Company registration number 12207525 (England and Wales)
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
COMPANY INFORMATION
Director
Mr J P Entwisle
Company number
12207525
Registered office
Rees House
Burn Hall Industrial Estate
Venture Road
Fleetwood
FY7 8RS
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
LANCASHIRE WASTE RECYCLING (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.

 

Strategy and Business Model

The group specialises in producing alternative fuels from waste that cannot be recycled. Our primary operation involves supplying a Solid Recovered Fuel (SRF) to four of the UK’s cement kilns as a replacement to burning fossil fuels, which in turn reduces CO2 emissions.

 

Our objectives are to work with our customers to develop new types of alternative fuels to allow them to increase the amount they can use and thus reduce their demand for fossil fuels. Our current SRF contains approximately 45% biomass, which is something we are aiming to increase as the demand for this grows and the pressure to reduce CO2 emissions rises. A further objective is to continue the development of other alternative fuels, to generate electrical and thermal energy from small-scale gasification installations, to generate electricity using SRF in the form of pellets as fuel. We are working with our UK cement kiln customers to develop a main burner fuel for use in other parts of their system, which will be more refined than the SRF that we currently produce.

Review of the business

The turnover of the all the companies in the group for the full year of 2023-2024 has collectively increased along with gross profit. The main off-takers have increased their demand for SRF leading to an increase in material in and in uptake in turnover.

 

The group continued to invest in new equipment changing material handlers to electric in replacement of diesel machines and technology to improve the quality of the final SRF material and reduce by-product.

 

Lancashire Waste Management continue to support the transportation.

 

The demand for SRF in the UK is expected to continue as pressure to reduce fossil fuel consumption and reduce CO2 emissions is still prevalent though demand has decreased from knock on effects of a downturn in the building trade in the current economic climate.

Principal risks and uncertainties

The director has identified the following principal risks and uncertainties affecting the group:

Development and performance

The companies of the group have continued to expand in this financial year. Demand for SRF in the UK has allowed all areas of the business to maintain its position. With a clear focus on the business’ objectives and a consistent approach headed by the sole director, the group is continuing to be successful.

Future Developments

Following the year end the group has continued to trade well. The group has invested more into all sites for continued improvement to the final material to reduce moisture. The group is currently operating efficiently despite current pressures from the current economic climate with continued high energy, fuel and wages costs. Cement demand is slowly on the rise . Despite this the director is of the opinion that the group will continue to maintain its trading position and grow. The group companies will continue to grow with adequate profitability as demand for SRF and other alternative fuels continues to increase. All profits are reinvested back into the business to enable its continuing growth.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
Key Performance Indicators

The companies of the group monitor their performance using a number of measures, as follows:

Measure (in tonnes)

2024

2023

Amount of waste processed

253,699

218,255

Output of SRF (UK)

163,867

109,622

Output of SRF (Europe)

0

0

Output of by-products

78,324

100,366

On behalf of the board

Mr J P Entwisle
Director
27 November 2024
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

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 is that of recycling and waste management.

Results and dividends

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

No ordinary dividends were paid.

Director

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

Mr J P Entwisle
Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

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 J P Entwisle
Director
27 November 2024
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -

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.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Lancashire Waste Recycling (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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

In the light of the knowledge and understanding of the group and 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.

Matters on which we are required to report by exception

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

 

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Virginia Cooper FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
28 November 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
26,094,090
21,772,208
Cost of sales
(19,891,841)
(17,576,814)
Gross profit
6,202,249
4,195,394
Administrative expenses
(3,037,140)
(2,259,142)
Other operating income
-
21,871
Operating profit
4
3,165,109
1,958,123
Interest receivable and similar income
6
117
-
0
Interest payable and similar expenses
7
(759,856)
(411,257)
Profit before taxation
2,405,370
1,546,866
Tax on profit
8
(618,940)
(366,824)
Profit for the financial year
1,786,430
1,180,042
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
15,551,485
11,875,583
Current assets
Stocks
12
65,300
55,300
Debtors
13
9,012,798
7,766,270
Cash at bank and in hand
269,177
105,659
9,347,275
7,927,229
Creditors: amounts falling due within one year
14
(10,655,602)
(8,314,658)
Net current liabilities
(1,308,327)
(387,429)
Total assets less current liabilities
14,243,158
11,488,154
Creditors: amounts falling due after more than one year
15
(5,216,665)
(4,851,427)
Provisions for liabilities
Deferred tax liability
18
1,746,468
1,143,132
(1,746,468)
(1,143,132)
Net assets
7,280,025
5,493,595
Capital and reserves
Called up share capital
20
300
300
Profit and loss reserves
7,279,725
5,493,295
Total equity
7,280,025
5,493,595

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
Mr J P Entwisle
Director
Company registration number 12207525 (England and Wales)
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
400
400
Current assets
-
-
Creditors: amounts falling due within one year
14
(100)
(100)
Net current liabilities
(100)
(100)
Net assets
300
300
Capital and reserves
Called up share capital
20
300
300

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 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
Mr J P Entwisle
Director
Company registration number 12207525 (England and Wales)
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
300
4,313,253
4,313,553
Year ended 28 February 2023:
Profit and total comprehensive income
-
1,180,042
1,180,042
Balance at 28 February 2023
300
5,493,295
5,493,595
Year ended 28 February 2024:
Profit and total comprehensive income
-
1,786,430
1,786,430
Balance at 28 February 2024
300
7,279,725
7,280,025
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 12 -
Share capital
£
Balance at 1 March 2022
300
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
Balance at 28 February 2023
300
Year ended 28 February 2024:
Profit and total comprehensive income
-
Balance at 28 February 2024
300
LANCASHIRE WASTE RECYCLING (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
5,983,498
2,120,257
Interest paid
(759,856)
(411,257)
Income taxes paid
(44,916)
-
0
Net cash inflow from operating activities
5,178,726
1,709,000
Investing activities
Purchase of tangible fixed assets
(2,816,377)
(626,039)
Proceeds from disposal of tangible fixed assets
199,542
200,393
Loans made to other entities
(600,000)
-
Interest received
117
-
0
Net cash used in investing activities
(3,216,718)
(425,646)
Financing activities
Proceeds from new bank loans
-
1,500,000
Repayment of bank loans
261,617
(1,065,394)
Payment of finance leases obligations
(2,060,107)
(1,700,221)
Net cash used in financing activities
(1,798,490)
(1,265,615)
Net increase in cash and cash equivalents
163,518
17,739
Cash and cash equivalents at beginning of year
105,659
87,920
Cash and cash equivalents at end of year
269,177
105,659
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 15 -
1
Accounting policies
Company information

Lancashire Waste Recycling (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Rees House, Burn Hall Industrial Estate, Venture Road, Fleetwood, FY7 8RS.

 

The group consists of Lancashire Waste Recycling (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. 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 Lancashire Waste Recycling (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.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

The director has reviewed profit and loss and cashflow forecasts for a period of at least 12 months from the accounts signing date which demonstrates that the group and company can meet its debts as they fall due and will 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.

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 and buildings
2% straight line/no depreciation
Leasehold land and buildings
2% straight line
Plant and equipment
20% reducing balance
Motor vehicles
25% reducing balance
Assets under construction
No dpreciation charged

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.

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

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.

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.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -
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

There are no other financial assets in the group.

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.

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

There are no other financial liabilities in the group.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
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.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

