Company registration number 02754846 (England and Wales)
WYVERNRAIL PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
WYVERNRAIL PLC
COMPANY INFORMATION
Directors
J R Snell
T J Oaks
P R Binks
N Ferguson-Lee
I J Allison
A J Speakman
Secretary
T J Oaks
Company number
02754846
Registered office
Wirksworth Station
Station Road
Wirksworth
Derbyshire
DE4 4FB
Auditor
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
WYVERNRAIL PLC
CONTENTS
Page
Chairperson's statement
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Strategic report
6 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 26
Non-statutory pages
27 - 28
WYVERNRAIL PLC
CHAIRPERSON'S STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

Assuming the role of Chairman last year, I was faced with explaining to you a loss of £112k following a previous operating profit of £116k. This year I am pleased to report that the loss has reduced to £35,990. However, if we calculate the common measurement of Earnings Before Interest, Taxation, Amortisation and Depreciation (EBITDA), then this equates to a modest profit of £13,922. But for the loss of revenue and increased operating costs caused by the landslip the results would have been considerably better.

This is an encouraging start and provides considerable comfort following the previous year. However, there is no room for complacency and as I shall discuss, we are presently facing a tight working capital position.

Examining this year’s accounts, the improved trading position is clear to see. On the top line, turnover increased by 18% to £682k and the Gross Margin increased from 56% to 60%, while Administrative Expenses increased by 4.5%.

The increase in top line turnover was primarily attributable to a blistering 52% increase in Catering income, combined with a modest 8.3% increase in Passenger Service revenue.

Ignoring rent and utilities recharge for the moment, our MyTestTrack.com business has more-or-less stalled, although we have in track today negotiations that, if they come to fruition, will revive this part of the business in future years.

These results confirm several assumptions that some may regard as self-evident. The future of this enterprise lies with high-margin services serving the general visitor seeking a pleasant and fulfilling experience rather than simple return fares. Heritage railways have the potential to survive and thrive but only if some truths are acknowledged: the organisation must be able to pay its way operationally, provided it maintains a tight rein on employee headcount, and seek to recover costs wherever possible. Heritage railways rely on the goodwill and dedication of their volunteer workforce and, of equal importance, their charitable organisation.

As we have seen from the work necessary to deal with the Duffield landslip, without the ready and unstinting support of the Ecclesbourne Valley Railway Association, we would have faced an insurmountable obstacle. In turn, EVRA has actively supported the improvement of the railway from the acquisition of an excellent, and brand new, conference room, through to the refurbishment of Wirksworth’s children’s play area and even new benches for Wirksworth station. I wish to give the company’s and my own personal thanks to EVRA for their continuing support and also acknowledge with thanks the growing contribution of the EVR Trust who have maintained a cordial and useful relationship with East Midlands Railway.

Therefore, whilst a heritage railway must work to maintain an operational surplus, the capital burden cannot be wholly funded from revenue. The landslip at Duffield, whilst not of the railway’s own making, should be regarded as an example of the issues already being experienced by other railways, both heritage and main line. We own a 150-year-old asset and whilst we know the general condition of that asset, there is an ever-present risk that one storm following a period of heavy drought might cause another slip or similar fault that could once again affect our operation.

Inspired by the generous support of the public who donated £30,000 to our landslip appeal, we are seeking to establish a contingency fund: a source of working capital to allow the company to deal with short-term exigencies. We are not in a position to announce this now as the landslip has absorbed a great deal of management time but intend to do so during the course of this year.

The diversion of attention toward the landslip has diverted a great deal of management attention. The unfortunate coincidence of our new Infrastructure Manager being forced to take sick leave has meant the burden of day-to-day management of the line slew has rested with our highly capable General Manager, Simon Scott. Simon has done an excellent job of keeping things going while, simultaneously going so far as to man a digger to help excavate the foundations for the slew. Simon’s excellent contribution notwithstanding, it is our belief that the loss to the revenue account as a result of the landslip is upwards of £50,000. The nature of this loss has manifested itself from a general increase in operation costs, including the need to hire two locomotives instead of one, and the necessity to make purchases at short notice, through to diversion from the recouping of costs, loss of passenger revenue arising at Duffield and generation of new business opportunities.

WYVERNRAIL PLC
CHAIRPERSON'S STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

At the time of my writing this report, the path to resolution for the landslip is underway with operation to Duffield restored. These issues aside, Simon has established relations with several infrastructure training companies, and this has led to him obtaining their services for free or at heavily discounted rates. Similarly, we are about to undertake a review of costs and, in particular, seek to ensure that all users of our facilities make a fair and proportional contribution to our costs. Considering that power, light and heat costs increased by 60% from last year (in additional to a 5% increase in fuel charges), the Company cannot shoulder this burden on its own.

The combined effects of the heavy loss in 2022-23, the landslip and a degree of dislocation as our management structure consolidated after the retirement of Mike Evans has left WyvernRail with a very tight working capital position. Although turnover this year indicates further progress over 2023-24, money is very tight and I thank my management team for their forbearance while we navigate our way to a better cash position. I feel acknowledgement of our Finance Director, Allan Speakman, is necessary here as Allan has worked very hard to navigate our way forward during this difficult period.

Leading a heritage railway involves the management of a coalition of individuals and groups. All are heading in a generally similar direction, but the players often bump into one another, sometimes in broadly the same direction, occasionally diametrically opposite. It is necessary to maintain a sense of purpose and direction. This has been difficult as we have gone through the upheavals in management and infrastructure in the past couple of years but I have the evidence of progress, from Tim Oaks taking on the role of Company Secretary and outsourcing our shareholder management processes (I hope to have more news of that before the AGM) to our catering function being bolstered by an excellent rebuild of our kitchen car to allow the full preparation of meals on the move.

This leads me to my final observation. As I have discussed, our catering sales have grown by 52% and with the kitchen car rebuild, plus one and later a third LMS dining car coming into traffic, I must acknowledge and thank our catering team, led by Sam Weaver, who have established a reputation for a very quality of service and an excellent and varied range of dining options. This high margin business is essential to our growth.

The catering team makes great use of paid staff, not least because of the burden of time and the need for a fully professional team. In turn, the catering team offers a first step on the career ladder for many young people in the locality. I am proud of our employees, and it is important that our enterprise provides genuine careers in a variety of disciplines.

It is my fervent hope that we can continue to expand and keep our coalition of volunteers, supporters, employees and other stakeholders working toward a noble common purpose. As the owners of this business, I thank you for your support and forbearance and look forward to meeting you on the 27th July.

Neil Ferguson-Lee
Chairman
27 June 2024
WYVERNRAIL PLC
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 operating a light railway.

Directors

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

J R Snell
T J Oaks
P R Binks
N Ferguson-Lee
I J Allison
G R Kenning
(Resigned 29 July 2023)
C Nesbitt
(Resigned 29 July 2023)
A J Speakman
Financial instruments
Objectives and policies

The company holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations.

(b) to manage its exposure to interest risk arising from its operations and from its source of finance; and

(c) for trading purposes.

 

In addition, various financial instruments (e.g trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

 

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below:

Liquidity risk

The company monitors its cash flow closely on a day-to-day basis.

Interest rate risk

The company has managed its interest rate risk by borrowing at at fixed rate.

Credit risk

The company monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk.

Statement of disclosure to auditor

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

WYVERNRAIL PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
On behalf of the board
A J Speakman
Director
27 June 2024
WYVERNRAIL PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -

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

 

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

 

 

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

WYVERNRAIL PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -

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

 

Fair review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the year end. The review is consistent with the size and nature of the company and is written in the context of the risks and uncertainties faced.

 

The Company trades within the security of freehold ownership of the Railway. The company has had a difficult year with a further change in management. Added to this there has been a major disruption with the landslip. This has resulted in significant capital costs which have been partly funded by EVRA. Also the non running to Duffield we believe effects turnover by 15% plus there are additional costs. The net loss for the year was £35,990, including depreciation and amortisation charges, and we refer you to the comments made in the Chairman's Statement regarding the review of the performance throughout the year.

 

As at the balance sheet date, the net asset position of the Company remains strong due to the capital spend and infrastructure projects that have taken place over the years. The Company's cash position has remained stable over the period.

 

For the 2024 season there has again been a concentration on the successful policy of more family events. Also due to EVRAs support the renovation of the children's play ground and miniature railway has provided more facilities for the family entertainment. The expansion of these facilities has again lead to additional income which has been borne out with healthy trading in the first 3 months of the season. The landslip has been further major expense of around £50k but with EVRAs support for materials we have been able to remedy the situation.

 

During the year a further £3,275 of share capital was raised, primarily to fund the expansion of facilities for the Railway's visitors.

 

The decision was taken at the August 2014 EGM to authorise the Directors to accept the return of shares as gifts from the estates of decreased shareholders; in this period no shares have been returned to the Company following this resolution, making a total of 156,700 shares returned to date.

Financial KPI's
Unit
2024
2023
Turnover
£
682,053
575,627
Net assets
£
575,497
608,212
Gross profit margin
%
60.16
55.78

On behalf of the board

Principal risks and uncertainties

 

The principal elements of the Company’s trading base are leisure/tourism and provision of testing and training facilities for the rail industry; the performance of both is subject to any change in general economic conditions.

 

The Company is dependent on its volunteer workforce to run its railway services.

 

The Company owns the freehold of the Railway. It has financial responsibility for the upkeep of all the Railway’s nine miles of infrastructure bar two bridges. Consequently revenue spending may have to increase should any unexpected incident arise.

WYVERNRAIL PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
Section 172(1) statement

The Directors understand the business and the evolving environment in which we operate. The board meet at least once per month to discuss any issues and to consider how decisions will impact the stakeholders of WyvernRail plc.

 

The directors recognise that WyvernRail plc’s employees and volunteers are fundamental and core to our business and delivery of strategic ambitions. The success of our business depends on attracting, retaining, and motivating employees and volunteers. From ensuring that we remain a positive employer, from pay and benefits to health, safety and workplace environment, the Directors factor the implications of decisions on employees and volunteers and the wider workplace, where relevant and feasible.

Delivering our strategy requires strong mutually beneficial relationships with suppliers and customers. WyvernRail plc seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships and this alongside other standards are reviewed and approved by the board periodically. The business continuously assesses the priorities related to customers and those with whom we do business on these topics, for example, within the context of business strategy updates and investment proposals.

 

This aspect is inherent in our strategic ambitions, most notably in our ambitions to preserve and operate the full line between Duffield and Wirksworth as a working heritage railway for the enjoyment of the general public, providing both educational and entertainment activities. Specific measures are contained within our Safety Management System (SMS).

 

The Board periodically reviews and approves clear frameworks, such as Non-executive Director appointment policy, Dignity at Work policy, Equality Policy and Volunteer’s Handbook, to ensure that its high standards are maintained both within the WyvernRail plc business and the business relationships we maintain. This, complemented by the ways the Board is informed and monitors compliance with relevant governance standards, helps assure its decisions are taken and that WyvernRail plc acts in ways that promote high standards of business conduct.

 

After weighing up all relevant factors, the Directors consider which course of action best enables delivery of our strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, our Directors act fairly as between the Company’s members but are not required to balance the Company’s interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.

 

The Board recognises that it has an important role in assessing and monitoring that our desired culture is embedded in the values, attitudes and behaviours we demonstrate, including in our activities and stakeholder relationships. The Board has established honesty, integrity and respect for people as WyvernRail plc’s core values. The Non-executive Director appointment policy, Dignity at Work policy, Equality Policy, Volunteer’s Handbook and Rule Book help everyone at WyvernRail plc act in line with these values and comply with relevant laws and regulations. The WyvernRail plc Safety Management System is designed to help protect people and the environment. We also strive to maintain a diverse and inclusive culture.

On behalf of the board

A J Speakman
Director
27 June 2024
WYVERNRAIL PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WYVERNRAIL PLC
- 8 -
Opinion

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

In our opinion the financial statements:

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 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 relating to going concern

We draw attention to note 1.2 to the financial statements, which indicates that the company incurred a net loss of £35,990 during the year ended 31 January 2024 and, as at that date, the company’s current liabilities exceeded its current assets by £208,007. As stated in note 1.2, these conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

WYVERNRAIL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYVERNRAIL PLC
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

 

 

 

 

WYVERNRAIL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WYVERNRAIL PLC
- 10 -

 

 

 

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

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.

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.

Gavin Robert Booth (Senior Statutory Auditor)
For and on behalf of Ashgates Corporate Services Limited, Statutory Auditor
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
27 June 2024
WYVERNRAIL PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
682,053
575,627
Cost of sales
(271,707)
(254,534)
Gross profit
410,346
321,093
Administrative expenses
(469,639)
(449,077)
Other operating income
4
29,629
16,275
Operating loss
5
(29,664)
(111,709)
Interest receivable and similar income
9
447
137
Interest payable and similar expenses
10
(6,773)
(1,181)
Loss before taxation
(35,990)
(112,753)
Tax on loss
11
-
0
-
0
Loss for the financial year
(35,990)
(112,753)
WYVERNRAIL PLC
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
940,716
911,855
Current assets
Stocks
13
16,350
8,461
Debtors
14
54,237
37,882
Cash at bank and in hand
63,837
16,286
134,424
62,629
Creditors: amounts falling due within one year
15
(342,431)
(196,057)
Net current liabilities
(208,007)
(133,428)
Total assets less current liabilities
732,709
778,427
Creditors: amounts falling due after more than one year
16
(157,212)
(170,215)
Net assets
575,497
608,212
Capital and reserves
Called up share capital
20
864,670
861,395
Other reserves
156,700
156,700
Profit and loss reserves
(445,873)
(409,883)
Total equity
575,497
608,212
The financial statements were approved by the board of directors and authorised for issue on 27 June 2024 and are signed on its behalf by:
N Ferguson-Lee
Director
Company Registration No. 02754846
WYVERNRAIL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
847,835
142,475
(297,130)
693,180
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
-
(112,753)
(112,753)
Issue of share capital
20
25,835
-
-
25,835
Redemption of shares
20
(12,275)
-
-
0
(12,275)
Transfers
-
14,225
-
0
14,225
Balance at 31 January 2023
861,395
156,700
(409,883)
608,212
Year ended 31 January 2024:
Loss and total comprehensive income for the year
-
-
(35,990)
(35,990)
Issue of share capital
20
3,275
-
-
3,275
Balance at 31 January 2024
864,670
156,700
(445,873)
575,497
WYVERNRAIL PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
94,149
(26,930)
Interest paid
(6,773)
(1,181)
Net cash inflow/(outflow) from operating activities
87,376
(28,111)
Investing activities
Purchase of tangible fixed assets
(72,000)
(63,870)
Proceeds from disposal of tangible fixed assets
8,800
14,850
Interest received
447
137
Net cash used in investing activities
(62,753)
(48,883)
Financing activities
Proceeds from issue of shares
3,275
25,835
Redemption of shares
-
0
1,950
Proceeds from borrowings
23,769
-
0
Repayment of bank loans
(4,116)
(6,218)
Net cash generated from financing activities
22,928
21,567
Net increase/(decrease) in cash and cash equivalents
47,551
(55,427)
Cash and cash equivalents at beginning of year
16,286
71,713
Cash and cash equivalents at end of year
63,837
16,286
WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
1
Accounting policies
Company information

WyvernRail plc is a public company limited by shares incorporated in England and Wales. The registered office is Wirksworth Station, Station Road, Wirksworth, Derbyshire, DE4 4FB.

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, except that as disclosed in the accounting policies certain items are shown at fair value.

1.2
Going concern

The financial statements have been prepared on a going concern basis which assumes the company will continue to trade. The company has made a loss during the period of £true35,990 and is reporting net current liabilities of £208,007.

 

The directors have moved to improve the financial position of the company with pricing changes and certain directors have provided some financial support the company by the way of interest free loans.

 

The validity of the going concern assumption is based on the directors' assessment of future revenue projections and budgets, which reflect the current economic outlook. The assumption also assumes continued good relationships and support of its members and directors and the Ecclesbourne Valley Railway Association.

 

If the company was unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for further liabilities that may arise, and to reclassify assets and long term liabilities as current assets and liabilities.

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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
straight line over 50 years / land not depreciated
Plant and machinery
25% straight line basis
Rolling stock
10% straight line basis
WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -

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

1.5
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

1.7
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Retirement benefits

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

1.11
Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

1.12
Government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have risk of causing material adjustment to the carrying amount of assets and liabilities are set out below:

Fixed asset impairment and depreciation - land and buildings represents a significant proportion of the asset base of the company and hence estimates and assumptions made in determining their carrying value are significant to the business. The depreciation charge is derived after determining an estimate of an assets useful life and residual value at the end of its life. The useful lives and residual values for the company's assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness.

Impairment of financial assets - management considers in detail when it is appropriate to recognise impairment reserves against specific financial assets including debtors and accrued income. This judgement will take into account the aging profile and historical experience.

3
Turnover
2024
2023
£
£
Catering
229,965
151,500
On track services
23,138
23,606
Rent and utilities
23,289
24,405
Passenger services
405,661
374,369
Filiming services
-
1,747
682,053
575,627
WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
4
Other operating income
2024
2023
£
£
Donations - cash
27,129
8,085
Release of government grants - revenue expenditure
2,500
8,190
29,629
16,275
5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Release of government grants - capital expenditure
(8,754)
(8,754)
Depreciation of owned tangible fixed assets
43,139
34,440
Profit on disposal of tangible fixed assets
(8,800)
(14,850)
6
Government grants

Government grants received, included within other operating income, relate to amounts received from the National Lottery Heritage Fund.

 

The amount of grants recognised in the financial statements was £2,500 (2023 - £8,190).

 

Government grants received in prior years which relate to capital expenditure have been recognised in the accounts of £8,754 (2023 - £8,754).

7
Employees

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

2024
2023
Number
Number
27
24

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
192,403
167,545
Social security costs
10,704
11,676
Pension costs
3,929
2,765
207,036
181,986

During the year £12,000 (2023 - £2,008) of wages have been capitalised as part of the project management of the capital developments to date and are therefore not reflected in the profit and loss charge for the year.

WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
-
0
9,866
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
447
137
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,101
1,181
Other interest on financial liabilities
2,730
-
0
4,831
1,181
Other finance costs:
Other interest
1,942
-
0
6,773
1,181
WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
11
Taxation

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
(35,990)
(112,753)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
(8,638)
(21,423)
Effect of expense not deductible in determining taxable profit (tax loss)
(2,208)
40
Effect of tax losses
18,564
22,826
Tax decrease from effect of capital allowances and depreciation
(7,718)
(1,443)
Taxation charge for the year
-
-
12
Tangible fixed assets
Land and buildings
Plant and machinery
Rolling stock
Total
£
£
£
£
Cost
At 1 February 2023
1,283,880
137,349
40,216
1,461,445
Additions
43,965
28,035
-
0
72,000
At 31 January 2024
1,327,845
165,384
40,216
1,533,445
Depreciation and impairment
At 1 February 2023
425,474
89,972
34,144
549,590
Depreciation charged in the year
23,520
18,608
1,011
43,139
At 31 January 2024
448,994
108,580
35,155
592,729
Carrying amount
At 31 January 2024
878,851
56,804
5,061
940,716
At 31 January 2023
858,406
47,377
6,072
911,855

The carrying value of land and buildings comprises:

2024
2023
£
£
Freehold
878,851
858,406

Included in land and buildings above is freehold land with a cost price of £124,001. In accordance with the Company's accounting policy such land is recognised at cost. The directors have carried out their own assessment of this land and believe it to have a current fair value in the region of £640,000, however this is not supported by any external professional valuations.

WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
13
Stocks
2024
2023
£
£
Goods for resale
16,350
8,461
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,795
11,559
Other debtors
15,959
13,823
Prepayments and accrued income
29,483
12,500
54,237
37,882
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Loans and borrowings
17
5,371
5,238
Trade creditors
174,243
93,231
Taxation and social security
47,057
19,753
Government grants
18
8,754
8,754
Other creditors
70,732
41,059
Accruals and deferred income
36,274
28,022
342,431
196,057
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Loans and borrowings
17
30,840
35,089
Government grants
18
126,372
135,126
157,212
170,215
Amounts included above which fall due after five years are as follows:
Payable by instalments
7,964
13,892
WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
17
Loans and borrowings
2024
2023
£
£
Bank loans
36,211
40,327
Payable within one year
5,371
5,238
Payable after one year
30,840
35,089

The above loan is in respect of a Bounce Back Loan to support the company during the Covid epidemic. As with all loans of this nature these are secured by the government.

 

Bank borrowings is denominated in Sterling (£) with a nominal interest rate of 2.5% and the final instalment is due in April 2030.

18
Government grants
2024
2023
£
£
Arising from government grants
135,126
143,880
Included in the financial statements as follows:
Current liabilities
8,754
8,754
Non-current liabilities
126,372
135,126
135,126
143,880
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,929
2,765

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
864,670
861,395
864,670
861,395

Ordinary shares have the following rights, preferences and restrictions:

Every member (being an individual) present in person or (being a corporation) is present by a representative, not being himself a member, shall have one vote and on a poll, every member present or by proxy shall have one vote for each share of which he is the holder. Each share has equal rights to dividends and is entitled to participate in a distribution arising from a winding up of the company.

During the year 3,275 Ordinary shares having an aggregate nominal value of £3,275 were allotted for an aggregate consideration of £3,275.

21
Equity reserve

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

22
Capital redemption reserve

Other reserves represents the nominal value of ordinary shares that have been re-purchased by the company.

23
Operating lease commitments

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

2024
2023
£
£
Within one year
10,500
500
Between two and five years
12,096
3,438
22,596
3,938

The amount of non-cancellable operating lease payments recognised as an expense during the year was £10,500 (2023 - £4,375).

Lessor

The total of future minimum lease payments is as follows:

2024
2023
£
£
Within one year
2,295
2,295

The amount of non-cancellable operating lease receipts recognised as income during the year was £9,180 (2023 - £9,180).

WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
24
Related party transactions

Summary of transactions with other related parties

Shareholders of the company

 

During the year the company recharged costs to these related parties of £9,316 (2023 - £21,687), made purchases of £5,864 (2023 - £18,495). The balance owed to the related parties at the balance sheet date was £37,414 (2023 - £37,382).

 

Company with common director

The balance owed to the related party at the balance sheet date was £6,500 (2023 - £nil).

25
Directors' transactions

Other transactions with directors

 

During the year, the company has made purchases totalling £7,775 (2023 - £nil). At the balance sheet date the amount owed to the directors was £30,275 (2023 - £6,000).

26
Ultimate controlling party

The company is not considered to be under the control of any one individual.

27
Cash generated from/(absorbed by) operations
2024
2023
£
£
Loss for the year after tax
(35,990)
(112,753)
Adjustments for:
Finance costs
6,773
1,181
Investment income
(447)
(137)
Gain on disposal of tangible fixed assets
(8,800)
(14,850)
Depreciation and impairment of tangible fixed assets
43,139
34,440
Movements in working capital:
Increase in stocks
(7,889)
(2,393)
(Increase)/decrease in debtors
(16,355)
5,504
Increase in creditors
122,472
70,833
Decrease in deferred income
(8,754)
(8,755)
Cash generated from/(absorbed by) operations
94,149
(26,930)
WYVERNRAIL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
28
Analysis of changes in net funds/(debt)
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
16,286
47,551
63,837
Borrowings excluding overdrafts
(40,327)
4,116
(36,211)
(24,041)
51,667
27,626
WYVERNRAIL PLC
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2023.300J R SnellP R BinksN Ferguson-LeeI J AllisonG R KenningC NesbittA J SpeakmanA J SpeakmanT J Oaksfalse027548462023-02-012024-01-3102754846bus:Director12023-02-012024-01-3102754846bus:CompanySecretaryDirector12023-02-012024-01-3102754846bus:Director22023-02-012024-01-3102754846bus:Director32023-02-012024-01-3102754846bus:Director42023-02-012024-01-3102754846bus:Director72023-02-012024-01-3102754846bus:CompanySecretary12023-02-012024-01-3102754846bus:Director52023-02-012024-01-3102754846bus:Director62023-02-012024-01-3102754846bus:Director82023-02-012024-01-3102754846bus:RegisteredOffice2023-02-012024-01-31027548462024-01-31027548462022-02-012023-01-3102754846core:ShareCapital2024-01-3102754846core:ShareCapital2023-01-3102754846core:OtherMiscellaneousReserve2024-01-3102754846core:OtherMiscellaneousReserve2023-01-3102754846core:RetainedEarningsAccumulatedLosses2024-01-3102754846core:RetainedEarningsAccumulatedLosses2023-01-31027548462023-01-3102754846core:ShareCapital2022-01-3102754846core:RetainedEarningsAccumulatedLosses2022-01-3102754846dpl:Item12023-02-012024-01-3102754846dpl:Item12022-02-012023-01-3102754846core:RetainedEarningsAccumulatedLosses2022-02-012023-01-3102754846core:RetainedEarningsAccumulatedLosses2023-02-012024-01-3102754846core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-3102754846core:PlantMachinery2024-01-3102754846core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2024-01-3102754846core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-3102754846core:PlantMachinery2023-01-3102754846core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-01-3102754846core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3102754846core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3102754846core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3102754846core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3102754846core:CurrentFinancialInstruments2024-01-3102754846core:CurrentFinancialInstruments2023-01-3102754846core:Non-currentFinancialInstruments2024-01-3102754846core:Non-currentFinancialInstruments2023-01-3102754846core:ShareCapital2022-02-012023-01-3102754846core:ShareCapital2023-02-012024-01-310275484612023-02-012024-01-310275484612022-02-012023-01-31027548462023-01-31027548462022-01-3102754846core:LandBuildingscore:LongLeaseholdAssets2023-02-012024-01-3102754846core:PlantMachinery2023-02-012024-01-3102754846core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-02-012024-01-3102754846dpl:AdministrativeExpensesdpl:Item12023-02-012024-01-3102754846dpl:AdministrativeExpensesdpl:Item12022-02-012023-01-3102754846dpl:AdministrativeExpensesdpl:Item32022-02-012023-01-3102754846core:UKTax2023-02-012024-01-3102754846core:UKTax2022-02-012023-01-310275484622023-02-012024-01-310275484622022-02-012023-01-310275484632023-02-012024-01-310275484632022-02-012023-01-3102754846core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-3102754846core:PlantMachinery2023-01-3102754846core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-01-3102754846core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-012024-01-3102754846core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-3102754846core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-3102754846core:WithinOneYear2024-01-3102754846core:WithinOneYear2023-01-3102754846core:BetweenTwoFiveYears2024-01-3102754846core:BetweenTwoFiveYears2023-01-3102754846dpl:CostSalesdpl:Item12023-01-3102754846dpl:CostSalesdpl:Item12022-01-3102754846dpl:CostSalesdpl:Item22024-01-3102754846dpl:CostSalesdpl:Item22023-01-3102754846dpl:CostSalesdpl:Item12023-02-012024-01-3102754846dpl:CostSalesdpl:Item22022-02-012023-01-3102754846dpl:CostSalesdpl:Item72023-02-012024-01-3102754846dpl:CostSalesdpl:Item82022-02-012023-01-3102754846dpl:CostSalesdpl:Item52023-02-012024-01-3102754846dpl:CostSalesdpl:Item62022-02-012023-01-3102754846dpl:CostSalesdpl:Item32023-02-012024-01-3102754846dpl:CostSalesdpl:Item42022-02-012023-01-3102754846dpl:AdministrativeExpensesdpl:Item22023-02-012024-01-3102754846dpl:AdministrativeExpensesdpl:Item22022-02-012023-01-3102754846dpl:AdministrativeExpensesdpl:Item42023-02-012024-01-3102754846dpl:AdministrativeExpensesdpl:Item52022-02-012023-01-3102754846bus:PrivateLimitedCompanyLtd2023-02-012024-01-3102754846bus:FRS1022023-02-012024-01-3102754846bus:Audited2023-02-012024-01-3102754846bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP