Company registration number 02070336 (England and Wales)
THE P & M GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
THE P & M GROUP LIMITED
COMPANY INFORMATION
Directors
Mr A P Moon
Mr A Smith
Mr A Wall
J Gwatkin
Secretary
J Gwatkin
Company number
02070336
Registered office
Unit A
125 Business Park
Llanthony Road
Gloucester
Gloucestershire
United Kingdom
GL2 5JQ
Auditor
Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
THE P & M GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 39
THE P & M GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

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

Review of the business

We aim to present a balanced and comprehensive review of the development of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business. The group has continued to invest during the year, with particular focus on training, manufacturing and sustainability, despite a lower turnover.

 

Working predominantly in the construction industry, health and safety is one of the group's most important KPIs and our strong safety culture has ensured that during the year we recorded zero RIDDOR (one in 2023) across our own staff and subcontractors, providing evidence that the group is a safe place to work. The Health & Safety team monitor a range of KPIs to ensure our policies and behaviours are effective and encourage engagement with regular communication linked to their ‘Responsibility Club’ initiative.

The directors have supported the group's enhanced commitment to ESG and recognise the importance it has on its stakeholders. For the first time the group includes in the audited accounts all its business entities in the SECR, going beyond the required reporting to include Scopes 1, 2 and 3. This vital data will allow the group to target areas for reduction and commit to a net zero target.

 

The group's sustainability strategy, ‘Project Acorn’, identified education as key to raising awareness and during the year laid the foundations for a group wide education platform, to be launched in 2024, giving all employees the opportunity to discover and learn about climate change and sustainability initiatives.

 

The group worked with an external non-profit social enterprise that encourages inclusion and diversity in STEM related careers; raised money for several charities, and as part of our commitment to future generations we have supported the Lord’s Taverners and their programme to positively impact the lives of young people facing the challenges of inequality.

Principal risks and uncertainties

Market risk

The group, alongside other businesses in the construction sector, is subject to similar risks from operating in that sector and from the position of the economy as a whole. The board monitors the state of the market segments that affect the business and evolves the business strategy as required with turnover again forecast to grow.

 

Financial risk

The group’s financial instruments comprise cash at bank and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise adequate finance for the group’s operations. The group is confident that all monies owed to its undertakings are recoverable and has adequate credit insurance in place to support this.

 

The main risks arising from the group’s financial instruments are interest and currency fluctuations. It is the group’s policy to finance its operations through a mixture of retained cash and strong credit management and to review periodically the mix of these instruments with regard to the projected cash flow requirements of the group and an acceptable level of risk exposure.

 

The group mitigates any risk associated with contracts entered into in foreign currency with the use of matching forward contracts, where appropriate.

Key performance indicators

Gross margins for the year were 23.84% (2023: 20.83%) and cash remains strong at £9.2m (2023: £8.6m).

Future developments

Maintaining strong relationships with key stakeholders together with the high standards in health and safety, quality and the continuing investment in staff learning and development, sustainability and efficiency are integral to improve delivery for clients and market opportunities. The group’s ongoing R&D investment in manufacturing will see new products coming online in 2025.

THE P & M GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

On behalf of the board

Mr A P Moon
Director
29 October 2024
THE P & M GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company and group continued to be that of construction of temperature controlled buildings and environments, fire walls, installation of external cladding, the maintenance and repair of temperature controlled environments. The subsidiaries' principal activities are that of industrial and commercial insulation contractors, and the manufacture of thermally insulated access solutions and metal fabrications, predominantly serving the coldstore industry and other controlled environments such as pharmaceuticals and laboratories. The goods manufactured include a variety of hinged and sliding doors as well as a multitude of metal fabrications, which support the erection and completion of composite structures.

Results and dividends

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

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

Directors

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

Mr A P Moon
Mr A Smith
Mr A Wall
J Gwatkin
THE P & M GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Energy and carbon report

The Streamlined Energy and Carbon Reporting (SECR) disclosure showing the group’s carbon footprint for 2024 is set out as follows.

 

Responsibilities

The P&M Group oversaw the internal processes for collecting the relevant data and inputted this data into the Compare Your Footprint carbon calculator. Compare Your Footprint performs all the GHG calculations in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard, employing the UK government’s 2023 and 2024 conversion factors whereby the emissions are expressed in tonnes of CO2 equivalent (tCO2e).

Notes, disclaimers and exclusions

Alongside the mandatory Scope 3 emissions, The P&M Group has included where practical, voluntary Scope 3 data for all trading names and subsidiaries. All material Scope 3 categories where data is available are included, and there are plans to calculate Scope 3 holistically in the future.

The reporting year for 2023-24 is the baseline year for ISD Australia (ISDA) and has been included in The P&M Group’s combined total. Due to it being the first year collecting emissions for ISDA, average-based data has been used in the absence of activity data in some circumstances. Process improvements are planned to improve the data moving forwards.

Business Travel for The P&M Group UK excludes accommodation due to the unavailability of this data. It is included for all other parts of the group. We have a plan to capture this data for The P&M Group UK in future years.

Reductions in the footprint across UK based subsidiaries (The P&M Group UK, Tysoe and PLG) are down to a mixture of implemented initiatives and more accurate calculating methods.

Subcontractor travel (including accommodation) has been estimated based on our own project records due to actual data being unavailable.

The P&M Group UK & Tysoe data includes scope 1, 2 and 3 for all years. PLG only includes scope 1, 2 and legal minimum scope 3 for the first 2 years, with full scope 3 for 2024. ISDA only has data for 2024.

Regarding the turnover, in the group emissions table, this is the consolidated figure, but in the appendices for individual subsidiaries, it is the unconsolidated figures. This made the most sense because emissions are absolute and associated directly with the services delivered/turnover generated of the individual entity. Together, the emissions are not duplicated, so consolidated turnover made the most sense here.

The total emissions figure in both the Group emissions table and the appendices uses the location-based method.

Energy efficiency actions

The P&M Group has continued to embed sustainability within their business, by improving energy efficiency and mitigating their negative impacts on the environment and society. The company strategy is centred around improving their positive impact.

THE P & M GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Reporting year end
2022
2023
2024
2024
Location
UK
UK
UK
Global (including UK)
Totals
Combined group turnover
49,077,596
64,899,425
50,634,489
55,943,844
Total emissions (tCO2e)
24,669.30
27,248.96
19,393.65
24,205.21
Total energy consumption (kWh)
3,944,364
3,907,174
3,175,902
3,605,236
Intensity (tC02e/£m)
Intensity ratio: total location based tonnes per £m (tC02e/£m)
502.66
419.86
383.01
432.67
Intensity ratio: total market based tonnes per £m (tC02e/£m)
503.49
419.64
382.43
432.15
Annual Energy Consumption in kWh
Purchased electricity
219,341
156,048
171,275
171,275
Gas and other fuels
192,427
175,213
189,378
189,378
Fuel used for business travel
2,498,302
2,557,391
2,394,238
2,622,747
Fuel used in plant/machinery
1,034,298
1,018,523
421,010
621,836
Annual GHG Emissions in tC02e
Scope 1
Emissions from combustion of gas in offices
45.61
38.06
40.55
40.55
Emissions from combustion of fuel for transport purposes
472.23
447.44
436.63
440.87
Emissions from combustion of fuel for transport purposes
281.27
262.11
106.37
157.28
Scope 2
Emissions from purchased electricity - location based
46.88
29.56
28.85
28.85
Emissions from purchased electricity - market based
84.37
21.00
14.25
14.25
Scope 3
Business travel - grey fleey, including WTT for controlled fleet (category 6)
309.87
367.91
324.47
391.18
Purchased goods and services (Category 1) - subcontractor travel: vehicles and accommodation
113.12
149.91
106.37
524.92
Purchased goods and services (Category 1) - other suppliers
22,368.50
24,834.94
17,349.46
21,340.21
Capital goods (Category 2)
n/a
132.24
n/a
n/a
Upstream emissions from purchased fuel and energy - location based (Category 3)
85.58
77.36
44.67
56.90
Upstream emissions from purchased fuel and energy - market based (Category 3)
88.87
71.15
38.60
50.83
Employee commuting (Category 7)
65.48
130.44
95.80
97.82
Upstream transport and distribution (Category 4)
735.67
693.44
675.37
915.37
Waste generated in operations (Category 5)
145.10
85.56
177.89
204.02
THE P & M GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
Future plans
Statement of directors' responsibilities

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

 

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

 

 

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

Disclosure in the strategic report

Other matters required to be disclosed in the Report of the Directors in accordance with section 416(4) of the Companies Act 2006 in relation to financial risks and future developments are set out in the Strategic Report on pages 1&2 in accordance with section 414C(11) of the Companies Act 2006.true

Statement of disclosure to auditor

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

THE P & M GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
On behalf of the board
Mr A P Moon
Director
29 October 2024
THE P & M GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE P & M GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of The P & M Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE P & M GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE P & M GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

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.

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.

THE P & M GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE P & M GROUP LIMITED
- 10 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Clift (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
29 October 2024
Chartered Accountants
Statutory Auditor
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
THE P & M GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
55,943,844
70,604,383
Cost of sales
(42,606,294)
(55,894,091)
Gross profit
13,337,550
14,710,292
Administrative expenses
(10,956,571)
(11,080,781)
Other operating income
-
216,271
Operating profit
7
2,380,979
3,845,782
Interest receivable and similar income
73,580
4,553
Interest payable and similar expenses
8
(45,213)
(32,956)
Profit before taxation
2,409,346
3,817,379
Tax on profit
10
(692,157)
(786,660)
Profit for the financial year
26
1,717,189
3,030,719
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(98,566)
31,220
Total comprehensive income for the year
1,618,623
3,061,939
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
THE P & M GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,672,307
1,913,456
Other intangible assets
11
1,900
-
0
Total intangible assets
1,674,207
1,913,456
Tangible assets
12
1,932,589
1,512,601
Investments
13
1
1
3,606,797
3,426,058
Current assets
Stocks
15
1,195,551
1,545,364
Debtors
16
9,926,429
12,031,067
Investments
17
1,000,000
-
0
Cash at bank and in hand
9,191,132
8,583,331
21,313,112
22,159,762
Creditors: amounts falling due within one year
18
(10,369,574)
(12,070,514)
Net current assets
10,943,538
10,089,248
Total assets less current liabilities
14,550,335
13,515,306
Creditors: amounts falling due after more than one year
19
(192,440)
(869,881)
Provisions for liabilities
Deferred tax liability
21
321,589
227,742
(321,589)
(227,742)
Net assets
14,036,306
12,417,683
Capital and reserves
Called up share capital
23
1,950
1,950
Share premium account
22
48,345
48,345
Capital redemption reserve
24
9,655
9,655
Other reserves
25
(117,188)
(18,622)
Profit and loss reserves
26
14,093,544
12,376,355
Total equity
14,036,306
12,417,683
THE P & M GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
29 October 2024
Mr A P Moon
Director
Company registration number 02070336 (England and Wales)
THE P & M GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
803,354
679,909
Investments
13
6,625,918
6,625,918
7,429,272
7,305,827
Current assets
Stocks
15
1,008,060
1,234,936
Debtors
16
9,532,463
11,145,492
Investments
17
1,000,000
-
0
Cash at bank and in hand
6,207,153
5,219,224
17,747,676
17,599,652
Creditors: amounts falling due within one year
18
(12,446,954)
(13,569,557)
Net current assets
5,300,722
4,030,095
Total assets less current liabilities
12,729,994
11,335,922
Creditors: amounts falling due after more than one year
19
(71,095)
(706,388)
Provisions for liabilities
Deferred tax liability
21
75,435
50,996
(75,435)
(50,996)
Net assets
12,583,464
10,578,538
Capital and reserves
Called up share capital
23
1,950
1,950
Share premium account
22
48,345
48,345
Capital redemption reserve
24
9,655
9,655
Profit and loss reserves
26
12,523,514
10,518,588
Total equity
12,583,464
10,578,538

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 £2,004,926 (2023 - £2,271,299 profit).

The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
29 October 2024
Mr A P Moon
Director
Company registration number 02070336 (England and Wales)
THE P & M GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 February 2022
1,950
48,345
9,655
(49,842)
9,495,630
9,505,738
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
31,220
3,030,719
3,061,939
Dividends
9
-
-
-
-
(149,994)
(149,994)
Balance at 31 January 2023
1,950
48,345
9,655
(18,622)
12,376,355
12,417,683
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
-
(98,566)
1,717,189
1,618,623
Balance at 31 January 2024
1,950
48,345
9,655
(117,188)
14,093,544
14,036,306
THE P & M GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
1,950
48,345
9,655
8,397,283
8,457,233
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
2,271,299
2,271,299
Dividends
9
-
-
-
(149,994)
(149,994)
Balance at 31 January 2023
1,950
48,345
9,655
10,518,588
10,578,538
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
-
2,004,926
2,004,926
Balance at 31 January 2024
1,950
48,345
9,655
12,523,514
12,583,464
THE P & M GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
3,229,191
1,852,415
Interest paid
(45,213)
(32,956)
Income taxes paid
(904,488)
(512,612)
Net cash inflow from operating activities
2,279,490
1,306,847
Investing activities
Purchase of intangible assets
(1,900)
-
Purchase of tangible fixed assets
(649,003)
(525,728)
Proceeds on disposal of tangible fixed assets
58,769
60,018
Transferred to deposit account
(1,000,000)
-
Interest received
73,580
4,553
Net cash used in investing activities
(1,518,554)
(461,157)
Financing activities
Amount introduced by directors
93,659
19,444
Amount withdrawn by directors
(9,293)
(20,569)
Payment of finance leases obligations
(138,935)
(103,136)
Dividends paid to equity shareholders
-
(149,994)
Net cash used in financing activities
(54,569)
(254,255)
Net increase in cash and cash equivalents
706,367
591,435
Cash and cash equivalents at beginning of year
8,583,331
7,960,676
Effect of foreign exchange rates
(98,566)
31,220
Cash and cash equivalents at end of year
9,191,132
8,583,331
Included in cash and cash equivalents as at 31 January 2024 is ringfenced capital totalling £Nil (2023: £602,893).
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
1
Accounting policies
Company information

The P & M Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office can be found on the company information page.

1.1
Accounting convention

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

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

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

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

 

1.2
Basis of consolidation

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

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -

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

 

All financial statements are made up to 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

Balances held by subsidiaries that are not in the functional currency of the group are retranslated using the period end exchange rate for assets and liabilities and at the average foreign exchange rate for the period for all profit or loss items. Any difference arising on retranslation into the functional currency are recognised within other comprehensive income.

1.3
Going concern

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

1.4
Turnover

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

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to hourly rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Amounts recoverable on contracts relate to the value of work carried out on a contract before the balance sheet date, but for which a sales invoice has not been raised.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
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.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.7
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
10% on cost
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% or 33% on cost
Plant and equipment
25% on reducing balance or 20-25% on cost
Fixtures and fittings
20-25% on cost
Computers
25% on cost
Motor vehicles
25% on cost or reducing balance

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

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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

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

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 21 -

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.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Work in progress is valued by reference to the stage of completion of a contract at the balance sheet date, and is based on the costs incurred to date in performing the contract work together with an appropriate addition for gross profit measured according to the stage of completion of the contract and the certainty of ultimate margin.

 

Long-term contracts

Long-term contract balances represent costs incurred on specific contracts, net of amounts transferred to cost of sales in respect of work recorded as turnover, less foreseeable losses and payments on account not matched with turnover.

 

Turnover is recognised by reference to the fair value of work carried out at the balance sheet date. No profit is recognised until the contract has advanced to a stage where the total profit can be assessed with reasonable certainty. Attributable profit is calculated based on the contact's total anticipated profit at the balance sheet date and that fairly reflects the proportion attributable to the work performed at the accounting date. Provision is made for the full amount of foreseeable losses on contracts.

1.12
Cash at bank and in hand

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.

1.13
Financial instruments

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

 

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

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 22 -
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.

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.

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, 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.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 23 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange 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, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.14
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.

1.15
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.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 24 -
1.17
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.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.21
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.22
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.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
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.

Critical judgements
Long term contracts

The stage of completion on contracts in progress at the year-end has been estimated in line with the value of work completed to date as a proportion of the total expected value of that contract.

 

Any sales invoices raised in relation to periods after the period end are included within deferred income, with any amounts not invoiced at the period end but relating to the period before the period end being included within amounts recoverable on contract.

 

The expected gross margin for a contract has been used in order to determine the value of any provision for purchases or work in progress for that contract. This is based upon the difference between the expected costs to date and the value of costs received to date.

 

Based on the above the following have been recognised:

2024
2023
£
£
Amounts recoverable on contracts
2,282,138
4,691,347
Work in progress
527,304
919,184
Provision for purchases
3,671,827
2,007,788
Deferred income
442,859
460,951
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
50,634,489
64,899,425
Australia
5,309,355
5,704,958
55,943,844
70,604,383

The turnover and profit before taxation are attributable to the principal activities of the group.

 

All turnover relates to income generated from contract revenue.

 

An amount of £3,534,523 (2023 - £3,560,735) is due from customers for contract work carried out within trade debtors as well as retentions amounting to £2,255,096 (2023 - £2,417,746).

4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,500
19,275
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
98
97
89
87
Cost of sales
76
76
25
25
Total
174
173
114
112

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,554,963
8,501,518
5,435,817
5,563,908
Social security costs
718,577
794,551
621,059
685,543
Pension costs
501,638
500,572
377,493
390,157
9,775,178
9,796,641
6,434,369
6,639,608
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
639,758
899,935
Company pension contributions to defined contribution schemes
159,198
157,684
798,956
1,057,619

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
266,131
395,426
Company pension contributions to defined contribution schemes
28,108
78,073

No directors exercised share options during the year (2023 - none).

 

All of the above is as stated for the company and the group.

7
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
49,684
(50,594)
Depreciation of owned tangible fixed assets
258,020
231,202
Depreciation of tangible fixed assets held under finance leases
97,326
62,740
Profit on disposal of tangible fixed assets
(18,735)
(39,479)
Amortisation of intangible assets
241,149
249,482
Operating lease charges
299,260
423,792
8
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
21,277
24,462
Interest on finance leases and hire purchase contracts
23,936
8,494
Total finance costs
45,213
32,956
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
149,994
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
560,000
540,500
Adjustments in respect of prior periods
(10,061)
(6,022)
Total UK current tax
549,939
534,478
Foreign current tax on profits for the current period
48,371
152,249
Total current tax
598,310
686,727
Deferred tax
Origination and reversal of timing differences
93,847
99,933
Total tax charge
692,157
786,660

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
2,409,346
3,817,379
Expected tax charge based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
578,243
725,302
Tax effect of expenses that are not deductible in determining taxable profit
57,021
34,702
Research and development tax credit
(33,600)
(43,244)
Under/(over) provided in prior years
(10,061)
(6,022)
Other items, including effect of change in rate
9,765
(9,199)
Impact of overseas tax rates
33,314
37,720
Amortisation of goodwill
57,475
47,401
Taxation charge
692,157
786,660

Factors that may affect future tax charges

A rate of 25% (2023: 25%) has been used for purposes of considering the effects of deferred taxation, in line with the main rate of UK Corporation Tax effective from 1 April 2023.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
11
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 February 2023
2,594,813
-
0
2,594,813
Additions
-
0
1,900
1,900
At 31 January 2024
2,594,813
1,900
2,596,713
Amortisation and impairment
At 1 February 2023
681,357
-
0
681,357
Amortisation charged for the year
241,149
-
0
241,149
At 31 January 2024
922,506
-
0
922,506
Carrying amount
At 31 January 2024
1,672,307
1,900
1,674,207
At 31 January 2023
1,913,456
-
0
1,913,456
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.

Amortisation for intangible fixed assets is included within administrative expenses in the statement of comprehensive income.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
676,221
1,578,937
900,652
48,160
1,046,224
4,250,194
Additions
129,166
179,608
45,189
28,940
432,465
815,368
Disposals
-
0
-
0
(140)
-
0
(151,039)
(151,179)
At 31 January 2024
805,387
1,758,545
945,701
77,100
1,327,650
4,914,383
Depreciation and impairment
At 1 February 2023
229,500
1,141,185
798,947
41,342
526,619
2,737,593
Depreciation charged in the year
65,597
17,493
53,273
2,572
216,411
355,346
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(111,145)
(111,145)
At 31 January 2024
295,097
1,158,678
852,220
43,914
631,885
2,981,794
Carrying amount
At 31 January 2024
510,290
599,867
93,481
33,186
695,765
1,932,589
At 31 January 2023
446,721
437,752
101,705
6,818
519,605
1,512,601
Company
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
648,614
961,385
858,060
259,474
2,727,533
Additions
121,577
5,602
34,097
166,365
327,641
At 31 January 2024
770,191
966,987
892,157
425,839
3,055,174
Depreciation and impairment
At 1 February 2023
225,526
949,626
764,131
108,341
2,047,624
Depreciation charged in the year
62,053
9,712
48,267
84,164
204,196
At 31 January 2024
287,579
959,338
812,398
192,505
2,251,820
Carrying amount
At 31 January 2024
482,612
7,649
79,759
233,334
803,354
At 31 January 2023
423,088
11,759
93,929
151,133
679,909
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Tangible fixed assets
(Continued)
- 31 -

Group and company

Included in the above values are assets held under finance leases totalling £490,835 (2023: £421,360) with depreciation of £186,436 (2023: £89,046).

 

Company

All tangible fixed assets are pledged as security for any bank facilities of the company under a debenture.

 

Included in the above carrying values are assets held under finance leases totalling £231,825 (2023: £148,518) with depreciation of £147,529 (2023: £64,471).

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
6,625,917
6,625,917
Unlisted investments
1
1
1
1
1
1
6,625,918
6,625,918

Company

All fixed asset investments are pledged as security for any bank borrowings of the company under a debenture.

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 February 2023 and 31 January 2024
1
Carrying amount
At 31 January 2024
1
At 31 January 2023
1
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 February 2023 and 31 January 2024
6,625,917
1
6,625,918
Carrying amount
At 31 January 2024
6,625,917
1
6,625,918
At 31 January 2023
6,625,917
1
6,625,918
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 32 -
14
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Cold Store Maintenance Limited
1
Dormant
Ordinary
100
ISD Cold Stores Ltd
1
Dormant
Ordinary
100
ISD Solutions Australia Pty Ltd
2
Temperature controlled buildings
Ordinary
100
PLG Insulations Limited
3
Industrial and commercial insulation contractor
Ordinary
100
Quaytherm Manufacturing Ltd
1
Dormant
Ordinary
100
S. Tysoe Installations Limited
4
Industrial and commercial insulation contractor
Ordinary
100
Registered Office addresses:
1
Unit A, 125 Business Park, Llanthony Road, Gloucester, GL2 5JQ
2
11 Lawrence Road, Kenthurst, NSW, Australia 2156
3
Unit 9, Highfield Business Park, Tewkesbury Road, Deerhurst, Gloucestershire, GL19 4BP
4
Unit 18 Leeside, Merrylees Industrial Estate, Desford, Leicestershire, LE9 9FS
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
668,247
626,179
482,868
487,952
Work in progress
527,304
919,185
525,192
746,984
1,195,551
1,545,364
1,008,060
1,234,936

Company

The total carrying amount of stock is pledged as security for any bank facilities of the company under a debenture.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 33 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,260,756
3,560,735
3,534,523
2,341,570
Gross amounts owed by contract customers
2,282,138
4,691,347
2,282,138
4,691,347
Corporation tax recoverable
125,599
257,447
-
0
257,447
Amounts owed by group undertakings
-
-
1,166,199
1,056,112
Other debtors
235,455
465,340
41,911
173,414
Prepayments and accrued income
3,022,481
3,056,198
2,507,692
2,625,602
9,926,429
12,031,067
9,532,463
11,145,492

Company

All debtor balances held by the company are pledged as security for any bank facilities of the company under a debenture.

 

Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.

17
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Short term deposits
1,000,000
-
1,000,000
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
199,103
144,232
104,503
67,975
Trade creditors
6,910,213
7,133,649
5,549,066
5,463,665
Amounts owed to group undertakings
-
0
-
0
3,868,249
3,851,219
Corporation tax payable
-
0
438,026
57,575
331,000
Other taxation and social security
573,498
427,140
484,048
218,810
Other creditors
1,051,343
990,880
1,032,208
969,988
Accruals and deferred income
1,635,417
2,936,587
1,351,305
2,666,900
10,369,574
12,070,514
12,446,954
13,569,557

Company

Amounts owed to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.

 

Amounts owed to directors, included within other creditors totalling £155,877 (2023 - £68,089) are unsecured, have no fixed date of repayment and are repayable on demand. Interest is charged at 6% on these balances.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 34 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
192,440
219,881
71,095
56,388
Other creditors
-
0
650,000
-
0
650,000
192,440
869,881
71,095
706,388
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
199,103
144,232
104,503
67,975
In two to five years
192,440
219,881
71,095
56,388
391,543
364,113
175,598
124,363

 

The hire purchase and finance lease obligations are secured over the assets to which they relate. Interest rates underlying these obligations are fixed at respective contract rates of 3.60%.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
364,372
272,977
Other timing differences
(42,783)
(45,235)
321,589
227,742
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
117,132
95,204
Other timing differences
(41,697)
(44,208)
75,435
50,996
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
21
Deferred taxation
(Continued)
- 35 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
227,742
50,996
Charge to profit or loss
93,847
24,439
Liability at 31 January 2024
321,589
75,435

The deferred tax balance noted above has been calculated assuming a tax rate of 25% (2023 - 25%).

22
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
48,345
48,345
48,345
48,345

The share premium represents the amount subscribed for share capital in excess of nominal value.

23
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1,750 Ordinary share of £1 each
1,750
1,750
200 "A" Ordinary share of £1 each
200
200
1,950
1,950

Called-up share capital represents the nominal value of shares that have been issued.

 

The "A" Ordinary shares rank pari passu with the Ordinary shares.

 

Share options have been issued under the company's EMI scheme, as described in the share-based payment transaction note. A total of 25 shares (2023 - 25) are classified as reserved for issue in connection with this.

24
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
9,655
9,655
9,655
9,655
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
24
Capital redemption reserve
(Continued)
- 36 -

The capital redemption reserve relates to amounts transferred from share capital on redemption of issued shares.

25
Other reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
(18,622)
(49,842)
-
-
Retranslation differences
(98,566)
31,220
-
-
At the end of the year
(117,188)
(18,622)
-
-

The other reserves relate to foreign exchange differences arising on translation of an overseas subsidiary into the functional currency of the group.

26
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
12,376,355
9,495,630
10,518,588
8,397,283
Profit for the year
1,717,189
3,030,719
2,004,926
2,271,299
Dividends
-
(149,994)
-
(149,994)
At the end of the year
14,093,544
12,376,355
12,523,514
10,518,588

Retained earnings includes all current and prior period retained profits and losses.

27
Capital commitments

As at 31 January 2024, the group and company had capital commitments of £Nil (2023 - £Nil).

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
212,456
216,153
169,743
190,191
Between two and five years
59,934
209,812
14,145
183,889
272,390
425,965
183,888
374,080
THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 37 -
29
Contingent liabilities

As at 31 January 2024, the group and company had contingent liabilities of £Nil (2023 - £Nil).

30
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Directors
155,877
68,089
Non-100% group entities
5,755
5,755
Shareholders and close family members
224,970
288,761

 

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
£
£
Group
Directors
41,480
38,058

These amounts are included within other debtors, and are unsecured, have no fixed date of repayment and are repayable on demand. Included in these amounts is £15,000 (2023: £15,000) on which interest is charged at the Bank of England base rate plus 3%.

 

During the year interest was paid on balances due to shareholders and close family members of £21,277 (2023 - £24,462).

 

Total compensation payable to directors and close family members for the year was £1,245,701 (2023 - £1,401,847).

 

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 38 -
31
Directors' transactions

The following advances and credits to a director subsisted during the year ended 31 January 2024:

Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr A Wall
3,107
7,000
(3,108)
6,999
Mr A Smith
34,951
30
(500)
34,481
38,058
7,030
3,108
41,480
The following advances and credits to a director subsisted during the year ended 31 January 2023:
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr A Wall
4,307
18,244
(19,444)
3,107
Mr A Smith
34,921
30
-
34,951
39,228
18,274
(19,444)
38,058
32
Controlling party

At the year end, ultimate control of the company resided with A P Moon.

33
Share-based payment transactions

Options over 25 "A" Ordinary shares, with an exercise price of £1,840 per share were outstanding as at 31 January 2024 (2023: 25).

 

The company is unable to directly measure the fair value of employee services received. The internationally recognised Black-Scholes model has therefore been used to assess the value of the EMI options granted.

 

The total charge for the period was £Nil (2023 - £Nil).

THE P & M GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 39 -
34
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,717,189
3,030,719
Adjustments for:
Taxation charged
692,157
786,660
Finance costs
45,213
32,956
Investment income
(73,580)
(4,553)
Gain on disposal of tangible fixed assets
(18,735)
(39,479)
Amortisation and impairment of intangible assets
241,149
249,482
Depreciation and impairment of tangible fixed assets
355,346
293,942
Movements in working capital:
Decrease in stocks
349,813
424,010
Decrease/(increase) in debtors
1,975,132
(1,076,354)
Decrease in creditors
(2,054,493)
(1,844,968)
Cash generated from operations
3,229,191
1,852,415
35
Analysis of changes in net funds - group
1 February 2023
Cash flows
New finance leases
Exchange rate movements
31 January 2024
£
£
£
£
£
Cash at bank and in hand
8,583,331
706,367
-
(98,566)
9,191,132
Obligations under finance leases
(364,113)
138,935
(166,365)
-
(391,543)
8,219,218
845,302
(166,365)
(98,566)
8,799,589
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