Company registration number 00312453 (England and Wales)
DSR GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
DSR GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs D Mallen
Mr S Mallen
Mrs P Mallen
Mrs R Teasdale
(Appointed 15 February 2024)
Company number
00312453
Registered office
North Tyne Industrial Estate
Whitley Road
Newcastle upon Tyne
Tyne and Wear
NE12 9SZ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
Bankers
National Westminster Bank Plc
16 Northumberland Street
Newcastle upon Tyne
NE1 7EL
DSR GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
DSR GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present the strategic report for the year ended 29 February 2024.
Review of the business
We aim to present a balanced and comprehensive review of our business during the period and its position at the year end.
The group’s key financial and other performance indicators during the year were as follow:
Unit Year ended 29 Year ended 28
February 2024 February 2023
Revenue £ 18,032,866 18,116,651
Gross Margin £ 4,853,575 3,946,903
Gross Margin % % 26.9 21.8
EBITDA £ 1,309,787 1,121,552
Group turnover has remained static this year as individual group companies realign their customer base and look to pass on government legislation increases in costs on long term supply agreements. Profit before tax has continued to improve, due to the continued efforts of all Group employees who strive to maintain a strong competitive advantage across all of the businesses.
We have been successful in mitigating inflationary and statutory costs imposed on the businesses by investing in new technologies and in continuous improvement processes. This programme of investment will continue in future periods where we will look to gain additional market share as we see our competitive advantages and development of new products and services, benefiting our various markets.
The current geopolitical and economic environment represents the principal risk and uncertainty as well as an opportunity. Increases in employment costs and other negative impacting government legislation will increase inflation and dampen consumer spending. With this could add a significant financial burden to our competitors where, with a strong Group balance sheet, we are well placed to take advantage of any opportunity.
Principal risks and uncertainties
The principal risks facing the trading companies of the Group are as follows:-
(i) Due to the nature of some of the Group's business maintaining the continuity and efficiency of operations of the Group's factories and warehousing facilities is fundamental, particularly due to the issues in the supply chain of raw materials and energy which have manifested themselves during last couple of years.
(ii) Maintaining the overseas supply chains for some of the Group's materials post-Brexit in order that activity levels are not significantly impacted and customer orders can be satisfied.
DSR GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Mr S Mallen
Director
22 November 2024
DSR GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £75,000. 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:
Mrs D Mallen
Mr S Mallen
Mr P D Thompson
(Resigned 8 April 2024)
Mrs P Mallen
Mrs R Teasdale
(Appointed 15 February 2024)
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
DSR GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
On behalf of the board
Mr S Mallen
Director
22 November 2024
DSR GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DSR GROUP HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of DSR Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 29 February 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DSR GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DSR GROUP HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
DSR GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DSR GROUP HOLDINGS LIMITED
- 7 -
Based on our understanding of the group, we identified that there were laws and regulations central to the group's operations its subsidiaries must comply with i.e. certain health and safety and working time regulations. We also considered those laws and regulations that have a direct impact on the financial statements of the company such as the Companies Act 2006 and UK tax legislation.
Audit procedures performed by the engagement team included:
Inspection of relevant certificates and compliance reports;
Discussions with directors and key management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;
Reviewing relevant meeting minutes;
Identifying and testing journal entries based on risk criteria;
Testing transactions entered into outside of the company's normal course of business.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Charles BSc FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited
22 November 2024
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
DSR GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
18,032,866
18,116,651
Cost of sales
(13,179,291)
(14,169,748)
Gross profit
4,853,575
3,946,903
Administrative expenses
(4,470,178)
(3,672,463)
Other operating income
16,640
103,093
Operating profit
4
400,037
377,533
Interest receivable and similar income
8
67,920
13,631
Interest payable and similar expenses
9
(15,899)
(16,276)
Profit before taxation
452,058
374,888
Tax on profit
10
(118,552)
13,661
Profit for the financial year
29
333,506
388,549
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
DSR GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 9 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
7,640,540
6,972,488
Current assets
Stocks
17
890,597
1,177,284
Debtors
18
2,981,848
3,531,326
Cash at bank and in hand
5,167,989
5,108,373
9,040,434
9,816,983
Creditors: amounts falling due within one year
19
(4,265,967)
(4,484,380)
Net current assets
4,774,467
5,332,603
Total assets less current liabilities
12,415,007
12,305,091
Creditors: amounts falling due after more than one year
20
(395,159)
(639,979)
Provisions for liabilities
Deferred tax liability
23
1,126,405
1,013,535
(1,126,405)
(1,013,535)
Government grants
24
(142,122)
(158,762)
Net assets
10,751,321
10,492,815
Capital and reserves
Called up share capital
26
5,775
5,775
Revaluation reserve
27
942,377
951,537
Capital redemption reserve
28
15,225
15,225
Other reserves
7,871
7,871
Profit and loss reserves
29
9,780,073
9,512,407
Total equity
10,751,321
10,492,815
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 22 November 2024 and are signed on its behalf by:
22 November 2024
Mr S Mallen
Mrs R Teasdale
Director
Director
Company registration number 00312453 (England and Wales)
DSR GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 10 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
154,472
177,006
Investment property
14
2,710,000
2,710,000
Investments
15
682,722
682,722
3,547,194
3,569,728
Current assets
Debtors
18
1,832,236
797,135
Cash at bank and in hand
291,439
1,064,296
2,123,675
1,861,431
Creditors: amounts falling due within one year
19
(1,829,443)
(1,544,401)
Net current assets
294,232
317,030
Total assets less current liabilities
3,841,426
3,886,758
Provisions for liabilities
Deferred tax liability
23
47,397
56,499
(47,397)
(56,499)
Government grants
24
(106,183)
(110,215)
Net assets
3,687,846
3,720,044
Capital and reserves
Called up share capital
26
5,775
5,775
Capital redemption reserve
28
15,225
15,225
Profit and loss reserves
29
3,666,846
3,699,044
Total equity
3,687,846
3,720,044
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 £42,802 (2023 - £32,149 profit).
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
22 November 2024
Mr S Mallen
Mrs R Teasdale
Director
Director
Company registration number 00312453 (England and Wales)
DSR GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 March 2022
5,775
960,697
15,225
7,871
9,189,098
10,178,666
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
-
-
388,549
388,549
Dividends
-
-
-
-
(74,400)
(74,400)
Transfers
-
(9,160)
-
-
9,160
-
Balance at 28 February 2023
5,775
951,537
15,225
7,871
9,512,407
10,492,815
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
-
-
-
333,506
333,506
Dividends
-
-
-
-
(75,000)
(75,000)
Transfers
-
(9,160)
-
-
9,160
-
Balance at 29 February 2024
5,775
942,377
15,225
7,871
9,780,073
10,751,321
DSR GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
5,775
15,225
3,741,295
3,762,295
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
32,149
32,149
Dividends
-
-
(74,400)
(74,400)
Balance at 28 February 2023
5,775
15,225
3,699,044
3,720,044
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
-
42,802
42,802
Dividends
-
-
(75,000)
(75,000)
Balance at 29 February 2024
5,775
15,225
3,666,846
3,687,846
DSR GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
1,868,060
528,361
Interest paid
(15,899)
(16,276)
Income taxes refunded
122,968
Net cash inflow from operating activities
1,975,129
512,085
Investing activities
Purchase of tangible fixed assets
(1,577,802)
(293,945)
Proceeds from disposal of tangible fixed assets
1,667
-
Interest received
67,920
13,631
Net cash used in investing activities
(1,508,215)
(280,314)
Financing activities
Repayment of bank loans
(76,968)
(81,131)
Payment of finance leases obligations
(255,330)
(255,332)
Dividends paid to equity shareholders
(75,000)
(74,400)
Net cash used in financing activities
(407,298)
(410,863)
Net increase/(decrease) in cash and cash equivalents
59,616
(179,092)
Cash and cash equivalents at beginning of year
5,108,373
5,287,465
Cash and cash equivalents at end of year
5,167,989
5,108,373
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
1
Accounting policies
Company information
DSR Group Holdings Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is North Tyne Industrial Estate, Whitley Road, Newcastle upon Tyne, Tyne and Wear NE12 9SZ
The group consists of DSR Group Holdings 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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Basis of consolidation
The results of all subsidiaries are included in the group profit and loss account from the date of acquisition.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.
1.5
Intangible fixed assets - goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 5 years which is its estimated useful life Provision is made for any impairment.
1.6
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:
Long leasehold property
Straight line over life of lease
Plant and machinery
15% on reducing balance, 15% straight line basis, 10% - 25% straight line basis, 10% straight line basis, 7.5% straight line basis
Fixtures and fittings
25% straight line basis, 25% reducing balance basis and 10% straight line basis
Computer equipment
25% straight line basis, 25% reducing balance basis and 15% straight line basis
Motor vehicles
25% reducing balance basis and 25% straight line basis
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.
1.7
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £2,710,000 and fair value movement of £Nil included in the profit/loss for the year are as follows:
The investment property has been valued at fair value based on estimates by the directors
1.8
Fixed asset investments
Fixed asset investments are initially measured at cost but are carried in the balance sheet at no more than their recoverable amount.
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
The cost of finished goods stock is calculated by deducting an appropriate profit margin from the normal selling price.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
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
Taxation for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.14
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
1.15
Retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.
1.16
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.19
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
1.20
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements. If, in the future, such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and judgements will be modified as appropriate in the year in which the circumstances change.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
The estimated useful lives of tangible fixed assets
The estimated reduction applied to finished goods stocks valued at selling price to reduce to cost
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Plastic blow moulding
7,170,778
6,192,000
Plastic and metal engraving
430,562
447,625
Printing
2,902,823
3,141,841
Liquid bottling facilities
7,528,703
8,335,185
18,032,866
18,116,651
2024
2023
£
£
Turnover analysed by geographical market
United kingdom
17,862,987
18,035,045
Europe
169,879
81,606
18,032,866
18,116,651
2024
2023
£
£
Other revenue
Interest income
67,920
13,631
Grants receivable
16,640
13,952
Sales of goods £18,032,866 (2023: £18,116,651)
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(16,640)
(13,952)
Fees payable to the group's auditor for the audit of the group's financial statements
5,670
5,785
Depreciation of owned tangible fixed assets
830,225
624,982
Depreciation of tangible fixed assets held under finance leases
79,525
164,037
Profit on disposal of tangible fixed assets
(1,667)
-
Operating lease charges
11,656
15,134
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
5,670
5,785
Audit of the financial statements of the company's subsidiaries
22,340
21,520
28,010
27,305
For other services
All other non-audit services
5,174
27,202
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
Administration
31
30
6
5
Factory
100
100
-
-
Total
131
130
6
5
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,533,055
3,864,574
1,340,752
998,667
Social security costs
452,826
386,626
183,764
136,770
Pension costs
73,879
67,910
12,270
10,687
5,059,760
4,319,110
1,536,786
1,146,124
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,286,902
992,713
Company pension contributions to defined contribution schemes
10,320
10,320
1,297,222
1,003,033
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
549,855
376,855
Company pension contributions to defined contribution schemes
2,700
2,700
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
59,281
13,631
Other interest income
8,639
-
Total income
67,920
13,631
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 21 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
894
1,272
Interest on finance leases and hire purchase contracts
15,005
15,004
Total finance costs
15,899
16,276
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
5,966
62,759
Adjustments in respect of prior periods
(284)
6,351
Total current tax
5,682
69,110
Deferred tax
Origination and reversal of timing differences
112,870
(82,771)
Total tax charge/(credit)
118,552
(13,661)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
452,058
374,888
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
113,015
71,229
Tax effect of expenses that are not deductible in determining taxable profit
2,820
3,139
Tax effect of income not taxable in determining taxable profit
(3,152)
(2,396)
Tax effect of utilisation of tax losses not previously recognised
(55,377)
Adjustments in respect of prior years
(284)
6,351
Effect of change in corporation tax rate
(131)
-
Capital allowances in excess of depreciation
(106,253)
46,164
Tax at marginal rate
(333)
Deferred tax
112,870
(82,771)
Taxation charge/(credit)
118,552
(13,661)
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
75,000
74,400
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
65,405
Amortisation and impairment
At 1 March 2023 and 29 February 2024
65,405
Carrying amount
At 29 February 2024
At 28 February 2023
The company had no intangible fixed assets at 29 February 2024 or 28 February 2023.
Negative goodwill of £10,088 arising on the acquisition of Tyneside Litho Studios Limited on 28 November 1998 has been written back in the profit and loss account over a period of 5 years. In the opinion of the directors this represented the period over which the group derived the economic benefit from this goodwill.
Positive goodwill of £75,493 arising on the acquisition of Liquiform Limited on 1 July 2011 has been written back in the profit and loss account over a period of 5 years. In the opinion of the directors this represented the period over which the group derived the economic benefit from this goodwill.
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
13
Tangible fixed assets
Group
Long leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 March 2023
2,710,000
12,546,848
170,227
34,784
435,109
15,896,968
Additions
1,458,429
118,517
856
1,577,802
Disposals
(29,127)
(29,127)
At 29 February 2024
2,710,000
14,005,277
288,744
35,640
405,982
17,445,643
Depreciation and impairment
At 1 March 2023
207,263
8,324,960
113,176
35,138
243,943
8,924,480
Depreciation charged in the year
29,609
778,093
37,731
464
63,853
909,750
Eliminated in respect of disposals
(29,127)
(29,127)
At 29 February 2024
236,872
9,103,053
150,907
35,602
278,669
9,805,103
Carrying amount
At 29 February 2024
2,473,128
4,902,224
137,837
38
127,313
7,640,540
At 28 February 2023
2,502,737
4,221,888
57,051
(354)
191,166
6,972,488
Company
Plant and machinery
Motor vehicles
Total
£
£
£
Cost or valuation
At 1 March 2023
489,210
196,010
685,220
Additions
40,146
40,146
At 29 February 2024
529,356
196,010
725,366
Depreciation and impairment
At 1 March 2023
408,678
99,536
508,214
Depreciation charged in the year
38,561
24,119
62,680
At 29 February 2024
447,239
123,655
570,894
Carrying amount
At 29 February 2024
82,117
72,355
154,472
At 28 February 2023
80,532
96,474
177,006
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
13
Tangible fixed assets
(Continued)
- 24 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
1,068,387
1,123,667
Motor vehicles
28,285
52,530
1,096,672
1,176,197
-
-
Long leasehold property with a value of £1,406,360 has been pledged as security for the bank liabilities.
Long leasehold property was valued on an open market basis on 29 February 2016 by Knight Frank LLP.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Group
Cost
2,044,855
2,044,855
Accumulated depreciation
(514,104)
(493,655)
Carrying value
1,530,751
1,551,200
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 March 2023 and 29 February 2024
-
2,710,000
Investment properties were valued on an open market basis on 29 February 2016 by Knight Frank LLP.
In the opinion of the directors there has been no significant change in value since that date.
Investment property with a value of £1,550,000 has been pledged as security for the company's bank liabilities.
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 25 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
682,722
682,722
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
682,722
Carrying amount
At 29 February 2024
682,722
At 28 February 2023
682,722
16
Subsidiaries
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Liquiform Limited
England and Wales
Liquid bottling facilities
Ordinary
100.00
Thornton Print Limited
England and Wales
Printing
Ordinary
100.00
Northumbria Blow Mouldings Limited
England and Wales
Blow moulding
Ordinary
100.00
Plastic and Metal Profiles Limited
England and Wales
Metal engravers and screen printers
Ordinary
100.00
Tyneside Litho Studios Limited
England and Wales
Dormant
Ordinary
100.00
Mallen Print Limited
England and Wales
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Liquiform Limited
1,433,745
102,741
Thornton Print Limited
1,464,041
(97,949)
Northumbria Blow Mouldings Limited
4,938,478
292,205
Plastic and Metal Profiles Limited
128,619
23,316
Tyneside Litho Studios Limited
15,000
Mallen Print Limited
20,000
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 26 -
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
549,886
791,756
-
-
Work in progress
32,470
41,468
-
-
Finished goods and goods for resale
308,241
344,060
890,597
1,177,284
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,647,659
2,585,017
Corporation tax recoverable
135,430
Amounts owed by group undertakings
-
-
1,061,006
344,947
Other debtors
202,784
69,905
Prepayments and accrued income
131,405
740,974
771,230
452,188
2,981,848
3,531,326
1,832,236
797,135
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
76,968
76,968
Obligations under finance leases
22
246,070
256,580
Trade creditors
1,674,447
2,361,179
7,041
22,978
Amounts owed to group undertakings
139,488
114,054
Corporation tax payable
5,967
12,747
5,967
12,747
Other taxation and social security
427,752
203,579
133,275
62,470
Other creditors
517,357
530,121
507,494
522,386
Accruals and deferred income
1,394,374
1,043,206
1,036,178
732,798
4,265,967
4,484,380
1,829,443
1,544,401
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
22
395,159
639,979
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
76,968
76,968
Payable within one year
76,968
76,968
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
251,429
271,146
In two to five years
427,284
677,703
678,713
948,849
-
-
Less: future finance charges
(37,484)
(52,290)
641,229
896,559
The finance leases are secured on the assets to which they relate.
23
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
1,126,405
1,013,535
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
14,425
23,527
Revaluation of investment property
32,972
32,972
47,397
56,499
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
23
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
1,013,535
56,499
Charge/(credit) to profit or loss
112,870
(9,102)
Liability at 29 February 2024
1,126,405
47,397
24
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Deferred government grants
142,122
158,762
106,183
110,215
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,879
67,910
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.
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
5,775
5,775
5,775
5,775
27
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
951,537
960,697
Transfer to retained earnings
(9,160)
(9,160)
-
-
At the end of the year
942,377
951,537
-
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
(Continued)
- 29 -
28
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
15,225
15,225
15,225
15,225
29
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
9,512,407
9,189,098
3,699,044
3,741,295
Profit for the year
333,506
388,549
42,802
32,149
Dividends
(75,000)
(74,400)
(75,000)
(74,400)
Transfer from revaluation reserve
9,160
9,160
-
-
At the beginning and end of the year
9,780,073
9,512,407
3,666,846
3,699,044
30
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
6,084
31,636
-
-
Between two and five years
-
6,084
-
-
6,084
37,720
-
-
31
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
158,532
1,209,992
-
37,537
DSR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 30 -
32
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
502,720
520,000
33
Controlling party
The controlling party is The Trustees of the Brian Mallen Deceased Will Trust.
34
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
333,506
388,549
Adjustments for:
Taxation charged/(credited)
118,552
(13,661)
Finance costs
15,899
16,276
Investment income
(67,920)
(13,631)
Gain on disposal of tangible fixed assets
(1,667)
-
Depreciation and impairment of tangible fixed assets
909,750
834,019
Government grants
(16,640)
(13,951)
Movements in working capital:
Decrease/(increase) in stocks
286,687
(164,671)
Decrease/(increase) in debtors
414,048
(587,495)
(Decrease)/increase in creditors
(124,155)
82,926
Cash generated from operations
1,868,060
528,361
35
Analysis of changes in net funds - group
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
5,108,373
59,616
5,167,989
Borrowings excluding overdrafts
(76,968)
76,968
-
Obligations under finance leases
(896,559)
255,330
(641,229)
4,134,846
391,914
4,526,760
2024-02-292023-03-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityMrs D MallenMr S MallenMr P D ThompsonMrs P MallenMrs R 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