Company Registration No. 15224896 (England and Wales)
CHS GROUP HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 APRIL 2024
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
CHS GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
2 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 37
CHS GROUP HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. M Goodey
(Appointed 14 December 2023)
Ms. H Miller
(Appointed 14 December 2023)
Mr. B Warren
(Appointed 20 October 2023)
Secretary
Mrs. L Warren
Company number
15224896
Registered office
9 Acorn Business Centre
Northarbour Road
Portsmouth
Hampshire
United Kingdom
PO6 3TH
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
CHS GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024
- 2 -

The directors present the strategic report for the period ended 30 April 2024.

Executive Summary

CHS Group Holdings Limited is a newly formed company set up by the three directors of Nviro Limited for the purpose of acquiring Nviro from The Quarr Group Limited as part of a management buyout, which was successfully completed on 14 December 2023. CHS Group is now the proud 100% parent of Nviro. The MBO demonstrates the passion and commitment of the directorship team to the continued growth and success of the Nviro business.

 

The vision for the business has been further refined to ‘making a positive impact on the lives and communities we operate in by supporting our partners in creating clean, hygienic, and safe working environments for building users to thrive.’ A truly purpose driven organisation.

 

We continue to make good progress through our overriding business strategy of continual improvement through bringing together our strategic anchors of Great People and Great Clients generating Great Environments for building users to thrive.

 

We have clearly defined our operating market of Education, Local Authorities and Social Housing aligned to our business strengths, knowledge, expertise and experience, and have developed this further with our business growth and marketing strategy aligned to the principle of watertight business thinking.

 

Financial Performance Overview

For the fiscal year 2024, Nviro's total revenue grew by £1.4 million to £23.5 million, a 6.6% increase on its previous year. Nviro's gross profitability increased to 27.3%, up from 26.8% in 2023 as the business continues to benefit from improved operating efficiencies through the wider use of technological solutions and new-to-market equipment. Continued investment in our people and support functions to support increased future client growth in the business contributed to the reduction in Nviro's net profit from 3.4% to 2.7%.

 

During the period key contracts with Hampshire Police, Isle of Wight Council and Surrey County Council (via Macro) were retained. Added to the portfolio were amongst others; Thomas’s London Day Schools, Haylands Primary School and Brighton Dome.

 

Strategic Initiatives

The executive leadership team have created a 5-year plan aligned to the vision of the business which consists of, a Business Growth Plan, Great People Plan, Great Client Service Plan and Sustainability (ESG) Plan.

 

Underpinning the 5-year plan is the focus on continual improvement through greater focus and messaging around our core proposition of providing:

 

•    Visibly clean environments

•    Proven hygienic environments

•    Environments where building users feel safe

 

During 2024 the business will be launching its new People Management software, encompassing live workforce management data as well as a fully systemised recruiting, vetting, onboarding, development, and exiting process. The Work platform will further contribute to increased quality and quantity of management time for client engagement and efficient service delivery. All Nviro colleagues will have access to the Work platform via smart technology to improve all round engagement and communications.

CHS GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -

Markets and Risk

The marketplace remains competitive with financial budget pressures still being seen and a greater requirement to demonstrate value for money. There is some uncertainty within the market due to the change in government and the widely publicised impacts this may have on employment costs. Cost pressures remain a factor both in terms of raw materials and labour costs, with the effects of fiscal drag being seen on employment taxes.

 

The industry is advancing through the availability of smart cleaning technology such as room utilisation software, improved automated equipment and through the development of surface protectors. For Nviro to remain at the forefront of this we will continue to focus on developing our working partnerships with key suppliers and manufacturers. Providing budget and expertise to trial such innovations in real world scenarios, and where these are the right solutions implement these at pace across our portfolio.

 

We will continue to work closely with our clients to understand their wider business objectives including their Environmental, Social, Governance targets and dovetail this with our own ESG focus of Net Zero and the United Nations sustainability goals. This will provide a true joined up approach to tackling these issues that we all face, in maintaining a Great Planet.

On behalf of the board

Mr. B Warren
Director
2 October 2024
CHS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024
- 4 -

The directors present their annual report and financial statements for the period ended 30 April 2024.

Principal activities

The company was incorporated on 20 October 2023, for the purposes of receiving the shares in N-Viro Limited following its demerger out of The Quarr Group. The company acts as the holding company to N-Viro Limited, having obtained control of all of the shares on 14 December 2023. N-Viro Limited continues to provide contract cleaning services across the Southeast of England. N-Viro Limited providing Routine Cleaning, Non-Routine Cleaning, Washroom services and Consumable products across the Education, University, Local Authority, Social Housing and Commercial marketplaces.

 

These financial statements report the activities of the company and of its group, for the period since its acquisition of N-Viro Limited on 14 December 2023 until 30 April 2024.

Results and dividends

The results for the period are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr. M Goodey
(Appointed 14 December 2023)
Ms. H Miller
(Appointed 14 December 2023)
Mr. B Warren
(Appointed 20 October 2023)
Financial instruments
Interest rate risk

The group's financial instruments relate primarily to hire purchase agreements, which have been entered into under fixed interest rates.

Foreign currency risk

As at 30th April 2024 the group had no material currency exposures relating to trading activities. The group's financial instruments are materially denominated in sterling.

Fair value of assets and financial liabilities

An assessment of the fair value of the group's financial instruments held for financing purposes has been undertaken as at 30th April 2024. No material differences exist between book and fair value

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 group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

CHS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 5 -
Employee involvement

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

 

Information about 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.

Corporate governance

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

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

CHS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr. B Warren
Director
2 October 2024
CHS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHS GROUP HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of CHS Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

CHS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHS GROUP HOLDINGS LIMITED
- 8 -

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:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

CHS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHS GROUP HOLDINGS LIMITED
- 9 -
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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

 

CHS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHS GROUP HOLDINGS LIMITED
- 10 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing 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, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. 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.

James Blake FCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
2 October 2024
Office: Portsmouth
CHS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024
- 11 -
4½ months
ended
30 April
2024
Notes
£
Turnover
3
8,660,430
Cost of sales
(6,193,489)
Gross profit
2,466,941
Administrative expenses
(2,193,115)
Operating profit
4
273,826
Interest receivable and similar income
8
7,000
Interest payable and similar expenses
9
(101,817)
Profit before taxation
179,009
Tax on profit
10
(78,059)
Profit for the financial period
100,950
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(7,000)
Total comprehensive income for the period
93,950
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.

The notes on pages 17 to 37 form part of these financial statements.

CHS GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 12 -
2024
Notes
£
£
Fixed assets
Goodwill
11
1,306,937
Tangible assets
13
521,799
1,828,736
Current assets
Stocks
16
35,927
Debtors
17
2,859,604
Cash at bank and in hand
782,712
3,678,243
Creditors: amounts falling due within one year
18
(3,716,101)
Net current liabilities
(37,858)
Total assets less current liabilities
1,790,878
Creditors: amounts falling due after more than one year
19
(1,628,534)
Provisions for liabilities
Deferred tax liability
20
68,293
(68,293)
Net assets
94,051
Capital and reserves
Called up share capital
22
101
Profit and loss reserves
93,950
Total equity
94,051

The notes on pages 17 to 37 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
02 October 2024
Mr. B Warren
Director
Company registration number 15224896 (England and Wales)
CHS GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 13 -
2024
Notes
£
£
Fixed assets
Investments
14
4,306,460
Current assets
Debtors
17
100
Cash at bank and in hand
894
994
Creditors: amounts falling due within one year
18
(1,387,437)
Net current liabilities
(1,386,443)
Total assets less current liabilities
2,920,017
Creditors: amounts falling due after more than one year
19
(1,628,534)
Net assets
1,291,483
Capital and reserves
Called up share capital
22
101
Profit and loss reserves
1,291,382
Total equity
1,291,483

The notes on pages 17 to 37 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,291,382.

The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
02 October 2024
Mr. B Warren
Director
Company registration number 15224896 (England and Wales)
CHS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 October 2023
-
-
-
Period ended 30 April 2024:
Profit for the period
-
100,950
100,950
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(7,000)
(7,000)
Total comprehensive income
-
93,950
93,950
Issue of share capital
22
101
-
101
Balance at 30 April 2024
101
93,950
94,051

The notes on pages 17 to 37 form part of these financial statements.

CHS GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 October 2023
-
-
-
Period ended 30 April 2024:
Profit and total comprehensive income
-
1,291,382
1,291,382
Issue of share capital
22
101
-
101
Balance at 30 April 2024
101
1,291,382
1,291,483

The notes on pages 17 to 37 form part of these financial statements.

CHS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024
- 16 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
2,025,054
Interest paid
(101,817)
Income taxes paid
(22,139)
Net cash inflow/(outflow) from operating activities
1,901,098
Investing activities
Purchase of business
1,463,838
Purchase of tangible fixed assets
(188,544)
Net cash generated from/(used in) investing activities
1,275,294
Financing activities
Proceeds from issue of shares
100
Movements in deferred consideration
(2,393,780)
Net cash used in financing activities
(2,393,680)
Net increase in cash and cash equivalents
782,712
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
782,712

The notes on pages 17 to 37 form part of these financial statements.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 17 -
1
Accounting policies
Company information

CHS Group Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The company was incorporated on 20 October 2023, for the purposes of receiving the shares in N-Viro Limited following its demerger out of The Quarr Group. The company acts as the holding company to N-Viro Limited, having obtained control of all of the shares on 14 December 2023. N-Viro Limited continues to provide contract cleaning services across the Southeast of England. N-Viro Limited providing Routine Cleaning, Non-Routine Cleaning, Washroom services and Consumable products across the Education, University, Local Authority, Social Housing and Commercial marketplaces.

 

These financial statements report the activities of the company and of its group, for the period since its acquisition of N-Viro Limited on 14 December 2023 until 30 April 2024.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

 

CHS Group Holdings Limited was incorporated on 20 October 2023 and on 14 December 2023 acquired the entire issued share capital of N-Viro Limited. As such these financial statements are the first financial statements of the company and the consolidated statement of comprehensive income includes the results of N-Viro Limited from 14 December 2023 to 30 April 2024.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.2
Business combinations

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

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company CHS Group Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

1.4
Going concern

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

1.5
Turnover

Turnover from the provision of cleaning services is recognised at the fair value of consideration received or receivable (net of VAT) when the service is carried out.

1.6
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.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.8
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:

Short Leasehold Property
20% straight line/over the lease term
Plant and Machinery
33% straight line
Computers
20%-50% straight line
Motor vehicles
20% straight line

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

1.9
Fixed asset investments

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

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

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, after making due allowances for obsolete and slow moving items.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
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.

 

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 profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors have considered whether there are any critical judgements required in the preparation of these accounts and have concluded that there are none requiring disclosure.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 23 -
3
Turnover and other revenue
2024
£
Turnover analysed by geographical market
United Kingdom
8,660,430
2024
£
Other revenue
Interest income
7,000

All of the group's turnover is derived from the provision of cleaning services within the UK.

4
Operating profit
2024
£
Operating profit for the period is stated after charging:
Research and development costs
8,419
Depreciation of owned tangible fixed assets
64,228
Amortisation of intangible assets
50,920
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
3,000
Audit of the financial statements of the company's subsidiaries
11,000
14,000
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 24 -
6
Employees

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

Group
Company
2024
2024
Number
Number
Cleaning
1,101
-
Administrative
89
3
Total
1,190
3

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
6,257,883
-
0
Social security costs
466,374
-
Pension costs
346,318
-
0
7,070,575
-
0
7
Directors' remuneration
2024
£
Remuneration for qualifying services
143,991
Company pension contributions to defined contribution schemes
13,294
157,285

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

The directors are considered to be Key Management Personnel.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 25 -
8
Interest receivable and similar income
2024
£
Interest income
Interest on the net defined benefit asset
7,000
9
Interest payable and similar expenses
2024
£
Other interest
101,817
10
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
17,832
Deferred tax
Origination and reversal of timing differences
60,227
Total tax charge
78,059

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

2024
£
Profit before taxation
179,009
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
44,752
Tax effect of expenses that are not deductible in determining taxable profit
31,416
Change in unrecognised deferred tax assets
1,891
Taxation charge
78,059
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 26 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 20 October 2023
-
0
Additions - business combinations
1,357,857
At 30 April 2024
1,357,857
Amortisation and impairment
At 20 October 2023
-
0
Amortisation charged for the period
50,920
At 30 April 2024
50,920
Carrying amount
At 30 April 2024
1,306,937
The company had no intangible fixed assets at 30 April 2024.
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 27 -
12
Acquisition of a business

On 14 December 2023 the company acquired all of the issued capital of N-Viro Limited as part of a demerger out of The Quarr Group Limited. Mr B. Warren is also a director of The Quarr Group Limited. Details of the consideration and assets transferred between the company and The Quarr Group Limited are disclosed below.

