Company registration number 10671022 (England and Wales)
BEACONS BUSINESS INTERIORS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
BEACONS BUSINESS INTERIORS GROUP LIMITED
COMPANY INFORMATION
Directors
E Green
J Davies
Company number
10671022
Registered office
19 Ffrwdgrech Industrial Estate
Brecon
Powys
United Kingdom
LD3 8LA
Auditor
Azets Audit Services
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
BEACONS BUSINESS INTERIORS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
BEACONS BUSINESS INTERIORS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

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

Review of the business

This financial year has seen a reduction in turnover, however, the group has remained consistently profitable. As we enter the new financial year, there continues to be uncertainty in the market, however, the order book for this coming year is strong, with secured orders of £12.4m. The business continues to trade without external funding, with plans to grow organically over the coming years whilst retaining the high service provision to our customer base.

 

We continue to focus on our core fit-out operational activities in the commercial workplace, with our resilience in this sector having been built over the 35 years Bbi has been in business. We place enormous value on the relationships we have with our customers and strive to broaden our network to support future growth.

 

In addition to our principle fit-out activities and construction in the commercial workplace sector, Bbi act as principal contractor and principal designer for many of the projects delivered. We also continue to provide office furniture to a range of blue-chip clients.

 

Health, Safety, Environmental and Quality responsibilities are at the centre of all our operations, for the benefit of our customers, employees and supply chain.

 

This year we have continued our relationships with a number of remarkable charities, including Velindre Cancer Care, Ty Hafan and Cardiff Rugby Community Foundation, supporting them in their incredible work with people in our communities in most need.

 

On behalf of the board

J Davies
Director
13 November 2024
BEACONS BUSINESS INTERIORS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of a holding company and interior design fit-out services.

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:

A H Bateman
(Resigned 2 May 2024)
E Green
J Davies
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

On behalf of the board
J Davies
Director
13 November 2024
BEACONS BUSINESS INTERIORS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 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.

BEACONS BUSINESS INTERIORS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEACONS BUSINESS INTERIORS GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Beacons Business Interiors Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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.

Opinions on other matters prescribed by the Companies Act 2006

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

BEACONS BUSINESS INTERIORS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEACONS BUSINESS INTERIORS GROUP LIMITED
- 5 -
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.

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.

BEACONS BUSINESS INTERIORS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEACONS BUSINESS INTERIORS GROUP LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Craig Yearsley FCCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
14 November 2024
Chartered Accountants
Statutory Auditor
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
BEACONS BUSINESS INTERIORS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
25,647,446
38,974,108
Cost of sales
(20,286,276)
(34,286,489)
Gross profit
5,361,170
4,687,619
Administrative expenses
(4,394,752)
(3,926,373)
Other operating income
79
-
Operating profit
4
966,497
761,246
Interest receivable and similar income
8
130,658
53,873
Interest payable and similar expenses
7
(4,608)
(4,577)
Profit before taxation
1,092,547
810,542
Tax on profit
9
(331,093)
(31,610)
Profit for the financial year
19
761,454
778,932
Profit for the financial year is all attributable to the owners of the parent company.
BEACONS BUSINESS INTERIORS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
£
£
Profit for the year
761,454
778,932
Other comprehensive income
-
-
Total comprehensive income for the year
761,454
778,932
Total comprehensive income for the year is all attributable to the owners of the parent company.
BEACONS BUSINESS INTERIORS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
388,488
517,983
Tangible assets
11
1,914,410
1,859,546
2,302,898
2,377,529
Current assets
Debtors
14
5,047,145
9,307,431
Cash at bank and in hand
3,834,379
6,065,240
8,881,524
15,372,671
Creditors: amounts falling due within one year
15
(4,997,262)
(8,645,092)
Net current assets
3,884,262
6,727,579
Total assets less current liabilities
6,187,160
9,105,108
Provisions for liabilities
Deferred tax liability
16
61,543
103,945
(61,543)
(103,945)
Net assets
6,125,617
9,001,163
Capital and reserves
Called up share capital
18
215
862
Share premium account
19
1,694,505
1,694,505
Capital redemption reserve
19
647
-
0
Profit and loss reserves
19
4,430,250
7,305,796
Total equity
6,125,617
9,001,163
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
13 November 2024
J Davies
Director
Company registration number 10671022 (England and Wales)
BEACONS BUSINESS INTERIORS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
4,645,267
4,645,267
Current assets
Debtors
14
100
100
Cash at bank and in hand
10,839
14,834
10,939
14,934
Net current assets
10,939
14,934
Total assets less current liabilities
4,656,206
4,660,201
Creditors: amounts falling due after more than one year
(2,950,000)
-
Net assets
1,706,206
4,660,201
Capital and reserves
Called up share capital
18
215
862
Share premium account
19
1,694,505
1,694,505
Capital redemption reserve
19
647
-
0
Profit and loss reserves
19
10,839
2,964,834
Total equity
1,706,206
4,660,201

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 £683,005 (2023 - £90 loss).

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 13 November 2024 and are signed on its behalf by:
13 November 2024
J Davies
Director
Company registration number 10671022 (England and Wales)
BEACONS BUSINESS INTERIORS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
862
1,694,505
-
0
6,526,864
8,222,231
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
778,932
778,932
Balance at 31 May 2023
862
1,694,505
-
0
7,305,796
9,001,163
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
761,454
761,454
Own shares acquired
-
-
-
(3,637,000)
(3,637,000)
Redemption of shares
18
(647)
-
647
-
-
0
Balance at 31 May 2024
215
1,694,505
647
4,430,250
6,125,617
BEACONS BUSINESS INTERIORS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
862
1,694,505
-
0
2,964,924
4,660,291
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
-
-
(90)
(90)
Balance at 31 May 2023
862
1,694,505
-
0
2,964,834
4,660,201
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
683,005
683,005
Own shares acquired
-
-
-
(3,637,000)
(3,637,000)
Redemption of shares
18
(647)
-
647
-
-
0
Balance at 31 May 2024
215
1,694,505
647
10,839
1,706,206
BEACONS BUSINESS INTERIORS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
1,771,531
(1,108,660)
Interest paid
(4,608)
(4,577)
Income taxes (paid)/refunded
(375,404)
188,708
Net cash inflow/(outflow) from operating activities
1,391,519
(924,529)
Investing activities
Purchase of tangible fixed assets
(123,388)
(881,285)
Proceeds from disposal of tangible fixed assets
7,350
-
Interest received
130,658
53,873
Net cash generated from/(used in) investing activities
14,620
(827,412)
Financing activities
Redemption of shares
(3,637,000)
-
0
Net cash used in financing activities
(3,637,000)
-
Net decrease in cash and cash equivalents
(2,230,861)
(1,751,941)
Cash and cash equivalents at beginning of year
6,065,240
7,817,181
Cash and cash equivalents at end of year
3,834,379
6,065,240
BEACONS BUSINESS INTERIORS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(18,245)
(90)
Investing activities
Dividends received
701,250
-
0
Net cash generated from/(used in) investing activities
701,250
-
Financing activities
Redemption of shares
(3,637,000)
-
0
Repayment of borrowings
2,950,000
-
Net cash used in financing activities
(687,000)
-
Net decrease in cash and cash equivalents
(3,995)
(90)
Cash and cash equivalents at beginning of year
14,834
14,924
Cash and cash equivalents at end of year
10,839
14,834
BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
1
Accounting policies
Company information

Beacons Business Interiors Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 19 Ffrwdgrech Industrial Estate, Brecon, Powys, United Kingdom, LD3 8LA.

 

The group consists of Beacons Business Interiors Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. 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 Beacons Business Interiors Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised:

 

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.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

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.

BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
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:

Freehold land and buildings
2% - straight line
Plant and equipment
20 - 33.3% straight line
Fixtures and fittings
20 - 33.3% straight line
Computers
20 - 33.3% straight line
Motor vehicles
20 - 33.3% straight line

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.

BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
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.

BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
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.

BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
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.

1.12
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.

BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 21 -
1.14
Employee benefits

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

 

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

 

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

1.15
Retirement benefits

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

1.16
Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 1 June 2018 to continue to be charged over the period to the first market rent review rather than the term of the lease.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
25,647,446
38,974,108
BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Turnover analysed by geographical market
UK
25,647,446
38,974,108
2024
2023
£
£
Other revenue
Interest income
130,658
53,873
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
68,524
72,243
Profit on disposal of tangible fixed assets
(7,350)
-
Amortisation of intangible assets
129,495
129,495
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
-
-
Audit of the financial statements of the company's subsidiaries
23,250
21,250
For other services
Taxation compliance services
6,750
2,550
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
Administrative
44
47
-
-
Management
8
3
-
-
Total
52
50
-
0
-
0
BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,050,897
3,130,448
-
0
-
0
Social security costs
321,635
269,019
-
-
Pension costs
196,619
182,055
-
0
-
0
3,569,151
3,581,522
-
0
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,608
4,577
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
130,658
53,873
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
372,933
121,270
Adjustments in respect of prior periods
-
0
(99,320)
Tax relating to prior year adjustments recognised in profit or loss
-
0
(84,976)
Total current tax
372,933
(63,026)
Deferred tax
Origination and reversal of timing differences
(41,840)
94,636
Total tax charge
331,093
31,610
BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Taxation
(Continued)
- 24 -

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

2024
2023
£
£
Profit before taxation
1,092,547
810,542
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
273,137
162,108
Tax effect of expenses that are not deductible in determining taxable profit
58,519
48,302
Adjustments in respect of prior years
(563)
(94,407)
Effect of change in corporation tax rate
-
5,337
R&D amounts received in the year
-
0
(84,976)
Enhanced capital allowances
-
0
(4,754)
Taxation charge
331,093
31,610
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
1,294,953
Amortisation and impairment
At 1 June 2023
776,970
Amortisation charged for the year
129,495
At 31 May 2024
906,465
Carrying amount
At 31 May 2024
388,488
At 31 May 2023
517,983
The company had no intangible fixed assets at 31 May 2024 or 31 May 2023.
BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
1,430,797
115,441
452,331
380,551
257,362
2,636,482
Additions
85,775
-
0
23,492
14,121
-
0
123,388
Disposals
-
0
-
0
-
0
-
0
(12,840)
(12,840)
At 31 May 2024
1,516,572
115,441
475,823
394,672
244,522
2,747,030
Depreciation and impairment
At 1 June 2023
20,000
113,222
116,798
355,324
171,592
776,936
Depreciation charged in the year
13,400
2,177
-
0
11,243
41,704
68,524
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(12,840)
(12,840)
At 31 May 2024
33,400
115,399
116,798
366,567
200,456
832,620
Carrying amount
At 31 May 2024
1,483,172
42
359,025
28,105
44,066
1,914,410
At 31 May 2023
1,410,797
2,219
335,533
25,227
85,770
1,859,546
The company had no tangible fixed assets at 31 May 2024 or 31 May 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
4,645,267
4,645,267
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
4,645,267
Carrying amount
At 31 May 2024
4,645,267
At 31 May 2023
4,645,267
BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
13
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Beacons Business Interiors Limited
Ordinary
100.00
PJ Engineering Consultants Limited
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
19 Ffrwdgrech Industrial Estate, Brecon, Powys, LD3 8LA
2
19 Ffrwdgrech Industrial Estate, Brecon, Powys, LD3 8LA
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,893,863
5,685,924
-
0
-
0
Gross amounts owed by contract customers
387,723
800,991
-
0
-
0
Other debtors
661,100
668,100
100
100
Prepayments and accrued income
104,459
152,416
-
0
-
0
5,047,145
7,307,431
100
100
Amounts falling due after more than one year:
Other debtors
-
0
2,000,000
-
0
-
0
Total debtors
5,047,145
9,307,431
100
100
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Payments received on account
419,522
703,740
-
0
-
0
Trade creditors
3,232,276
6,514,475
-
0
-
0
Corporation tax payable
290,080
291,989
-
0
-
0
Other taxation and social security
344,853
760,800
-
-
Other creditors
63,002
28,437
-
0
-
0
Accruals and deferred income
647,529
345,651
-
0
-
0
4,997,262
8,645,092
-
0
-
0
BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
16
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
£
£
Accelerated capital allowances
99,480
107,520
Other
(37,937)
(3,575)
61,543
103,945
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 June 2023
103,945
-
Credit to profit or loss
(42,402)
-
Liability at 31 May 2024
61,543
-
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
196,619
182,055

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.

18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
215
862
215
862
19
Reserves
Share premium

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
19
Reserves
(Continued)
- 28 -
Profit & Loss account

Includes all current and prior period retained profits and losses.

20
Operating lease commitments

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
-
800
-
-
-
800
-
-
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
6,737
-
-
22
Related party transactions
Transactions with related parties

At the year end a loan balance of £nil (2023: £2,000,000) was outstanding from A Bateman.

 

During the year, a director of the group made payments to a close family member of £66,737 (2023: £67,789) for account management services.

 

Key management personnel are deemed to be the directors of the group.

BEACONS BUSINESS INTERIORS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
23
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
761,454
778,932
Adjustments for:
Taxation charged
331,093
31,610
Finance costs
4,608
4,577
Investment income
(130,658)
(53,873)
Gain on disposal of tangible fixed assets
(7,350)
-
Amortisation and impairment of intangible assets
129,495
129,495
Depreciation and impairment of tangible fixed assets
68,524
72,243
Movements in working capital:
Decrease in stocks
-
15,750
Decrease/(increase) in debtors
4,260,286
(930,039)
Decrease in creditors
(3,645,921)
(1,157,355)
Cash generated from/(absorbed by) operations
1,771,531
(1,108,660)
24
Cash absorbed by operations - company
2024
2023
£
£
Profit/(loss) for the year after tax
683,005
(90)
Adjustments for:
Investment income
(701,250)
-
0
Cash absorbed by operations
(18,245)
(90)
25
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
6,065,240
(2,230,861)
3,834,379
26
Analysis of changes in net funds/(debt) - company
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
14,834
(3,995)
10,839
Borrowings excluding overdrafts
-
(2,950,000)
(2,950,000)
14,834
(2,953,995)
(2,939,161)
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