895,932
Obligations under finance leases
17
14,599
25,172
860,535
921,104

The bank overdraft and loans are secured by a debenture comprising fixed and floating charge over all the assets and undertaking of the company.The bank holds a cross guarantee given by Festive Lights Limited and Dri Box Limited to secure all liabilities .

Amounts included above which fall due after five years are as follows:
Payable by instalments
454,222
255,432
16
Loans and overdrafts
2024
2023
£
£
Bank loans
1,243,007
1,281,564
Bank overdrafts
-
0
168,417
1,243,007
1,449,981
Payable within one year
397,071
554,049
Payable after one year
845,936
895,932

The bank overdraft and loans are secured by a debenture comprising fixed and floating charge over all the assets and undertaking of the company.

 

The bank holds a cross guarantee given by Festive Lights Limited and Dri Box Limited to secure all liabilities of each other.

As at the balance sheet date, the Company had loan facilities in place as follows:

 

A loan facility with balance as at the year end amounting to £215,760 payable by November 2029 by monthly instalments with interest charged at 2.75% over the Bank of England Base Rate.

 

A loan facility with balance as at the year end amounting to £326,033 payable by November 2032 by monthly instalments with interest charged at 3.25% over the Bank of England Base Rate.

 

A loan facility with balance as at the year end amounting to £404,072 payable by August 2028 by monthly instalments commencing in January 2024 amounting to £3,161 with interest charged at 3% over the Bank of England base rate.

 

In addition to the above, the Company make use of short term import loan facilities. As at the balance sheet date, the total of import loans outstanding amounted to £297,143.

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
10,573
18,367
In two to five years
14,599
25,172
25,172
43,539

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average remaining lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
102,552
122,916
Revaluations
247,214
253,321
349,766
376,237
2024
Movements in the year:
£
Liability at 1 February 2023
376,237
Credit to profit or loss
(26,471)
Liability at 31 January 2024
349,766
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,318
44,816

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
21
Revaluation reserve
2024
2023
£
£
At the beginning of the year
759,958
778,279
Deferred tax on revaluation of tangible assets
6,106
6,106
Transfer to retained earnings
(24,427)
(24,427)
At the end of the year
741,637
759,958

In the prior period, a revaluation adjustment was required as a result of the valuation of land and buildings, as disclosed in note 11. A reduction in the deferred tax provision was allocated to the revaluation reserve as a result.

 

The transfer to retained earnings is the difference between depreciation charged on the revalued asset compared with the historic cost. There is also a deferred tax adjustment relating to this transfer.

 

22
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
2,336,003
2,564,411
Profit for the year
337,450
78,271
Dividends declared and paid in the year
(300,000)
(325,000)
Transfer from revaluation reserve
24,427
24,427
Tax on actuarial differences
(6,106)
(6,106)
At the end of the year
2,391,774
2,336,003
23
Financial commitments, guarantees and contingent liabilities

At 31 January 2024 the company had purchase commitments of £391,311 (2023 £341,456).

 

The total purchase orders at 31 January 2024 were £655,646 (2023 £582,778) of which deposits of £264,335 (2023 £241,322) had been paid.

24
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
44,320
117,667
Between two and five years
14,268
61,923
58,588
179,590
FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
25
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2024
2023
£
£
Other related parties
779,727
366,717
Management, fulfilment and cost recharges received
2024
2023
£
£
Other related parties
638,460
599,419
2024
2023
Amounts due to related parties
£
£
Other related parties
275,181
729,848

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
723,704
688,365
26
Directors' transactions

Dividends totalling £300,000 (2023 - £325,000) were paid in the year in respect of shares held by the holding company Festive Lights Holdings Limited.

One of the premises from which the company carries on its trading activities is owned by the former directors. The company does not pay any rent.

 

The former have provided personal guarantee to secure all bank liabilities of the company limited to £1,000,000.

27
Ultimate controlling party

On the 1 March 2021 the company's total share capital was acquired by Festive Lights Holdings Limited, a company 100% owned by the directors.

FESTIVE LIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
337,450
78,271
Adjustments for:
Taxation charged
111,509
10,715
Finance costs
140,330
109,044
Amortisation and impairment of intangible assets
29,196
62,281
Depreciation and impairment of tangible fixed assets
142,030
149,242
Movements in working capital:
Decrease/(increase) in stocks
1,149,898
(114,771)
Decrease in debtors
38,918
73,368
(Decrease)/increase in creditors
(497,556)
241,136
Cash generated from operations
1,451,775
609,286
29
Analysis of changes in net debt
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
89,534
725,972
815,506
Bank overdrafts
(168,417)
168,417
-
0
(78,883)
894,389
815,506
Borrowings excluding overdrafts
(1,281,564)
38,557
(1,243,007)
Obligations under finance leases
(43,539)
18,367
(25,172)
(1,403,986)
951,313
(452,673)
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