 

Cash consideration includes £69,375 of acquisition costs.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
397,483
-
397,483
Inventories
33,500
-
33,500
Trade and other receivables
4,067,966
-
4,067,966
Cash and cash equivalents
1,883,213
-
1,883,213
Trade and other payables
(3,473,605)
-
(3,473,605)
Corporation tax
48,112
-
48,112
Deferred tax
(8,066)
-
(8,066)
Total identifiable net assets
2,948,603
-
2,948,603
Goodwill
1,357,857
Total consideration
4,306,460
The consideration was satisfied by:
£
Cash
419,375
Deferred consideration
2,393,780
Novation of director and intercompany loans
1,493,305
4,306,460
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
8,660,429
Profit after tax
221,775
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 28 -
13
Tangible fixed assets
Group
Short Leasehold Property
Plant and Machinery
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 20 October 2023
-
0
-
0
-
0
-
0
-
0
Additions
-
0
64,498
124,046
-
0
188,544
Business combinations
7,205
147,542
234,793
7,943
397,483
At 30 April 2024
7,205
212,040
358,839
7,943
586,027
Depreciation and impairment
At 20 October 2023
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
1,189
35,609
25,046
2,384
64,228
At 30 April 2024
1,189
35,609
25,046
2,384
64,228
Carrying amount
At 30 April 2024
6,016
176,431
333,793
5,559
521,799
The company had no tangible fixed assets at 30 April 2024.
14
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
15
-
0
4,306,460
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
14
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 20 October 2023
-
Additions
4,306,460
At 30 April 2024
4,306,460
Carrying amount
At 30 April 2024
4,306,460

Further detail about the subsidiary acquired in the year can be found in note 12.

15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
N-Viro Limited
9 Acorn Business Centre, Northarbour Road, Cosham PO6 3TH
Cleaning Services
Ordinary shares
100.00
16
Stocks
Group
Company
2024
2024
£
£
Consumables
35,927
-
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 30 -
17
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
2,506,713
-
0
Corporation tax recoverable
52,419
-
0
Other debtors
3,495
100
Prepayments and accrued income
296,977
-
0
2,859,604
100
18
Creditors: amounts falling due within one year
Group
Company
2024
2024
£
£
Trade creditors
360,411
-
0
Amounts owed to group undertakings
-
0
685,375
Other taxation and social security
1,202,876
-
Other creditors
702,062
702,062
Accruals and deferred income
1,450,752
-
0
3,716,101
1,387,437

Included within other creditors is deferred consideration totaling £623,038 which arose on the purchase of N-Viro Limited. Deferred consideration liabilities are secured by way of a fixed charge on the present and future assets of the group.

 

Further information regarding deferred consideration can be found in note 19.

 

 

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
£
£
Deferred consideration
1,628,534
1,628,534
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
19
Creditors: amounts falling due after more than one year
(Continued)
- 31 -

Deferred consideration is a payable in two tranches;

 

Deferred consideration of £2,155,724, payable in quarterly instalments until October 2026. Interest is payable on the outstanding principal at a rate of 6% until the 31 January 2026 and thereafter at 10% until the final payment date on 29 October 2026. Interest is accrued daily and added to the outstanding principal and paid on the final payment date with the outstanding principal balance.

 

Deferred consideration of £639,276, payable in quarterly installments starting on 28 January 2027 and ending on 27 October 2028. Interest is payable on the outstanding principal at a rate of 6% from 1 February 2026 and ending on the final payment date on 27 October 2028. Interest is accrued daily and is paid quarterly in arrears.

 

The deferred consideration has been discounted using an implicit interest rate of 10.5% to reflect the present value of the future obligation. The unwinding of the discount annually will be recognised as additional interest cost in the profit and loss.

 

Deferred consideration liabilities are secured by way of a fixed charge on the present and future assets of the group.

20
Deferred taxation

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

Liabilities
2024
Group
£
Accelerated capital allowances
88,008
Retirement benefit obligations
(19,715)
68,293
The company has no deferred tax assets or liabilities.
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
20
Deferred taxation
(Continued)
- 32 -
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 20 October 2023
-
-
Charge to profit or loss
60,227
-
Arising on acquisition
8,066
-
Liability at 30 April 2024
68,293
-
21
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
346,318

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit schemes

N-Viro Limited, under a a Flexible Apportionment Arrangement, is a 50% participating employer in the Quarr Group Limited Pension and Life Assurance Plan.

 

The Quarr Group Limited Life Assurance Plan ("the Scheme") is an independently administered final salary scheme, where members receive benefits based on their final salary. The Scheme also provides benefits to spouses and dependants in the event of a member's death after retirement. Following consultation with the trustees of the Scheme and the Scheme members, the Scheme was closed to further service accrual with effect from 31st July 2005.

2024
Key assumptions
%
Discount rate
5.11
Expected rate of increase of pensions in payment
3.36
Expected rate of salary increases
n/a
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
21
Retirement benefit schemes
(Continued)
- 33 -
Mortality assumptions
2024

Assumed life expectations on retirement at age 65:

Years
Retiring today
- Males
86
- Females
89
Retiring in 20 years
- Males
88
- Females
90

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

2024
Group
£
Present value of defined benefit obligations
1,638,000
Fair value of plan assets
(1,912,000)
Deficit in scheme
(274,000)
Restriction on scheme assets
274,000
Total liability recognised
-
The company had no post employment benefits at 30 April 2024.

At 30 April 2024 the group recorded a surplus of £274,000 in respect of its valuation of the Scheme in accordance with Section 28 of FRS 102. The group has no right to withdraw amounts form the Scheme which is also closed to future contribution accrual and therefore in accordance with FRS 102 Section 28 the group has restricted the recognition of the surplus within these financial statements to its recoverable amount to the group, of £nil.

Group
2024
Amounts recognised in the profit and loss account
£
Costs/(income):
Net interest on net defined benefit liability/(asset)
(7,000)
CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
21
Retirement benefit schemes
(Continued)
- 34 -
Group
2024
Amounts recognised in other comprehensive income
£
Costs/(income):
Actual return on scheme assets
(91,000)
Less: calculated interest element
65,000
Return on scheme assets excluding interest income
(26,000)
Actuarial changes related to obligations
(1,000)
Other gains and losses
(240,000)
Effect of changes in the amount of surplus that is not recoverable
274,000
Total costs
7,000
Group
2024
Movements in the present value of defined benefit obligations
Liabilities at 20 October 2023
-
Liabilities assumed in a business combination
1,645,000
Benefits paid
(64,000)
Actuarial gains and losses
(1,000)
Interest cost
58,000
At 30 April 2024
1,638,000

The defined benefit obligations arise from plans which are wholly unfunded.

Group
2024
Movements in the fair value of plan assets
£
Fair value of assets at 20 October 2023
-
Assets assumed in a business combination
1,885,000
Interest income
65,000
Return on plan assets (excluding amounts included in net interest)
26,000
Benefits paid
(64,000)
At 30 April 2024
1,912,000

The actual return on plan assets was £- ( - £-).

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
21
Retirement benefit schemes
(Continued)
- 35 -
Group
2024
Fair value of plan assets
£
Equity instruments
1,379,000
Bonds
93,000
Cash
118,000
Liability driven investments
294,000
Annuity policies
28,000
1,912,000
22
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
A Ordinary of 1p each
4,760
48
B Ordinary of 1p each
2,250
23
C Ordinary of 1p each
2,250
23
D Ordinary of 1p each
740
7
10,000
100

On 14 December 2024 the one Ordinary share £1 issued on incorporation was re-classed as A Ordinary and subdivided into 100 A Ordinary 1p shares. On the same date the company issued a further 4,660 A Ordinary 1p shares, 2,250 B Ordinary 1p shares, 2,250 C Ordinary 1p shares and 740 D Ordinary 1p shares.

 

All share classes rank pari passu in respect of voting, dividend and distributions on winding up, with the exception of D Ordinary shares which hold no voting rights.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 36 -
23
Operating lease commitments

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

Group
Company
2024
2024
£
£
Within one year
52,884
-
Between two and five years
275,200
-
328,084
-
24
Related party transactions

During the period the directors advanced £200,000 to the company. This is subject to interest on the outstanding balance of 10% per annum. During the period £7,562 of interest was accrued to the outstanding balance. At the year end the company owed directors £207,562.

 

In accordance with Section 33.1A the company has applied the exemption not to disclose transactions and balances with fellow wholly owned group undertakings.

25
Controlling party

The company is controlled by the directors by virtue of their majority shareholdings. There is not considered to be one ultimate controlling party.

CHS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 37 -
26
Cash generated from/(absorbed by) group operations
2024
£
Profit for the period after tax
100,950
Adjustments for:
Taxation charged
78,059
Finance costs
101,817
Investment income
(7,000)
Amortisation and impairment of intangible assets
50,920
Depreciation and impairment of tangible fixed assets
64,228
Increase in deferred consideration liabilities
2,795,000
Movements in working capital:
Increase in stocks
(2,427)
Decrease in debtors
1,260,781
Decrease in creditors
(2,417,274)
Cash generated from/(absorbed by) operations
2,025,054
27
Analysis of changes in net funds - group
20 October 2023
Cash flows
Acquisitions and disposals
30 April 2024
£
£
£
£
Cash at bank and in hand
-
(681,126)
1,463,838
782,712
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