In determining the appropriate depreciation rates for the group's assets, management reviews the operating policies of the business and makes judgements as to the applicable useful economic lives of the assets, considering residual values.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Production of SRF from waste
25,858,222
21,534,745
Waste transport income
6,100
2,400
Energy production
229,768
235,063
26,094,090
21,772,208
2024
2023
£
£
Other revenue
Interest income
117
-
Grants received
-
21,871
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
9,483
-
Government grants
-
(21,871)
Fees payable to the group's auditor for the audit of the group's financial statements
3,050
2,800
Depreciation of owned tangible fixed assets
870,591
706,005
Depreciation of tangible fixed assets held under finance leases
935,196
808,682
Profit on disposal of tangible fixed assets
(4,806)
(93,912)
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
Admin
8
8
-
-
Operatives
39
32
-
-
Drivers
20
17
-
-
Total
67
57
-
0
-
0
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,675,602
2,238,061
-
0
-
0
Social security costs
280,796
246,607
-
-
Pension costs
66,898
53,953
-
0
-
0
3,023,296
2,538,621
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
117
-
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
325,343
129,024
Other finance costs:
Interest on finance leases and hire purchase contracts
344,912
282,233
Other interest
89,601
-
Total finance costs
759,856
411,257
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
47,613
Adjustments in respect of prior periods
-
0
(576)
Total current tax
-
0
47,037
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
8
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
633,575
340,017
Adjustment in respect of prior periods
(14,635)
(20,230)
Total deferred tax
618,940
319,787
Total tax charge
618,940
366,824

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
2,405,370
1,546,866
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
589,075
293,905
Tax effect of expenses that are not deductible in determining taxable profit
26,551
27,399
Tax effect of income not taxable in determining taxable profit
(40)
(15,278)
Adjustments in respect of prior years
(14,635)
(20,806)
Effect of change in corporation tax rate
17,989
-
Change in deferred tax rate
-
0
81,604
Taxation charge
618,940
366,824
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 24 -
9
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Motor vehicles
Assets under construction
Total
£
£
£
£
£
£
Cost
At 1 March 2023
3,782,623
1,632,472
13,223,240
648,397
-
0
19,286,732
Additions
-
0
828,272
4,548,105
126,633
173,415
5,676,425
Disposals
-
0
-
0
(417,542)
(6,026)
-
0
(423,568)
At 28 February 2024
3,782,623
2,460,744
17,353,803
769,004
173,415
24,539,589
Depreciation and impairment
At 1 March 2023
611,418
104,939
6,150,774
544,018
-
0
7,411,149
Depreciation charged in the year
58,749
40,990
1,658,082
47,966
-
0
1,805,787
Eliminated in respect of disposals
-
0
-
0
(227,828)
(1,004)
-
0
(228,832)
At 28 February 2024
670,167
145,929
7,581,028
590,980
-
0
8,988,104
Carrying amount
At 28 February 2024
3,112,456
2,314,815
9,772,775
178,024
173,415
15,551,485
At 28 February 2023
3,171,205
1,527,533
7,072,466
104,379
-
0
11,875,583
The company had no tangible fixed assets at 28 February 2024 or 28 February 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
5,293,498
4,671,504
-
0
-
0
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
400
400
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
10
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 28 February 2024
400
Carrying amount
At 28 February 2024
400
At 28 February 2023
400
11
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
Indirect
Lancashire Waste Recycling Limited
Rees House, Burn Hall Industrial Estate, Venture Road, Fleetwood, Lancs, FY7 8RS
Ordinary
100.00
-
Envirofuel (SRF) Limited
Rees House, Burn Hall Industrial Estate, Venture Road, Fleetwood, Lancs, FY7 8RS
Ordinary
0
100.00
Lancashire Waste Management Limited
Rees House, Burn Hall Industrial Estate, Venture Road, Fleetwood, Lancs, FY7 8RS
Ordinary
100.00
-
Renergy (North West) Limited
Aberdeen Cottage, Tongues Lane, Preesall, Poulton-Le-Fylde, Lancs, FY6 0HL
Ordinary
100.00
-
ETGAS Burnley Ltd
Rees House, Burn Hall Industrial Estate, Venture Road, Fleetwood, Lancs, FY7 8RS
Ordinary
100.00
-

Each of the above subsidiaries have been included within the consolidation.

 

12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
65,300
55,300
-
-
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 26 -
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,890,638
4,082,631
-
0
-
0
Corporation tax recoverable
-
0
2,697
-
0
-
0
Other debtors
3,604,204
3,497,798
-
0
-
0
Prepayments and accrued income
1,468,641
118,225
-
0
-
0
8,963,483
7,701,351
-
-
Deferred tax asset (note 18)
49,315
107
-
0
-
0
9,012,798
7,701,458
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 18)
-
0
64,812
-
0
-
0
Total debtors
9,012,798
7,766,270
-
-
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
16
1,939,863
1,470,222
-
0
-
0
Obligations under finance leases
17
1,696,200
1,827,371
-
0
-
0
Trade creditors
4,598,083
3,276,662
-
0
-
0
Corporation tax payable
-
0
47,613
-
0
-
0
Other taxation and social security
374,053
317,417
-
-
Other creditors
1,275,803
648,019
100
100
Accruals and deferred income
771,600
727,354
-
0
-
0
10,655,602
8,314,658
100
100
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 27 -
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
1,425,684
1,633,708
-
0
-
0
Obligations under finance leases
17
2,636,418
1,705,306
-
0
-
0
Other creditors
1,154,563
1,512,413
-
0
-
0
5,216,665
4,851,427
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
959,378
1,051,951
-
-
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,365,547
3,103,930
-
0
-
0
Payable within one year
1,939,863
1,470,222
-
0
-
0
Payable after one year
1,425,684
1,633,708
-
0
-
0

The long-term loans are secured by fixed and floating charges over the assets of the group. One of the bank loans of the group is further secured by a personal guarantee from the director up to the sum of £480,000. Hire purchases within the group are secured against the assets to which they relate.

17
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,696,200
1,827,371
-
0
-
0
In two to five years
2,636,418
1,705,306
-
0
-
0
4,332,618
3,532,677
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 28 -
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
1,743,647
1,143,132
-
-
Tax losses
-
-
49,315
64,814
Retirement benefit obligations
2,821
-
-
105
1,746,468
1,143,132
49,315
64,919
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
1,078,213
-
Charge to profit or loss
618,940
-
Liability at 28 February 2024
1,697,153
-

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax asset is expected to reverse within 12 months.

 

The deferred tax liability set out above is expected to reverse within 12 months.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,898
53,953

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.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 29 -
21
Operating lease commitments

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
252,000
252,000
-
-
Between two and five years
294,000
546,000
-
-
546,000
798,000
-
-
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
2,608,604
-
-
-
23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Group
Other related parties
164,693
72,455

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Directors
438,531
796,381
Other related parties
1,615,484
1,557,111
LANCASHIRE WASTE RECYCLING (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
23
Related party transactions
(Continued)
- 30 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
19,600
19,600
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,786,430
1,180,042
Adjustments for:
Taxation charged
618,940
366,824
Finance costs
759,856
411,257
Investment income
(117)
-
0
Gain on disposal of tangible fixed assets
(4,806)
(93,912)
Depreciation and impairment of tangible fixed assets
1,805,787
1,514,687
Movements in working capital:
(Increase)/decrease in stocks
(10,000)
66,000
Increase in debtors
(1,236,033)
(2,124,495)
Increase in creditors
2,263,441
799,854
Cash generated from operations
5,983,498
2,120,257
25
Analysis of changes in net debt - group
1 March 2023
Cash flows
New finance leases
28 February 2024
£
£
£
£
Cash at bank and in hand
105,659
163,518
-
269,177
Borrowings excluding overdrafts
(3,103,930)
(261,617)
-
(3,365,547)
Obligations under finance leases
(3,532,677)
2,060,107
(2,860,048)
(4,332,618)
(6,530,948)
1,962,008
(2,860,048)
(7,428,988)
2024-02-282023-03-01falseCCH SoftwareCCH Accounts Production 2024.200Mr J P Entwislefalse12207525bus:Consolidated2023-03-012024-02-28122075252023-03-012024-02-2812207525bus:Director12023-03-012024-02-2812207525bus:RegisteredOffice2023-03-012024-02-28122075252024-02-2812207525bus:Consolidated2024-02-2812207525bus:Consolidated2022-03-012023-02-2812207525bus:Consolidated2023-02-2812207525core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-02-2812207525core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-02-2812207525core:PlantMachinerybus:Consolidated2024-02-2812207525core:MotorVehiclesbus:Consolidated2024-02-2812207525core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-02-2812207525core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-02-2812207525core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-02-2812207525core:PlantMachinerybus:Consolidated2023-02-2812207525core:MotorVehiclesbus:Consolidated2023-02-2812207525core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-02-2812207525core:ShareCapitalbus:Consolidated2024-02-2812207525core:ShareCapitalbus:Consolidated2023-02-2812207525core:ShareCapital2024-02-2812207525core:ShareCapital2023-02-2812207525core:ShareCapitalbus:Consolidated2022-02-28122075252022-02-2812207525core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-02-2812207525core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-02-2812207525core:ShareCapital2022-02-28122075252023-02-2812207525bus:Consolidated2022-02-2812207525core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-012024-02-2812207525core:LandBuildingscore:LongLeaseholdAssets2023-03-012024-02-2812207525core:PlantMachinery2023-03-012024-02-2812207525core:MotorVehicles2023-03-012024-02-2812207525core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-03-012024-02-28122075252022-03-012023-02-2812207525core:UKTaxbus:Consolidated2023-03-012024-02-2812207525core:UKTaxbus:Consolidated2022-03-012023-02-2812207525bus:Consolidated12023-03-012024-02-2812207525bus:Consolidated12022-03-012023-02-2812207525core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-02-2812207525core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-02-2812207525core:PlantMachinerybus:Consolidated2023-02-2812207525core:MotorVehiclesbus:Consolidated2023-02-2812207525core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-02-2812207525bus:Consolidated2023-02-2812207525core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-012024-02-2812207525core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-012024-02-2812207525core:PlantMachinerybus:Consolidated2023-03-012024-02-2812207525core:MotorVehiclesbus:Consolidated2023-03-012024-02-2812207525core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-03-012024-02-2812207525core:PlantMachinery2024-02-2812207525core:PlantMachinery2023-02-2812207525core:Subsidiary12023-03-012024-02-2812207525core:Subsidiary22023-03-012024-02-2812207525core:Subsidiary32023-03-012024-02-2812207525core:Subsidiary42023-03-012024-02-2812207525core:Subsidiary52023-03-012024-02-2812207525core:Subsidiary112023-03-012024-02-2812207525core:Subsidiary212023-03-012024-02-2812207525core:Subsidiary312023-03-012024-02-2812207525core:Subsidiary412023-03-012024-02-2812207525core:Subsidiary512023-03-012024-02-2812207525core:CurrentFinancialInstruments2024-02-2812207525core:CurrentFinancialInstruments2023-02-2812207525core:CurrentFinancialInstrumentsbus:Consolidated2024-02-2812207525core:CurrentFinancialInstrumentsbus:Consolidated2023-02-2812207525core:Non-currentFinancialInstrumentsbus:Consolidated2024-02-2812207525core:Non-currentFinancialInstrumentsbus:Consolidated2023-02-2812207525core:Non-currentFinancialInstruments2024-02-2812207525core:Non-currentFinancialInstruments2023-02-2812207525core:WithinOneYearbus:Consolidated2024-02-2812207525core:WithinOneYearbus:Consolidated2023-02-2812207525core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2812207525core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2812207525core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-02-2812207525core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-02-2812207525core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2812207525core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2812207525core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-02-2812207525core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-02-2812207525core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-02-2812207525core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-02-2812207525core:Non-currentFinancialInstrumentscore:AfterOneYear22024-02-2812207525core:Non-currentFinancialInstrumentscore:AfterOneYear22023-02-2812207525core:WithinOneYear2024-02-2812207525core:WithinOneYear2023-02-2812207525core:BetweenTwoFiveYearsbus:Consolidated2024-02-2812207525core:BetweenTwoFiveYearsbus:Consolidated2023-02-2812207525core:BetweenTwoFiveYears2024-02-2812207525core:BetweenTwoFiveYears2023-02-2812207525bus:PrivateLimitedCompanyLtd2023-03-012024-02-2812207525bus:FRS1022023-03-012024-02-2812207525bus:Audited2023-03-012024-02-2812207525bus:ConsolidatedGroupCompanyAccounts2023-03-012024-02-2812207525bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP