Company registration number 13835155 (England and Wales)
FORGE CARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
FORGE CARE LIMITED
COMPANY INFORMATION
Directors
Mr G Miller
Mrs J Miller
Mr M J Miller
Mr R Miller
Mr A C Wells
(Appointed 28 October 2024)
Company number
13835155
Registered office
The Forge
Waggestaff Drive
Nuneaton
Warwickshire
CV10 9SL
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
FORGE CARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
FORGE CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

Review of the business

The results for the financial year show a loss after taxation of £40,591 (2023: £1,185,689). Despite this, the Group’s net assets increased to £2,307,947 (2023: £1,840,039). The reduced loss was primarily due to increased revenue from higher home occupancy levels and an improved fee structure, which reflects our commitment to providing placements for children with more complex needs and behaviours.

The Group operates purpose-built, high-quality residential children’s homes. We provide therapeutic support to help children and young people achieve their full potential, regardless of the challenges they may have faced. Currently, we can support up to 24 children and young people across our four purpose-built homes, all of which are registered with Ofsted.

We believe in the uniqueness of each young person and strive to instil confidence in them about their future, no matter their past experiences. Our dedicated colleagues are the backbone of our mission, working tirelessly to deliver the best services and support for children and young people in our care. From clinical staff to managers, team leaders to residential care workers, and even our administrative teams, we celebrate the diversity and breadth of experience they bring. They uphold our mission: “Fiercely believing in children, so they can believe in themselves.”

During this period, we continued to increase occupancy at our purpose-built facilities, resulting in revenue growth of 35%. The Group traded profitably in the last two months of the year. We enter the upcoming financial year with confidence, aiming to maintain profitability and continue achieving our strategic objectives.

Principal risks and uncertainties

 

Risk management policy Regulatory and Legislative Risks

The residential care operation is registered with Ofsted as providers of social care. Inspections and reviews are carried out regularly by Ofsted on all registered establishments.

 

The group regularly updates its policies and procedures in order to ensure compliance with required standards.

 

Reputational Risk

The group's activities give rise to certain reputational risks. These are managed through robust policies and procedures which are checked and monitored by our Responsible Individual.

 

Financial risk management policy

The group’s principal financial instruments comprise cash, trade debtors and creditors, loans and borrowings and certain other debtors and accruals. The main risks associated with these financial assets and liabilities are set out below.

 

Credit risk

The group’s customers are Local Authorities and have a good payment history. The directors believe the Group's exposure to bad debts is not significant.

 

Liquidity risk

The group is funded by way of loans from the parent Company, operational cash generation, mortgages on its properties and unsecured loans.

 

Interest rate risk

The group’s interest rate risk is managed by utilising fixed rate mortgages and loans.

 

Market price risk

Due to the nature of the principal activity, the directors do not believe the group is exposed to significant movements in market prices of its services.

FORGE CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Key performance indicators

As part of the monthly financial review, the SLT report on Key Performance Indicators to the Board and Key Funders and Stakeholders.

 

The group regularly tracks 'KPls' to assist in the understanding of the progress, performance and status of the business. The KPls used by the group to measure its own performance include Ofsted ratings, Quality outcomes, Incidents, % occupancy, revenue and EBITDA %.

 

By having a blend of both quality and financial performance indicators we are able to spot trends and provide deeper analysis for business leaders and stakeholders

Future outlook

The underlying growth prospects for the business remain strong, supported by an increasing market demand that is projected to grow year-on-year. The sector remains fragmented, dominated by a large number of small independent and private equity-backed providers, creating ample opportunities for well-positioned companies like ours.

Our ongoing commitment to quality, alongside strategic investments in personnel, systems, and technology, has positioned us well for future growth. We have witnessed a rise in referrals, alongside a noticeable increase in the complexity of children’s needs and behaviours. Spending by Local Authorities in England on independent children’s homes and fostering services increased by 5% to £2.39 billion in 2021/22 compared to the previous year. Over the last seven years, spending in this sector has grown by 50% in real terms.

Among these services, children’s homes have experienced the most substantial growth, with spending more than doubling since 2015/16. In contrast, spending on independent fostering agencies has increased at a slower rate and even saw a decline in 2021/22.

These market conditions present opportunities for establishing new homes, driving further growth. We are well-positioned to capitalise on these opportunities as we continue to expand our services and uphold our commitment to quality care.

On behalf of the board

Mr G Miller
Director
1 November 2024
FORGE CARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company and group continued to be the provision of residential care for children.

Results and dividends

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

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

Directors

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

Mr D J Hughes
(Resigned 14 December 2023)
Mr G Miller
Mrs J Miller
Mr M J Miller
Mr R Miller
Mr A C Wells
(Appointed 28 October 2024)
Financial instruments

The group finances its operations through retained profits, operational bank accounts and bank loans, the interest on which are at market rate.

 

The directors' objectives are to retain sufficient liquid funds to enable the group to meet its day to day obligations as they fall due and to maximise returns on funds.

 

The group's funds are held primarily in current accounts which the directors believe give the group flexibility to release cash resources at short notice and allows the group to take advantage of changing economic and industry conditions as they arise.

 

In addition, various financial instruments such as trade debtors and trade creditors arise directly from the group's operations.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

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

FORGE CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future.

 

In assessing the going concern basis, the directors have considered the group’s business activities and its financial position. As at 31 August 2024 the group had cash reserves of £178,466, net current assets of £50,275 and net assets of £2,307,947. The directors continue to closely monitor the group's liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.

 

The directors therefore consider that the group will be able to generate sufficient income and generate sufficient cash to fund its operations for the foreseeable future and to meet its liabilities as they fall due. As a result, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G Miller
Director
1 November 2024
FORGE CARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 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 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.

FORGE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FORGE CARE LIMITED
- 6 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

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.

FORGE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FORGE CARE LIMITED
- 7 -

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.

 

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 obtained an understanding of the legal and regulatory frameworks within which the Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the OFSTED regulations, Companies Act 2006, employment law and health & safety compliance.

FORGE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FORGE CARE LIMITED
- 8 -
Auditor's responsibilities for the audit of the financial statements (continued)

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty, specifically surrounding the valuation of tangible fixed assets. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Robert Kempson ACA (Senior Statutory Auditor)
For and on behalf of Edwards
1 November 2024
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
FORGE CARE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
4,341,691
3,220,547
Cost of sales
(1,928,882)
(1,630,331)
Gross profit
2,412,809
1,590,216
Administrative expenses
(1,737,944)
(2,028,336)
Other operating income
53,712
20,150
Operating profit/(loss)
4
728,577
(417,970)
Interest payable and similar expenses
8
(769,168)
(767,719)
Loss before taxation
(40,591)
(1,185,689)
Tax on loss
9
-
0
-
0
Loss for the financial year
(40,591)
(1,185,689)
FORGE CARE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2024
2023
£
£
Loss for the year
(40,591)
(1,185,689)
Other comprehensive income
Revaluation of tangible fixed assets
258,500
3,766,551
Tax relating to other comprehensive income
-
0
(941,638)
Other comprehensive income for the year
258,500
2,824,913
Total comprehensive income for the year
217,909
1,639,224
Total comprehensive income for the year is all attributable to the owners of the parent company.
FORGE CARE LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
12,190,348
12,015,820
12,190,348
12,015,820
Current assets
Debtors
14
485,121
259,187
Cash at bank and in hand
178,466
339,840
663,587
599,027
Creditors: amounts falling due within one year
15
(613,312)
(546,363)
Net current assets
50,275
52,664
Total assets less current liabilities
12,240,623
12,068,484
Creditors: amounts falling due after more than one year
16
(8,620,515)
(8,916,284)
Provisions for liabilities
Deferred tax liability
18
1,312,161
1,312,161
(1,312,161)
(1,312,161)
Net assets
2,307,947
1,840,039
Capital and reserves
Called up share capital
20
115
116
Share premium account
1,250,388
1,000,393
Revaluation reserve
2,990,287
2,731,787
Capital redemption reserve
6
1
Profit and loss reserves
(1,932,849)
(1,892,258)
Total equity
2,307,947
1,840,039

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
01 November 2024
Mr G Miller
Director
Company registration number 13835155 (England and Wales)
FORGE CARE LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
14,785
14,785
Current assets
Debtors
14
1,223,781
973,580
Cash at bank and in hand
11,967
12,169
1,235,748
985,749
Creditors: amounts falling due within one year
15
(24)
(24)
Net current assets
1,235,724
985,725
Net assets
1,250,509
1,000,510
Capital and reserves
Called up share capital
20
115
116
Share premium account
1,250,388
1,000,393
Capital redemption reserve
20
6
1
Total equity
1,250,509
1,000,510

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £20,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 1 November 2024 and are signed on its behalf by:
01 November 2024
Mr G Miller
Director
Company registration number 13835155 (England and Wales)
FORGE CARE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Equity reserve
Hedging reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 September 2022
117
1,000,393
-
-
-
0
-
0
(779,695)
220,815
Year ended 31 August 2023:
Loss for the year
-
-
-
-
-
-
(1,185,689)
(1,185,689)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
3,766,551
-
-
-
-
3,766,551
Tax relating to other comprehensive income
-
-
(941,638)
-
-
0
-
-
0
(941,638)
Total comprehensive income
-
-
2,824,913
-
-
-
(1,185,689)
1,639,224
Own shares acquired
(1)
-
-
-
-
1
(20,000)
(20,000)
Transfers
-
-
(93,126)
-
-
-
93,126
-
Balance at 31 August 2023
116
1,000,393
2,731,787
-
0
-
0
1
(1,892,258)
1,840,039
Year ended 31 August 2024:
Loss for the year
-
-
-
-
-
-
(40,591)
(40,591)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
258,500
-
-
-
-
258,500
Total comprehensive income
-
-
258,500
-
-
-
(40,591)
217,909
Issue of share capital
20
4
249,995
-
-
-
-
-
249,999
Own shares acquired
(5)
-
-
-
-
5
-
-
Balance at 31 August 2024
115
1,250,388
2,990,287
-
0
-
0
6
(1,932,849)
2,307,947
FORGE CARE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Share capital
Share premium account
Revaluation reserve
Equity reserve
Hedging reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 September 2022
117
1,000,393
-
0
-
0
-
0
-
0
-
0
1,000,510
Period ended 31 August 2022
Profit and total comprehensive income for the year
-
-
-
-
-
-
20,000
20,000
Own shares acquired
(1)
-
-
-
-
1
(20,000)
(20,000)
Balance at 31 August 2023
116
1,000,393
-
0
-
0
-
0
1
-
0
1,000,510
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
-
-
-
-
-
-
0
Issue of share capital
20
4
249,995
-
-
-
-
-
249,999
Own shares acquired
(5)
-
-
-
-
5
-
-
Balance at 31 August 2024
115
1,250,388
-
0
-
0
-
0
6
-
0
1,250,509
FORGE CARE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
596,075
(191,875)
Interest paid
(769,168)
(767,719)
Net cash outflow from operating activities
(173,093)
(959,594)
Investing activities
Purchase of tangible fixed assets
(3,238)
(101,794)
Proceeds from disposal of tangible fixed assets
50
20,000
Net cash used in investing activities
(3,188)
(81,794)
Financing activities
Proceeds from issue of shares
249,999
-
Repurchase of own shares
-
(20,000)
Movement in bank loans
(235,092)
957,963
Net cash generated from financing activities
14,907
937,963
Net decrease in cash and cash equivalents
(161,374)
(103,425)
Cash and cash equivalents at beginning of year
339,840
443,265
Cash and cash equivalents at end of year
178,466
339,840
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
1
Accounting policies
Company information

Forge Care Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Forge, Waggestaff Drive, Nuneaton, Warwickshire, CV10 9SL.

 

The group consists of Forge Care 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 at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

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. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Forge Care 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 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -

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

1.4
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future.

 

In assessing the going concern basis, the directors have considered the group’s business activities and its financial position. As at 31 August 2024 the group had cash reserves of £178,466, net current assets of £50,275 and net assets of £2,307,947. The directors continue to closely monitor the group's liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.

 

The directors therefore consider that the group will be able to generate sufficient income and generate sufficient cash to fund its operations for the foreseeable future and to meet its liabilities as they fall due. As a result, 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 inclusive of VAT as the group is exempt from such taxes.

1.6
Intangible fixed assets - goodwill

Negative goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition of a business. It is initially recognised as a liability at cost and is subsequently measured at cost less accumulated amortisation. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Tangible fixed assets

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

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

Plant and equipment
25% straight line
Fixtures and fittings
33.33% straight line
Computers
33.33% straight line
Motor vehicles
20% straight line

Freehold land and buildings are not depreciated.

 

In the opinion of the Directors, the property's net book value is not materially different to it's fair value. They also believe that the residual value of the property equates to it's carrying value and as such no depreciation is provided on freehold property.

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

1.8
Fixed asset investments

In the parent company financial statements, interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Impairment of fixed assets

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

 

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

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

 

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

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
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.

1.11
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.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
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.

1.12
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.

1.13
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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

 

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

1.15
Retirement benefits

The group operates a defined contribution pension scheme for certain employees and contributions to the scheme are charged to the profit and loss account as they are incurred.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 21 -
1.16
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.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of freehold land and buildings

Freehold land and buildings are initially measured at cost and subsequently measured at valuation, net of depreciation and any impairment losses. The company’s freehold land and buildings were valued on a market value basis as at 31 May 2022 by Cushman & Wakefield. In the opinion of the Directors, the properties fair value is unchanged at 31 August 2024.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of childcare services
4,341,691
3,220,547
2024
2023
£
£
Other revenue
Sundry income
53,712
20,150
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Depreciation of tangible fixed assets
85,256
332,365
Loss/(profit) on disposal of tangible fixed assets
1,904
(8,765)
Operating lease charges
21,758
47,673
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,500
9,000
9,500
9,000
For other services
Preparation of the financial statements of the group and company
2,250
2,000
Taxation compliance services
750
750
3,000
2,750
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin
9
8
-
-
Directors
4
4
-
-
Care and Therapy Staff
50
49
-
-
Total
63
61
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,332,091
2,043,246
-
0
-
0
Social security costs
198,557
179,185
-
-
Pension costs
32,231
28,990
-
0
-
0
2,562,879
2,251,421
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
317,978
350,701
Company pension contributions to defined contribution schemes
5,579
6,380
323,557
357,081

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
101,999
91,115
Company pension contributions to defined contribution schemes
1,269
1,321
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
766,364
767,488
Other interest
2,804
231
Total finance costs
769,168
767,719
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
-
0
Deferred tax
Origination and reversal of timing differences
-
0
-
0
Total tax charge
-
-

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
(40,591)
(1,185,689)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(10,148)
(296,422)
Tax effect of expenses that are not deductible in determining taxable profit
1,995
47,868
Unutilised tax losses carried forward
8,153
247,208
Depreciation on assets not qualifying for tax allowances
-
0
4,660
Tax effect of enhanced capital allowances
-
0
(3,314)
Taxation charge
-
-

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
941,638
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
10
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 September 2023 and 31 August 2024
(535,573)
Amortisation and impairment
At 1 September 2023 and 31 August 2024
(535,573)
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
The company had no intangible fixed assets at 31 August 2024 or 31 August 2023.
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 September 2023
12,140,000
19,354
209,066
45,522
2,495
12,416,437
Additions
-
0
-
0
1,649
1,589
-
0
3,238
Disposals
-
0
-
0
-
0
-
0
(2,495)
(2,495)
At 31 August 2024
12,140,000
19,354
210,715
47,111
-
0
12,417,180
Depreciation and impairment
At 1 September 2023
258,500
16,931
113,714
11,181
291
400,617
Depreciation charged in the year
-
0
674
69,364
14,968
250
85,256
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(541)
(541)
Revaluation
(258,500)
-
0
-
0
-
0
-
0
(258,500)
At 31 August 2024
-
0
17,605
183,078
26,149
-
0
226,832
Carrying amount
At 31 August 2024
12,140,000
1,749
27,637
20,962
-
0
12,190,348
At 31 August 2023
11,881,500
2,423
95,352
34,341
2,204
12,015,820
The company had no tangible fixed assets at 31 August 2024 or 31 August 2023.
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Tangible fixed assets
(Continued)
- 26 -

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold land
1,800,000
1,800,000
-
0
-
0

Freehold land and buildings with a carrying amount of £12,140,000 were revalued at 31st May 2022 by Cushman & Wakefield, independent valuers not connected with the company, on the basis of market value. This valuation was adopted by the company from 1st September 2022. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

If freehold land and buildings were measured using the cost model, the carrying amounts would have been £6,560,604 (2023 - £6,725,978), being cost £6,932,884 (2023 - £6,932,884) and depreciation to date £372,280 (2023 - £206,906).

 

In the opinion of the Directors, the property's net book value is not materially different to it's fair value. They also believe that the residual value of the property equates to it's carrying value and as such no depreciation is provided on freehold property.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
as restated
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
14,785
14,785
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
14,785
Carrying amount
At 31 August 2024
14,785
At 31 August 2023
14,785
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Forge (Nuneaton) Limited
The Forge, Waggestaff Drive, Nuneaton, Warwickshire, CV10 9SL
Ordinary shares
100.00
Forge Care 2 Limited
The Forge, Waggestaff Drive, Nuneaton, Warwickshire, CV10 9SL
Ordinary shares
100.00
14
Debtors
Group
Company
2024
2023
2024
2023
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
421,204
208,245
-
0
-
0
Other debtors
10,167
10,568
-
0
-
0
Prepayments and accrued income
53,750
40,374
-
0
-
0
485,121
259,187
-
0
-
0
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
1,223,781
973,580
Total debtors
485,121
259,187
1,223,781
973,580
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
Notes
£
£
£
£
Bank loans
17
289,257
228,580
-
0
-
0
Trade creditors
28,516
68,801
-
0
-
0
Other taxation and social security
119,051
116,691
-
-
Other creditors
14,976
12,054
24
24
Accruals and deferred income
161,512
120,237
-
0
-
0
613,312
546,363
24
24
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
8,154,381
8,450,150
-
0
-
0
Other creditors
466,134
466,134
-
0
-
0
8,620,515
8,916,284
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
7,013,751
7,537,860
-
-
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
8,443,638
8,678,730
-
0
-
0
Payable within one year
289,257
228,580
-
0
-
0
Payable after one year
8,154,381
8,450,150
-
0
-
0

Bank loans are secured by way of a fixed and floating charge over the group's assets. Interest is charged at various rates, between 7.90% and 15.61% per annum. The loans are being repaid in equal monthly instalments.

18
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Revaluations
1,312,161
1,312,161
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
32,231
28,990

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.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
932,558
932,558
93
93
A Ordinary shares of 0.01p each
-
50,000
-
5
B Ordinary shares of 0.01p each
207,709
166,181
21
17
C Ordinary shares of 0.01p each
11,628
11,628
1
1
D Ordinary shares of 0.01p each
1,938
1,938
-
-
1,153,833
1,162,305
115
116

On the 30 November 2023 the company issued 41,528 B ordinary shares for a total consideration of £249,999.

 

On the 14 December 2023 the company re-purchased 50,000 A Ordinary shares for a total consideration of £5. These shares were subsequently cancelled.

 

Subsequent to the year end on the 28 October 2024 4,982 Ordinary shares were re-designated as C Ordinary shares.

 

The rights attached to each class of share can be found in the company's Articles of Association.

21
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
56,924
62,819
-
-
Between two and five years
32,778
89,702
-
-
89,702
152,521
-
-
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
22
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(40,591)
(1,185,689)
Adjustments for:
Finance costs
769,168
767,719
Loss/(gain) on disposal of tangible fixed assets
1,904
(8,765)
Depreciation and impairment of tangible fixed assets
85,256
332,365
Movements in working capital:
Increase in debtors
(225,934)
(91,688)
Increase/(decrease) in creditors
6,272
(5,817)
Cash generated from/(absorbed by) operations
596,075
(191,875)
23
Analysis of changes in net debt - group
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
339,840
(161,374)
178,466
Borrowings excluding overdrafts
(8,678,730)
235,092
(8,443,638)
(8,338,890)
73,718
(8,265,172)
2024-08-312023-09-01falseCCH SoftwareCCH Accounts Production 2024.200Mr D J HughesMr G MillerMrs J MillerMr M J MillerMr R MillerMr A C 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