Company registration number 12473118 (England and Wales)
BXTR SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BXTR SERVICES LIMITED
COMPANY INFORMATION
Directors
R A Baxter
R M Baxter
E E Podbury
A Maxwell
(Appointed 3 June 2024)
S M A Wong
(Appointed 3 June 2024)
J P Fawcett
(Appointed 3 June 2024)
Company number
12473118
Registered office
C/o Imbiba Growth LLP
The Loft
1-3 Langley Court
London
WC2E 9JY
Auditor
Mitchell Charlesworth (Audit) Limited
5 Temple Square
Temple Street
Liverpool
L2 5RH
BXTR SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
BXTR SERVICES 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 and group continued to be that of hotel and hostel operations.

Review of the business

The performance of the Group for the year is in the context of it gearing up to the opening of the Glasgow hotel in May-24 shortly after the year-end. The Group made a loss of £1,208,427 due to the higher head office costs required in the run-up to the opening of Glasgow as well as the financing costs of the Glasgow development prior to Glasgow’s profits coming through to return to a cash positive basis. All sites continue to outperform the market against its competitor set across all key performance indicators in terms of occupancy and ADR and continues to be highly cash generative.  As noted below, House of Gods Glasgow has opened to aplomb and the Group will now be EBITDA positive going forwards.

 

Future Plans

 

Since the year-end, the Glasgow hotel which has been under construction has opened in May-24. Since opening, the hotel has consistently outperformed its competitor set across all key metrics from occupancy to ADR and was profit making from its first full month of trading. As well as building on the opening success of the Glasgow hotel, the Group is also focussed on the next stage of growth for the business – this includes both the development of an existing freehold in Manchester as well as the signing of a Hotel Management Agreement for a 75-bedroom hotel and rooftop bar in Canary Wharf, London. Both of these opportunities are expect to open to the public in Q4 2025.

Principal risks and uncertainties

 

Consumer risk

 

The market within which group operates is highly competitive and subject to changing consumer trends in the growing competitive socialising market.

 

As mitigation against this risk, we invest significantly in the development of our new sites and maintaining our existing venues to create a best-in-class consumer experience for our guests, identifying trends and enhancing our products.

 

Commercial Risks

 

The monitors and controls normal commercial risks such as customer concentration and cost control, in order to protect the company from such risks.

 

Development risks

 

The group develops the hotels it operates internally, which gives rise to the risk of macroeconomic factors including build costs, inflation, labour and skill shortages. The group mitigates this risk through structured project management.

Financial risk management objectives and policies

 

The group's objective is to ensure that its working capital requirements are met.

 

Whilst the group has secured bank and investor led funding for capital investment expected to the date of approval of the financial statements, the group intends to fund its on-going operations through cash generated from operating activities.

 

 

The group maintains daily cash forecasting in order to monitor the liquidity of the Group and ensure it can meet liabilities as they fall due.

BXTR SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Key performance indicators

The directors monitor the financial performance of the company through a combination of individual hotel P&L’s KPI’s, including Revenue, Gross Margins, occupancy levels and spend per head.

 

These key indicators are used by the management team to continually measure business performance.

On behalf of the board

.............................................
A Maxwell
Director
Date: .............................................
BXTR SERVICES 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.

Results and dividends

The results for the year are set out on page 9.

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

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

R A Baxter
R M Baxter
E E Podbury
A Maxwell
(Appointed 3 June 2024)
S M A Wong
(Appointed 3 June 2024)
J P Fawcett
(Appointed 3 June 2024)
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.

BXTR SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
On behalf of the board
A Maxwell
Director
30 October 2024
BXTR SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BXTR SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of BXTR Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group profit and loss account, the group 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.

Material uncertainty related to going concern

We draw attention to note 1.4 headed going concern in the financial statements, which indicated that the group has made a deficit for the year, which has resulted in a net current liability position. As stated in note 1.4 and the directors report, these events or conditions, along with other matters as set forth in note 1.4, indicate that the company has relied upon on-going financing, as well assessment in future cash flows and development plans in reaching their going concern conclusion. Our opinion is not modified in respect of this matter.

 

Conclusions relating to going concern

 

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

 

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.

BXTR SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BXTR SERVICES LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

BXTR SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BXTR SERVICES LIMITED
- 7 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the Profit and Loss Account, (ii) the accounting policy for revenue recognition (iii) amounts recoverable on long term contracts, (iv) understatement of creditors. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

 

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

BXTR SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BXTR SERVICES LIMITED
- 8 -

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.

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.

Louise Casey
For and on behalf of
30 October 2024
Mitchell Charlesworth (Audit) Limited
Accountants
Statutory Auditor
5 Temple Square
Temple Street
Liverpool
L2 5RH
BXTR SERVICES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
Continuing
Discontinued
31 January
Continuing
Discontinued
31 January
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
1,990,355
938,472
2,928,827
1,698,219
911,960
2,610,179
Cost of sales
(571,898)
(570,366)
(1,142,264)
(571,281)
(399,692)
(970,973)
Gross profit
1,418,457
368,106
1,786,563
1,126,938
512,268
1,639,206
Administrative expenses
(1,947,592)
(555,760)
(2,503,352)
(1,200,099)
(655,992)
(1,856,091)
Other operating income
7,800
-
7,800
14,251
4,200
18,451
Operating loss
4
(521,335)
(187,654)
(708,989)
(58,910)
(139,524)
(198,434)
Interest receivable and similar income
7
153
-
153
268
-
268
Interest payable and similar expenses
8
(499,591)
-
(499,591)
(245,238)
-
(245,238)
Loss before taxation
(1,020,773)
(187,654)
(1,208,427)
(303,880)
(139,524)
(443,404)
Tax on loss
9
-
-
-
-
-
-
Loss for the financial year
(1,020,773)
(187,654)
(1,208,427)
(303,880)
(139,524)
(443,404)
Loss for the financial year is all attributable to the owners of the parent company.
BXTR SERVICES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
2024
2023
£
£
Loss for the year
(1,208,427)
(443,404)
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(1,208,427)
(443,404)
Total comprehensive income for the year is all attributable to the owners of the parent company.
BXTR SERVICES LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
35,665
8,797
Tangible assets
12
9,777,162
6,658,030
9,812,827
6,666,827
Current assets
Stocks
15
112,739
56,353
Debtors
16
613,344
301,096
Cash at bank and in hand
86,274
1,091,143
812,357
1,448,592
Creditors: amounts falling due within one year
17
(1,880,791)
(1,070,822)
Net current (liabilities)/assets
(1,068,434)
377,770
Total assets less current liabilities
8,744,393
7,044,597
Creditors: amounts falling due after more than one year
18
(5,522,536)
(2,614,313)
Net assets
3,221,857
4,430,284
Capital and reserves
Called up share capital
4,622
4,622
Share premium account
4,978,878
4,978,878
Profit and loss reserves
(1,761,643)
(553,216)
Total equity
3,221,857
4,430,284

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
A Maxwell
Director
Company registration number 12473118 (England and Wales)
BXTR SERVICES LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
20
20
Current assets
Debtors
16
7,210,060
4,935,398
Cash at bank and in hand
-
0
7,405
7,210,060
4,942,803
Creditors: amounts falling due within one year
17
(105,070)
(34,035)
Net current assets
7,104,990
4,908,768
Total assets less current liabilities
7,105,010
4,908,788
Creditors: amounts falling due after more than one year
18
(2,330,000)
-
Net assets
4,775,010
4,908,788
Capital and reserves
Called up share capital
4,622
4,622
Share premium account
4,978,878
4,978,878
Profit and loss reserves
(208,490)
(74,712)
Total equity
4,775,010
4,908,788

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £133,777 (2023 - £52,906 loss).

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
A Maxwell
Director
Company registration number 12473118 (England and Wales)
BXTR SERVICES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2022
4,622
4,978,878
(109,812)
4,873,688
Year ended 31 January 2023:
Loss and total comprehensive income
-
-
(443,404)
(443,404)
Balance at 31 January 2023
4,622
4,978,878
(553,216)
4,430,284
Year ended 31 January 2024:
Loss and total comprehensive income
-
-
(1,208,427)
(1,208,427)
Balance at 31 January 2024
4,622
4,978,878
(1,761,643)
3,221,857
BXTR SERVICES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2022
4,622
4,978,878
(21,806)
4,961,694
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
-
(52,906)
(52,906)
Balance at 31 January 2023
4,622
4,978,878
(74,712)
4,908,788
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
(133,778)
(133,778)
Balance at 31 January 2024
4,622
4,978,878
(208,490)
4,775,010
BXTR SERVICES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(18,582)
139,417
Interest paid
(499,591)
(245,238)
Net cash outflow from operating activities
(518,173)
(105,821)
Investing activities
Purchase of intangible assets
(34,466)
(9,089)
Purchase of tangible fixed assets
(3,351,015)
(1,305,360)
Interest received
153
268
Net cash used in investing activities
(3,385,328)
(1,314,181)
Financing activities
Proceeds from issue of shares
-
1,300,000
Proceeds from loan notes
2,330,000
-
Proceeds from new bank loans
625,325
1,159,000
Repayment of bank loans
(54,958)
(26,486)
Payment of finance leases obligations
(1,735)
(8,223)
Net cash generated from financing activities
2,898,632
2,424,291
Net (decrease)/increase in cash and cash equivalents
(1,004,869)
1,004,289
Cash and cash equivalents at beginning of year
1,091,143
86,854
Cash and cash equivalents at end of year
86,274
1,091,143
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
1
Accounting policies
Company information

BXTR Services Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of BXTR Services Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company BXTR Services 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.

BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. In arriving at this conclusion, despite the losses arising, the directors have considered the ongoing financing from Oak North Bank PLC, and the recently opened Glasgow hotel which has pushed the Group as a whole into a positive cash generating position after debt servicing requirements.

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 other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Trademarks
20% straight line
Web design
20% straight line
1.7
Tangible fixed assets

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

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

Leasehold improvements
10% straight line
Plant and equipment
33% straight line
Fixtures and fittings
33% straight line
Computers
33% straight line
Motor vehicles
25% straight line
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -

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
Fixed asset investments

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.

1.9
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.

1.10
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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
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.

BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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.

BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
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.

1.15
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.

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.

BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
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.

 

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as how frequently the asset is used, product life cycles of the assets and their maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Income derived in the United Kingdom
2,928,827
2,610,179
2024
2023
£
£
Other revenue
Interest income
153
268
Grants received
-
18,451
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Government grants
-
(18,451)
Fees payable to the group's auditor for the audit of the group's financial statements
16,650
20,000
Depreciation of owned tangible fixed assets
231,883
212,286
Amortisation of intangible assets
7,598
292
Operating lease charges
139,411
112,357
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
67
70
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,165,814
1,012,047
13,750
16,739
Social security costs
86,134
71,292
-
-
Pension costs
13,040
11,182
-
0
-
0
1,264,988
1,094,521
13,750
16,739
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
13,750
16,739
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
153
268
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
153
268
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
487,032
236,934
Other interest on financial liabilities
12,285
7,647
499,317
244,581
Other finance costs:
Interest on finance leases and hire purchase contracts
274
657
Total finance costs
499,591
245,238
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(9,551)
Benefit arising from a previously unrecognised tax loss or credit
-
0
9,551
Total current tax
-
0
-
0

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

2024
2023
£
£
Loss before taxation
(1,208,427)
(443,404)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.00% (2023: 19.00%)
(277,938)
(84,247)
Unutilised tax losses carried forward
277,938
84,247
Taxation charge
-
-
10
Discontinued operations

During January 2024 the company ceased trading from its nightclub and pub/bar attached to the House of Gods Hotel, Edinburgh. Both the nightclub and pub/bar have been loss making over a period of time and a corporate decision was taken to curtail such underperforming venues financially in an attempt to improve the company's overall trading performance going forward in future years.

BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
11
Intangible fixed assets
Group
Trademarks
Web design
Total
£
£
£
Cost
At 1 February 2023
3,529
5,560
9,089
Additions
-
0
34,466
34,466
At 31 January 2024
3,529
40,026
43,555
Amortisation and impairment
At 1 February 2023
-
0
292
292
Amortisation charged for the year
-
0
7,598
7,598
At 31 January 2024
-
0
7,890
7,890
Carrying amount
At 31 January 2024
3,529
32,136
35,665
At 31 January 2023
3,529
5,268
8,797
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
12
Tangible fixed assets
Group
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 February 2023
2,309,909
4,557,988
85,407
287,050
26,578
15,600
7,282,532
Additions
2,339
3,221,780
126,896
-
0
-
0
-
0
3,351,015
At 31 January 2024
2,312,248
7,779,768
212,303
287,050
26,578
15,600
10,633,547
Depreciation and impairment
At 1 February 2023
466,824
-
0
51,727
83,572
14,896
7,483
624,502
Depreciation charged in the year
161,482
-
0
26,816
25,549
9,919
8,117
231,883
At 31 January 2024
628,306
-
0
78,543
109,121
24,815
15,600
856,385
Carrying amount
At 31 January 2024
1,683,942
7,779,768
133,760
177,929
1,763
-
0
9,777,162
At 31 January 2023
1,843,085
4,557,988
33,680
203,478
11,682
8,117
6,658,030
The company had no tangible fixed assets at 31 January 2024 or 31 January 2023.
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
20
20
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
20
Carrying amount
At 31 January 2024
20
At 31 January 2023
20
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
BXTR LTD
Scotland
Ordinary
100.00
BXTR MCH LTD
Scotland
Ordinary
100.00
BXTR 3 LTD
Scotland
Ordinary
100.00
BXTR Hostel LTD
Scotland
Ordinary
100.00
BXTR Holdings Ltd
Scotland
Ordinary
100.00
BXTR Group Ltd
England
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
112,739
56,353
-
0
-
0
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
-
0
903
-
0
-
0
Amounts owed by group undertakings
-
-
7,201,207
4,931,707
Other debtors
503,792
207,310
6,008
2,338
Prepayments and accrued income
109,552
92,883
2,845
1,353
613,344
301,096
7,210,060
4,935,398
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
60,000
60,000
-
0
-
0
Obligations under finance leases
20
1,110
2,008
-
0
-
0
Trade creditors
569,212
283,719
4,675
27,515
Amounts owed to group undertakings
-
0
-
0
20
20
Other taxation and social security
186,009
78,304
-
-
Deferred income
21
199,619
-
0
-
0
-
0
Other creditors
854,113
626,756
94,875
-
0
Accruals and deferred income
10,728
20,035
5,500
6,500
1,880,791
1,070,822
105,070
34,035
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
3,178,177
2,607,810
-
0
-
0
Obligations under finance leases
20
-
0
837
-
0
-
0
Other creditors
2,333,000
5,666
2,330,000
-
0
Accruals and deferred income
11,359
-
0
-
0
-
0
5,522,536
2,614,313
2,330,000
-
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,238,177
2,667,810
-
0
-
0
Payable within one year
60,000
60,000
-
0
-
0
Payable after one year
3,178,177
2,607,810
-
0
-
0

Hire purchase contracts are secured on the assets to which they relate.

 

The company does not have a bank overdraft. OakNorth Bank PLC loans are secured by a floating charge over the assets of the group and specific security against the freehold and leasehold properties in the group. A share pledge is also in place whereby the shares of BXTR Holdings Ltd are held by the lender until the loans are repaid in full.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,110
2,008
-
0
-
0
In two to five years
-
0
837
-
0
-
0
1,110
2,845
-
-

Finance lease payments represent rentals payable by the company or group 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.

21
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
199,619
-
-
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,040
11,182

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.

BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
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
136,965
145,000
-
-
Between two and five years
360,761
567,500
-
-
497,726
712,500
-
-
24
Controlling party

The ultimate parent undertaking is Imbiba Growth 1 Lp, a company incorporated in England and Wales.

25
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss for the year after tax
(1,208,427)
(443,404)
Adjustments for:
Finance costs
499,591
245,238
Investment income
(153)
(268)
Amortisation and impairment of intangible assets
7,598
292
Depreciation and impairment of tangible fixed assets
231,883
212,286
Movements in working capital:
(Increase)/decrease in stocks
(56,386)
40,618
(Increase)/decrease in debtors
(312,248)
59,211
Increase in creditors
619,941
25,444
Increase in deferred income
199,619
-
Cash (absorbed by)/generated from operations
(18,582)
139,417
BXTR SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 30 -
26
Analysis of changes in net debt - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
1,091,143
(1,004,869)
86,274
Borrowings excluding overdrafts
(2,667,810)
(570,367)
(3,238,177)
Obligations under finance leases
(2,845)
1,735
(1,110)
(1,579,512)
(1,573,501)
(3,153,013)
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.210R A BaxterR M BaxterE E PodburyA MaxwellS M A WongJ P 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