Company Registration No. 01520770 (England and Wales)
HARLOW AGRICULTURAL MERCHANTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
HARLOW AGRICULTURAL MERCHANTS LIMITED
COMPANY INFORMATION
Directors
CR Collings
DB Clark
SJ Attridge
JAB Halliday
MJ Trundle
Secretary
MJ Trundle
Company number
01520770
Registered office
Latchmore Bank
Little Hallingbury
Bishop's Stortford
Hertfordshire
CM22 7PJ
Auditors
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Business address
Latchmore Bank
Little Hallingbury
Bishop's Stortford
Hertfordshire
CM22 7PJ
Bankers
Lloyds Bank Plc
Endeavour House
Chivers Way
Histon
Cambridgeshire
CB24 9ZR
StoneX Financial Ltd
Moor House
1st Floor
120 London Wall
London
EC2M 2HP
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
HARLOW AGRICULTURAL MERCHANTS LIMITED
CONTENTS
Page
Chairman's statement
1
Strategic report
2 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Profit and loss account
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 - 39
HARLOW AGRICULTURAL MERCHANTS LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The financial year-end to January 2024 produced a post-tax profit for the group of £1,901K, down on the previous year.
Black Prince Holidays Ltd showed a modest increase of £56K in gross profit over the previous year. The target customer appears to be more in line with those we welcomed in pre-covid years, as the trend to overseas holidays returns.
The events on the 24th February 2022 with the invasion of Ukraine by Russia, while having obvious tragic effects on the country, led to rapid and unpredicted changes in the agricultural industry.
New replacement boat building in the fleet is ongoing but the continued high steel prices on hulls have made overall costs of bringing new boats into the fleet considerably higher. Profit generation on sales of older boats coming out of the fleet is therefore reduced. The growth this year has come from actual holiday sales (with less discounting) which is encouraging.
As mentioned last year the predicted drop in profitability from Harvest 2023 for our farming clients came to fruition, as they were severely hampered by the rapid escalation of input prices, particularly fertiliser and pesticides. Machinery costs also rose considerably, further affecting farm profits. This also affected HAM detrimentally, as it became a difficult market to trade in, leading to a negative impact on profitability for the year.
Demand for P & K fertilisers, along with requirement for liming dropped significantly, this impacted on Needham Chalks (HAM) Ltd, with their operating profit falling by 43% to £644K.
Harlow Agricultural Merchants Ltd, for the reasons mentioned, experienced a similar drop of 40%, resulting in an operating profit of 1,667K for the year.
We would like to welcome Jamie Swift, who has recently joined the HAM team as an agronomist. Jamie will work alongside Simon Clark as part of Simon's intended retirement plans for 2025. We also welcome Kate Hills, who has joined the group accounts team, working alongside David & Lydia Metcalfe and Simone Fordree.
Andrew Rhodes, who replaced Richard Peake nine years ago, has left the company to pursue other opportunities. We wish Andrew all the very best in his new role and thank him for everything he has done for the company.
The continued profitability of the HAM group, in what has been a challenging year, is a testament to the great team we work with across all of the three companies. On behalf of the Board I would like to thank each and every one of them for their support and commitment to the business.
...................
CR Collings
Chairman
Date: 28 October 2024
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HARLOW AGRICULTURAL MERCHANTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present the strategic report for the year ended 31 January 2024.
S172 statement
In accordance with section 172, the Directors of Harlow Agricultural Merchants Limited outline below how they address the likely long-term consequences of decisions, the interests of the group’s employees, the need to foster business relationships and the need to act fairly between shareholders.
The Directors continue to have regard to the interests of the group’s employees and other stakeholders, including the impact of its activities on the community, the environment and the group’s reputation, when making decisions. We focus on running the business in a sustainable and profitable way, enabling staff and stakeholders to be rewarded for their investment in the company, while mindful of the service we provide to the business community across all sectors of the group.
