Company registration number 12271267 (England and Wales)
A E M G HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
A E M G HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M P Kendall
(Appointed 1 July 2024)
Mr R G Hely Hutchinson
(Appointed 1 July 2024)
Company number
12271267
Registered office
2a Eagle Road
Moons Moat North Industrial Estate
Redditch
Worcestershire
United Kingdom
B98 9HF
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
130 New Street
Birmingham
West Midlands
B2 4JU
A E M G HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 26
A E M G 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

The groups financial results for the year and its financial position at the year end can be found in the financial statements.

In summary, the group achieved a profit before taxation of £1,930,541 compared to £3,720,532 in the previous year, from turnover of £8,765,662 in 2024 and £11,171,072 in 2023.

Cash funds held at 28 February 2023 have increased from £6,715,469 to £7,585,002.

The groups balance sheet is showing net assets of £10,190,026 at the 29 February 2024 (2022: £9,598,834).

The directors are satisfied with the trading results and the position of the company at the year end.

Principal risks and uncertainties

The directors considered that the principal risk and uncertainties of the business are those relating to the general economic conditions and the performance of its subsidiaries. Both of these risks are monitored regularly by the Board of Directors to ensure that these risks are minimised, particularly in terms of reviewing subsidiary performance.

Key performance indicators

The key performance indicators which the director targets are sales growth, operating profit as a percentage of sales and return on capital employed. The objective is to at least exceed inflation in sales growth and to improve the operating ratios year on year.

2024
- Sales increase/(reduction)
(21.53)%
- Operating profit/(loss) as a percentage of sales
19.08%
- Return on capital employed
16.41%

On behalf of the board

.............................................
Mr M P Kendall
Director
20 November 2024
A E M G HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company and group continued to be that of silviculture and other forestry related activities.

Results and dividends

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

Ordinary dividends were paid amounting to £710,000. 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:

Mr K O'Rourke
(Resigned 1 July 2024)
Mrs L I O'Rourke
(Resigned 1 July 2024)
Mr M P Kendall
(Appointed 1 July 2024)
Mr R G Hely Hutchinson
(Appointed 1 July 2024)
Post reporting date events

On 1st July 2024, the company was acquired by Oak Holding Ltd, which is part of the idverde Group.

Auditor

The auditor, Ormerod Rutter Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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:

 

 

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.

A E M G HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
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.

Medium-sized companies exemption

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

On behalf of the board
..............................................
Mr M P Kendall
Director
20 November 2024
A E M G HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A E M G HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of A E M G 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:

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.

A E M G HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A E M G HOLDINGS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

A E M G HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A E M G HOLDINGS LIMITED
- 6 -

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.

Peter Ormerod FCA (Senior Statutory Auditor)
For and on behalf of Ormerod Rutter Limited
20 November 2024
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
A E M G HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
8,765,662
11,171,072
Cost of sales
(5,527,962)
(5,921,820)
Gross profit
3,237,700
5,249,252
Administrative expenses
(1,565,381)
(1,579,197)
Operating profit
4
1,672,319
3,670,055
Interest receivable and similar income
6
258,222
51,289
Interest payable and similar expenses
7
-
0
(812)
Profit before taxation
1,930,541
3,720,532
Tax on profit
8
(629,349)
(717,689)
Profit for the financial year
1,301,192
3,002,843
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.
A E M G HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
2,041,947
2,370,810
Investment property
11
130,149
130,149
2,172,096
2,500,959
Current assets
Debtors
14
1,357,914
1,510,351
Cash at bank and in hand
7,585,002
6,715,469
8,942,916
8,225,820
Creditors: amounts falling due within one year
15
(544,634)
(787,673)
Net current assets
8,398,282
7,438,147
Total assets less current liabilities
10,570,378
9,939,106
Provisions for liabilities
Deferred tax liability
16
380,352
340,272
(380,352)
(340,272)
Net assets
10,190,026
9,598,834
Capital and reserves
Called up share capital
18
200
200
Profit and loss reserves
10,189,826
9,598,634
Total equity
10,190,026
9,598,834

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 20 November 2024 and are signed on its behalf by:
20 November 2024
..............................................
Mr M P Kendall
Director
Company registration number 12271267 (England and Wales)
A E M G HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,621,428
1,810,544
Investment property
11
130,149
130,149
Investments
12
100
100
1,751,677
1,940,793
Current assets
Debtors
14
836
-
0
Cash at bank and in hand
6,344,717
5,636,289
6,345,553
5,636,289
Creditors: amounts falling due within one year
15
(2,121,358)
(2,239,871)
Net current assets
4,224,195
3,396,418
Total assets less current liabilities
5,975,872
5,337,211
Provisions for liabilities
Deferred tax liability
16
278,798
236,281
(278,798)
(236,281)
Net assets
5,697,074
5,100,930
Capital and reserves
Called up share capital
18
200
200
Profit and loss reserves
5,696,874
5,100,730
Total equity
5,697,074
5,100,930

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 £1,306,144 (2023 - £2,438,726 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
20 November 2024
..............................................
Mr M P Kendall
Director
Company registration number 12271267 (England and Wales)
A E M G HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
200
7,364,791
7,364,991
Year ended 28 February 2023:
Profit and total comprehensive income
-
3,002,843
3,002,843
Dividends
9
-
(769,000)
(769,000)
Balance at 28 February 2023
200
9,598,634
9,598,834
Year ended 29 February 2024:
Profit and total comprehensive income
-
1,301,192
1,301,192
Dividends
9
-
(710,000)
(710,000)
Balance at 29 February 2024
200
10,189,826
10,190,026
A E M G HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
200
3,431,004
3,431,204
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
2,438,726
2,438,726
Dividends
9
-
(769,000)
(769,000)
Balance at 28 February 2023
200
5,100,730
5,100,930
Year ended 29 February 2024:
Profit and total comprehensive income
-
1,306,144
1,306,144
Dividends
9
-
(710,000)
(710,000)
Balance at 29 February 2024
200
5,696,874
5,697,074
A E M G HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,249,896
3,780,582
Interest paid
-
0
(812)
Income taxes paid
(869,353)
(607,210)
Net cash inflow from operating activities
1,380,543
3,172,560
Investing activities
Purchase of tangible fixed assets
(59,630)
(602,061)
Proceeds from disposal of tangible fixed assets
500
220,150
Proceeds from disposal of investment property
(102)
-
Interest received
258,222
51,289
Net cash generated from/(used in) investing activities
198,990
(330,622)
Financing activities
Dividends paid to equity shareholders
(710,000)
(769,000)
Net cash used in financing activities
(710,000)
(769,000)
Net increase in cash and cash equivalents
869,533
2,072,938
Cash and cash equivalents at beginning of year
6,715,469
4,642,531
Cash and cash equivalents at end of year
7,585,002
6,715,469
A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
1
Accounting policies
Company information

A E M G Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2a Eagle Road, Moons Moat North Industrial Estate, Redditch, Worcestershire, United Kingdom, B98 9HF.

 

The group consists of A E M G 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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company A E M G Holdings 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 29 February 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.

A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -

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

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

 

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

 

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

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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

 

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

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

1.6
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
Indefinite
Leasehold land and buildings
Over lease term
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33% on cost

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.

A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

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

 

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

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

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

 

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

 

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

 

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

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -

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.

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.

A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
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.

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.

A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -
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.

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

A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
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
Services rendered
8,765,662
11,171,072
2024
2023
£
£
Turnover analysed by geographical market
UK
8,765,662
11,171,072
2024
2023
£
£
Other revenue
Interest income
258,222
51,289
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
387,368
501,422
Loss/(profit) on disposal of tangible fixed assets
625
(180,348)
Loss on disposal of investment property
102
-
0
Operating lease charges
204,030
200,629
5
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
78
90
2
2
A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,307,435
3,573,939
-
0
-
0
Social security costs
11,207
9,844
-
-
Pension costs
132,907
222,062
-
0
-
0
3,451,549
3,805,845
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
250,169
51,289
Other interest income
8,053
-
Total income
258,222
51,289
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
250,169
51,289
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
812
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
574,289
699,853
Adjustments in respect of prior periods
14,980
-
0
Total current tax
589,269
699,853
Deferred tax
Origination and reversal of timing differences
40,080
17,836
Total tax charge
629,349
717,689
A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
8
Taxation
(Continued)
- 21 -

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
1,930,541
3,720,532
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
472,824
706,901
Tax effect of expenses that are not deductible in determining taxable profit
36,293
11,013
Tax effect of utilisation of tax losses not previously recognised
-
0
(106)
Adjustments in respect of prior years
14,980
-
0
Permanent capital allowances in excess of depreciation
65,172
(119)
Deferred tax movement
40,080
-
0
Taxation charge
629,349
717,689
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
710,000
769,000
A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
10
Tangible fixed assets
Group
Freehold land
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 March 2023
229,618
36,702
4,943,709
71,229
209,906
5,491,164
Additions
-
0
-
0
51,854
-
0
7,776
59,630
Disposals
-
0
-
0
(10,650)
-
0
-
0
(10,650)
At 29 February 2024
229,618
36,702
4,984,913
71,229
217,682
5,540,144
Depreciation and impairment
At 1 March 2023
-
0
36,702
2,827,650
54,246
201,756
3,120,354
Depreciation charged in the year
-
0
-
0
374,154
4,254
8,960
387,368
Eliminated in respect of disposals
-
0
-
0
(9,525)
-
0
-
0
(9,525)
At 29 February 2024
-
0
36,702
3,192,279
58,500
210,716
3,498,197
Carrying amount
At 29 February 2024
229,618
-
0
1,792,634
12,729
6,966
2,041,947
At 28 February 2023
229,618
-
0
2,116,059
16,983
8,150
2,370,810
Company
Freehold land
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 March 2023
229,618
2,066,421
2,351
2,298,390
Additions
-
0
51,854
-
0
51,854
At 29 February 2024
229,618
2,118,275
2,351
2,350,244
Depreciation and impairment
At 1 March 2023
-
0
486,278
1,568
487,846
Depreciation charged in the year
-
0
240,187
783
240,970
At 29 February 2024
-
0
726,465
2,351
728,816
Carrying amount
At 29 February 2024
229,618
1,391,810
-
0
1,621,428
At 28 February 2023
229,618
1,580,143
783
1,810,544
A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 March 2023 and 29 February 2024
130,149
130,149

The directors have assessed the market value of the property and consider that there has been no significant change in the market value at the year end.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
100
Carrying amount
At 29 February 2024
100
At 28 February 2023
100
13
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

 

The subsidiaries indirectly held by AEMG Holdings Limited were dissolved on 23 January 2024, namely:

 

- Acorn Landscapes Limited

- Acorn Tree Consultants Limited

- Acorn Tree Surgery Limited

 

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Acorn Landscapes Limted
1
1 Ordinary
-
100.00
Acorn Tree Consultants Limited
1
1 Ordinary
-
100.00
Acorn Tree Surgery Limited
1
100 Ordinary
-
100.00
Acorn Environmental Management Group Limited
1
100 Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
2a Eagle Road, Moons Moat North Industrial Estate, Redditch, Worcestershire, United Kingdom, B98 9HF.
A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,192,965
1,355,739
-
0
-
0
Corporation tax recoverable
144,392
-
0
-
0
-
0
Prepayments and accrued income
20,557
154,612
836
-
0
1,357,914
1,510,351
836
-
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
213,149
271,512
895
-
0
Amounts owed to group undertakings
-
0
-
0
1,946,261
2,210,698
Corporation tax payable
158,161
293,853
158,161
23,048
Other taxation and social security
132,354
179,535
10,114
135
Other creditors
15,198
17,078
2,192
2,135
Accruals and deferred income
25,772
25,695
3,735
3,855
544,634
787,673
2,121,358
2,239,871
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
381,571
340,272
Retirement benefit obligations
(1,219)
-
380,352
340,272
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
278,798
236,281
A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
16
Deferred taxation
(Continued)
- 25 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
340,272
236,281
Charge to profit or loss
40,080
42,517
Liability at 29 February 2024
380,352
278,798

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
132,907
222,062

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
Ordinary share capital
£
£
Issued and fully paid
Ordinary A of £1 each
140
140
Ordinary B of £1 each
50
50
Ordinary C of £1 each
10
10
200
200

Ordinary A, B and C shares have the right to receive notice of and to attend and vote at general meetings of the Company. To participate in the profits of the Company available for distribution in such amounts and in such manner as the Company may resolve in general meeting; and in the event of winding-up, participate in the distribution of any assets of the Company (including uncalled shares at the commencement of the winding-up) remaining after paying and discharging the debts and liabilities of the Company and the costs of the winding-up.

19
Events after the reporting date

On 1st July 2024, the company was acquired by Oak Holding Ltd, which is part of the idverde Group. The freehold property and investment property (with balances of £229,618 and £130,149 respectively as at 29/02/2024) were sold as part of the transaction.

A E M G HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 26 -
20
Controlling party

The Company's immediate parent company is Oak Holding Ltd. The financial statements are available from Caledonia House, 223 Pentonville Road, London, N1 9NG.

At the year end, the largest group of undertakings for which group accounts are drawn up is Armorica Topco SCA, the ultimate parent company of the idverde Group, registered in Luxembourg and controlled by Core Equity Holdings LP.

21
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,301,192
3,002,843
Adjustments for:
Taxation charged
629,349
717,689
Finance costs
-
0
812
Investment income
(258,222)
(51,289)
Loss/(gain) on disposal of tangible fixed assets
625
(180,348)
Loss on disposal of investment property
102
-
0
Depreciation and impairment of tangible fixed assets
387,368
501,422
Movements in working capital:
Decrease/(increase) in debtors
296,829
(26,827)
Decrease in creditors
(107,347)
(183,720)
Cash generated from operations
2,249,896
3,780,582
22
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,306,144
2,438,726
Adjustments for:
Taxation charged
200,784
55,866
Investment income
(1,290,169)
(2,251,289)
Gain on disposal of tangible fixed assets
-
(42,900)
Depreciation and impairment of tangible fixed assets
240,970
279,635
Movements in working capital:
(Increase)/decrease in debtors
(836)
1,423,304
(Decrease)/increase in creditors
(253,626)
2,065,339
Cash generated from operations
203,267
3,968,681
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