Company registration number 02575781 (England and Wales)
COMFY QUILTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
COMFY QUILTS LIMITED
COMPANY INFORMATION
Directors
Mr M Moryoussef
Mr J Moryoussef
Mr Y R Moryoussef
Secretary
Mrs G R Moryoussef
Company number
02575781
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor Cloister House
New Bailey Street
Salford
M35FS
Business address
Albany House
7-17 Church Street
WILMSLOW
SK9 1AX
Bankers
HSBC Bank Plc (Spinningfield)
HSBC
4 Hardman Square
Spinningfields
Manchester
M3 3EB
Bank Leumi (UK) Plc
The Manager
Bank Leumi
20 Stratford Place
London
W1C 1BG
COMFY QUILTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 29
COMFY QUILTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

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

Review of the business

The directors are happy with the business performance this year. We continue to expand our customer base and product offering and demand remains robust.

Principal risks and uncertainties

Risks are managed prudently with all debts being insured and our exposure to fluctuating currency and commodity prices being minimised by forward purchasing to cover all exposure where possible.

 

Market risk

The facilities have allowed us to improve our customer service and expand our customer base. We continue to insure all our trade debtors. Our stock holding is appropriate for our seasonal product categories.

 

Operational risk

The group prepares a monthly management pack which is consistently reviewed by the executive and non-executive directors.

 

Financial risk

The group mitigates its foreign exchange exposure by placing forward contracts when considered appropriate on committed and future purchases.

Key performance indicators

The directors consider the key performance indicators of the group to be Turnover and Operating Profit, which can be seen on page 9 of the accounts. Turnover has increased by 11% during the year and the directors are satisfied with this performance. Operating profit has increased to £7.9m due to the factors mentioned in the fair review of the business.

COMFY QUILTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Promoting the success of the company

The Directors of the company have acted in accordance with their duties codified in law, which include their duty to act in a way which they consider, in good faith, would most likely promote the success of the Company for the benefit of the members as a whole, having regards to all stakeholders and matters set out in s172(1) of the Companies Act 2016, including:

 

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

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

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

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

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

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

The Directors of the company have acted in accordance with their duties codified in law, which include their duty to act in a way which they consider, in good faith, would most likely promote the success of the Company for the benefit of the members as a whole, having regards to all stakeholders and matters set out in s172(1) of the Companies Act 2016, including:

The directors make decisions by taking their legal duty into account and the priorities and requirements of the stakeholders.

The directors have regard to the likely consequences of their decisions on the long-term objectives and sustainability of the company, its stakeholders and the community whilst also preserving its values and culture. With this in mind, when a dividend is proposed it is important to confirm the availability of distributable reserves whilst also considering cash requirements for future investment and without prejudicing the position of other creditors. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.

Our employees are key so it is very important that they have the right attitude and the drive to create ideas, obtain and sustain high standards. All employees are encouraged to be honest and regular discussions are held with employees which gives them the opportunity to air their ideas and the directors can then see first-hand where any improvements can be made.

We carry out our business with similar-minded and reputable people, and build on this to forge strong and lasting partnerships which is important for our long-term success.

All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Company's high standards of business conduct at all times. The company aims to act with integrity in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the company in both the short and long term.

On behalf of the board

Mr J Moryoussef
Director
21 October 2024
COMFY QUILTS 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 remains that of the merchanting and manufacture of textiles and soft furnishings whilst also continuing to source more products overseas.

Results and dividends

The results for the year are set out on page 10. Information on risk areas and key performance indicators are set out in the strategic report on page 1.

Ordinary dividends were paid amounting to £885,511. The directors do not recommend payment of a further dividend.

Directors

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

Mr M Moryoussef
Mr J Moryoussef
Mr Y R Moryoussef
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to:

Market value of land and buildings

In the opinion of the directors the market value of land and buildings combined is not less than the current net book value shown in the financial statements.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

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

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

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

The directors have taken steps to regularly engage with employees and to have regard to employee interests, including on the principal decisions made during the financial year.

COMFY QUILTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Business relationships

The directors have had regard to the need to foster the company’s business relationships with suppliers, customers and others, including on the principal decisions taken by the company during the financial year.