Acting in good faith, the Directors consider what is most likely to promote the success of the group in the long term. Welfare of staff, customer service and focussing on the changing market place with all companies within the group remain key to achieving this.
Consideration is also given to the environmental impact of decisions. The new build boats and refurbished boats within Black Prince Holidays are fitted with high fuel efficiency engines and we continue to explore the option of electric power for the boats in the future.
Harlow Agricultural Merchants strives to provide a safe and supportive working environment for its employees. Providing people with the right training and tools along with good working conditions, our intention is to provide long term, sustainable local employment.
Harlow Agricultural Merchants is aware of the need to foster and maintain mutually beneficial relationships in order to promote a sustainable business. Customer service, and listening and focusing on their requirements remains key in providing the level of service they require to build long term business relationships.
The Directors will continue to ensure that stakeholder interests are taken into account and as a reminder the Board Agenda, at least once a year, will include a written reminder of the section 172 duties.
Fair review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.
Principal risks and uncertainties
The group's operations expose it to a variety of financial risks that include changes in foreign currency exchange rates, credit risks, and commodity price risks. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group.
Key performance indicators
The Companies Act requires that a fair view of the business contains financial and non-financial key performance indicators. We consider that these are as follows:
We actively involve employees in the business and future goals for the business;
Customer satisfaction and service is considered a key driver of the business;
Creation of operating profit is one of the main goals pursued;
Consideration is given to return of equity shareholder funds; and
Due consideration is given to dividend payment which is covered from operating profit.
Other performance indicators
A review of the financial year is included in the Chairman's report.
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HARLOW AGRICULTURAL MERCHANTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
CR Collings
Director
Date: 28 October 2024
- 3 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their report and financial statements for the year ended 31 January 2024.
Principal activities
The company continued to trade as corn and agricultural merchants.
Black Prince Holidays Limited, a trading subsidiary, continued to provide canal boat holidays and build canal boats.
Needham Chalks (HAM) Limited, a trading subsidiary, continued to provide chalk extraction and processing thereof, and sales of fertiliser.
Results and dividends
The results for the year are set out on page 11.
A dividend of £1.00 per ordinary share totalling £182,806 was paid in the year. 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:
CR Collings
DB Clark
SJ Attridge
JAB Halliday
MJ Trundle
Directors' insurance
The group maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the group.
Financial instruments
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Foreign currency risk
The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
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HARLOW AGRICULTURAL MERCHANTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Commodity price risks
It is the policy for the group to run a balanced book, so that there is no risk. However where large quantities are being exported or imported, there will inevitably be an element of risk since it is not possible to run a balanced book in the short term.
Auditor
In accordance with the company's Articles, it has been agreed that Rickard Luckin Limited be reappointed as auditor of the group.
Energy and carbon report
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas oil consumed
41,734
- Fuel consumed for transport
62,337
- Electricity purchased
506,975
611,046
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Gas oil consumed
10.70
- Fuel consumed for owned transport
120.10
130.80
Scope 2 - indirect emissions
- Electricity purchased
13.20
Total gross emissions
144.00
Intensity ratio
Tonnes CO2 per full-time employee
5.3
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector. In the year ended 31 January 2023, the company reported an intensity ratio of 6.0.
Measures taken to improve energy efficiency
The Group looks at ways to improve its environmental impact and energy efficiency.
It should be noted that the above energy and carbon reporting relates to the company only. No such reporting is required in respect of the subsidiary companies.
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HARLOW AGRICULTURAL MERCHANTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Statement of directors' responsibilities
The directors are responsible for preparing the group and parent company financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare group and parent company financial statements for each financial year. Under that law the directors have elected to prepare the group and parent company 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 parent 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 financial statements;
prepare the on the going concern basis unless it is inappropriate to presume that the group and parent 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.
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 (as defined by section 418(3) of the Companies Act 2006) of which the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.
On behalf of the board
CR Collings
Director
28 October 2024
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HARLOW AGRICULTURAL MERCHANTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HARLOW AGRICULTURAL MERCHANTS LIMITED
Opinion
We have audited the financial statements of Harlow Agricultural Merchants Limited (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 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 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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.
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.
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HARLOW AGRICULTURAL MERCHANTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARLOW AGRICULTURAL MERCHANTS LIMITED
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.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Throughout our audit work we have considered the entities internal control procedures, and the potential for fraudulent activity going undetected. We have concluded that the company's internal control procedures are adequate to mitigate the risk of material misstatement.
Capability of the audit in detecting irregularity, including fraud
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; through verbal and written communications with those charged with governance and other management; and via inspection of the group’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.
The potential effect of these laws and regulations on the financial statements varies considerably.
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HARLOW AGRICULTURAL MERCHANTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARLOW AGRICULTURAL MERCHANTS LIMITED
Firstly, the group is subject to laws and regulations that directly affect the financial statements, including: the group's constitution; relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: regulations and legislation around the trade in seeds and grains; quarry regulations; local authority planning permits and regulations; environmental regulations, legislation around the trade in fertilisers and chemicals; regulatory requirements of the United Kingdom Accreditation Service (UKAS); employment legislation; health and safety legislation; data protection regulations; anti-bribery and anti-corruption legislation.
ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates;
Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account and journal entries posted by senior management;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis;
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
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 ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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HARLOW AGRICULTURAL MERCHANTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARLOW AGRICULTURAL MERCHANTS LIMITED
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.
Caroline Peters (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited
30 October 2024
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
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HARLOW AGRICULTURAL MERCHANTS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
2024
2023
Notes
£
£
Turnover
3
76,115,598
93,010,569
Cost of sales
(66,669,998)
(82,685,826)
Gross profit
9,445,600
10,324,743
Distribution costs
(3,638,969)
(3,064,083)
Administrative expenses
(3,403,880)
(3,300,454)
Other operating income
271,795
276,589
Operating profit
4
2,674,546
4,236,795
Interest receivable and similar income
5
271,044
19,958
Interest payable and similar expenses
6
(33,787)
(3,971)
Other gains and losses
8
(133,336)
606,780
Profit before taxation
2,778,467
4,859,562
Tax on profit
9
(877,165)
(887,693)
Profit for the financial year
27
1,901,302
3,971,869
Profit for the financial year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
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HARLOW AGRICULTURAL MERCHANTS LIMITED
GROUP BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
8,352,878
7,661,071
Investment properties
15
857,186
990,522
Investments
16
1,710
1,710
9,211,774
8,653,303
Current assets
Stocks
17
6,481,069
7,701,683
Non current assets held for sale
18
448,800
268,400
Debtors
19
6,839,253
8,442,604
Investments
20
310,585
383,791
Cash at bank and in hand
13,477,919
11,677,324
27,557,626
28,473,802
Creditors: amounts falling due within one year
21
(9,263,728)
(11,733,909)
Net current assets
18,293,898
16,739,893
Total assets less current liabilities
27,505,672
25,393,196
Provisions for liabilities
23
(1,357,385)
(963,405)
Net assets
26,148,287
24,429,791
Capital and reserves
Called up share capital
26
182,806
182,806
Share premium account
32,692
32,692
Capital redemption reserve
39,695
39,695
Profit and loss reserves
27
25,893,094
24,174,598
Equity attributable to owners of the parent company
26,148,287
24,429,791
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
28 October 2024
CR Collings
DB Clark
Director
Director
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HARLOW AGRICULTURAL MERCHANTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
1,473,483
1,033,767
Investments
16
1,714
1,714
1,475,197
1,035,481
Current assets
Stocks
17
5,900,671
7,144,293
Debtors
19
5,975,790
10,447,698
Investments
20
310,585
383,791
Cash at bank and in hand
11,429,701
7,066,095
23,616,747
25,041,877
Creditors: amounts falling due within one year
21
(7,799,657)
(12,958,543)
Net current assets
15,817,090
12,083,334
Total assets less current liabilities
17,292,287
13,118,815
Provisions for liabilities
Deferred tax liability
24
50,405
-
(50,405)
Net assets
17,292,287
13,068,410
Capital and reserves
Called up share capital
26
182,806
182,806
Share premium account
27
32,692
32,692
Capital redemption reserve
27
39,695
39,695
Profit and loss reserves
27
17,037,094
12,813,217
Total equity
17,292,287
13,068,410
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 £4,406,683 (2023 - £2,271,777 profit).
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
28 October 2024
CR Collings
DB Clark
Director
Director
Company Registration No. 01520770
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HARLOW AGRICULTURAL MERCHANTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
182,806
32,692
39,695
21,299,565
21,554,758
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
3,971,869
3,971,869
Dividends
12
-
-
-
(1,096,836)
(1,096,836)
Balance at 31 January 2023
182,806
32,692
39,695
24,174,598
24,429,791
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
1,901,302
1,901,302
Dividends
12
-
-
-
(182,806)
(182,806)
Balance at 31 January 2024
182,806
32,692
39,695
25,893,094
26,148,287
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HARLOW AGRICULTURAL MERCHANTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
182,806
32,692
39,695
11,638,276
11,893,469
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
2,271,777
2,271,777
Dividends
12
-
-
-
(1,096,836)
(1,096,836)
Balance at 31 January 2023
182,806
32,692
39,695
12,813,217
13,068,410
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
-
4,406,683
4,406,683
Dividends
12
-
-
-
(182,806)
(182,806)
Balance at 31 January 2024
182,806
32,692
39,695
17,037,094
17,292,287
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HARLOW AGRICULTURAL MERCHANTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
4,247,288
4,682,848
Interest paid
(33,787)
(3,971)
Income taxes paid
(1,147,123)
(159,617)
Net cash inflow from operating activities
3,066,378
4,519,260
Investing activities
Purchase of tangible fixed assets
(1,668,908)
(1,185,648)
Proceeds from disposal of tangible fixed assets
314,887
609,799
Interest received
222,015
3,551
Dividends received
49,029
16,407
Net cash used in investing activities
(1,082,977)
(555,891)
Financing activities
Dividends paid to equity shareholders
(182,806)
(1,096,836)
Net cash used in financing activities
(182,806)
(1,096,836)
Net increase in cash and cash equivalents
1,800,595
2,866,533
Cash and cash equivalents at beginning of year
11,677,324
8,810,791
Cash and cash equivalents at end of year
13,477,919
11,677,324
- 16 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
Company information
Harlow Agricultural Merchants Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Latchmore Bank, Little Hallingbury, Bishop's Stortford, Hertfordshire, CM22 7PJ.
The Group consists of Harlow Agricultural Merchants Limited 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 on the historical cost convention, modified to include certain financial instruments and investment property at fair value. 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
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 £4,406,683 (2023 - £2,271,777 profit).
1.2
Basis of consolidation
The consolidated financial statements incorporate those of Harlow Agricultural Merchants Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 January 2024.
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.
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.
- 17 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group and 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. Based upon the information available they consider that the group and company will continue in business for at least the next 12 months.
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.
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 and services relating to agricultural and extraction activities are recognised when the significant risks and rewards of ownership of the goods and/or service 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.
Revenue from the sale of goods and services in Black Prince Holidays Limited are recognised when on the departure date of the holiday or handover of the boat that is sold, 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 - 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.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% straight line
- 18 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings - excluding quarries
0%-2% straight line
Freehold quarries
The quarries are depreciated over the life of the quarry licence with consideration given to average extraction rates
Leasehold land and buildings
10% straight line
Quarry plant and equipment
10% to 25% straight line
Laboratory equipment
10% to 20% straight line
Other plant and equipment
25% straight line
Canal boats
Life of boat
Assets under construction
25% straight line
Motor vehicles
25% straight line
Pontoons included in plant and machinery
Over 30 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 recognised in the profit and loss account.
1.8
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.9
Impairment of fixed assets
At each reporting 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
- 19 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
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) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
- 20 -
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.
1.11
Cash and cash equivalents
Cash at bank and in hand 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 statement of financial position when the group becomes party to the contractual provisions of the instrument.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the 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.
Other financial liabilities
Derivatives, including interest rate swaps, forward foreign exchange contracts and grain commodity futures contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.
- 21 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.15
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.
- 22 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
1.16
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.
1.17
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.18
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
1.19
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 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.
- 23 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
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.
Stock obsolescence and valuation
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is reviewed annually for signs of impairment and obsolescence, and where this is found to be the case, a stock provision included in the financial statements. The calculation of the provision involves management's best estimate on the net realisable value of the identified stock.
Deferred taxation
Deferred taxation is calculated as the timing difference between the tax treatment and accounting treatment of transactions in the financial statements. Deferred taxation is calculated at the tax rates expected to apply when the liability is settled and is reviewed annually for indications that the liability recognised will no longer requirement settlement.
Depreciation and amortisation
Depreciation is provided for on all tangible fixed assets at the point upon which the asset is available for use . Depreciation rates used are the management's best estimates of the useful economic life of these assets.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
Assets under construction
Costs incurred on the building of boats, including a labour element, are recognised as they are incurred and allocated to the project to which they relate, based on management’s best estimate of the time and materials spent on each project. Costs are included within assets under construction until building work has been completed, when the total cost is transferred to plant and machinery.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Corn and agricultural merchanting
67,890,223
83,150,491
Canal boat holidays and boat sales
2,961,137
3,057,581
Chalk extraction and fertiliser trading
5,264,238
6,802,497
76,115,598
93,010,569
2024
2023
£
£
Turnover analysed by geographical market
UK
69,075,880
85,098,407
Rest of world
7,039,718
7,912,162
76,115,598
93,010,569
- 24 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
3
Turnover and other revenue
(Continued)
2024
2023
£
£
Other revenue
Interest income
222,015
3,551
Dividends received
49,029
16,407
Of the total group turnover, £72,225,302 related to the sale of goods (2023: £88,909,797) while £3,890,296 related to the rendering of services (2023: £4,100,772).
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(80,815)
7,817
Depreciation of owned tangible fixed assets
552,798
585,074
Profit on disposal of tangible fixed assets
(70,984)
(190,380)
Amortisation of intangible assets
-
64,075
Operating lease charges
88,431
76,490
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
222,015
3,502
Other interest income
-
49
Total interest revenue
222,015
3,551
Other income from investments
Dividends received
49,029
16,407
Total income
271,044
19,958
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
222,015
3,502
- 25 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
11,340
3,884
Other finance costs:
Other interest
22,447
87
Total finance costs
33,787
3,971
7
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
39,590
37,350
Audit of the financial statements of the company's subsidiaries
32,350
61,975
71,940
99,325
For other services
All other non-audit services
27,980
18,890
8
Other gains and losses
2024
2023
£
£
Changes in the fair value of investment properties
(133,336)
606,780
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
545,244
678,323
Adjustments in respect of prior periods
44,175
1,433
Total current tax
589,419
679,756
Deferred tax
Origination and reversal of timing differences
287,746
207,937
Total tax charge
877,165
887,693
- 26 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Taxation
(Continued)
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
2,778,467
4,859,562
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
694,617
923,317
Tax effect of expenses that are not deductible in determining taxable profit
62,441
(117,677)
Tax effect of income not taxable in determining taxable profit
(12,257)
(3,117)
Adjustments in respect of prior years
44,175
1,123
Effect of change in corporation tax rate
(22,007)
-
Depreciation on assets not qualifying for tax allowances
19,913
17,108
Effect of revaluations of investments
(33,334)
103,323
Chargeable gains
(4,240)
(1,647)
Change in unrecognised deferred tax assets
127,857
(34,737)
Taxation charge
877,165
887,693
10
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Group
2024
2023
Number
Number
Administration
12
10
Distribution
51
49
Total
63
59
Their aggregate remuneration comprised:
Group
Group
2024
2023
£
£
Wages and salaries
4,079,108
3,597,928
Social security costs
484,312
450,561
Pension costs
480,480
474,063
5,043,900
4,522,552
- 27 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Employees
(Continued)
Included in wages and salaries, social security costs and pension costs are amounts totaling £164,571 (2023: £113,497) which have been capitalised as Work In Progress in accounts of a subsidiary company. Also included are wages and salaries and associated costs of £64,365 (2023: £41,779) which have been recharged by a subsidiary to a project being undertaken.
11
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,821,367
1,451,258
Company pension contributions to defined contribution schemes
139,016
90,698
1,960,383
1,541,956
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 5).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
393,982
309,735
Company pension contributions to defined contribution schemes
27,803
17,255
Accrued pension at the end of the year
-
1,387
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
182,806
1,096,836
13
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
699,000
82,072
781,072
Amortisation and impairment
At 1 February 2023 and 31 January 2024
699,000
82,072
781,072
Carrying amount
At 31 January 2024
At 31 January 2023
- 28 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
13
Intangible fixed assets
(Continued)
Company
Software
£
Cost
At 1 February 2023 and 31 January 2024
82,072
Amortisation and impairment
At 1 February 2023 and 31 January 2024
82,072
Carrying amount
At 31 January 2024
At 31 January 2023
- 29 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
14
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Mobile plant
Motor vehicles
Assets under construction
Total
£
£
£
£
£
£
£
£
Cost
At 1 February 2023
2,791,712
179,590
5,820,285
608,808
697,331
782,256
455,527
11,335,509
Additions
324,803
36,941
94,203
1,212,961
1,668,908
Disposals
(4,285)
(3,997)
(12,289)
(63,363)
(83,934)
Transfers
455,527
(455,527)
Assets transferred to held for sale
(612,300)
(612,300)
At 31 January 2024
2,791,712
179,590
5,984,030
641,752
685,042
813,096
1,212,961
12,308,183
Depreciation and impairment
At 1 February 2023
734,851
128,602
1,229,179
564,768
536,915
480,123
3,674,438
Depreciation charged in the year
90,864
6,110
246,556
23,883
46,906
138,479
552,798
Eliminated in respect of disposals
(2,571)
(3,796)
(8,701)
(63,363)
(78,431)
Transfers
(193,500)
(193,500)
At 31 January 2024
825,715
134,712
1,279,664
584,855
575,120
555,239
3,955,305
Carrying amount
At 31 January 2024
1,965,997
44,878
4,704,366
56,897
109,922
257,857
1,212,961
8,352,878
At 31 January 2023
2,056,861
50,988
4,591,106
44,040
160,416
302,133
455,527
7,661,071
- 30 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Company
Land and buildings Freehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
1,012,039
298,494
414,167
581,661
2,306,361
Additions
508,487
16,825
8,609
68,203
602,124
Disposals
(63,363)
(63,363)
At 31 January 2024
1,012,039
508,487
315,319
422,776
586,501
2,845,122
Depreciation and impairment
At 1 February 2023
375,032
172,081
388,758
336,723
1,272,594
Depreciation charged in the year
16,135
30,176
13,923
102,174
162,408
Eliminated in respect of disposals
(63,363)
(63,363)
At 31 January 2024
391,167
202,257
402,681
375,534
1,371,639
Carrying amount
At 31 January 2024
620,872
508,487
113,062
20,095
210,967
1,473,483
At 31 January 2023
637,007
126,413
25,409
244,938
1,033,767
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 February 2023 and 31 January 2024
990,522
-
Net gains or losses through fair value adjustments
(133,336)
-
At 31 January 2024
857,186
-
Investment property comprises of a quarry which is included in one of the subsidiary companies and is leased to an independent third party. The fair value of the investment property has been arrived at on the basis of a valuation by the directors, considering the present value of the future rental income and residual value of the land.
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
32
4
4
Unlisted investments
1,710
1,710
1,710
1,710
1,710
1,710
1,714
1,714
- 31 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
16
Fixed asset investments
(Continued)
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 February 2023 and 31 January 2024
1,710
Carrying amount
At 31 January 2024
1,710
At 31 January 2023
1,710
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 February 2023 and 31 January 2024
4
1,710
1,714
Carrying amount
At 31 January 2024
4
1,710
1,714
At 31 January 2023
4
1,710
1,714
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
327,826
349,706
-
-
Finished goods and goods for resale
6,153,243
7,351,977
5,900,671
7,144,293
6,481,069
7,701,683
5,900,671
7,144,293
18
Assets and liabilities classified as held for sale
Group
Company
2024
2023
2024
2023
£
£
£
£
Property, plant and equipment
448,800
268,400
-
-
- 32 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,601,164
6,697,258
5,142,511
6,227,056
Corporation tax recoverable
40,876
Amounts owed by group undertakings
-
-
5,553
2,737,153
Derivative financial instruments
368,436
933,526
368,436
933,526
Other debtors
123,525
449,207
2,448
339,212
Prepayments and accrued income
548,252
311,847
438,842
210,751
6,682,253
8,391,838
5,957,790
10,447,698
Amounts falling due after more than one year:
Deferred tax asset (note 24)
157,000
50,766
18,000
Total debtors
6,839,253
8,442,604
5,975,790
10,447,698
20
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
310,585
383,791
310,585
383,791
The company has for many years made annual contributions from profits to a HM Revenue & Customs approved profit-sharing scheme, and to an employees' trust, both set up for the benefit of group employees.
The trustees of both trusts comprise officers of the company. Under the scheme, shares to a maximum value of £3,000 are awarded annually to individual employees on an unconditional basis.
The annual costs relate to monies contributed to the scheme, these are shown in the profit and loss account as they are made.
In accordance with accounting standards, the balance sheets of the company and the group include the following assets and liabilities relative to the two trusts:
Current assets:
15,623 shares at average value £310,585 (2023: 17,593 shares at average value £383,791)
Cash at bank £190,399 (2023: £207,059)
Current liabilities:
Other creditors - net assets held by trustees £500,984 (2023: £590,850)
- 33 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
6,105,191
8,069,079
5,716,874
7,776,016
Amounts owed to group undertakings
36,337
2,878,356
Corporation tax payable
158,685
675,513
158,685
511,638
Other taxation and social security
103,374
123,452
78,672
54,663
Deferred income
20,000
40,000
Other creditors
1,699,149
1,667,649
1,668,478
1,617,066
Accruals and deferred income
1,177,329
1,158,216
140,611
120,804
9,263,728
11,733,909
7,799,657
12,958,543
22
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Equity instruments measured at average market value
310,585
383,791
310,585
383,791
Instruments measured at fair value through profit or loss
368,436
933,526
368,436
933,526
Derivatives are split into two categories; foreign currency forward contracts and grain commodity futures contracts.
Foreign currency forward contracts have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contract.
Grain commodity futures contracts have been fair valued using observable open market grain prices corresponding to the maturity of the contract.
23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Deferred tax liabilities
24
1,357,385
963,405
50,405
- 34 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
24
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated/Deccelerated capital allowances
1,358,745
995,518
180,554
137,751
Retirement benefit obligations
(1,360)
(32,113)
43,229
16,338
Investment property
-
-
(69,989)
(103,323)
Unpaid remuneration
-
-
3,206
-
1,357,385
963,405
157,000
50,766
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated/Deccelerated capital allowances
-
82,042
(11,099)
-
Retirement benefit obligations
-
(31,637)
29,099
-
-
50,405
18,000
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
912,639
50,405
Charge/(credit) to profit or loss
287,746
(68,405)
Liability/(asset) at 31 January 2024
1,200,385
(18,000)
The deferred tax liability set out above is expected to reverse within a few years and relates to accelerated capital allowances that are expected to mature over that period.
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
339,909
376,080
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.
Contributions totalling £133,349 (2023: £136,177) were payable to the fund at the balance sheet date and are included within other creditors.
- 35 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
26
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
182,806 Ordinary shares of £1 each
182,806
182,806
The company has one class of ordinary shares which carry no right to fixed income. Each ordinary share carries one voting right.
27
Reserves
Share premium
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted form share premium.
Capital redemption reserve
Includes the nominal value of shares that the company has bought back in previous years.
Profit and loss reserves
Includes all current and prior period retained profits and losses. The group has £300,132 (2023: £503,457) of non distributable retained earnings and £25,592,962 (2023: £23,671,141) of distributable retained earnings.
28
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
117,625
117,625
-
-
Between two and five years
92,000
92,000
-
-
In over five years
205,083
228,083
-
-
414,708
437,708
-
-
- 36 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
29
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
2,214,086
1,783,867
Other information
During the year the group received dividends totalling £49,029 (2023: £16,407) from a related company.
30
Directors' transactions
Dividends totalling £83,368 (2023 - £491,683) were paid in the year in respect of shares held by the company's directors.
31
Controlling party
There was no overall control held over Harlow Agricultural Merchants Limited in either the current or previous year.
32
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Black Prince Holidays Limited
UK
Provision of canal boat holidays
£1 Ordinary
100.00
Deepseas Limited
UK
Dormant
£1 Ordinary
100.00
Needham Chalks (HAM) Limited
UK
Chalk extraction and the sale of fertilisers
£1 Ordinary
100.00
The Horse & Country Store Limited
UK
Dormant
£1 Ordinary
100.00
- 37 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
33
Significant undertakings
The group also has significant holdings in undertakings which are not consolidated:
Name of undertaking and
Nature of business
Class of
% Held
country of incorporation or residency
shareholding
Direct
Star Agrochem Limited
UK
Agent selling agricultural raw materials, livestock, textile raw materials and semi-finished goods
£1 Ordinary
25.00
Drifters Leisure Limited
UK
Narrowboat holidays booking agent
£1 Ordinary
39.00
Latelink Limited
UK
Narrowboat holidays booking agent
£1 Ordinary
25.00
Resource Services (Contracts) Limited
UK
Facilitate the re-use of co-products from land, agriculture and construction
£1 Ordinary
20.00
The financial statements of Star Agrochem Limited, Drifters Leisure Limited, Latelink Limited and Resource Services (Contracts) Limited are not included within these financial statements as control of these companies is held by shareholders other than Harlow Agricultural Merchants Limited.
- 38 -
HARLOW AGRICULTURAL MERCHANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
34
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,901,302
3,971,869
Adjustments for:
Taxation charged
877,165
887,693
Finance costs
33,787
3,971
Investment income
(271,044)
(19,958)
Gain on disposal of tangible fixed assets
(70,984)
(190,380)
Amortisation and impairment of intangible assets
-
64,075
Depreciation and impairment of tangible fixed assets
552,798
585,074
Derivative non-cash movement
565,090
(773,574)
Current asset investment movements
73,206
30,650
Fair value loss/(gain) on investment properties
133,336
(606,780)
Movements in working capital:
Decrease/(increase) in stocks
1,220,614
(1,138,552)
Decrease in debtors
1,185,371
303,131
(Decrease)/increase in creditors
(1,933,353)
1,525,629
(Decrease)/increase in deferred income
(20,000)
40,000
Cash generated from operations
4,247,288
4,682,848
35
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
11,677,324
1,800,595
13,477,919
- 39 -
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