Company registration number 07298396 (England and Wales)
STAR PACIFIC UK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
STAR PACIFIC UK LIMITED
COMPANY INFORMATION
Directors
Mr Satyam Ahuja
Mr Shyam Sunder Bajaj
Mr Gajraj Singh Rathore
Mr Bharat Singh Rathore
(Appointed 31 July 2024)
Company number
07298396
Registered office
Unit 15 Abenglen Industrial Estate
Betam Road
Hayes
Middlesex
United Kingdom
UB3 1SS
Accountants
Reddy Siddiqui LLP
183-189 The Vale
Acton
London
United Kingdom
W3 7RW
STAR PACIFIC UK LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Statement of comprehensive income
4
Balance sheet
5 - 6
Notes to the financial statements
7 - 15
STAR PACIFIC UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of trading of wholesale food items.
Results and dividends
The results for the year are set out on page 3.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Satyam Ahuja
Mr Shyam Sunder Bajaj
Mr Gajraj Singh Rathore
Mr Bharat Singh Rathore
(Appointed 31 July 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr Gajraj Singh Rathore
Director
23 October 2024
STAR PACIFIC UK LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STAR PACIFIC UK LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Star Pacific UK Limited for the year ended 31 May 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Star Pacific UK Limited, as a body, in accordance with the terms of our engagement letter dated 9 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Star Pacific UK Limited and state those matters that we have agreed to state to the board of directors of Star Pacific UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Star Pacific UK Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Star Pacific UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Star Pacific UK Limited. You consider that Star Pacific UK Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Star Pacific UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Reddy Siddiqui LLP
23 October 2024
Chartered Accountants
183-189 The Vale
Acton
London
United Kingdom
W3 7RW
STAR PACIFIC UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
2024
2023
Notes
£
£
Turnover
3
39,200,998
36,283,413
Cost of sales
(38,229,454)
(35,344,501)
Gross profit
971,544
938,912
Administrative expenses
(655,278)
(644,156)
Operating profit
4
316,266
294,756
Interest receivable and similar income
6
6
13,206
Interest payable and similar expenses
7
(3)
(12,415)
Profit before taxation
316,269
295,547
Tax on profit
8
(79,067)
(60,825)
Profit for the financial year
237,202
234,722
The profit and loss account has been prepared on the basis that all operations are continuing operations.
STAR PACIFIC UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2024
2023
£
£
Profit for the year
237,202
234,722
Other comprehensive income
-
-
Total comprehensive income for the year
237,202
234,722
STAR PACIFIC UK LIMITED
BALANCE SHEET
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
25,602
27,437
Current assets
Stocks
10
102,870
187,210
Debtors
11
2,714,105
3,324,360
Investments
12
1,856,513
1,280,678
Cash at bank and in hand
289,896
425,690
4,963,384
5,217,938
Creditors: amounts falling due within one year
13
(3,488,221)
(3,948,453)
Net current assets
1,475,163
1,269,485
Total assets less current liabilities
1,500,765
1,296,922
Creditors: amounts falling due after more than one year
14
(5,100)
Provisions for liabilities
Deferred tax liability
16
6,401
6,860
(6,401)
(6,860)
Net assets
1,489,264
1,290,062
Capital and reserves
Called up share capital
17
15,000
15,000
Profit and loss reserves
1,474,264
1,275,062
Total equity
1,489,264
1,290,062
STAR PACIFIC UK LIMITED
BALANCE SHEET (CONTINUED)
- 6 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
Mr Gajraj Singh Rathore
Director
Company registration number 07298396 (England and Wales)
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
1
Accounting policies
Company information
Star Pacific UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15 Abenglen Industrial Estate, Betam Road, Hayes, Middlesex, United Kingdom, UB3 1SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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:
Leasehold land and buildings
Over the term of the lease
Plant and equipment
25% Reducing balance
Fixtures and fittings
18% Reducing balance
Computers
Straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 8 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 9 -
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 10 -
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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or 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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
6
13,206
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
22,690
44,334
Depreciation of owned tangible fixed assets
9,996
8,386
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
16
16
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
299,144
261,312
Social security costs
19,029
22,618
Pension costs
3,439
418
321,612
284,348
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6
13,206
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6
13,206
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3
-
Other finance costs:
Other interest
12,415
3
12,415
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
79,526
60,334
Deferred tax
Origination and reversal of timing differences
(459)
491
Total tax charge
79,067
60,825
The main rate of corporation tax has been 19% since 1 April 2017 and will remain until 31 March 2023. It will then increase to 25% for companies with profits over £250,000. The ‘small profits rate’ that was familiar before April 2015 will be reintroduced, at 19% for companies with profits up to £50,000. Between £50,000 and £250,000 there will be a tapering calculation that produces an effective marginal rate of 26.5% on profits within that band. The limits will be divided between the number of associated companies (companies under the common control of one or more persons, including both individuals and companies).
The UK Budget 2021 announcements on 3 March 2021 included measures to support economic recovery as a result of the ongoing COVID-19 pandemic. These included an increase to the UK’s main corporation tax rate to 25%, which is due to be effective from 1 April 2023.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
316,269
295,547
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
79,067
59,109
Permanent capital allowances in excess of depreciation
(115)
(243)
Depreciation on assets not qualifying for tax allowances
458
1,677
Other non-reversing timing differences
116
(209)
Deferred tax
(459)
491
Taxation charge for the year
79,067
60,825
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
9
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 June 2023
37,950
29,668
47,696
7,419
122,733
Additions
8,161
8,161
At 31 May 2024
37,950
29,668
47,696
15,580
130,894
Depreciation and impairment
At 1 June 2023
37,950
27,660
23,802
5,884
95,296
Depreciation charged in the year
502
4,301
5,193
9,996
At 31 May 2024
37,950
28,162
28,103
11,077
105,292
Carrying amount
At 31 May 2024
1,506
19,593
4,503
25,602
At 31 May 2023
2,008
23,894
1,535
27,437
10
Stocks
2024
2023
£
£
Finished goods and goods for resale
102,870
187,210
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,555,347
2,959,823
Other debtors
91,904
311,400
Prepayments and accrued income
66,854
53,137
2,714,105
3,324,360
12
Current asset investments
2024
2023
Notes
£
£
Investments in joint ventures
1,856,513
1,280,678
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
61,603
81,529
Trade creditors
1,813,257
3,507,126
Corporation tax
139,563
122,146
Other taxation and social security
6,084
10,587
Dividends payable
38,000
Other creditors
28,826
39,445
Accruals and deferred income
1,400,888
187,620
3,488,221
3,948,453
14
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,100
15
Loans and overdrafts
2024
2023
£
£
Bank loans
61,603
75,429
Bank overdrafts
6,100
61,603
81,529
Payable within one year
61,603
81,529
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
6,401
6,860
STAR PACIFIC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
16
Deferred taxation
(Continued)
- 15 -
2024
Movements in the year:
£
Liability at 1 June 2023
6,860
Credit to profit or loss
(459)
Liability at 31 May 2024
6,401
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.
17
Share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary of £10 each
15,000
15,000
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