Auditor

The auditor, Lopian Gross Barnett & Co, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The below lists the energy and carbon reporting for Comfy Quilts Limited.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
4,257,593
5,276,150
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
348.36
309.35
- Fuel consumed for owned transport
21.77
16.15
370.13
325.50
Scope 2 - indirect emissions
- Electricity purchased
443.61
584.50
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
11.79
53.52
Total gross emissions
825.53
963.52
Intensity ratio
Tonnes CO2e per employee
2.74
2.97
Quantification and reporting methodology

The company has followed the 2019 HM Government Environmental Reporting Guidelines and GHG Reporting Protocol - Corporate Standard. We have also used the 2021 UK Government's Conversion Factors for Company Reporting. We have used an operational approach to define our boundary and scopes

 

The primary source for energy consumption is supplier invoices. Where invoices are not in line with the financial year, a pro rata calculation has been used to estimate the usage for the reporting period. The electricity and gas data has been recorded over a 12-month period from February 2023 to January 2024. The data was collated directly from monthly invoices generated by suppliers. The reporting spreadsheet provides a breakdown of monthly and annual consumption for each meter in KWh.

 

Company transport data was generated internally over the course of the mentioned supply period. Transport has been displayed by mileage per vehicle.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

COMFY QUILTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Measures taken to improve energy efficiency

Comfy Quilts have continued to take measures to improve their energy efficiency where possible. They have now replaced all their lights with LEDs in all factory and warehousing spaces.

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.

Strategic report

Certain items of disclosure (such as key performance indicators) can be found in the Strategic Report.

On behalf of the board
Mr J Moryoussef
Director
21 October 2024
COMFY QUILTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -

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.

COMFY QUILTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COMFY QUILTS LIMITED
- 7 -
Opinion

We have audited the financial statements of Comfy Quilts 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 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:

COMFY QUILTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COMFY QUILTS LIMITED (CONTINUED)
- 8 -
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.

COMFY QUILTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COMFY QUILTS LIMITED (CONTINUED)
- 9 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Jonathan Brodie FCA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
21 October 2024
Chartered Accountants
Statutory Auditor
1st Floor Cloister House
New Bailey Street
Salford
M35FS
COMFY QUILTS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
Notes
£
£
Revenue
3
97,848,926
87,946,694
Cost of sales
(69,820,446)
(67,478,012)
Gross profit
28,028,480
20,468,682
Distribution costs
(15,468,193)
(14,451,233)
Administrative expenses
(4,674,434)
(3,094,746)
Operating profit
4
7,885,853
2,922,703
Investment income
8
12,098
-
0
Finance costs
9
(962,769)
(499,845)
Profit before taxation
6,935,182
2,422,858
Tax on profit
10
(1,727,845)
(630,322)
Profit for the financial year
5,207,337
1,792,536

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

COMFY QUILTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
2024
2023
£
£
Profit for the year
5,207,337
1,792,536
Other comprehensive income
Revaluation of property, plant and equipment
2,552,277
-
0
Tax relating to other comprehensive income
(609,569)
-
0
Other comprehensive income for the year
1,942,708
-
0
Total comprehensive income for the year
7,150,045
1,792,536
COMFY QUILTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
28,587,004
26,475,959
Investments
14
282,464
282,464
28,869,468
26,758,423
Current assets
Inventories
17
13,544,398
11,500,147
Trade and other receivables
18
21,243,291
21,809,561
Cash and cash equivalents
8,727,061
3,842,398
43,514,750
37,152,106
Current liabilities
19
(25,861,662)
(23,030,167)
Net current assets
17,653,088
14,121,939
Total assets less current liabilities
46,522,556
40,880,362
Non-current liabilities
20
(4,845,092)
(6,189,820)
Provisions for liabilities
Deferred tax liability
23
1,553,854
831,466
(1,553,854)
(831,466)
Net assets
40,123,610
33,859,076
Equity
Called up share capital
25
10,834
10,834
Share premium account
26
249,166
249,166
Revaluation reserve
27
12,562,480
10,733,772
Retained earnings
28
27,301,130
22,865,304
Total equity
40,123,610
33,859,076
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr J Moryoussef
Director
Company registration number 02575781 (England and Wales)
COMFY QUILTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
10,834
249,166
10,733,772
21,657,018
32,650,790
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
-
1,792,536
1,792,536
Dividends
11
-
-
-
(584,250)
(584,250)
Balance at 31 January 2023
10,834
249,166
10,733,772
22,865,304
33,859,076
Year ended 31 January 2024:
Profit
-
-
-
5,207,337
5,207,337
Other comprehensive income:
Revaluation of property, plant and equipment
-
-
2,552,277
-
2,552,277
Tax relating to other comprehensive income
-
-
(609,569)
-
0
(609,569)
Total comprehensive income
-
-
1,942,708
5,207,337
7,150,045
Dividends
11
-
-
-
(885,511)
(885,511)
Transfers
-
-
(114,000)
114,000
-
Balance at 31 January 2024
10,834
249,166
12,562,480
27,301,130
40,123,610
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
1
Accounting policies
Company information

Comfy Quilts Limited is a private company domiciled in and limited by shares incorporated in England and Wales. The registered office is 1st Floor, Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

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 certain items of plant and machinery. The principal accounting policies adopted are set out below.

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

 

 

The financial statements of the company are consolidated in the financial statements of Robertsbridge Limited (company number FC035060). These consolidated financial statements are available from Companies House Gibraltar.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

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
Revenue

The company sells textiles and soft furnishings. Revenue is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

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
Plant and machinery
10-20% Straight line
Fixtures, fittings & equipment
33% Straight line
Motor vehicles
25% Straight line

Assets in the course of construction are not depreciated.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

1.5
Non-current investments

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Inventories

Inventories 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 inventories to their present location and condition.

1.7
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.

COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.8
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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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 trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

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

COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
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.

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.

1.11
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 non-current 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.

1.12
Retirement benefits

The obligation for contributions to defined contribution schemes are recognised as an expense as incurred. The assets of the schemes are held separately from those of the Company in independently administered funds.

1.13
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.

COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.14
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 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
Revenue

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

2024
2023
£
£
Revenue analysed by class of business
Manufacture and sale of soft furnishings
97,848,926
87,946,694
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
97,284,424
86,875,765
Europe
564,502
1,070,929
97,848,926
87,946,694
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(214,294)
(307,222)
Forward contract movements
-
0
(84,303)
Depreciation of owned property, plant and equipment
1,473,209
1,581,041
Depreciation of property, plant and equipment held under finance leases
345,877
132,643
Loss on disposal of property, plant and equipment
103,741
-
Operating lease charges
1,862,261
1,680,844
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
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 company
55,250
55,250
Audit of the financial statements of the company's subsidiaries
9,750
9,750
65,000
65,000
6
Employees

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

2024
2023
Number
Number
Administration
58
56
Manufacturing & distribution
243
263
Total
301
319

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
13,662,536
12,447,707
Pension costs
361,268
223,266
14,023,804
12,670,973
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
278,750
278,750

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
150,200
150,220
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
8
Investment income
2024
2023
£
£
Interest income
Other interest income
12,098
-
0
9
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
928,195
492,465
Other interest
34,574
7,380
962,769
499,845
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,694,113
255,404
Adjustments in respect of prior periods
(79,087)
-
0
Total current tax
1,615,026
255,404
Deferred tax
Origination and reversal of timing differences
112,819
374,918
Total tax charge
1,727,845
630,322

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
6,935,182
2,422,858
Expected tax charge based on the standard rate of corporation tax in the UK of 24.03% (2023: 19.00%)
1,666,524
460,343
Tax effect of expenses that are not deductible in determining taxable profit
5,423
3,648
Adjustments in respect of prior years
(79,087)
-
0
Depreciation on assets not qualifying for tax allowances
22,166
(92,408)
Enhanced capital allowances
-
0
(116,179)
Deferred tax movement
112,819
374,918
Taxation charge for the year
1,727,845
630,322
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Taxation
(Continued)
- 21 -

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

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
609,569
-
11
Dividends
2024
2023
£
£
Final paid
885,511
584,250
12
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
427,302
Amortisation and impairment
At 1 February 2023 and 31 January 2024
427,302
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
-
0
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
13
Property, plant and equipment
Land and buildings Freehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 February 2023
22,759,364
1,063,994
11,129,762
2,781,386
340,568
38,075,074
Additions
-
0
881,427
337,418
324,811
92,889
1,636,545
Disposals
-
0
-
0
(4,556,171)
-
0
(88,991)
(4,645,162)
Revaluation
-
0
-
0
(3,542)
-
0
-
0
(3,542)
Transfers
-
0
(1,005,525)
503,115
502,410
-
0
-
0
At 31 January 2024
22,759,364
939,896
7,410,582
3,608,607
344,466
35,062,915
Depreciation and impairment
At 1 February 2023
465,690
-
0
8,392,285
2,400,572
340,568
11,599,115
Depreciation charged in the year
465,691
-
0
793,592
537,533
22,270
1,819,086
Eliminated in respect of disposals
-
0
-
0
(4,332,707)
-
0
(53,764)
(4,386,471)
Revaluation
-
0
-
0
(2,555,819)
-
0
-
0
(2,555,819)
At 31 January 2024
931,381
-
0
2,297,351
2,938,105
309,074
6,475,911
Carrying amount
At 31 January 2024
21,827,983
939,896
5,113,231
670,502
35,392
28,587,004
At 31 January 2023
22,293,674
1,063,994
2,737,477
380,814
-
0
26,475,959

The carrying value of land and buildings comprises:

2024
2023
£
£
Freehold
21,827,983
22,293,674

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
513,110
326,694
Fixtures, fittings & equipment
503,613
101,287
1,016,723
427,981
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
13
Property, plant and equipment
(Continued)
- 23 -

Assets under construction

Assets under construction relate to the construction of various production assets which were in progress at the year end. Upon completion of the work the cost will be transferred to either plant & machinery or fixtures and fittings, and depreciated over their useful economic life. No depreciation was charged in the current year as these assets were not in use.

Revaluation

Land and buildings are carried at valuation, which have been revalued on the basis of a third party valuation. If land and buildings were measured using the cost model, the carrying amounts for the company would have been approximately £11,547,608 (2023 - £12,013,300), being cost £14,314,731 (2023 - £14,314,731) and depreciation £2,767,123 (2023 - £2,301,431).

 

Plant and machinery are carried at valuation, which have been revalued on the basis of a third party valuation. If plant and machinery were measured using the cost model, the carrying amounts for the company would have been approximately £2,553,870 (2023 - £2,737,477), being cost £7,407,040 (2023 - £11,129,762) and depreciation £4,853,170 (2023 - £8,932,285).

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

The revaluation surplus is disclosed in note 27.

14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
2
2
Investments in associates
16
282,462
282,462
282,464
282,464

Investment in associates relates to a 40% investment in Ordinary Shares of Innaco Mak D.O.O, a company registered in FYR Macedonia. The registered office is Novo Lagovo BB, 7500 Prilep, Macedonia. The investment is accounted for at cost less impairment.

15
Subsidiaries

These financial statements are separate company financial statements for the below listed entity.

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bedcrest Limited
United Kingdom
Ordinary
(100)

Bedcrest Limited was dormant during the year.

COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
16
Associates

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Innaco Mak D.O.O
FYR Macedonia
Ordinary
(40)
17
Inventories
2024
2023
£
£
Raw materials and consumables
4,443,401
4,955,807
Finished goods and goods for resale
9,100,997
6,544,340
13,544,398
11,500,147
18
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
13,621,945
13,654,569
Corporation tax recoverable
91,380
249,856
Amounts owed by group undertakings
268,172
12,829
Other receivables
6,476,243
7,127,447
Prepayments and accrued income
785,551
764,860
21,243,291
21,809,561
19
Current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
21
10,062,186
8,176,958
Obligations under finance leases
22
469,411
146,569
Trade payables
9,212,687
10,583,103
Amounts owed to group undertakings
125,416
125,416
Taxation and social security
2,040,416
1,642,858
Other payables
323,131
268,105
Accruals and deferred income
3,628,415
2,087,158
25,861,662
23,030,167
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
20
Non-current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
21
4,385,774
6,058,735
Obligations under finance leases
22
459,318
131,085
4,845,092
6,189,820
21
Borrowings
2024
2023
£
£
Bank loans
5,009,594
6,627,493
Bank overdrafts
9,438,366
7,608,200
14,447,960
14,235,693
Payable within one year
10,062,186
8,176,958
Payable after one year
4,385,774
6,058,735

Loans are due to be repaid over a period of roughly five years and accrue interest at a variable rate of 2.25% plus the Bank of England Base Rate. HSBC Bank PLC have first charge over all the group's freehold properties as security.

22
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
469,411
146,569
In two to five years
459,318
134,139
928,729
280,708
Less: future finance charges
-
0
(3,054)
928,729
277,654

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 lease term has one year remaining. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
23
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
944,285
831,466
Revaluations
609,569
-
1,553,854
831,466
2024
Movements in the year:
£
Liability at 1 February 2023
831,466
Charge to profit or loss
112,819
Charge to other comprehensive income
609,569
Liability at 31 January 2024
1,553,854
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
361,268
223,266

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. Charges to profit and loss are made when the contributions fall due.

25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
1,055
1,055
1,055
1,055
B ordinary shares of £1 each
955
955
955
955
C ordinary shares of £1 each
7,400
7,400
7,400
7,400
D ordinary shares of £1 each
1,334
1,334
1,334
1,334
E ordinary shares of £1 each
90
90
90
90
10,834
10,834
10,834
10,834
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
26
Share premium account
2024
2023
£
£
At the beginning and end of the year
249,166
249,166
27
Revaluation reserve
2024
2023
£
£
At the beginning of the year
10,733,772
10,733,772
Revaluation surplus arising in the year
2,552,277
-
0
Deferred tax on revaluation of property, plant and equipment
(609,569)
-
Transfer to retained earnings
(114,000)
-
0
At the end of the year
12,562,480
10,733,772
28
Retained earnings
2024
2023
£
£
At the beginning of the year
22,865,304
21,657,018
Profit for the year
5,207,337
1,792,536
Dividends declared and paid in the year
(885,511)
(584,250)
Transfer from revaluation reserve
114,000
-
0
At the end of the year
27,301,130
22,865,304

 

29
Financial commitments, guarantees and contingent liabilities

At year end, the company had £2,421,649 (2023: £752,938) outstanding in relation to letters of credit provided.

 

There are legal charges over the Booker Cash & Carry building, 29 Stakehill Industrial Estate, and Unit A & B Hilton Point, as well as a General Letter of Pledge in place.

COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
30
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
586,664
431,553
Between two and five years
25,768
3,685
612,432
435,238
31
Events after the reporting date

There were no events after the reporting period end date which require disclosure at the balance sheet date.

32
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
21,049,100
13,821,647
10,755,547
1,163,372
Recharge Expenses
Pension Contributions
2024
2023
2024
2023
£
£
£
£
Other related parties
1,464,856
1,142,419
108,000
108,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
4,000
Other related parties
774,820
610,190

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
6,271,623
6,737,654
COMFY QUILTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
33
Directors' transactions

Dividends of £nil (2023: £362,000) were paid in the year in respect of shares held by the company's directors. £42,229 (2023: £58,233) of items treatable as a benefit in kind were provided to directors, in addition to the remuneration paid to directors in note 7, including £7,535 (2023: £6,028) provided to the highest paid director.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' Loan Account
-
22,876
508,405
(531,281)
-
22,876
508,405
(531,281)
-
34
Ultimate controlling party

The parent company is Robertsbridge Limited, a company registered in Gibraltar. The ultimate controlling party is Robert Moryoussef. The consolidated financial statements for Robertsbridge Limited are the largest of which include the results of Comfy Quilts Limited, with these accounts being the smallest. These consolidated financial statements are available from Companies House Gibraltar.

 

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