Company registration number 02778201 (England and Wales)
BRITELITE HOME IMPROVEMENT GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
BRITELITE HOME IMPROVEMENT GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D Baxter
Mrs N Baxter
Mr S Bourn
Company number
02778201
Registered office
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Auditor
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
Britelite House
Bircholt Road
Parkwood Trading Estate
Maidstone
Kent
ME15 9XY
BRITELITE HOME IMPROVEMENT GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
BRITELITE HOME IMPROVEMENT GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
The directors present the strategic report for the year ended 31 January 2024.
Review of the business
Market conditions for the year were challenging largely due to the impact of the situation in the Ukraine which affected energy costs in our supply chain and ongoing inflation driving increased interest rates. Turnover for the period to 31 January 2024 decreased to £13,318,422 (2023 - £16,019,445). Profit before tax was £107,900 (2023 - £605,732). Cash balances were at a slightly higher level than the previous year, and as at 31 January 2024 were £931,642 (2023 - £917,851) and total equity for 2024 dropped to £2,486,031 (2023 - £2,630,684).
Principal risks and uncertainties
There are a number of potential risks and uncertainties which could impact the group's performance and these are considered by the board on a regular basis. The Board of Directors consider the risks of all significant business decisions and changes in the external environment and in the company's operations. The key risks affecting the business are as follows:
Operating Risk (Customer service and reputation)
The group's reputation and continued success depends on its ability to provide services which are valued by its customers. The company regularly reviews the quality of its services both internally and through formalised client feedback and evaluation. Responses from customers show a very high level of service quality being achieved.
Economic and Market Risk
The economic environment can affect the performance of the group in relation to sales and costs. Consumer confidence is a key influence on sales and world oil prices ultimately impact on prime costs. The group looks to maintain its marketing activities in order to sustain demand for its products. The group looks to mitigate cost pressures by maintaining good relationships with its suppliers and actively undertaking cost and efficiency reviews on a regular basis. This will be supported and enhanced by the newly implemented management system.
Personnel Risk
The group's performance is significantly affected by its ability to recruit and retain a high quality workforce and network of contractors. The directors continue to invest in its workforce training and development. The group also actively looks to incentivise its workforce by offering competitive remuneration and benefits packages and further career opportunities.
Financial and Liquidity risk
The group is principally funded from retained profits. Given the nature of the group's products and terms of business the company's operational cash flow is relatively predictable. A continual process of financial monitoring and forecasting is undertaken to maintain and control the group's financial position.
Development and performance
The war in Ukraine and the effect this continues to have on supply chains has had an impact on the results for the current year ending January 2024.
We continued with our plans to increase the turnover of Commercial business and the significant investment we put into attaining the PAS2030, ISO9001, ISO14001, CHAS and Safe Contractor accreditations should create more opportunities in this area of our business.
The price of raw materials has continued to rise and we are reacting by constantly reviewing our supply chain and updating our price lists to ensure our margins are protected.
Our marketing spend remains at a lower level due to the majority of leads now coming from internet activities which are more cost effective and yield better quality leads. Our marketing activities are targeting the more profitable products within our range.
Our order book and cashflow remains as strong as previous years. Installation figures are lower than previous levels. We expect to equal current year’s installation figures in 2024.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Key performance indicators
The directors consider on a weekly basis a number of Key Performance Indicators to evaluate and control the management of the business. These include sales inflow, analysed by area and product group. Average order and product values. Customer leads by lead type generated, with lead conversion rates. The order book level, analysed by status and product group. Installation levels, amounts due and customer service levels. All this information is confidential to the Group.
Also reviewed are daily bank balances, there are no borrowings other than finance leases. Monthly accounts are issued with particular attention drawn to gross and net profit levels and margins. The annual amounts of these KPI figures are shown elsewhere within the accounts.
Mr S Bourn
Director
30 October 2024
BRITELITE HOME IMPROVEMENT GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 January 2024.
Principal activities
The principal activity of the company continued to be that of a property rental and holding company. The principal activity of the group's subsidiary companies continued to be that of the supply and installation of windows, doors, conservatories and flat roofs.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Baxter
Mrs N Baxter
Mr S Bourn
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensure the company has sufficient liquid resources to meet the operating needs of the businesses.
Credit risk
Investment of cash surpluses are made through banks and companies which must fulfil credit criteria approved by the board.
All corporate customers who wish to trade on credit terms are subject to verification. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
The UK economy for home improvements continues to be difficult but the group is confident that it will be able to maintain its current level of sales though there will be some pressure on margins.
Auditor
The auditor, Goldblatts, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
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:
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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information 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.
On behalf of the board
Mr S Bourn
Director
30 October 2024
BRITELITE HOME IMPROVEMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITELITE HOME IMPROVEMENT GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Britelite Home Improvement Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 31 January 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITELITE HOME IMPROVEMENT GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
the engagement partner ensured the engagement team had the appropriate competence, capabilities and skills to identify or recognise possible non-compliance with applicable laws and regulations.
we identify significant laws and regulations applicable to the company through discussions with directors, along with our commercial knowledge and experience of the home improvements sector in which our client operates.
we focused on specific laws and regulations which we consider may have a material effect on the financial statements or operations of the company, including Health & Safety laws, the Companies Act 2006, taxation legislation, data protection, consumer finance regulations and employment law.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITELITE HOME IMPROVEMENT GROUP LIMITED
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
have performed analytical procedures to identify any unusual variances
reviewed and tested journal entries and other adjustments to identify any unusual transactions
assessed judgements and assumptions used in determining the accounting estimates which could indicate any potential bias
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
reviewing disclosures in the financial statements and testing to supporting documentation.
reviewing meeting minutes where available
discussions with management regarding actual or potential litigations and / or claims.
reviewing correspondence with HMRC and other relevant regulators
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware or any possible non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.
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.
Seamus Ferguson FCA (Senior Statutory Auditor)
For and on behalf of Goldblatts
31 October 2024
Chartered Accountants
Statutory Auditor
4th Floor
4 Tabernacle Street
London
EC2A 4LU
BRITELITE HOME IMPROVEMENT GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,318,422
16,019,445
Cost of sales
(9,196,060)
(10,875,435)
Gross profit
4,122,362
5,144,010
Administrative expenses
(4,069,463)
(4,566,154)
Other operating income
88,866
62,549
Operating profit
4
141,765
640,405
Interest receivable and similar income
6
13,839
2,901
Interest payable and similar expenses
7
(47,704)
(37,574)
Profit before taxation
107,900
605,732
Tax on profit
8
(30,553)
(130,330)
Profit for the financial year
77,347
475,402
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,236,121
1,871,312
Current assets
Stocks
14
808,423
1,032,182
Debtors
15
1,487,580
2,161,212
Cash at bank and in hand
931,642
917,851
3,227,645
4,111,245
Creditors: amounts falling due within one year
16
(2,625,442)
(2,764,629)
Net current assets
602,203
1,346,616
Total assets less current liabilities
2,838,324
3,217,928
Creditors: amounts falling due after more than one year
17
(254,343)
(519,847)
Provisions for liabilities
Deferred tax liability
20
97,950
67,397
(97,950)
(67,397)
Net assets
2,486,031
2,630,684
Capital and reserves
Called up share capital
22
170
180
Revaluation reserve
342,404
342,404
Capital redemption reserve
30
20
Profit and loss reserves
2,181,026
2,325,679
Equity attributable to owners of the parent company
2,523,630
2,668,283
Non-controlling interests
(37,599)
(37,599)
2,486,031
2,630,684
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
Mr D Baxter
Mr S Bourn
Director
Director
Company registration number 02778201 (England and Wales)
BRITELITE HOME IMPROVEMENT GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,488,000
1,504,000
Investments
12
1,000
1,000
1,489,000
1,505,000
Current assets
Stocks
14
-
7,375
Debtors
15
132,958
119,516
Cash at bank and in hand
41,751
26,408
174,709
153,299
Creditors: amounts falling due within one year
16
(847,272)
(564,728)
Net current liabilities
(672,563)
(411,429)
Total assets less current liabilities
816,437
1,093,571
Creditors: amounts falling due after more than one year
17
(160,000)
(322,512)
Net assets
656,437
771,059
Capital and reserves
Called up share capital
22
170
180
Revaluation reserve
342,404
342,404
Capital redemption reserve
30
20
Profit and loss reserves
313,833
428,455
Total equity
656,437
771,059
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £107,378 (2023 - £249,151 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
30 October 2024
Mr D Baxter
Mr S Bourn
Director
Director
Company registration number 02778201 (England and Wales)
BRITELITE HOME IMPROVEMENT GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 February 2022
180
342,404
20
2,000,277
2,342,881
(37,599)
2,305,282
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
-
475,402
475,402
-
475,402
Dividends
9
-
-
-
(150,000)
(150,000)
-
(150,000)
Balance at 31 January 2023
180
342,404
20
2,325,679
2,668,283
(37,599)
2,630,684
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
-
77,347
77,347
-
77,347
Redemption of shares
22
(10)
-
10
(222,000)
(222,000)
-
(222,000)
Balance at 31 January 2024
170
342,404
30
2,181,026
2,523,630
(37,599)
2,486,031
BRITELITE HOME IMPROVEMENT GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
180
342,404
20
329,304
671,908
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
-
249,151
249,151
Dividends
9
-
-
-
(150,000)
(150,000)
Balance at 31 January 2023
180
342,404
20
428,455
771,059
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
-
107,378
107,378
Redemption of shares
22
(10)
-
10
(222,000)
(222,000)
Balance at 31 January 2024
170
342,404
30
313,833
656,437
BRITELITE HOME IMPROVEMENT GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,007,907
155,606
Interest paid
(47,704)
(37,574)
Income taxes paid
(561)
(139,836)
Net cash inflow/(outflow) from operating activities
959,642
(21,804)
Investing activities
Purchase of tangible fixed assets
(409,166)
(114,882)
Proceeds from disposal of tangible fixed assets
95,000
16,784
Loans made to other entities
-
(102,873)
Repayment of loans
(31,460)
-
Interest received
13,839
2,901
Net cash used in investing activities
(331,787)
(198,070)
Financing activities
Redemption of shares
(222,000)
Repayment of bank loans
(278,374)
(229,915)
Payment of finance leases obligations
(113,690)
(123,895)
Dividends paid to equity shareholders
(150,000)
Net cash used in financing activities
(614,064)
(503,810)
Net increase/(decrease) in cash and cash equivalents
13,791
(723,684)
Cash and cash equivalents at beginning of year
917,851
1,641,535
Cash and cash equivalents at end of year
931,642
917,851
BRITELITE HOME IMPROVEMENT GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
540,372
274,991
Interest paid
(28,533)
(21,597)
Income taxes refunded/(paid)
3,392
(33,069)
Net cash inflow from operating activities
515,231
220,325
Investing activities
Interest received
486
Dividends received
150,000
Net cash generated from investing activities
486
150,000
Financing activities
Redemption of shares
(222,000)
Repayment of bank loans
(278,374)
(229,915)
Dividends paid to equity shareholders
-
(150,000)
Net cash used in financing activities
(500,374)
(379,915)
Net increase/(decrease) in cash and cash equivalents
15,343
(9,590)
Cash and cash equivalents at beginning of year
26,408
35,998
Cash and cash equivalents at end of year
41,751
26,408
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
1
Accounting policies
Company information
Britelite Home Improvement Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.
The group consists of Britelite Home Improvement Group 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company Britelite Home Improvement Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from home improvements is recognised upon completion of the installation. Revenue from the hire of equipment is recognised monthly.
1.5
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:
Land and buildings Leasehold
Short leasehold -10% per annum on cost.
Plant and machinery
15% per annum on written down value.
Fixtures, fittings & equipment
15% per annum on written down value, office equipment - 25% per annum on cost.
Motor vehicles
25% per annum on written down value.
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.
1.6
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
1.8
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.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuation of Work in Progress
The Directors obtain the order book at the end of each financial period to develop the rationale behind the work in progress valuation.
Useful life of fixed assets
The Directors regularly review the life of the fixed assets held by the company to ensure that the depreciation policies remain appropriate and the carrying value of the assets is correctly stated.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Home improvements
13,171,507
15,881,221
Commissions
11,439
4,285
Hire of Equipment
135,476
133,939
13,318,422
16,019,445
2024
2023
£
£
Other revenue
Interest income
13,839
2,901
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
8,000
8,000
Depreciation of owned tangible fixed assets
149,514
129,625
Depreciation of tangible fixed assets held under finance leases
73,520
65,341
Reversal of past impairment of tangible fixed assets
(242,186)
Profit on disposal of tangible fixed assets
(31,491)
(3,101)
Operating lease charges
342,253
443,262
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
47
51
-
-
Marketing
18
18
-
-
Warehouse and services
8
9
-
-
Total
73
78
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,967,232
2,114,133
Social security costs
179,765
193,515
-
-
Pension costs
52,987
43,062
2,199,984
2,350,710
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,353
2,901
Other interest income
486
-
Total income
13,839
2,901
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Interest receivable and similar income
(Continued)
- 20 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,353
2,901
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
31,634
21,597
Other finance costs:
Interest on finance leases and hire purchase contracts
16,070
15,977
Total finance costs
47,704
37,574
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
93,392
Deferred tax
Origination and reversal of timing differences
30,553
36,938
Total tax charge
30,553
130,330
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
107,900
605,732
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
26,975
115,089
Unutilised tax losses carried forward
(80,028)
Effect of change in corporation tax rate
-
16,175
Group relief
(30,423)
Permanent capital allowances in excess of depreciation
114,029
(934)
Taxation charge
30,553
130,330
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
9
Dividends
2024
2023
£
£
Ordinary paid
-
150,000
10
Impairments
Reversals of previous impairment losses have been recognised in profit or loss as follows:
2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
11
242,186
-
Recognised in:
Administrative expenses
242,186
-
11
Tangible fixed assets
Group
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2023
1,758,419
141,496
751,927
1,365,538
4,017,380
Additions
31,267
377,899
409,166
Disposals
(452,185)
(452,185)
At 31 January 2024
1,758,419
141,496
783,194
1,291,252
3,974,361
Depreciation and impairment
At 1 February 2023
227,986
110,049
587,662
1,220,371
2,146,068
Depreciation charged in the year
23,921
5,783
49,372
143,958
223,034
Reversal of past impairment
(33,720)
(208,466)
(242,186)
Eliminated in respect of disposals
(388,676)
(388,676)
At 31 January 2024
251,907
115,832
603,314
767,187
1,738,240
Carrying amount
At 31 January 2024
1,506,512
25,664
179,880
524,065
2,236,121
At 31 January 2023
1,530,433
31,447
164,265
145,167
1,871,312
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
11
Tangible fixed assets
(Continued)
- 22 -
Company
Land and buildings Leasehold
£
Cost or valuation
At 1 February 2023 and 31 January 2024
1,600,000
Depreciation and impairment
At 1 February 2023
96,000
Depreciation charged in the year
16,000
At 31 January 2024
112,000
Carrying amount
At 31 January 2024
1,488,000
At 31 January 2023
1,504,000
Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of investment properties included within company tangible assets is £1,488,000 (2023 - £1,504,000). The carrying value of investment properties included within group tangible assets is £1,488,000 (2023 - £1,504,000).
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
220,453
315,589
More information on impairment movements in the year is given in note 10.
The freehold and leasehold land and buildings were revalued at 31 January 2017 based on an open market basis valuation dated 24th July 2017 by Coles Group, a firm of independent estate agents and valuers. In the directors opinion the value of the property has not changed materially between the year end and the date the external valuation was carried out.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
11
Tangible fixed assets
(Continued)
- 23 -
2024
2023
£
£
Group
Cost
1,380,234
1,380,234
Company
Cost
1,380,234
1,380,234
Carrying value
1,380,234
1,380,234
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
1,000
1,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
1,000
Carrying amount
At 31 January 2024
1,000
At 31 January 2023
1,000
13
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Britelite Commercial Limited
See Below
Commercial Windows
Ordinary
75.00
0
Britelite Flat Roofing Co. Limited
See Below
Flat Roofing Contractor
Ordinary
75.00
0
Britelite Windows Limited
See Below
Home Improvements
Ordinary
100.00
0
The registered office of the subsidiaries above is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
26,572
25,208
-
-
Work in progress
540,689
779,969
-
-
Finished goods and goods for resale
241,162
227,005
7,375
808,423
1,032,182
-
7,375
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
644,974
1,357,135
Other debtors
288,088
249,088
132,958
119,516
Prepayments and accrued income
554,518
554,989
1,487,580
2,161,212
132,958
119,516
The amounts owed by the group undertakings are interest free, with no security and no fixed repayment terms.
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
120,000
235,862
120,000
235,862
Obligations under finance leases
19
112,635
123,333
Trade creditors
980,011
958,491
253
Amounts owed to group undertakings
641,227
258,974
Corporation tax payable
106,173
106,734
41,515
38,123
Other taxation and social security
214,010
284,455
22,151
23,768
Other creditors
505,023
839,938
500
Accruals and deferred income
587,590
215,816
21,626
8,001
2,625,442
2,764,629
847,272
564,728
The amounts owed to the group undertakings are interest free, with no security and no fixed repayment terms.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
160,000
322,512
160,000
322,512
Obligations under finance leases
19
94,343
197,335
254,343
519,847
160,000
322,512
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
280,000
558,374
280,000
558,374
Payable within one year
120,000
235,862
120,000
235,862
Payable after one year
160,000
322,512
160,000
322,512
There is a legal charge from NatWest dated 1st November 2007 over the property and adjoining car parking by way of fixed charge.
There is also a debenture from NatWest dated 15th June 2006 for fixed and floating charges over the undertaking of all property and assets present and future.
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
112,635
123,332
In two to five years
94,343
197,336
206,978
320,668
-
-
Finance lease payments represent rentals payable by the company or group for motor vehicles. 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 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
20
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Group
£
£
ACAs
177,978
67,397
Tax losses
(80,028)
-
97,950
67,397
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
67,397
-
Charge to profit or loss
30,553
-
Liability at 31 January 2024
97,950
-
£45,128 of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,987
43,062
Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
180
180
170
180
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 27 -
23
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company in respect of contract hire vehicles.
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
16,802
25,031
-
-
Between two and five years
10,490
25,498
-
-
27,292
50,529
-
-
24
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Purchases
Purchases
2024
2023
£
£
Group
Other related parties
-
39,231
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
-
70,844
Company
Entities over which the company has control, joint control or significant influence
641,227
258,974
The following amounts were outstanding at the reporting end date:
25
Directors' transactions
Dividends totalling £0 (2023 - £56,667) were paid in the year in respect of shares held by the company's directors.
26
Controlling party
The ultimate controlling party is the Estate of Mr J D Baxter, by way of its majority shareholding.
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
27
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
107,378
249,151
Adjustments for:
Taxation charged
24,801
Finance costs
28,533
21,597
Investment income
(486)
(150,000)
Depreciation and impairment of tangible fixed assets
16,000
16,000
Movements in working capital:
Decrease in stocks
7,375
13,500
(Increase) in debtors
(13,442)
(45,902)
Increase in creditors
395,014
145,844
Cash generated from operations
540,372
274,991
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
77,347
475,402
Adjustments for:
Taxation charged
30,553
130,330
Finance costs
47,704
37,574
Investment income
(13,839)
(2,901)
Gain on disposal of tangible fixed assets
(31,491)
(3,101)
Depreciation and impairment of tangible fixed assets
(19,152)
194,966
Movements in working capital:
Decrease in stocks
223,759
179,236
Decrease/(increase) in debtors
705,092
(162,014)
Decrease in creditors
(12,066)
(693,886)
Cash generated from operations
1,007,907
155,606
29
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
917,851
13,791
931,642
Borrowings excluding overdrafts
(558,374)
278,374
(280,000)
Obligations under finance leases
(320,668)
113,690
(206,978)
38,809
405,855
444,664
BRITELITE HOME IMPROVEMENT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
30
Analysis of changes in net debt - company
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
26,408
15,343
41,751
Borrowings excluding overdrafts
(558,374)
278,374
(280,000)
(531,966)
293,717
(238,249)
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.210Mr D BaxterMrs N BaxterMr S 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