Company registration number 11847583 (England and Wales)
BROADWAY EDUCATION LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
BROADWAY EDUCATION LIMITED
COMPANY INFORMATION
Directors
Mr M A V Broadway
Mr J A K G Broadway
Miss M M Broadway
Mr O G Broadway
Mr W E Broadway
Secretary
Mrs J M Broadway
Company number
11847583
Registered office
Delawarr House
All Saints Road
Lymington
United Kingdom
SO41 8FB
Auditor
HJS Accountants Limited
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
BROADWAY EDUCATION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8 - 9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
BROADWAY EDUCATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The Directors present the strategic report for the year ended 31 August 2023.

Review of the business

Broadway Education consists of a small group of family run schools along with an Equestrian facility and by their nature the aims of each business vary.

 

With strong, effective leadership, financial management, teaching and pastoral care, we achieve good academic results in the schools and show pupils that with effort and determination they can secure a place at the grammar school of their choice or GCSE results way above their national predictions.

 

The schools are committed to educating the whole child and so provide a range of extra-curricular activities to ensure children are exposed to an exciting range of opportunities that will help shape and develop them as individuals and ensure they thrive.

 

Pupils from all backgrounds are welcomed, including international students. We ensure the skills and values that pupils develop will prepare them for the growing challenges of a changing and competitive world.

 

A working environment which is safe and free from discrimination and allows staff to grow.

 

With strong financial control the schools weathered the Covid pandemic well and have built on their reserves. The intention is to continue to grow these reserves to ensure a level of protection against any future economic downturn but at the same time to continue to invest in new equipment and facilities as circumstances allow.

Principal risks and uncertainties

Members of the Board are also Shareholders and are responsible for overseeing the risks faced by the school, whilst detailed consideration of risks is delegated to the Senior management team. The Chair of Governance, also a Shareholder, attends school regularly to review governance and management of all regulated activities, whilst finances, and all support related compliance and functions are reviewed independently of the school and reported directly to the Board. The Directors are satisfied that any major risks identified are mitigated and managed adequately.

Key performance indicators

Pupil numbers are monitored as a key indicator of the schools’ performance along with the EBITDA. The government’s position on the potential imposition of VAT on schools fees may impact pupil numbers which will be monitored closely and action taken as necessary.

 

The day-to-day management of the School is delegated to the Head and Bursar/School Business Manager who ensure that the policies as set out by the Board are adhered to.

On behalf of the board

Mr M A V Broadway
Director
31 October 2024
BROADWAY EDUCATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -

The Directors present their annual report and financial statements for the year ended 31 August 2023.

Principal activities

The principal activity of the company and group continued to be that of primary education and raising horses

Results and dividends

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

No ordinary dividends were paid. The Directors do not recommend payment of a 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 M A V Broadway
Mr J A K G Broadway
Miss M M Broadway
Mr O G Broadway
Mr W E Broadway
On behalf of the board
Mr M A V Broadway
Director
31 October 2024
BROADWAY EDUCATION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

BROADWAY EDUCATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BROADWAY EDUCATION LIMITED
- 4 -
Opinion

In our opinion the financial statements:

 

We have audited the financial statements of Broadway Education Limited (the 'parent company') and its subsidiaries for the year ended 31 August 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity 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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other matters

We would like to draw your attention to the fact that this is the first year we are auditing the group. We have performed a review of the balances brough forward and have not noted material differences.

 

Our opinion remains unchanged due to this matter.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

We have nothing to report in this regard.

BROADWAY EDUCATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BROADWAY EDUCATION LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the Directors' responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

 

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

 

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant construction authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.

BROADWAY EDUCATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BROADWAY EDUCATION LIMITED
- 6 -

Audit procedures performed by the audit engagement team included:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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.

Angela Trainor (Senior Statutory Auditor)
For and on behalf of HJS Accountants Limited
31 October 2024
Chartered Accountants and Statutory Auditor
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
BROADWAY EDUCATION LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
4,630,335
4,103,207
Cost of sales
(433,558)
(31,250)
Gross profit
4,196,777
4,071,957
Distribution costs
(366,199)
(400,010)
Administrative expenses
(3,580,139)
(3,129,941)
Other operating income
43,478
9,758
Operating profit
4
293,917
551,764
Interest receivable and similar income
7
16,087
228
Interest payable and similar expenses
8
(185,781)
(110,298)
Profit before taxation
124,223
441,694
Tax on profit
9
(41,988)
84,302
Profit for the financial year
24
82,235
525,996
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.
BROADWAY EDUCATION LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Negative goodwill
10
(192,674)
(197,155)
Tangible assets
11
3,368,114
3,466,454
Current assets
Stocks
14
486,377
599,784
Debtors
15
214,921
188,054
Cash at bank and in hand
2,370,401
1,742,421
3,071,699
2,530,259
Creditors: amounts falling due within one year
16
(3,402,434)
(3,007,959)
Net current liabilities
(330,735)
(477,700)
Total assets less current liabilities
2,844,705
2,791,599
Creditors: amounts falling due after more than one year
17
(2,310,000)
(2,340,427)
Provisions for liabilities
Deferred tax liability
19
1,960
662
(1,960)
(662)
Net assets
532,745
450,510
Capital and reserves
Called up share capital
22
550
550
Share discount
10,028
10,028
Profit and loss reserves
24
522,167
439,932
Total equity
532,745
450,510
BROADWAY EDUCATION LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 9 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
Mr M A V Broadway
Director
Company registration number 11847583 (England and Wales)
BROADWAY EDUCATION LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
73
73
Current assets
Debtors
15
1
1
Creditors: amounts falling due within one year
16
(2,501)
(1)
Net current liabilities
(2,500)
-
Net (liabilities)/assets
(2,427)
73
Capital and reserves
Called up share capital
22
550
550
Profit and loss reserves
24
(2,977)
(477)
Total equity
(2,427)
73
BROADWAY EDUCATION LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 11 -

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,500 (2022 - £0 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
Mr M A V Broadway
Director
Company registration number 11847583 (England and Wales)
BROADWAY EDUCATION LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 September 2021
550
10,028
(86,064)
(75,486)
Year ended 31 August 2022:
Profit and total comprehensive income
-
-
525,996
525,996
Balance at 31 August 2022
550
10,028
439,932
450,510
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
82,235
82,235
Balance at 31 August 2023
550
10,028
522,167
532,745
BROADWAY EDUCATION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2021
550
(477)
73
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 August 2022
550
(477)
73
Year ended 31 August 2023:
Profit and total comprehensive income
-
(2,500)
(2,500)
Balance at 31 August 2023
550
(2,977)
(2,427)
BROADWAY EDUCATION LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
939,958
861,614
Interest paid
(185,781)
(110,298)
Income taxes paid
-
0
(8,662)
Net cash inflow from operating activities
754,177
742,654
Investing activities
Purchase of tangible fixed assets
(156,753)
(407,766)
Proceeds from disposal of tangible fixed assets
14,469
-
Purchase of subsidiaries, net of cash acquired
(2)
-
Proceeds from disposal of subsidiaries, net of cash disposed
2
-
Interest received
16,087
228
Net cash used in investing activities
(126,197)
(407,538)
Net increase in cash and cash equivalents
627,980
335,116
Cash and cash equivalents at beginning of year
1,742,421
1,407,305
Cash and cash equivalents at end of year
2,370,401
1,742,421
BROADWAY EDUCATION LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 16 -
1
Accounting policies
Company information

Broadway Education Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Delawarr House, All Saints Road, Lymington, United Kingdom, SO41 8FB.

 

The group consists of Broadway Education 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
Business combinations

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

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Broadway Education 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 August 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 17 -

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

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

 

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

 

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

1.4
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.

1.5
Turnover

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

 

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

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

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Negative goodwill relates to the acquisition of Moyles Court School and is being written off in line with the usage of the non-monetary assets acquired, principally the freehold building.

1.7
Tangible fixed assets

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

BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 18 -

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

Freehold land and buildings
Straight line over 50 years
Leasehold improvements
Striaght line over 50 years
Plant and equipment
Straight line over 3 years and straight line over 5 years
Fixtures and fittings
Straight line over 10 years
Motor vehicles
Stright line over 5 years

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

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

 

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

 

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

 

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

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

1.9
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 19 -

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

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

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

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

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

 

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

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.

BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

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

BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 22 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19

Share Discount Reserves

The share discount reserves represents the difference between the par value of shares in the subsidiaries and the discounted price at which Broadway Education Limited originally acquired those shares. This discount, amounting to £10,028, is recognised in equity under the Share Discount Reserve. A list of the subsidiaries can be found in note 13.

 

No new acquisitions were made during the period.

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.

BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 23 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Equestrian centre
196,666
45,833
Schools
4,433,669
4,057,374
4,630,335
4,103,207
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
4,630,335
4,103,207
2023
2022
£
£
Other revenue
Interest income
16,087
228
Grants received
-
8,792
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(8,792)
Depreciation of owned tangible fixed assets
238,138
191,064
Loss on disposal of tangible fixed assets
2,486
-
Release of negative goodwill
(4,481)
(4,481)
Operating lease charges
16,830
16,830
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company net of VAT
2,500
-
Audit of the financial statements of the company's subsidiaries net of VAT
20,500
-
23,000
-
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
94
81
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,008,693
1,871,892
-
0
-
0
Social security costs
157,495
155,872
-
-
Pension costs
168,127
175,871
-
0
-
0
2,334,315
2,203,635
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
16,087
228
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
16,087
228
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
185,781
110,298
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
40,690
-
0
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
9
Taxation
2023
2022
£
£
(Continued)
- 25 -
Deferred tax
Origination and reversal of timing differences
1,298
(84,302)
Total tax charge/(credit)
41,988
(84,302)

The actual charge/(credit) 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:

2023
2022
£
£
Profit before taxation
124,223
441,694
Expected tax charge based on the standard rate of corporation tax in the UK of 21.51% (2022: 19.00%)
26,720
83,922
Tax effect of expenses that are not deductible in determining taxable profit
4,807
(1,368)
Tax effect of income not taxable in determining taxable profit
(2,119)
(4)
Effect of change in corporation tax rate
577
-
Group relief
(112)
(12,862)
Permanent capital allowances in excess of depreciation
(38,156)
(189,441)
Depreciation on assets not qualifying for tax allowances
50,271
35,451
Taxation charge/(credit)
41,988
(84,302)
10
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
225,734
(224,041)
1,693
Amortisation and impairment
At 1 September 2022
225,734
(26,886)
198,848
Amortisation charged for the year
-
0
(4,481)
(4,481)
At 31 August 2023
225,734
(31,367)
194,367
Carrying amount
At 31 August 2023
-
0
(192,674)
(192,674)
At 31 August 2022
-
0
(197,155)
(197,155)
The company had no intangible fixed assets at 31 August 2023 or 31 August 2022.
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
10
Intangible fixed assets
(Continued)
- 26 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2022
2,916,655
408,731
1,063,996
83,771
110,442
4,583,595
Additions
-
0
43,258
66,024
11,297
36,174
156,753
Disposals
-
0
(15,000)
(25,234)
(8,132)
(14,153)
(62,519)
At 31 August 2023
2,916,655
436,989
1,104,786
86,936
132,463
4,677,829
Depreciation and impairment
At 1 September 2022
365,523
57,885
581,141
28,435
84,157
1,117,141
Depreciation charged in the year
59,645
25,841
136,671
7,834
8,147
238,138
Eliminated in respect of disposals
-
0
(2,667)
(23,868)
(4,876)
(14,153)
(45,564)
At 31 August 2023
425,168
81,059
693,944
31,393
78,151
1,309,715
Carrying amount
At 31 August 2023
2,491,487
355,930
410,842
55,543
54,312
3,368,114
At 31 August 2022
2,551,132
350,846
482,855
55,336
26,285
3,466,454
The company had no tangible fixed assets at 31 August 2023 or 31 August 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
73
73
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022 and 31 August 2023
550
Impairment
At 1 September 2022 and 31 August 2023
477
Carrying amount
At 31 August 2023
73
At 31 August 2022
73
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Talbot House School Limited
England
Ordinary
100.00
Moyles Court School Limited
England
Ordinary
100.00
Eastwoods Equestrian Ltd
England
Ordinary
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
486,377
599,784
-
0
-
0
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,149
19,109
-
0
-
0
Other debtors
27,380
70,154
1
1
Prepayments and accrued income
169,392
98,791
-
0
-
0
214,921
188,054
1
1
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 28 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
98,767
98,589
-
0
-
0
Corporation tax payable
40,690
-
0
-
0
-
0
Other taxation and social security
38,986
37,640
-
-
Deferred income
20
510,166
548,304
-
0
-
0
Other creditors
2,518,005
2,122,223
1
1
Accruals and deferred income
195,820
201,203
2,500
-
0
3,402,434
3,007,959
2,501
1
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
18
2,310,000
2,310,000
-
0
-
0
Other creditors
-
0
30,427
-
0
-
0
2,310,000
2,340,427
-
-
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
2,310,000
2,310,000
-
0
-
0
Payable after one year
2,310,000
2,310,000
-
0
-
0

The long term loans totalling £2,310,000 (2022: £2,310,000) are unsecured and attract interest at 4.25% above the Bank of England base rate.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,960
662
The company has no deferred tax assets or liabilities.
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
19
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 September 2022
662
-
Charge to profit or loss
1,298
-
Liability at 31 August 2023
1,960
-
20
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
510,166
548,304
-
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
168,127
175,871

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
550
550
550
550
23
2023
2022
Group
£
£
At the beginning and end of the year
10,028
10,028
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
23
(Continued)
- 30 -
2023
2022
Company
£
£
At the beginning and end of the year
-
-
24
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
439,932
(86,064)
(477)
(477)
Profit/(loss) for the year
82,235
525,996
(2,500)
-
0
At the end of the year
522,167
439,932
(2,977)
(477)
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
82,235
525,996
Adjustments for:
Taxation charged/(credited)
41,988
(84,302)
Finance costs
185,781
110,298
Investment income
(16,087)
(228)
Loss on disposal of tangible fixed assets
2,486
-
Amortisation and impairment of intangible assets
(4,481)
(4,481)
Depreciation and impairment of tangible fixed assets
238,138
191,064
Movements in working capital:
Decrease/(increase) in stocks
113,407
(60,427)
Increase in debtors
(26,867)
(136,903)
Increase in creditors
361,496
404,077
Decrease in deferred income
(38,138)
(83,480)
Cash generated from operations
939,958
861,614
BROADWAY EDUCATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 31 -
26
Cash absorbed by operations - company
2023
2022
£
£
Loss for the year after tax
(2,500)
-
Movements in working capital:
Increase in creditors
2,500
-
Cash absorbed by operations
-
-
27
Analysis of changes in net debt - group
2023
£
Opening net funds/(debt)
Cash and cash equivalents
1,742,421
Loans
(2,310,000)
(567,579)
Changes in net debt arising from:
Cash flows of the entity
627,980
Closing net funds/(debt) as analysed below
60,401
Closing net funds/(debt)
Cash and cash equivalents
2,370,401
Loans
(2,310,000)
60,401
28
Analysis of changes in net debt - company
2023
£
Opening net debt
Changes in net debt arising from:
Cash flows of the entity
-
Closing net debt as analysed below
-
Closing net debt
-
2023-08-312022-09-01falseCCH SoftwareCCH Accounts Production 2024.200Mr M A V BroadwayMr J A K G BroadwayMiss M M BroadwayMr O G BroadwayMr W E BroadwayMrs J M 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