Company registration number 14486477 (England and Wales)
SKYLARK FARMING LIMITED
Annual Report And Financial Statements
For The Period Ended 31 January 2024
Skylark Farming Limited
SKYLARK FARMING LIMITED
Company Information
Directors
J P Regan
M F Regan
A J Mclean
B Regan
Company number
14486477
Registered office
Barons Place
Mereworth
Maidstone
Kent
England
ME18 5NF
Auditor
Chavereys Audit Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Skylark Farming Limited
SKYLARK FARMING LIMITED
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
Skylark Farming Limited
SKYLARK FARMING LIMITED
Strategic Report
For The Period Ended 31 January 2024
- 1 -

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

Principal activities

The principal activity of the group during the year was growing and marketing fresh, leafy salads.

Review of the business

Skylark Farming Limited is the parent of a group of companies, principally Laurence J Betts Limited. In 2024 the group comprised LJB Holdco Limited, Laurence J Betts Limited and Upper Medway Farms Limited. The principal activity of the company is acting as a holding company and landlord for its subsidiaries, which are primarily involved in fresh produce production and farming. The family-owned business benefits from strategic direction from the board of skilled and experienced directors, and from a clear succession plan for the ownership of the business and its assets.

In July 2023, LJB Holdco Limited was acquired by Skylark Farming Limited. The results for the first period of trading were encouraging and the directors intent to build upon this. A more detailed strategic report is included in the subsidiary company Laurence J Betts Limited.

Skylark Farming Limited invests to secure the means of production for its subsidiaries, whether that is land, water, skills, labour availability, new varieties, and access to good markets.

Throughout 2023/4 the business continued to promote innovation, and sustainable and ethical practices on its holdings.

On behalf of the board

M F Regan
Director
30 October 2024
Skylark Farming Limited
SKYLARK FARMING LIMITED
Directors' Report
For The Period Ended 31 January 2024
- 2 -

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

Results and dividends

The results for the period are set out on page 7.

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

Directors

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

J P Regan
M F Regan
A J Mclean
B Regan
Auditor

The auditors, Chavereys Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Directors' Report (Continued)
For The Period Ended 31 January 2024
- 3 -
On behalf of the board
M F Regan
Director
30 October 2024
Skylark Farming Limited
SKYLARK FARMING LIMITED
Independent Auditor's Report
To The Members Of Skylark Farming Limited
- 4 -
Opinion

We have audited the financial statements of Skylark Farming Limited (the 'parent company') and its subsidiaries (the 'group') for the period 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:

Skylark Farming Limited
SKYLARK FARMING LIMITED
Independent Auditor's Report (Continued)
To The Members Of Skylark Farming Limited
- 5 -
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.

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:

o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgment made by management in its significant accounting estimates;

o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and for unusual or large amounts.

o Assessing the extent of compliance with the relevant laws and regulations.

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.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Independent Auditor's Report (Continued)
To The Members Of Skylark Farming Limited
- 6 -

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.

Iain D Morris FCA
For and on behalf of
30 October 2024
Chavereys Audit Limited
Chartered Accountants
Statutory Auditor
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Skylark Farming Limited
SKYLARK FARMING LIMITED
Group Statement Of Comprehensive Income
For The Period Ended 31 January 2024
- 7 -
Period
Period
ended
ended
31 January
31 March
2024
2023
Notes
£
£
Turnover
3
6,284,842
-
Cost of sales
(3,644,367)
-
0
Gross profit
2,640,475
-
Administrative expenses
(1,642,824)
-
0
Other operating income
124,548
-
Operating profit
1,122,199
-
Interest receivable and similar income
342
-
0
Interest payable and similar expenses
6
(328,778)
-
0
Profit before taxation
793,763
-
Tax on profit
7
(192,247)
-
0
Profit for the financial period
601,516
-
0
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.

The notes on pages 13 to 28 form part of these financial statements.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Group Balance Sheet
As At 31 January 2024
- 8 -
31 January 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Goodwill
8
1,416,986
-
0
Tangible assets
9
19,447,274
-
0
Investment property
10
750,000
-
0
21,614,260
-
Current assets
Stocks
13
616,145
-
Debtors
14
822,696
22,050
Cash at bank and in hand
2,026,381
-
3,465,222
22,050
Creditors: amounts falling due within one year
15
(9,590,354)
-
Net current (liabilities)/assets
(6,125,132)
22,050
Total assets less current liabilities
15,489,128
22,050
Creditors: amounts falling due after more than one year
16
(10,632,906)
-
Provisions for liabilities
Deferred tax liability
19
4,232,656
-
0
(4,232,656)
-
Net assets
623,566
22,050
Capital and reserves
Called up share capital
21
22,050
22,050
Profit and loss reserves
601,516
-
Total equity
623,566
22,050

The notes on pages 13 to 28 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
30 October 2024
M F Regan
Director
Company registration number 14486477 (England and Wales)
Skylark Farming Limited
SKYLARK FARMING LIMITED
Company Balance Sheet
As At 31 January 2024
31 January 2024
- 9 -
31 January 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Investments
11
17,824,463
-
0
Current assets
Debtors
14
718,143
22,050
Cash at bank and in hand
203,194
-
0
921,337
22,050
Creditors: amounts falling due within one year
15
(8,480,319)
-
Net current (liabilities)/assets
(7,558,982)
22,050
Total assets less current liabilities
10,265,481
22,050
Creditors: amounts falling due after more than one year
16
(10,232,694)
-
Net assets
32,787
22,050
Capital and reserves
Called up share capital
21
22,050
22,050
Profit and loss reserves
10,737
-
Total equity
32,787
22,050

The notes on pages 13 to 28 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £10,737 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
30 October 2024
M F Regan
Director
Company registration number 14486477 (England and Wales)
Skylark Farming Limited
SKYLARK FARMING LIMITED
Group Statement Of Changes In Equity
For The Period Ended 31 January 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 November 2022
-
0
-
0
-
Period ended 31 March 2023
Profit and total comprehensive income
-
-
-
Issue of share capital
21
22,050
-
22,050
Balance at 31 March 2023
22,050
-
0
22,050
Period ended 31 January 2024
Profit and total comprehensive income
-
601,516
601,516
Balance at 31 January 2024
22,050
601,516
623,566

The notes on pages 13 to 28 form part of these financial statements.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Company Statement Of Changes In Equity
For The Period Ended 31 January 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 November 2022
-
0
-
0
-
Period ended 31 March 2023
Profit and total comprehensive income for the period
-
-
-
0
Issue of share capital
21
22,050
-
22,050
Balance at 31 March 2023
22,050
-
0
22,050
Period ended 31 January 2024
Profit and total comprehensive income
-
10,737
10,737
Balance at 31 January 2024
22,050
10,737
32,787

The notes on pages 13 to 28 form part of these financial statements.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Group Statement Of Cash Flows
For The Period Ended 31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
7,487,266
(22,050)
Income taxes paid
(282,260)
-
0
Net cash inflow/(outflow) from operating activities
7,205,006
(22,050)
Investing activities
Purchase of subsidiaries, net of cash acquired
(14,523,001)
-
Purchase of tangible fixed assets
(215,105)
-
Proceeds from disposal of tangible fixed assets
335,480
-
Interest received
342
-
0
Net cash used in investing activities
(14,402,284)
-
Financing activities
Proceeds from issue of shares
-
22,050
Proceeds from new bank loans
9,400,000
-
Payment of finance leases obligations
152,437
-
Interest paid
(328,778)
-
0
Net cash generated from financing activities
9,223,659
22,050
Net increase in cash and cash equivalents
2,026,381
-
Cash and cash equivalents at beginning of period
-
0
-
0
Cash and cash equivalents at end of period
2,026,381
-
0

The notes on pages 13 to 28 form part of these financial statements.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements
For The Period Ended 31 January 2024
- 13 -
1
Accounting policies
Company information

Skylark Farming Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Barons Place, Mereworth, Maidstone, Kent, England, ME18 5NF.

 

The group consists of Skylark Farming Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements have been prepared for the 10 month period ended 31 January 2024. The period end date of the group has been aligned with its subsidiary company LJB Holdco Limited. Skylark Farming Limited was incorporated on 15 November 2022 and prepared its first set of accounts to 31 March 2023. LJB Holdco Limited was acquired on 13 July 2023, so the results in these financial statements are not entirely comparable.

1.2
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 unless otherwise stated. The principal accounting policies adopted are set out below.

1.3
Business combinations

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

 

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.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Skylark Farming 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.

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

Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
1
Accounting policies
(Continued)
- 14 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
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.

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.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
1
Accounting policies
(Continued)
- 15 -

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
Not depreciated
Equipment and implements
15% reducing balance
Buildings, drainage and fittings
0% - 15% reducing balance
Tractors and motor vehicles
25% reducing balance
Cold stores
4% straight line

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

1.8
Investment property

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
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, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
1
Accounting policies
(Continued)
- 16 -
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.

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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.12
Financial instruments

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

 

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

 

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

Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
1
Accounting policies
(Continued)
- 17 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13
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.

1.14
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.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Retirement benefits

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

1.16
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.

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.

1.17
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.

1.18

Biological assets

Biological assets are living plants controlled by the company from which it expects to derive future economic benefit. These are measured at the lower of cost or estimated selling price, less costs to sell.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
- 19 -
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

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stocks and biological assets

Note 1.11 details the accounting policies for stocks and biological assets. The judgments involved relate to the appropriate proportion of relevant expenses to include when calculating the cost of production of crops.

Deferred consideration

As part of the acquisition of LJB Holdco Limited and its subsidiaries, deferred consideration of £3,026,484 was agreed in the purchase price. A discount rate of 7.15% has been applied to calculate the net present value of the expected cash flows for the deferred consideration. This rate reflects the estimated risk-adjusted cost of capital and relevant market conditions.

3
Turnover and other revenue

In the opinion of the directors, disclosure of turnover information would be seriously prejudicial to the interest of the Group.

2024
2023
£
£
Other revenue
Interest income
342
-
Grants received
79,285
-
4
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
87
4
4
4
Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
4
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,674,086
-
0
-
0
-
0
Social security costs
157,737
-
-
-
Pension costs
39,158
-
0
-
0
-
0
1,870,981
-
0
-
0
-
0
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
337,266
-
Company pension contributions to defined contribution schemes
6,536
-
343,802
-
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
87,500
-
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
328,638
-
Other finance costs:
Interest on finance leases and hire purchase contracts
140
-
Total finance costs
328,778
-
0
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
192,247
-
0
Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
7
Taxation
(Continued)
- 21 -

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

2024
2023
£
£
Profit before taxation
793,763
-
Expected tax charge based on the standard rate of corporation tax in the UK of 23.87% (2023: 0%)
189,440
-
Tax effect of expenses that are not deductible in determining taxable profit
11,783
-
0
Permanent capital allowances in excess of depreciation
500
-
0
Amortisation on assets not qualifying for tax allowances
(6,533)
-
0
Under/(over) provided in prior years
(28,943)
-
0
Deferred tax adjustments in respect of prior years
26,000
-
0
Taxation charge
192,247
-
8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023
-
0
Additions - business combinations
1,500,000
At 31 January 2024
1,500,000
Amortisation and impairment
At 1 April 2023
-
0
Amortisation charged for the period
83,014
At 31 January 2024
83,014
Carrying amount
At 31 January 2024
1,416,986
At 31 March 2023
-
0
Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
- 22 -
9
Tangible fixed assets
Group
Freehold land and buildings
Equipment and implements
Buildings, drainage and fittings
Tractors and motor vehicles
Cold stores
Total
£
£
£
£
£
£
Cost
At 1 April 2023
-
0
-
0
-
0
-
0
-
-
0
Business combinations
16,213,726
3,837,777
1,568,477
2,193,184
2,392,484
26,205,648
At 31 January 2024
16,213,726
3,837,777
1,568,477
2,193,184
2,392,484
26,205,648
Depreciation and impairment
At 1 April 2023
-
0
-
0
-
0
-
0
-
-
0
Impairment losses
-
0
2,739,812
1,422,121
1,734,051
862,390
6,758,374
At 31 January 2024
-
0
2,739,812
1,422,121
1,734,051
862,390
6,758,374
Carrying amount
At 31 January 2024
16,213,726
1,097,965
146,356
459,133
1,530,094
19,447,274
10
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023
-
-
Additions through external acquisition
750,000
-
At 31 January 2024
750,000
-

Investment property comprises one rental property. The valuation was made by the directors, on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
71,549
-
-
-
Accumulated depreciation
(71,549)
-
-
-
Carrying amount
-
-
-
-
Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
- 23 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
17,824,463
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
-
Additions
17,824,463
At 31 January 2024
17,824,463
Carrying amount
At 31 January 2024
17,824,463
At 31 March 2023
-
12
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
LJB Holdco Limited
Barons Place, Mereworth, Maidstone, Kent ME18 5NF
Ordinary
100.00
-
Laurence J Betts Limited
As above
Ordinary
-
100.00
Upper Medway Farms Limited
As above
Ordinary
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
LJB Holdco Limited
1,000
-
0
Laurence J Betts Limited
7,424,969
409,108
Upper Medway Farms Limited
560,148
-
0
Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
- 24 -
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
524,595
-
-
-
Work in progress
41,295
-
-
-
Finished goods and goods for resale
50,255
-
0
-
0
-
0
616,145
-
-
-

Biological assets included within stock are as follows:

 

 

 

 

 

 

 

 

Biological assets - growing crop

 

 

Group

Company

 

 

 

 

 

 

 

 

2024

2024

 

 

 

£

£

 

 

 

 

 

As at 1 April 2023

 

 

-

-

Net movement on cultivations

 

 

41,295

-

 

 

 

───────

───────

As at 31 January 2024

 

 

41,295

-

 

 

 

═══════

═══════

14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
466,717
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
603,162
-
Other debtors
174,035
22,050
24,161
22,050
Prepayments and accrued income
174,444
-
0
90,820
-
0
815,196
22,050
718,143
22,050
Amounts falling due after more than one year:
Other debtors
7,500
-
0
-
0
-
0
Total debtors
822,696
22,050
718,143
22,050
Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
- 25 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
65,971
-
0
-
0
-
0
Trade creditors
436,105
-
0
-
0
-
0
Corporation tax payable
195,190
-
0
2,519
-
0
Other taxation and social security
36,516
-
-
-
Other creditors
6,424,771
-
0
6,396,630
-
0
Accruals and deferred income
2,431,801
-
0
2,081,170
-
0
9,590,354
-
8,480,319
-
0
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
9,400,000
-
0
9,400,000
-
0
Obligations under finance leases
18
86,466
-
0
-
0
-
0
Government grants
313,746
-
0
-
0
-
0
Accruals and deferred income
832,694
-
0
832,694
-
0
10,632,906
-
10,232,694
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
8,185,833
-
8,185,833
-
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
9,400,000
-
0
9,400,000
-
0
Payable after one year
9,400,000
-
0
9,400,000
-
0

The bank loans are secured on a variety of land and buildings, as detailed by loan charges and deeds filed with Companies House.

The bank loans are due to be repaid over a 20 year period, with an interest rate of 1.90% over base.

Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
- 26 -
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
65,971
-
0
-
0
-
0
In two to five years
86,466
-
0
-
0
-
0
152,437
-
-
-
19
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
557,000
-
Revaluations
3,675,656
-
4,232,656
-
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 1 April 2023
-
-
Charge to profit or loss
26,000
-
On business combinations
4,206,656
-
Liability at 31 January 2024
4,232,656
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,158
-
Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
20
Retirement benefit schemes
(Continued)
- 27 -

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
22,050
22,050
22,050
22,050
22
Acquisition of a business

On 13 July 2023 the group acquired 100 percent of the issued capital of LJB Holdco Limited and its subsidiaries.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
80,978
-
80,978
Property, plant and equipment
4,536,998
13,069,251
17,606,249
Investment property
750,000
-
750,000
Investments
1,907,020
-
1,907,020
Inventories
1,104,993
-
1,104,993
Trade and other receivables
1,688,583
-
1,688,583
Cash and cash equivalents
474,778
-
474,778
Trade and other payables
(3,343,645)
-
(3,343,645)
Deferred tax
(677,000)
(3,267,313)
(3,944,313)
Total identifiable net assets
6,522,705
9,801,938
16,324,643
Goodwill
1,500,000
Total consideration
17,824,643
The consideration was satisfied by:
£
Cash
14,997,779
Deferred consideration
2,826,864
17,824,643
Skylark Farming Limited
SKYLARK FARMING LIMITED
Notes To The Group Financial Statements (Continued)
For The Period Ended 31 January 2024
22
Acquisition of a business
(Continued)
- 28 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
6,284,842
Profit after tax
673,793
23
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
150,770
-
-
-
Between two and five years
115,374
-
-
-
In over five years
54,325
-
-
-
320,469
-
-
-
24
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the period after tax
601,516
-
Adjustments for:
Taxation charged
192,247
-
0
Finance costs
328,778
-
0
Investment income
(342)
-
0
Gain on disposal of tangible fixed assets
(188,891)
-
Amortisation and impairment of intangible assets
83,014
-
Depreciation and impairment of tangible fixed assets
239,753
-
Decrease in provisions
(2,826,864)
-
Movements in working capital:
Decrease in stocks
488,848
-
Decrease/(increase) in debtors
887,938
(22,050)
Increase in creditors
7,681,269
-
Cash generated from/(absorbed by) operations
7,487,266
(22,050)
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.200J P ReganM F ReganA J McleanB Reganfalsefalse14486477bus:Consolidated2023-02-012024-01-31144864772023-02-012024-01-3114486477bus:Director12023-02-012024-01-3114486477bus:Director22023-02-012024-01-3114486477bus:Director32023-02-012024-01-3114486477bus:Director42023-02-012024-01-3114486477bus:RegisteredOffice2023-02-012024-01-31144864772024-01-3114486477bus:Consolidated2024-01-3114486477bus:Consolidated2022-02-012023-01-31144864772022-02-012023-01-3114486477core:Goodwillbus:Consolidated2024-01-3114486477core:Goodwillbus:Consolidated2023-01-3114486477bus:Consolidated2023-01-3114486477core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-01-3114486477core:PlantMachinerybus:Consolidated2024-01-3114486477core:FurnitureFittingsbus:Consolidated2024-01-3114486477core:MotorVehiclesbus:Consolidated2024-01-3114486477core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2024-01-31144864772023-01-3114486477core:WithinOneYearbus:Consolidated2024-01-3114486477core:AfterOneYearbus:Consolidated2024-01-3114486477core:WithinOneYear2024-01-3114486477core:AfterOneYear2024-01-3114486477core:CurrentFinancialInstruments2024-01-3114486477core:CurrentFinancialInstruments2023-01-3114486477core:ShareCapitalbus:Consolidated2024-01-3114486477core:ShareCapitalbus:Consolidated2023-01-3114486477core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-01-3114486477core:ShareCapital2024-01-3114486477core:ShareCapital2023-01-3114486477core:RetainedEarningsAccumulatedLosses2024-01-3114486477core:ShareCapitalbus:Consolidated2022-01-31144864772022-01-3114486477core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-3114486477core:ShareCapital2022-01-3114486477core:RetainedEarningsAccumulatedLosses2022-01-3114486477core:RetainedEarningsAccumulatedLosses2023-01-3114486477core:ShareCapitalbus:Consolidated2022-02-012023-01-3114486477core:ShareCapital2022-02-012023-01-3114486477bus:Consolidated2022-01-3114486477core:Goodwill2023-02-012024-01-3114486477core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-012024-01-3114486477core:PlantMachinery2023-02-012024-01-3114486477core:FurnitureFittings2023-02-012024-01-3114486477core:MotorVehicles2023-02-012024-01-3114486477core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2023-02-012024-01-3114486477core:UKTaxbus:Consolidated2023-02-012024-01-3114486477core:UKTaxbus:Consolidated2022-02-012023-01-3114486477bus:Consolidated12023-02-012024-01-3114486477bus:Consolidated12022-02-012023-01-3114486477bus:Consolidated22023-02-012024-01-3114486477bus:Consolidated22022-02-012023-01-3114486477core:Goodwillbus:Consolidated2023-01-3114486477core:Goodwillbus:Consolidated2023-02-012024-01-3114486477core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-3114486477core:PlantMachinerybus:Consolidated2023-01-3114486477core:FurnitureFittingsbus:Consolidated2023-01-3114486477core:MotorVehiclesbus:Consolidated2023-01-3114486477bus:Consolidated2023-01-3114486477core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-01-3114486477core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-02-012024-01-3114486477core:PlantMachinerybus:Consolidated2023-02-012024-01-3114486477core:FurnitureFittingsbus:Consolidated2023-02-012024-01-3114486477core:MotorVehiclesbus:Consolidated2023-02-012024-01-3114486477core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-02-012024-01-3114486477core:Subsidiary12023-02-012024-01-3114486477core:Subsidiary22023-02-012024-01-3114486477core:Subsidiary32023-02-012024-01-3114486477core:Subsidiary112023-02-012024-01-3114486477core:Subsidiary212023-02-012024-01-3114486477core:Subsidiary312023-02-012024-01-3114486477core:Subsidiary12024-01-3114486477core:Subsidiary22024-01-3114486477core:Subsidiary32024-01-3114486477core:Non-currentFinancialInstrumentsbus:Consolidated2024-01-3114486477core:Non-currentFinancialInstrumentsbus:Consolidated2023-01-3114486477core:Non-currentFinancialInstruments2024-01-3114486477core:Non-currentFinancialInstruments2023-01-3114486477core:CurrentFinancialInstrumentsbus:Consolidated2024-01-3114486477core:CurrentFinancialInstrumentsbus:Consolidated2023-01-3114486477core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-01-3114486477core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-01-3114486477core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3114486477core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3114486477core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-01-3114486477core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-01-3114486477core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3114486477core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3114486477core:WithinOneYearbus:Consolidated2023-01-3114486477core:WithinOneYear2023-01-3114486477core:BetweenTwoFiveYearsbus:Consolidated2024-01-3114486477core:BetweenTwoFiveYearsbus:Consolidated2023-01-3114486477core:BetweenTwoFiveYears2024-01-3114486477core:BetweenTwoFiveYears2023-01-3114486477bus:PrivateLimitedCompanyLtd2023-02-012024-01-3114486477bus:FRS1022023-02-012024-01-3114486477bus:Audited2023-02-012024-01-3114486477bus:ConsolidatedGroupCompanyAccounts2023-02-012024-01-3114486477bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP