Company registration number 05374112 (England and Wales)
M N HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
M N HOLDINGS LIMITED
COMPANY INFORMATION
Director
G Rhodes
Secretary
A Rhodes
Company number
05374112
Registered office
Cromer Street
Newbridge Lane
Stockport
Cheshire
SK1 2NP
Auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
M N HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 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 - 29
M N HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The director presents the strategic report for the year ended 28 February 2024.

Review of the business

The year ending 28 February 2024 produced encouraging opportunities in both existing niche markets and the targeted diversification sectors. The director seeks to bolster the company's position by further exploiting the long term opportunities which have surfaced, thus enabling the continued investment in the latest technology plant and equipment to be made with confidence.    

Principal risks and uncertainties

Although the current sectors in which the group operate are extremely buoyant, the directors are conscious all sectors will be further limited by Brexit and any recession.

Careful management of working capital, and an affordable acquisition strategy, will remain a critical component moving forward.

Development and performance

The further participation in research and development will enable the group to continue to further grow their advanced technical abilities.

On behalf of the board

G Rhodes
Director
27 November 2024
M N HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -

The director presents his annual report and financial statements for the year ended 28 February 2024.

Principal activities

The principal activity of the company and group continued to be that of manufacture and design of precision jigs and tools.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £156,480. The director does not recommend payment of a further dividend.

Director

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

 

 

G Rhodes
Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

M N HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
On behalf of the board
G Rhodes
Director
27 November 2024
M N HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M N HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of M N Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 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 director's 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 director 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 director is 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:

M N HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M N HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

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

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

 

 

 

 

 

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the company's Statement of Comprehensive Income and (ii) the company's accounting policy for revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, and GDPR legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection and health and safety compliance.

M N HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M N HOLDINGS LIMITED
- 7 -

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as the key audit matter related to the potential risk of fraud.

 

Our procedures to respond to risks identified included the following:

 

 

 

 

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Hall BSc FCA (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited
27 November 2024
Accountants
Statutory Auditor
24 Nicholas Street
Chester
CH1 2AU
M N HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,421,745
12,381,092
Cost of sales
(8,008,937)
(8,979,521)
Gross profit
5,412,808
3,401,571
Distribution costs
(400,371)
(402,532)
Administrative expenses
(2,748,025)
(2,017,904)
Operating profit
4
2,264,412
981,135
Interest receivable and similar income
8
198,526
61,935
Amounts written off investments
9
12,547
8,081
Profit before taxation
2,475,485
1,051,151
Tax on profit
10
(636,708)
(123,942)
Profit for the financial year
22
1,838,777
927,209
Profit for the financial year is attributable to:
- Owners of the parent company
1,815,369
907,003
- Non-controlling interests
23,408
20,206
1,838,777
927,209
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,815,369
907,003
- Non-controlling interests
23,408
20,206
1,838,777
927,209
M N HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,653,474
2,597,468
Investments
13
50,758
38,211
3,704,232
2,635,679
Current assets
Stocks
15
-
7,769
Debtors
16
6,501,963
4,661,695
Investments
17
2,361,661
2,250,210
Cash at bank and in hand
4,010,614
3,759,238
12,874,238
10,678,912
Creditors: amounts falling due within one year
18
(3,572,167)
(2,428,964)
Net current assets
9,302,071
8,249,948
Total assets less current liabilities
13,006,303
10,885,627
Provisions for liabilities
Deferred tax liability
19
630,379
192,000
(630,379)
(192,000)
Net assets
12,375,924
10,693,627
Capital and reserves
Called up share capital
21
76,000
76,000
Capital redemption reserve
22
24,000
24,000
Other reserves
22
(70,000)
(70,000)
Profit and loss reserves
22
12,347,046
10,688,157
Equity attributable to owners of the parent company
12,377,046
10,718,157
Non-controlling interests
(1,122)
(24,530)
12,375,924
10,693,627

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

The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
27 November 2024
G Rhodes
Director
Company registration number 05374112 (England and Wales)
M N HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
972,006
1,003,247
Investments
13
115,000
115,000
1,087,006
1,118,247
Current assets
Debtors
16
3,234,596
422,452
Investments
17
2,361,661
2,250,210
Cash at bank and in hand
3,855,045
3,750,597
9,451,302
6,423,259
Creditors: amounts falling due within one year
18
(4,420,090)
(1,462,793)
Net current assets
5,031,212
4,960,466
Net assets
6,118,218
6,078,713
Capital and reserves
Called up share capital
21
76,000
76,000
Capital redemption reserve
22
24,000
24,000
Profit and loss reserves
22
6,018,218
5,978,713
Total equity
6,118,218
6,078,713

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 £195,985 (2023: £109,588 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
27 November 2024
G Rhodes
Director
Company registration number 05374112 (England and Wales)
M N HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 11 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 March 2022
76,000
24,000
(70,000)
9,781,154
9,811,154
(44,736)
9,766,418
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
-
907,003
907,003
20,206
927,209
Balance at 28 February 2023
76,000
24,000
(70,000)
10,688,157
10,718,157
(24,530)
10,693,627
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
-
1,815,369
1,815,369
23,408
1,838,777
Dividends
11
-
-
-
(156,480)
(156,480)
-
(156,480)
Balance at 28 February 2024
76,000
24,000
(70,000)
12,347,046
12,377,046
(1,122)
12,375,924
M N HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
76,000
24,000
5,869,125
5,969,125
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
109,588
109,588
Balance at 28 February 2023
76,000
24,000
5,978,713
6,078,713
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
195,985
195,985
Dividends
11
-
-
(156,480)
(156,480)
Balance at 28 February 2024
76,000
24,000
6,018,218
6,118,218
M N HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,449,948
394,139
Income taxes refunded
77,521
66,937
Net cash inflow from operating activities
2,527,469
461,076
Investing activities
Purchase of tangible fixed assets
(1,415,598)
(330,566)
Proceeds from disposal of tangible fixed assets
57,919
135,127
Proceeds from disposal of investments
(111,451)
(35,210)
Repayment of loans
(849,009)
(196,615)
Interest received
85,875
25,631
Dividends received
1,200
1,094
Other income received from investments
111,451
35,210
Net cash used in investing activities
(2,119,613)
(365,329)
Financing activities
Dividends paid to equity shareholders
(156,480)
-
0
Net cash used in financing activities
(156,480)
-
Net increase in cash and cash equivalents
251,376
95,747
Cash and cash equivalents at beginning of year
3,759,238
3,663,491
Cash and cash equivalents at end of year
4,010,614
3,759,238
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 14 -
1
Accounting policies
Company information

M N Holdings Limited (“the company”) is a private limited company, limited by shares, domiciled and incorporated in England and Wales. The registered office is Cromer Street, Newbridge Lane, Stockport, Cheshire, SK1 2NP.

 

The group consists of M N 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 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. 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 M N 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 28 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.

1.4
Going concern

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

M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
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.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable it will be recovered.

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 and buildings
2% on cost (Buildings)
Leasehold land and buildings
20% on cost
Plant and equipment
33% on cost, 25% on reducing balance and 12.5% on reducing balance
Fixtures and fittings
20% on reducing balance and 12.5% on reducing balance
Motor vehicles
25% on reducing balance

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
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 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.

M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.8
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.

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.

1.9
Stocks

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

 

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

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

1.10
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.

M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
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.

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.

M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -
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.

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.

M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
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
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
13,014,976
12,192,413
Rendering of service
406,769
188,679
13,421,745
12,381,092
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,089,540
9,141,024
Europe
577,281
23,783
Rest of World
1,754,924
3,216,285
13,421,745
12,381,092
2024
2023
£
£
Other revenue
Interest income
197,326
60,841
Dividends received
1,200
1,094
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
580
2,025
Depreciation of tangible fixed assets
300,945
237,717
Loss/(profit) on disposal of tangible fixed assets
728
(11,667)
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
6,200
5,700
Audit of the financial statements of the company's subsidiaries
16,300
14,965
22,500
20,665
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 21 -
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
Production
87
86
-
-
Administation
4
4
-
-
Total
91
90
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,060,752
4,632,559
-
0
-
0
Social security costs
521,800
17,183
-
-
Pension costs
175,976
193,853
-
0
-
0
5,758,528
4,843,595
-
0
-
0
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
890,924
63,948
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
66,875
21,619
Other interest income
19,000
4,012
Total interest revenue
85,875
25,631
Other income from investments
Dividends received
1,200
1,094
Gains on financial instruments measured at fair value through profit or loss
111,451
35,210
Total income
198,526
61,935
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
8
Interest receivable and similar income
(Continued)
- 22 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
66,875
21,619
Interest on financial assets measured at fair value through profit or loss
111,451
35,210
Dividends from financial assets measured at fair value through profit or loss
1,200
1,094
9
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
12,547
8,081
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
198,329
-
0
Adjustments in respect of prior periods
-
0
(68,058)
Total current tax
198,329
(68,058)
Deferred tax
Origination and reversal of timing differences
438,379
192,000
Total tax charge
636,708
123,942
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
10
Taxation
(Continued)
- 23 -

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
2,475,485
1,051,151
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
606,246
199,719
Tax effect of expenses that are not deductible in determining taxable profit
85,440
9,576
Tax effect of income not taxable in determining taxable profit
(71,384)
(8,433)
Tax effect of utilisation of tax losses not previously recognised
(109,550)
(177,962)
Group relief
-
0
(4,868)
Permanent capital allowances in excess of depreciation
(346,474)
(18,032)
Research and development tax credit
(31,364)
(68,058)
Deferred tax
438,379
192,000
Balancing charges
6,244
-
0
Other
59,171
-
0
Taxation charge
636,708
123,942
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
156,480
-
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 24 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
1,562,049
207,457
6,226,627
470,117
54,440
8,520,690
Additions
-
0
5,256
1,338,253
17,073
55,016
1,415,598
Disposals
-
0
-
0
(83,500)
-
0
(54,440)
(137,940)
At 28 February 2024
1,562,049
212,713
7,481,380
487,190
55,016
9,798,348
Depreciation and impairment
At 1 March 2023
558,802
203,036
4,765,279
386,035
10,070
5,923,222
Depreciation charged in the year
31,241
4,507
240,655
11,402
13,140
300,945
Eliminated in respect of disposals
-
0
-
0
(61,065)
-
0
(18,228)
(79,293)
At 28 February 2024
590,043
207,543
4,944,869
397,437
4,982
6,144,874
Carrying amount
At 28 February 2024
972,006
5,170
2,536,511
89,753
50,034
3,653,474
At 28 February 2023
1,003,247
4,421
1,461,348
84,082
44,370
2,597,468
Company
Freehold land and buildings
£
Cost
At 1 March 2023 and 28 February 2024
1,562,049
Depreciation and impairment
At 1 March 2023
558,802
Depreciation charged in the year
31,241
At 28 February 2024
590,043
Carrying amount
At 28 February 2024
972,006
At 28 February 2023
1,003,247
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 25 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
115,000
115,000
Listed investments
50,758
38,211
-
0
-
0
50,758
38,211
115,000
115,000
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 March 2023
38,211
Valuation changes
12,547
At 28 February 2024
50,758
Carrying amount
At 28 February 2024
50,758
At 28 February 2023
38,211
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 28 February 2024
115,000
Carrying amount
At 28 February 2024
115,000
At 28 February 2023
115,000
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 26 -
14
Subsidiaries

Details of the company's subsidiaries at 28 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Nelson Tool Company (Stockport) Limited
Stringer Street, Newbridge Lane, Stockport, Cheshire, SK1 2NZ.
Ordinary
100.00
Manufax Engineering Limited
Cromer Street, Newbridge Lane, Stockport, Cheshire, SK1 2NP.
Ordinary
100.00
Leading Edge Engineering Design Limited
Cromer Street, Newbridge Lane, Stockport, Cheshire, SK1 2NP.
Ordinary
75.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
-
7,769
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,054,392
3,787,521
-
0
-
0
Gross amounts owed by contract customers
1,828,648
406,932
-
0
-
0
Corporation tax recoverable
247,703
79,224
247,703
11,166
Amounts owed by group undertakings
-
-
1,936,138
209,539
Other debtors
1,132,566
334,684
1,050,755
201,747
Prepayments and accrued income
238,654
53,334
-
0
-
0
6,501,963
4,661,695
3,234,596
422,452

Included in other debtors above for both the company and group is an overdrawn directors' loan account of £1,050,755 (2023: £201,747). During the year £1,559,595 was advanced to the director (2023: £192,615), £729,585 of the loan was repaid (2023: £0) and interest of £19,000 was charged (2023: £4,000).

17
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
2,361,661
2,250,210
2,361,661
2,250,210
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 27 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,114,929
1,132,590
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,523,526
806,500
Corporation tax payable
444,344
15
294,344
15
Other taxation and social security
425,452
338,150
-
-
Other creditors
607,680
660,593
596,970
651,028
Accruals and deferred income
979,762
297,616
5,250
5,250
3,572,167
2,428,964
4,420,090
1,462,793
19
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
630,379
192,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
192,000
-
Charge to profit or loss
438,379
-
Liability at 28 February 2024
630,379
-

 

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
175,976
193,853
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
20
Retirement benefit schemes
(Continued)
- 28 -

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
76,000
76,000
76,000
76,000
22
Reserves
Capital redemption reserve

The capital redemption reserve represents the nominal value of shares redeemed by the company and s non distributable.

Other reserves

 

This reserve records the difference between the consideration and the nominal value of the shares issued during the merger and the fair value of the assets transferred and is non distributable.

 

 

Profit and loss reserves

 

Retained earnings includes all the current and prior year retained profit and losses, net of dividends paid.

23
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
593,109
647,167
Other related parties
3,861
3,861
Company
Entities with control, joint control or significant influence over the company
593,109
647,167
Entities over which the company has control, joint control or significant influence
3,523,526
-
Other related parties
3,861
3,861
M N HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
23
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
£
£
Group
Key management personnel
1,050,755
201,747
Company
Entities over which the company has control, joint control or significant influence
1,936,138
-
Key management personnel
1,050,755
201,747
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,838,777
927,209
Adjustments for:
Taxation charged
636,708
123,942
Investment income
(198,526)
(61,935)
Loss/(gain) on disposal of tangible fixed assets
728
(11,667)
Depreciation and impairment of tangible fixed assets
300,945
237,717
Other gains and losses
(12,547)
(8,081)
Movements in working capital:
Decrease in stocks
7,769
9,122
Increase in debtors
(822,780)
(1,106,509)
Increase in creditors
698,874
284,341
Cash generated from operations
2,449,948
394,139
25
Analysis of changes in net funds - group
1 March 2023
Cash flows
28 February 2024
£
£
£
Cash at bank and in hand
3,759,238
251,376
4,010,614
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