Company Registration No. 11164581 (England and Wales)
BENCHMARK DRINKS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
BENCHMARK DRINKS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Company profit and loss account
Group balance sheet
12 - 13
Company balance sheet
14 - 15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Company statement of cash flows
19
Notes to the financial statements
20 - 35
BENCHMARK DRINKS LIMITED
COMPANY INFORMATION
- 1 -
Directors
P Schaafsma
J Ratcliffe
O Wessely
Secretary
L De Souza
Company number
11164581
Registered office
The Courtyard, Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Auditor
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Business address
Unit G River House
37 Point Pleasant
Wandsworth
London
SW18 1NN
BENCHMARK DRINKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
The directors present the strategic report for the year ended 31 January 2024.
Fair review of the business
The principal activity of the business continued to be the sale of wine and non-alcoholic beverages. The group generated most of its business in the UK trading with the major supermarkets and retailers.
Principal risks and uncertainties
The business continually monitors the key risks facing the group together with assessing the controls used for managing these risks. The Directors review and document the principal risks facing the business each quarter.
The principal risks and uncertainties facing the group are as follows:
Liquidity risk
The group relies on a receivables financing facility in order to meet its working capital requirements. The group continually monitors its cashflows and accounts receivable days and has not suffered from any material bad debts during or post year end.
Foreign exchange
The group hedges its foreign currency requirements on a rolling basis to provide certainty over non sterling cashflows.
Economic downturn
The group’s largest customers are the major supermarkets and retailers in the UK supplying a diverse product portfolio. The group is well placed to adapt and respond to changing market conditions.
Development and performance
The year ended 31 January 2024 saw an increase in group turnover to £28.45m up from £25.98m in the prior year.
Gross profit margin decreased from 17.4% to 16.4% reflecting increased production costs which were absorbed by the business.
The decrease in administrative expenses is attributable to one off expenditure incurred in the prior year that was non-recurring.
Operating profit increased from £1.17m to £1.69m resulting in a profit for the financial year of £1.24m after tax.
Interim dividends of £586,851 were paid to the ordinary shareholders, no final dividend was paid.
The group balance sheet has seen a corresponding increase in net assets from £1.29m to £1.95m as at 31 January 2024.
Key performance indicators
Management use a range of performance measures to monitor and manage the business, as set out below;
*adjusted for deferred income
BENCHMARK DRINKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Future developments
The main focus of the group will be on continued growth in the UK and development of key international markets.
P Schaafsma
Director
24 October 2024
BENCHMARK DRINKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 January 2024.
Principal activities
The principal activity of the company and group continued to be that of sale of wine and non-alcoholic beverages. Most of the business is generated in the UK trading with the major supermarkets and retailers.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £586,851. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Schaafsma
J Ratcliffe
O Wessely
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
P Schaafsma
Director
24 October 2024
BENCHMARK DRINKS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BENCHMARK DRINKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BENCHMARK DRINKS LIMITED
- 6 -
Opinion
We have audited the financial statements of Benchmark Drinks Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
BENCHMARK DRINKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENCHMARK DRINKS LIMITED
- 7 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
BENCHMARK DRINKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENCHMARK DRINKS LIMITED
- 8 -
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
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.
BENCHMARK DRINKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENCHMARK DRINKS LIMITED
- 9 -
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.
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.
Chris Checkley FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
24 October 2024
Office: Steyning
BENCHMARK DRINKS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
28,453,723
25,982,309
Cost of sales
(23,780,886)
(21,457,631)
Gross profit
4,672,837
4,524,678
Administrative expenses
(2,987,350)
(3,357,793)
Operating profit
4
1,685,487
1,166,885
Interest receivable and similar income
8
58
Interest payable and similar expenses
9
(21,637)
(2,997)
Profit before taxation
1,663,908
1,163,888
Tax on profit
10
(420,079)
(234,228)
Profit for the financial year
1,243,829
929,660
Profit for the financial year is attributable to:
- Owners of the parent company
1,251,103
966,484
- Non-controlling interests
(7,274)
(36,824)
1,243,829
929,660
BENCHMARK DRINKS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
2024
2023
£
£
Profit for the year
1,243,829
929,660
Other comprehensive income
-
-
Total comprehensive income for the year
1,243,829
929,660
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,251,103
966,484
- Non-controlling interests
(7,274)
(36,824)
1,243,829
929,660
BENCHMARK DRINKS LIMITED
PARENT COMPANY PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
2024
2023
£
£
Turnover
27,956,922
25,271,442
Cost of sales
(23,316,209)
(20,811,420)
Gross profit
4,640,713
4,460,022
Administrative expenses
(3,126,165)
(3,148,296)
Operating profit
1,514,548
1,311,726
Interest payable and similar expenses
(21,545)
(542)
Profit before taxation
1,493,003
1,311,184
Tax on profit
(420,079)
(234,228)
Profit for the financial year
1,072,924
1,076,956
BENCHMARK DRINKS LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
11,289
36,896
Tangible assets
13
55,022
18,766
66,311
55,662
Current assets
Stocks
16
3,035,770
3,551,646
Debtors
17
5,159,444
6,257,992
Cash at bank and in hand
1,218,925
947,471
9,414,139
10,757,109
Creditors: amounts falling due within one year
18
(7,520,400)
(9,519,839)
Net current assets
1,893,739
1,237,270
Total assets less current liabilities
1,960,050
1,292,932
Provisions for liabilities
Deferred tax liability
20
(13,670)
(3,530)
(13,670)
(3,530)
Net assets
1,946,380
1,289,402
Capital and reserves
Called up share capital
22
171
171
Share premium account
561,198
561,198
Capital redemption reserve
13
13
Profit and loss reserves
1,455,260
791,008
Equity attributable to owners of the parent company
2,016,642
1,352,390
Non-controlling interests
(70,262)
(62,988)
1,946,380
1,289,402
BENCHMARK DRINKS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
24 October 2024
P Schaafsma
Director
Company registration number 11164581 (England and Wales)
BENCHMARK DRINKS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
11,289
36,896
Tangible assets
13
54,678
14,119
Investments
14
165
165
66,132
51,180
Current assets
Stocks
16
2,971,960
3,443,047
Debtors
17
5,290,145
6,596,367
Cash at bank and in hand
1,202,669
928,134
9,464,774
10,967,548
Creditors: amounts falling due within one year
18
(7,489,810)
(9,473,845)
Net current assets
1,974,964
1,493,703
Total assets less current liabilities
2,041,096
1,544,883
Provisions for liabilities
Deferred tax liability
20
(13,670)
(3,530)
(13,670)
(3,530)
Net assets
2,027,426
1,541,353
Capital and reserves
Called up share capital
22
171
171
Share premium account
561,198
561,198
Capital redemption reserve
13
13
Profit and loss reserves
1,466,044
979,971
Total equity
2,027,426
1,541,353
The company’s profit for the year was £1,072,924 (2023 - £1,076,956 profit).
BENCHMARK DRINKS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
24 October 2024
P Schaafsma
Director
Company registration number 11164581 (England and Wales)
BENCHMARK DRINKS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 February 2022
171
561,198
13
567,157
1,128,539
(26,164)
1,102,375
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
966,484
966,484
(36,824)
929,660
Dividends
11
-
-
-
(742,633)
(742,633)
-
(742,633)
Balance at 31 January 2023
171
561,198
13
791,008
1,352,390
(62,988)
1,289,402
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
1,251,103
1,251,103
(7,274)
1,243,829
Dividends
11
-
-
-
(586,851)
(586,851)
-
(586,851)
Balance at 31 January 2024
171
561,198
13
1,455,260
2,016,642
(70,262)
1,946,380
BENCHMARK DRINKS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
171
561,198
13
645,648
1,207,030
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
1,076,956
1,076,956
Dividends
11
-
-
-
(742,633)
(742,633)
Balance at 31 January 2023
171
561,198
13
979,971
1,541,353
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
1,072,924
1,072,924
Dividends
11
-
-
-
(586,851)
(586,851)
Balance at 31 January 2024
171
561,198
13
1,466,044
2,027,426
BENCHMARK DRINKS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,542,205
886,837
Interest paid
(10,637)
