Company registration number SC068593 (Scotland)
FRONT LINE CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
FRONT LINE CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Mr P Doherty
Mr D Atkinson
Mr J Sweeney
Secretary
Ms L A Keeble
Company number
SC068593
Registered office
Kensington House
227 Sauchiehall Street
Glasgow
G2 3EX
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Clydesdale Bank
6 George Place
Bathgate
EH48 1NP
Solicitors
Peterkins, Robertson Paul LLP
Kensington House
227 Sauchiehall Street
Glasgow
G2 3EX
FRONT LINE CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
FRONT LINE CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
The directors present the strategic report for the year ended 31 January 2024.
Principal Activities
The principal activity of the company during the year was the provision of sub contractor services to the construction industry providing labour, materials and plant hire.
Business and Financial Review
The past year has continued to be a period of difficulty. High interest rates effected the affordability of mortgages which in turn has had a significant impact on our core business. The number of new build housing contracts available within the industry, particularly during the first half of the year was reduced, this affected our workload. Although material prices stabilised, they remain at a high level, which continued to put pressure on margins.
Unfortunately, the continued lack of skilled labour, post Brexit, has meant that wage inflationary measures remain. Despite strong relationships with our clients, their own pressures to deliver a more affordable product to the market has meant the necessity for us to produce increasingly competitive tenders whilst maintaining a quality product.
Despite the above, the Company adjusted and will continue to do so whilst the market conditions remain uncertain. We have adapted to the challenges over the past twelve months. Continued investment has been made in technology both on site and in the office environment which will continue to benefit us in the future.
Principal Risks and Uncertainties
The ability to identify, evaluate, monitor and where appropriate, mitigate risk within the company is fundamental to the business.
Legal & regulatory requirements
The company is required to ensure compliance with the ever changing and increasing legal and regulatory reporting requirements in the UK. This includes but is not limited to matters such as health and safety, the environment, accounting, taxation, human resources, bribery and corruption and GDPR. A regular review of the company's policies are carried out at board level to ensure they remain relevant for the business and in line with the legal and regulatory requirement. The company uses external advisers and consultants where deemed necessary to advise on policy and the various compliance responsibilities that need to be adhered to. The board ensure that there are clear standards for all areas in terms of laws and principles that govern the decision making process. At the heart of these standards is the basic principle that the company should always follow the laws and regulation and beyond the law be guided by its values to ensure that it does the right thing for its stakeholders and the wider community.
Health, Safety and environmental risk
A failure to manage the company's health safety and environmental risks could result in serious harm to stakeholders and the wider community. The company could be exposed to potential liabilities and reputational damage, The company's health and safety processes and procedures comply with the current requirements. The safety of the company's employees, its supply chain and members of the public is of paramount importance. A comprehensive policy and framework is in place and the company operates a zero tolerance approach to unsafe practices.
FRONT LINE CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Principal Risks and Uncertainties
Project delivery risk
The company must have the ability to continue winning contracts at appropriate profit margins and with acceptable terms and conditions in competitive markets. Failure to manage or deliver a key project in accordance with the agreed contract to an appropriate standard and within the timescales may lead to disputes and an adverse impact on both profitability and reputation. The company has a controlled approach to contract bidding and selection. This ensures the work undertaken matches the capability and resources available, that contractual terms are acceptable and responsibility for approval is given by the appropriate level within the company. Contracts that are in progress are controlled and managed through the company's operating structure. Regular review of forecasted revenue costs and cash flows are undertaken. Higher risk projects will attract a higher level of scrutiny and monthly, quarterly and annual results are explained back to the original cost plans.
Recruitment development of staff and subcontractors
A high calibre workforce is crucial to delivering the company's strategy and ensuring the delivery of a quality service. Competitors may attempt to poach key employees who can be difficult to replace, which can have an adverse impact on project delivery. There is a visible skills shortage which results in wage and labour cost inflation. The company operate a policy of strong remuneration and benefit packages for their employees based on performance and the employees are actively encouraged to grow their skills within the company.
Information flow
The company needs to ensure that the information flow within the organisation is free of bottlenecks and inefficiencies to allow the services to be delivered in line with customers expectation and to ensure that the stakeholders involved in the process are informed in a clear, concise and timely manner to allow the decision making process to be effective.
Asset protection
Business assets and the success of the company are at risk from a full spectrum of threats, this coupled to the nature of the industry and the logistics of the work undertaken by the company increase this risk further. The directors review this to identify threats to ensure that vulnerable areas are reviewed and monitored to allow security plans, improvements and measures to be made to ensure the risk is continually managed. All staff and relevant stakeholders are made aware of the security measures and their part in making them work.
The company will continue to face these challenges and manage them in the same fashion as has been historically successful.
Key Performance Indicators
The key financial indicators used by the directors are detailed below:
The directors are encouraged that the company has continued to trade profitability.
Mr D Atkinson
Director
30 October 2024
FRONT LINE CONSTRUCTION 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 during the year was the provision of sub contractor services to the construction industry providing labour, materials and plant hire.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P Doherty
Mr D Atkinson
Mr J Sweeney
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Donations
During the year the company made charitable donations of £47,525.
Disclosure of information in the Strategic Report
The company's future business developments and financial risk management disclosures are presented in the strategic report.
Auditor
In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the company will be put at a General Meeting.
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FRONT LINE CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr D Atkinson
Director
30 October 2024
FRONT LINE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRONT LINE CONSTRUCTION LIMITED
- 5 -
Opinion
We have audited the financial statements of Front Line Construction Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
FRONT LINE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRONT LINE CONSTRUCTION LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the company's key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.
We discussed with management the laws and regulations as being significant to the company and the group and whether there had been any breaches or litigation. The group and company are not considered to be in a particularly regulated industry which has reduced the level of risk.
We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
FRONT LINE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRONT LINE CONSTRUCTION LIMITED (CONTINUED)
- 7 -
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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.
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.
Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
30 October 2024
FRONT LINE CONSTRUCTION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,128,677
19,591,653
Cost of sales
(12,075,543)
(13,313,928)
Gross profit
5,053,134
6,277,725
Administrative expenses
(4,793,582)
(4,778,693)
Other operating income
16
Operating profit
4
259,552
1,499,048
Interest receivable and similar income
8
1,312,642
456,548
Interest payable and similar expenses
9
(19,762)
(15,212)
Amounts written off investments
10
73,894
10,962
Profit before taxation
1,626,326
1,951,346
Tax on profit
11
(377,252)
(298,966)
Profit for the financial year
1,249,074
1,652,380
Retained earnings brought forward
29,971,880
28,319,500
Retained earnings carried forward
31,220,954
29,971,880
The profit and loss account has been prepared on the basis that all operations are continuing operations.
FRONT LINE CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,941,910
2,277,684
Investments
13
6,227,256
6,085,539
8,169,166
8,363,223
Current assets
Stocks
15
25,044
25,044
Debtors
16
2,553,761
2,656,375
Cash at bank and in hand
26,664,385
25,966,575
29,243,190
28,647,994
Creditors: amounts falling due within one year
17
(5,704,413)
(6,424,215)
Net current assets
23,538,777
22,223,779
Total assets less current liabilities
31,707,943
30,587,002
Creditors: amounts falling due after more than one year
18
(133,340)
Provisions for liabilities
20
(476,999)
(471,792)
Net assets
31,230,944
29,981,870
Capital and reserves
Called up share capital
23
4,995
4,995
Capital redemption reserve
4,995
4,995
Profit and loss reserves
25
31,220,954
29,971,880
Total equity
31,230,944
29,981,870
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:
Mr D Atkinson
Director
Company Registration No. SC068593
FRONT LINE CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
496,364
4,598,740
Interest paid
(19,762)
(15,212)
Income taxes paid
(761,275)
(632,780)
Net cash (outflow)/inflow from operating activities
(284,673)
3,950,748
Investing activities
Purchase of tangible fixed assets
(443,132)
(912,935)
Proceeds on disposal of tangible fixed assets
489,101
370,084
Proceeds on disposal of fixed asset investments
(67,823)
(38,577)
Proceeds from other investments and loans
-
10,962
Interest received
1,244,633
420,768
Dividends received
68,009
35,780
Net cash generated from/(used in) investing activities
1,290,788
(113,918)
Financing activities
Payment of finance leases obligations
(308,305)
146,437
Net cash (used in)/generated from financing activities
(308,305)
146,437
Net increase in cash and cash equivalents
697,810
3,983,267
Cash and cash equivalents at beginning of year
25,966,575
21,983,308
Cash and cash equivalents at end of year
26,664,385
25,966,575
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
1
Accounting policies
Company information
Front Line Construction Limited is a private company limited by shares incorporated in Scotland. The registered office is Kensington House, 227 Sauchiehall Street, Glasgow, G2 3EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts. The subsidiary of the company remains dormant through this year and the prior year. The financial statements present information about the company as an individual entity and not about its group,
1.2
Going concern
Atruet the time of approving the financial statements, the directors consider that the company has adequate resources to continue in operational existence for a period of not less than 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Profit on individual contracts is recognised only when their outcome can be foreseen with reasonable certainty, based on the lower percentage margin earned to date and that prudently forecast at completion, taking account of agreed claims. Full provision is made for all known or expected losses on individual contracts as soon as those are prudently foreseen. Profit for the year includes the benefit of claims settled on contracts completed in prior years.
The application of this policy of income recognition has resulted in the reporting of a liability for deferred profits on contracts where completion status cannot be foreseen in the immediate future, and for a provision for future costs to be incurred on completing those contracts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Leasehold improvements
10% reducing balance
Plant and equipment
15/25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 leases asset are consumed.
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Long term contracts
Profit recognition on long term contracts is based on management's best estimate of completion of each contract. This is based on the best available information along with their experience of similar contracts. If applicable the level of loss recognised is based on forecasts, which can be determined with reasonable certainty.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
17,098,713
19,502,032
Other income included as turnover
29,964
89,621
17,128,677
19,591,653
2024
2023
£
£
Other significant revenue
Interest income
1,244,633
420,768
Dividends received
68,009
35,780
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
17,128,677
19,591,653
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
437,112
273,094
Depreciation of tangible fixed assets held under finance leases
-
117,063
Profit on disposal of tangible fixed assets
(147,307)
(70,140)
Operating lease charges
152,214
145,285
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,005
21,145
Other services
-
1,405
17,005
22,550
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
87
113
Administration
5
5
Total
92
118
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
7,409,491
7,349,431
Social security costs
360,443
356,479
Pension costs
556,099
404,433
8,326,033
8,110,343
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,637,503
2,610,484
Company pension contributions to defined contribution schemes
299,188
78,226
2,936,691
2,688,710
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
235,500
236,595
Company pension contributions to defined contribution schemes
59,008
-
The key management personnel of the company are considered to be the directors.
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,208,533
409,280
Other interest income
36,100
11,488
Total interest revenue
1,244,633
420,768
Other income from investments
Dividends received
68,009
35,780
Total income
1,312,642
456,548
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,233,937
420,834
Dividends from financial assets measured at fair value through profit or loss
68,009
35,780
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
19,757
14,182
Other interest
5
1,030
19,762
15,212
10
Gains/(losses) on fixed asset investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
73,894
10,962
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
405,678
278,617
Adjustments in respect of prior periods
3,363
Total current tax
405,678
281,980
Deferred tax
Origination and reversal of timing differences
(28,426)
16,986
Total tax charge
377,252
298,966
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
11
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,626,326
1,951,346
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
406,582
370,756
Tax effect of expenses that are not deductible in determining taxable profit
25,949
5,559
Tax effect of income not taxable in determining taxable profit
(53,829)
(6,798)
Effect of change in corporation tax rate
(16,375)
Permanent capital allowances in excess of depreciation
28,394
(93,982)
Under/(over) provided in prior years
3,363
Chargeable gains
14,957
3,082
Deferred tax
(28,426)
16,986
Taxation charge for the year
377,252
298,966
12
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
159,029
421,831
2,611,219
309,332
1,346,513
4,847,924
Additions
133,987
1,458
307,687
443,132
Disposals
(159,029)
(171,400)
(219,808)
(550,237)
At 31 January 2024
421,831
2,573,806
310,790
1,434,392
4,740,819
Depreciation and impairment
At 1 February 2023
212,597
1,589,802
257,103
510,738
2,570,240
Depreciation charged in the year
20,924
179,935
13,244
223,009
437,112
Eliminated in respect of disposals
(96,468)
(111,975)
(208,443)
At 31 January 2024
233,521
1,673,269
270,347
621,772
2,798,909
Carrying amount
At 31 January 2024
188,310
900,537
40,443
812,620
1,941,910
At 31 January 2023
159,029
209,234
1,021,417
52,229
835,775
2,277,684
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Tangible fixed assets
(Continued)
- 21 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
388,538
457,104
Motor vehicles
354,290
535,238
742,828
992,342
Depreciation totalling £183,085 (2023 - £116,615) was charged on leased assets.
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
9
9
Listed investments
6,227,247
6,085,530
6,227,256
6,085,539
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 February 2023
9
6,085,530
6,085,539
Additions
-
405,887
405,887
Valuation changes
-
73,894
73,894
Disposals
-
(338,064)
(338,064)
At 31 January 2024
9
6,227,247
6,227,256
Carrying amount
At 31 January 2024
9
6,227,247
6,227,256
At 31 January 2023
9
6,085,530
6,085,539
14
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
Front Line Builders Merchants Limited
Scotland
Ordinary
90.00
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
15
Stocks
2024
2023
£
£
Raw materials and consumables
25,044
25,044
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,638,157
1,934,152
Corporation tax recoverable
425,884
70,287
Other debtors
242,832
627,138
Prepayments and accrued income
246,888
24,798
2,553,761
2,656,375
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
192,554
367,519
Trade creditors
871,903
1,212,442
Amounts owed to group undertakings
9
9
Taxation and social security
210,034
160,202
Other creditors
1,414,559
1,655,868
Accruals and deferred income
3,015,354
3,028,175
5,704,413
6,424,215
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
133,340
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
192,554
367,519
In two to five years
133,340
192,554
500,859
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
19
Finance lease obligations
(Continued)
- 23 -
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 1 year. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Provisions for liabilities
2024
2023
Notes
£
£
Remedial costs
176,939
143,306
Deferred tax liabilities
21
300,060
328,486
476,999
471,792
Movements on provisions apart from deferred tax liabilities:
£
At 1 February 2023
143,305
Additional provisions in the year
33,634
At 31 January 2024
176,939
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
460,060
488,486
Other timing differences
(160,000)
(160,000)
300,060
328,486
2024
Movements in the year:
£
Liability at 1 February 2023
328,486
Credit to profit or loss
(28,426)
Liability at 31 January 2024
300,060
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
556,099
404,433
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
4,995
4,995
4,995
4,995
24
Reserves
Share capital account - This reserve represents the nominal value of shares that have been issued.
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
25
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
29,971,880
28,319,500
Profit for the year
1,249,074
1,652,380
At the end of the year
31,220,954
29,971,880
26
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
102,437
102,437
Between two and five years
409,750
409,750
In over five years
1,263,396
1,365,833
1,775,583
1,878,020
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
27
Related party transactions
Remuneration of key management personnel
The key management personnel of the company are considered to be the directors.
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
5,651
625,324
762,926
2024
2023
Amounts due to related parties
£
£
Other related parties
44,417
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
51,601
104,095
28
Ultimate controlling party
The controlling party of Front Line Construction Limited is The John Ward's 2008 Discretionary Trust.
FRONT LINE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
29
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,249,074
1,652,380
Adjustments for:
Taxation charged
377,252
298,966
Finance costs
19,762
15,212
Investment income
(1,312,642)
(456,548)
Gain on disposal of tangible fixed assets
(147,307)
(70,140)
Depreciation and impairment of tangible fixed assets
437,112
390,157
Change in fair market value of investments
(73,894)
(10,962)
Increase/(decrease) in provisions
33,633
(43,656)
Movements in working capital:
Decrease in debtors
458,211
869,168
(Decrease)/increase in creditors
(544,837)
1,954,163
Cash generated from operations
496,364
4,598,740
30
Analysis of changes in net funds
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
25,966,575
697,810
26,664,385
Obligations under finance leases
(500,859)
308,305
(192,554)
25,465,716
1,006,115
26,471,831
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