(2,997)
Income taxes paid
(237,495)
(206,941)
Net cash inflow from operating activities
1,294,073
676,899
Investing activities
Purchase of intangible assets
-
(23,136)
Purchase of tangible fixed assets
(66,735)
(9,656)
Repayment of loans
2,744
(182)
Interest received
58
Net cash used in investing activities
(63,933)
(32,974)
Financing activities
Repayment of bank loans
(371,835)
(459,403)
Dividends paid to equity shareholders
(586,851)
(742,633)
Net cash used in financing activities
(958,686)
(1,202,036)
Net increase/(decrease) in cash and cash equivalents
271,454
(558,111)
Cash and cash equivalents at beginning of year
947,471
1,505,582
Cash and cash equivalents at end of year
1,218,925
947,471
BENCHMARK DRINKS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,545,252
905,715
Interest paid
(10,545)
(542)
Income taxes paid
(237,495)
(206,941)
Net cash inflow from operating activities
1,297,212
698,232
Investing activities
Purchase of intangible assets
(23,136)
Purchase of tangible fixed assets
(66,735)
(8,626)
Repayment of loans
2,744
(10,182)
Net cash used in investing activities
(63,991)
(41,944)
Financing activities
Repayment of bank loans
(371,835)
(459,403)
Dividends paid to equity shareholders
(586,851)
(742,633)
Net cash used in financing activities
(958,686)
(1,202,036)
Net increase/(decrease) in cash and cash equivalents
274,535
(545,748)
Cash and cash equivalents at beginning of year
928,134
1,473,882
Cash and cash equivalents at end of year
1,202,669
928,134
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
1
Accounting policies
Company information
Benchmark Drinks Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Courtyard, Shoreham Road, Upper Beeding, West Sussex, BN44 3TN.
The group consists of Benchmark Drinks Ltd and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Benchmark Drinks 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 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 21 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.3
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.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Design costs
3 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 and 5 years straight line
Computers
3 years straight line
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 22 -
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.
1.7
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
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.
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.
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
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.
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 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.
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 24 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Inventories
Reviews are made periodically by management on damaged, obsolete and slow moving inventories. These reviews require judgement and estimates. Possible changes in these estimates could result in revisions to the valuation of inventories.
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
24,292,984
20,544,104
EU
3,777,192
3,765,031
Rest of World
383,547
1,673,174
28,453,723
25,982,309
2024
2023
£
£
Other revenue
Interest income
58
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
-
(36,686)
Depreciation of owned tangible fixed assets
30,479
15,112
Amortisation of intangible assets
25,607
32,688
Operating lease charges
63,847
100,442
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
24,885
23,700
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
17
16
16
14
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
936,311
920,816
893,702
779,182
Social security costs
107,117
110,946
104,951
96,356
Pension costs
36,512
33,082
35,830
31,817
1,079,940
1,064,844
1,034,483
907,355
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
87,053
85,588
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
58
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
58
-
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
92
-
Other finance costs:
Other interest
21,545
2,997
Total finance costs
21,637
2,997
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
409,939
235,268
Deferred tax
Origination and reversal of timing differences
10,140
(1,040)
Total tax charge
420,079
234,228
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,663,908
1,163,888
Expected tax charge based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
399,338
221,139
Tax effect of expenses that are not deductible in determining taxable profit
10,601
14,129
Deferred tax movement
10,140
(1,040)
Taxation charge
420,079
234,228
From 1 April 2023 the rate of corporation tax increased from 19% to 25%.
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
586,851
742,633
12
Intangible fixed assets
Group
Design costs
£
Cost
At 1 February 2023 and 31 January 2024
114,419
Amortisation and impairment
At 1 February 2023
77,523
Amortisation charged for the year
25,607
At 31 January 2024
103,130
Carrying amount
At 31 January 2024
11,289
At 31 January 2023
36,896
Company
Design costs
£
Cost
At 1 February 2023 and 31 January 2024
114,419
Amortisation and impairment
At 1 February 2023
77,523
Amortisation charged for the year
25,607
At 31 January 2024
103,130
Carrying amount
At 31 January 2024
11,289
At 31 January 2023
36,896
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
13
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2023
19,797
32,289
52,086
Additions
59,003
7,732
66,735
At 31 January 2024
78,800
40,021
118,821
Depreciation and impairment
At 1 February 2023
9,858
23,462
33,320
Depreciation charged in the year
24,443
6,036
30,479
At 31 January 2024
34,301
29,498
63,799
Carrying amount
At 31 January 2024
44,499
10,523
55,022
At 31 January 2023
9,939
8,827
18,766
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2023
12,226
29,919
42,145
Additions
59,003
7,732
66,735
At 31 January 2024
71,229
37,651
108,880
Depreciation and impairment
At 1 February 2023
5,881
22,145
28,026
Depreciation charged in the year
21,193
4,983
26,176
At 31 January 2024
27,074
27,128
54,202
Carrying amount
At 31 January 2024
44,155
10,523
54,678
At 31 January 2023
6,345
7,774
14,119
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
165
165
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
165
Carrying amount
At 31 January 2024
165
At 31 January 2023
165
15
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Wine Delivered Limited
England & Wales
Ordinary
75.00
Benchmark Drinks Europe Limited
Republic of Ireland
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,035,770
3,551,646
2,971,960
3,443,047
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 31 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,678,137
5,730,014
4,472,338
5,722,226
Corporation tax recoverable
94,742
101,880
94,742
101,880
Amounts owed by group undertakings
-
-
339,914
372,750
Other debtors
315,315
335,942
315,150
324,527
Prepayments and accrued income
71,250
90,156
68,001
74,984
5,159,444
6,257,992
5,290,145
6,596,367
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
760,378
1,132,213
760,378
1,132,213
Trade creditors
4,087,041
6,868,124
4,077,888
6,845,140
Corporation tax payable
409,939
244,633
409,939
244,633
Other taxation and social security
257,223
114,492
249,451
98,486
Other creditors
39,806
29,071
32,265
26,530
Accruals and deferred income
1,966,013
1,131,306
1,959,889
1,126,843
7,520,400
9,519,839
7,489,810
9,473,845
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
760,378
1,132,213
760,378
1,132,213
Payable within one year
760,378
1,132,213
760,378
1,132,213
The company uses factoring facilities which are secured by fixed and floating charges over the group's assets.
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 32 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
13,670
3,530
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
13,670
3,530
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
3,530
3,530
Charge to profit or loss
10,140
10,140
Liability at 31 January 2024
13,670
13,670
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,512
33,082
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.
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 33 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 0.1p each
95,625
95,625
96
96
Ordinary B Shares of 0.1p each
75,305
75,305
75
75
170,930
170,930
171
171
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
63,847
62,121
63,847
62,121
Between two and five years
24,780
84,312
24,780
84,312
88,627
146,433
88,627
146,433
24
Directors' transactions
Included within other debtors are the following loans to directors:
The loan is unsecured, non-interest bearing and repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director loans
-
294,841
5,462
(8,206)
292,097
294,841
5,462
(8,206)
292,097
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 34 -
25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,243,829
929,660
Adjustments for:
Taxation charged
420,079
234,228
Finance costs
21,637
2,997
Investment income
(58)
Amortisation and impairment of intangible assets
25,607
32,688
Depreciation and impairment of tangible fixed assets
30,479
15,112
Movements in working capital:
Decrease/(increase) in stocks
515,876
(662,790)
Decrease/(increase) in debtors
1,088,666
(2,263,222)
(Decrease)/increase in creditors
(1,803,910)
2,598,164
Cash generated from operations
1,542,205
886,837
26
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,072,924
1,076,956
Adjustments for:
Taxation charged
420,079
234,228
Finance costs
21,545
542
Amortisation and impairment of intangible assets
25,607
32,688
Depreciation and impairment of tangible fixed assets
26,176
12,788
Movements in working capital:
Decrease/(increase) in stocks
471,087
(720,053)
Decrease/(increase) in debtors
1,296,340
(2,359,622)
(Decrease)/increase in creditors
(1,788,506)
2,628,188
Cash generated from operations
1,545,252
905,715
BENCHMARK DRINKS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 35 -
27
Analysis of changes in net funds/(debt) - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
947,471
271,454
1,218,925
Borrowings excluding overdrafts
(1,132,213)
371,835
(760,378)
(184,742)
643,289
458,547
28
Analysis of changes in net funds/(debt) - company
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
928,134
274,535
1,202,669
Borrowings excluding overdrafts
(1,132,213)
371,835
(760,378)
(204,079)
646,370
442,291
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.210P SchaafsmaJ RatcliffeO WesselyL De Souzafalsefalse111645812023-02-012024-01-3111164581bus:Director12023-02-012024-01-3111164581bus:Director22023-02-012024-01-3111164581bus:Director32023-02-012024-01-3111164581bus:CompanySecretary12023-02-012024-01-3111164581bus:RegisteredOffice2023-02-012024-01-3111164581bus:Consolidated2024-01-31111645812024-01-3111164581bus:Consolidated2023-02-012024-01-3111164581bus:Consolidated2022-02-012023-01-31111645812022-02-012023-01-3111164581core:OtherResidualIntangibleAssetsbus:Consolidated2024-01-3111164581core:OtherResidualIntangibleAssetsbus:Consolidated2023-01-3111164581core:OtherResidualIntangibleAssets2024-01-3111164581core:OtherResidualIntangibleAssets2023-01-3111164581core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-01-3111164581core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-3111164581core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-3111164581core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3111164581bus:Consolidated2023-01-31111645812023-01-3111164581core:FurnitureFittingsbus:Consolidated2024-01-3111164581core:ComputerEquipmentbus:Consolidated2024-01-3111164581core:FurnitureFittingsbus:Consolidated2023-01-3111164581core:ComputerEquipmentbus:Consolidated2023-01-3111164581core:FurnitureFittings2024-01-3111164581core:ComputerEquipment2024-01-3111164581core:FurnitureFittings2023-01-3111164581core:ComputerEquipment2023-01-3111164581core:ShareCapitalbus:Consolidated2024-01-3111164581core:ShareCapitalbus:Consolidated2023-01-3111164581core:SharePremiumbus:Consolidated2024-01-3111164581core:SharePremiumbus:Consolidated2023-01-3111164581core:CapitalRedemptionReservebus:Consolidated2024-01-3111164581core:CapitalRedemptionReservebus:Consolidated2023-01-3111164581core:ShareCapital2024-01-3111164581core:ShareCapital2023-01-3111164581core:SharePremium2024-01-3111164581core:SharePremium2023-01-3111164581core:CapitalRedemptionReserve2024-01-3111164581core:CapitalRedemptionReserve2023-01-3111164581core:RetainedEarningsAccumulatedLosses2024-01-3111164581core:ShareCapitalbus:Consolidated2022-01-3111164581core:SharePremiumbus:Consolidated2022-01-3111164581core:CapitalRedemptionReservebus:Consolidated2022-01-3111164581core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-3111164581core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-3111164581core:Non-controllingInterestsbus:Consolidated2023-01-3111164581core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-01-3111164581core:Non-controllingInterestsbus:Consolidated2024-01-3111164581core:ShareCapital2022-01-3111164581core:SharePremium2022-01-3111164581core:CapitalRedemptionReserve2022-01-3111164581core:RetainedEarningsAccumulatedLosses2022-01-3111164581core:RetainedEarningsAccumulatedLosses2023-01-3111164581bus:Consolidated2022-01-31111645812022-01-3111164581core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3111164581core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-012024-01-3111164581core:FurnitureFittings2023-02-012024-01-3111164581core:ComputerEquipment2023-02-012024-01-3111164581core:UKTaxbus:Consolidated2023-02-012024-01-3111164581core:UKTaxbus:Consolidated2022-02-012023-01-3111164581bus:Consolidated12023-02-012024-01-3111164581bus:Consolidated12022-02-012023-01-3111164581core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-3111164581core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3111164581core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-02-012024-01-3111164581core:FurnitureFittingsbus:Consolidated2023-01-3111164581core:ComputerEquipmentbus:Consolidated2023-01-3111164581bus:Consolidated2023-01-3111164581core:FurnitureFittings2023-01-3111164581core:ComputerEquipment2023-01-31111645812023-01-3111164581core:FurnitureFittingsbus:Consolidated2023-02-012024-01-3111164581core:ComputerEquipmentbus:Consolidated2023-02-012024-01-3111164581core:CurrentFinancialInstruments2024-01-3111164581core:CurrentFinancialInstruments2023-01-3111164581core:CurrentFinancialInstrumentsbus:Consolidated2024-01-3111164581core:CurrentFinancialInstrumentsbus:Consolidated2023-01-3111164581core:WithinOneYearbus:Consolidated2024-01-3111164581core:WithinOneYearbus:Consolidated2023-01-3111164581core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3111164581core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3111164581core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-01-3111164581core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-01-3111164581bus:PrivateLimitedCompanyLtd2023-02-012024-01-3111164581bus:FRS1022023-02-012024-01-3111164581bus:Audited2023-02-012024-01-3111164581bus:ConsolidatedGroupCompanyAccounts2023-02-012024-01-3111164581bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP