HERITAGE PROJECTS (MANAGEMENT) LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
HERITAGE PROJECTS (MANAGEMENT) LIMITED
COMPANY INFORMATION
Directors
Ms S Garland OBE
(Appointed 13 August 2024)
K B Corbin
(Appointed 13 August 2024)
Secretary
A M Pawson
Company number
3865298 (England and Wales)
Registered office
St. Edmunds House
Margaret Street
York
YO10 4UX
Auditor
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Solicitors
Rooks Rider Solicitors LLP
St Magnus House
3 Lower Thames Street
London
EC3R 6HD
HERITAGE PROJECTS (MANAGEMENT) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of income and retained earnings
8
Group balance sheet
9
Company balance sheet
10
Group statement of cash flows
11
Notes to the financial statements
12 - 29
HERITAGE PROJECTS (MANAGEMENT) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

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

Review of the business

We aim to present a balanced and comprehensive review of the performance of the group during the year and its position at the year end. Our report is consistent with the size and nature of the group and is written in the context of the business environment in which we operate.

 

Our key performance indicators are those that communicate the financial performance and strength of the group as a whole; these being turnover and operating profit. Visitor numbers to our attractions is the key driver of income.

 

The Principle activity of the group continued to be the operation of successful visitor attraction brands across the UK – with our principal raison d’être being operating owned sites, operating for third parties and working in partnership with third party IP holders.

 

At the heart of what we do is a great story, told in an engaging way and often set in a truly memorable location – in that we are unique.

 

Against a backdrop of a settling tourism marketplace, demonstrably strong performance in the Scottish marketplace and challenging weather patterns.

 

With the Scottish market demonstrating considerable growth The Real Mary King's Close continues to deliver outstanding performance with its strong brand reputation also driving penetration in a competitive environment.

 

The group also completed the investment in The Loch Ness Centre, with an opening in June 2023. This strategic investment will allow the group to further capitalise on the strong Scottish market.

 

Other attractions in the portfolio continue the recovery back towards pre-pandemic visitation levels, with only Greenwood Forest Park not performing at a level anticipated, with the continual challenges of unpredictable weather patterns and a challenging Welsh tourism market.

 

The group's principal financial instruments and liabilities are bank loans and trade creditors arising from the group's trading activities. The group finances its operations through retained profits and where necessary funds its capital expenditure programme through bank borrowings. The management's objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, and match the repayment schedule of any external borrowings with future cash flows expected to arise from the group's trading activities. The group has minimal exposure to credit risk due to minimal levels of trade debtors as a consequence of the nature of the group's trading activities.

 

The group overall exceeded budgeted expectations and delivered a strong performance.

 

Turnover was £18,911,934 compared with a total turnover of £16,313,002 in the previous year.

 

Overall the group made an operating profit of £1,821,942 against a profit for the year ended 2023 of £1,578,686.

 

At 31 January 2024, the group’s net assets were £5,807,626 compared with £5,028,713 at 31 January 2023.

By order of the board

S Garland, OBE
Director
27 November 2024
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HERITAGE PROJECTS (MANAGEMENT) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

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

Principal activities

The principal activity of the Group continued to be the operation of cultural visitor attractions across the UK.

Results and dividends

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

Ordinary dividends were paid amounting to £332,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the group financial statements were as follows:

J E Delaney
(Resigned 31 October 2024)
Ms S Garland OBE
(Appointed 13 August 2024)
K B Corbin
(Appointed 13 August 2024)
Inclusivity and equal opportunities

As a business Continuum Attractions are committed to treating all team members and job applicants equally and fairly. The objective being to recruit the best people for the job to join the team. Both the recruitment and selection process and the various training & development programmes are designed to ensure that the current or potential team members receive equal opportunities and no one is treated less favourably. If the circumstances of an employee change in regard to their health the company will always endeavour to make every effort to make relevant workplace adaptations to enable continuous employment.

Employee involvement

As a Group, employee ownership and empowerment are promoted. With various forum groups across the portfolio team members are encouraged to contribute to the strategy of the business and take ownership by sharing ideas. A specific scheme - Bright Ideas - is in place to share any ideas.

Having and promoting open communication channels which include weekly newsletters, information bulletins and team surveys allow the team to contribute to the business strategy as well as achieve a common awareness on the part of the employees of the financial and economic factors affecting the Group's performance.

Auditor

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

- 2 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Statement of directors' responsibilities

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

 

Company law requires the directors to prepare group financial statements for each financial year. Under that law the directors have elected to prepare the group financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these group financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the group financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic Report
The information required by schedule 7 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the separate Strategic Report in accordance with section 414C(11) of the Companies Act 2006 (Strategic and Directors' Reports) Regulations 2013.
By order of the board
A Pawson
Secretary
27 November 2024
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HERITAGE PROJECTS (MANAGEMENT) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERITAGE PROJECTS (MANAGEMENT) LIMITED
Opinion

We have audited the group financial statements of Heritage Projects (Management) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, and notes to the group 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the group 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 group 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 group financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the group 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 group financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the group financial statements and our auditor’s report thereon. Our opinion on the group 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.

 

In connection with our audit of the group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in 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 there is a material misstatement in the group financial statements or a material misstatement of the other information. 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.

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HERITAGE PROJECTS (MANAGEMENT) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HERITAGE PROJECTS (MANAGEMENT) LIMITED

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the group financial statements, the directors are responsible for assessing the group's and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the group 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 group financial statements.

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

- 5 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HERITAGE PROJECTS (MANAGEMENT) LIMITED

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

Audit response to risks identified

We addressed detecting material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, as follows:

Risks identified
Audit response
Risk of fraud through management bias and override of controls

 

 

 

Risk of irregularities and non-compliance with laws and regulations

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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

- 6 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HERITAGE PROJECTS (MANAGEMENT) LIMITED

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.

Mark Holmes BA FCA (Senior Statutory Auditor)
For and on behalf of Ashworth Moulds
27 November 2024
Chartered Accountants
Statutory Auditor
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
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HERITAGE PROJECTS (MANAGEMENT) LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024
2024
2023
Notes
£
£
Turnover
3
18,911,934
16,313,002
Cost of sales
(3,142,099)
(2,763,699)
Gross profit
15,769,835
13,549,303
Administrative expenses
(13,975,393)
(13,800,678)
Other operating income
4
27,500
1,830,061
Operating profit
5
1,821,942
1,578,686
Interest receivable and similar income
9
25,316
7,557
Interest payable and similar expenses
10
(168,477)
(97,148)
Amounts written off investments
11
(285,710)
-
Profit before taxation
1,393,071
1,489,095
Taxation
13
(282,158)
(231,593)
Profit for the financial year
1,110,913
1,257,502
Retained earnings brought forward
4,129,613
3,191,111
Dividends
14
(332,000)
(319,000)
Retained earnings carried forward
4,908,526
4,129,613
Profit for the financial year is all attributable to the owner of the parent company.
The notes on pages 12 - 29 form an integral part of these financial statements.
Total comprehensive income for the year is all attributable to the owner of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

- 8 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
15
-
0
369,330
Other intangible assets
15
32,984
49,584
Total intangible assets
32,984
418,914
Tangible assets
16
4,439,406
3,346,487
4,472,390
3,765,401
Current assets
Stocks
19
313,699
242,748
Debtors
20
688,085
477,869
Cash at bank and in hand
6,622,780
7,839,382
7,624,564
8,559,999
Creditors: amounts falling due within one year
21
(4,252,859)
(4,961,676)
Net current assets
3,371,705
3,598,323
Total assets less current liabilities
7,844,095
7,363,724
Creditors: amounts falling due after more than one year
22
(1,422,420)
(1,990,620)
Provisions for liabilities
24
(586,966)
(304,808)
Deferred income
25
(27,083)
(39,583)
Net assets
5,807,626
5,028,713
Capital and reserves
Called up share capital
27
899,100
899,100
Profit and loss reserves
4,908,526
4,129,613
Total equity
5,807,626
5,028,713
The notes on pages 12 - 29 form an integral part of these group financial statements.
The group financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
S Garland, OBE
Director
- 9 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
17
525,000
525,000
Current assets
Debtors
20
418,000
418,000
Creditors: amounts falling due within one year
21
-
0
-
0
Net current assets
418,000
418,000
Total assets less current liabilities
943,000
943,000
Capital and reserves
Called up share capital
27
899,100
899,100
Profit and loss reserves
43,900
43,900
Total equity
943,000
943,000
The notes on pages 12 - 29 form an integral part of these group financial statements.
Profit for financial year - Company

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 £322,000 (2023 - £319,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
27 November 2024
S Garland, OBE
Director
Company Registration No. 3865298
- 10 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
1,727,174
3,708,697
Interest paid
(168,477)
(97,148)
Income taxes (paid)/refunded
(272,525)
186,243
Net cash inflow from operating activities
1,286,172
3,797,792
Investing activities
Purchase of intangible assets
-
(19,950)
Purchase of tangible fixed assets
(1,643,274)
(601,218)
Interest received
25,316
7,557
Net cash used in investing activities
(1,617,958)
(613,611)
Financing activities
Repayment of borrowings
-
(54,951)
Loan advances
-
1,421,575
Repayment of bank loans
(552,816)
(1,860,059)
Dividends paid to equity shareholders
(332,000)
(319,000)
Net cash used in financing activities
(884,816)
(812,435)
Net (decrease)/increase in cash and cash equivalents
(1,216,602)
2,371,746
Cash and cash equivalents at beginning of year
7,839,382
5,467,636
Cash and cash equivalents at end of year
6,622,780
7,839,382
- 11 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
Company information

Heritage Projects (Management) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is St. Edmunds House, Margaret Street, York, YO10 4UX.

 

The group consists of Heritage Projects (Management) Limited and all of its subsidiaries.

1.1
Accounting convention

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

The group financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available group financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the group financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements investment in subsidiaries are accounted for at cost less impairment.

The group financial statements incorporate those of Heritage Projects (Management) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

The results of subsidiaries disposed during the year are incorporated up to the date of disposal.

 

All financial statements are made up to 31 January 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.

1.3
Going concern

The directors have prepared group forecasts for the period to 31 January 2026. If the forecast revenue levels are achieved the forecasts demonstrate that the company and the group would be able to continue to operate within the level of available group funds.

 

On this basis the directors have concluded it is appropriate to adopt the going concern basis in preparing the group financial statements.

- 12 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
1.4
Turnover
Turnover represents amounts receivable for visitor admissions, cafe and retail sales, and consultancy services, net of VAT.

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 visitors to the attractions is recognised by reference to the date of admission.

Revenue from contracts for the provision of 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 labour 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 will be recovered.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
over 5 years
- 13 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line (excluding land)
Leasehold land and buildings
over the lease term
Leasehold improvements
4% straight line
Plant and machinery
over 4 to 10 years
Fixtures, fittings & equipment
over 3 to 10 years
Motor vehicles
over 4 years

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10
Stocks
- 14 -

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises the purchase price of stock items.

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 sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
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.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the group's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the group's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the group's obligations are discharged, cancelled, or they expire.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

 

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 reserves, in which case the deferred tax is also dealt with in reserves.

1.13
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.

- 15 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
1.14
Retirement benefits

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

1.15
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

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

1.16
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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Useful economic life of fixed assets

The directors consider the useful economic life of fixed assets, in particular freehold land and buildings, a judgemental area.

- 16 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment provision - goodwill

Determining whether goodwill is impaired requires an estimation of the recoverable amount of the cash generating unit to which goodwill has been allocated. The recoverable amount is based on an estimate of the fair value of the cash generating unit. The carrying amount of goodwill at 31 January 2024 was £NIL, after an impairment loss of £285,710 recognised in the current year. Details of the impairment loss are set out in note 15.

3
Turnover and other revenue

The total turnover of the group for the year has been derived from its principal activity, wholly undertaken in the United Kingdom.

2024
2023
£
£
Other significant revenue
Other coronavirus support grants
-
10,000
Attraction contributions
-
1,795,761
4
Other operating income
2024
2023
£
£
Other coronavirus support grants
-
10,000
Attraction contributions
-
1,795,761
Grants released (note 25)
12,500
12,500
Other
15,000
11,800
27,500
1,830,061

In the previous year, the I'm a Celebrity - Jungle Challenge attraction closed. Contributions were received towards the losses incurred.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(12,500)
(22,500)
Depreciation of owned tangible fixed assets
550,355
466,848
Amortisation of intangible assets
100,220
96,895
Impairment of intangible assets
285,710
-
Operating lease charges
2,516,124
3,276,889
- 17 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
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
26,250
25,000
Audit of the financial statements of the company's subsidiaries
34,225
39,281
60,475
64,281
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
364,918
339,087
Company pension contributions to defined contribution schemes
36,492
45,729
401,410
384,816

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
364,918
339,087
Company pension contributions to defined contribution schemes
36,492
45,729
8
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
Office and management
47
46
1
1
Operation, sales and marketing
374
366
-
-
Technical
3
3
-
-
Total
424
415
1
1
- 18 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Employees
(Continued)

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,739,517
5,132,718
-
0
-
0
Social security costs
399,107
380,659
-
-
Pension costs
164,026
165,915
-
0
-
0
6,302,650
5,679,292
-
0
-
0
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
25,316
6,823
Other interest income
-
734
Total income
25,316
7,557
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
25,316
6,823
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Bank loan interest
168,477
97,148
11
Amounts written off investments
2024
2023
£
£
Other gains and losses (note 12)
285,710
-
- 19 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Goodwill
15
285,710
-
Recognised in:
Amounts written off investments
285,710
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

13
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
271,431
Deferred tax
Origination and reversal of timing differences
282,158
(39,838)
Total tax charge
282,158
231,593

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

2024
2023
£
£
Profit before taxation
1,393,071
1,489,095
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
348,268
282,928
Tax effect of expenses that are not deductible in determining taxable profit
9,526
9,913
Change in unrecognised deferred tax assets
(175,252)
(63,709)
Depreciation on assets not qualifying for tax allowances
107,411
21,261
Effect of change in tax rate
-
0
(8,841)
Other permanent differences
(7,795)
(9,959)
Taxation charge
282,158
231,593
- 20 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
14
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
322,000
319,000
15
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
836,210
69,700
905,910
Amortisation and impairment
At 1 February 2023
466,880
20,116
486,996
Amortisation charged for the year
83,620
16,600
100,220
Impairment losses
285,710
-
0
285,710
At 31 January 2024
836,210
36,716
872,926
Carrying amount
At 31 January 2024
-
0
32,984
32,984
At 31 January 2023
369,330
49,584
418,914
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.

Goodwill arose on the acquisition of the entire issued share capital of Greenwood Forest Park Ltd. in July 2017. The directors have undertaken an assessment of the recoverable amount for goodwill relating to Greenwood Forest Park Limited. Accordingly it has been concluded that the carrying amount at 31 January 2024 should be reduced to £NIL, resulting in an impairment provision of £285,710.

- 21 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
16
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 February 2023
1,354,701
568,163
-
0
3,549,522
4,610,501
4,311
10,087,198
Additions
-
0
-
0
29,500
20,240
1,593,534
-
0
1,643,274
At 31 January 2024
1,354,701
568,163
29,500
3,569,762
6,204,035
4,311
11,730,472
Depreciation and impairment
At 1 February 2023
67,000
563,917
-
0
2,254,072
3,851,411
4,311
6,740,711
Depreciation charged in the year
12,000
2,321
787
343,398
191,849
-
0
550,355
At 31 January 2024
79,000
566,238
787
2,597,470
4,043,260
4,311
7,291,066
Carrying amount
At 31 January 2024
1,275,701
1,925
28,713
972,292
2,160,775
-
0
4,439,406
At 31 January 2023
1,287,701
4,246
-
0
1,295,450
759,090
-
0
3,346,487
The company had no tangible fixed assets at 31 January 2024 or 31 January 2023.
- 22 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
17
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
18
-
0
-
0
525,000
525,000
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 February 2023 & 31 January 2024
701,885
Impairment
At 1 February 2023 & 31 January 2024
176,885
Carrying amount
At 31 January 2024
525,000
At 31 January 2023
525,000
18
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Continuum (Entertainment) Limited
England and Wales
Operation of a visitor attraction
Ordinary
0
100.00
Greenwood Forest Park Limited
England and Wales
Operation of a visitor attraction
Ordinary
0
100.00
Heritage Projects (Edinburgh) Limited
Scotland
Operation of a visitor attraction
Ordinary
100.00
-
Heritage Projects (Oxford Castle) Limited
England and Wales
Operation of a visitor attraction
Ordinary
0
100.00
Heritage Projects (Portsmouth) Limited
England and Wales
Operation of a visitor attraction
Ordinary
0
100.00
Heritage Projects (York) Limited
England and Wales
Operation of a visitor attraction
Ordinary
0
100.00
The Continuum Group Limited
England and Wales
Operation of a visitor attraction
Ordinary
100.00
-
Continuum (Loch Ness) Limited
England and Wales
Operation of a visitor attraction
Ordinary
0
100.00
- 23 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
18
Subsidiaries
(Continued)

The registered office address for all the above companies, except Heritage Projects (Edinburgh) Limited, is St. Edmunds House, Margaret Street, York, YO10 4UX.

 

The registered office address for Heritage Projects (Edinburgh) Limited is Quartermile 2, 2 Lister Square, Edinburgh, EH3 9GL.

 

The investments in subsidiaries are all stated at cost less impairment.

19
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
313,699
242,748
-
0
-
0
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
77,204
72,658
-
0
-
0
Amounts owed by group undertakings
-
-
418,000
418,000
Other debtors
128,342
96,686
-
0
-
0
Prepayments and accrued income
482,539
308,525
-
0
-
0
688,085
477,869
418,000
418,000
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
23
565,030
549,646
-
0
-
0
Other borrowings
23
900
900
-
0
-
0
Trade creditors
435,319
616,224
-
0
-
0
Corporation tax payable
503
273,028
-
0
-
0
Other taxation and social security
258,595
307,292
-
-
Other creditors
163,653
98,925
-
0
-
0
Accruals and deferred income
2,828,859
3,115,661
-
0
-
0
4,252,859
4,961,676
-
0
-
0

The Royal Bank of Scotland holds a debenture provided by the subsidiary companies for securing the group borrowings.

- 24 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
1,422,420
1,990,620
-
0
-
0

The Royal Bank of Scotland holds a debenture provided by the subsidiary companies for securing the group borrowings.

23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,987,450
2,540,266
-
0
-
0
Other loans
900
900
-
0
-
0
1,988,350
2,541,166
-
-
Payable within one year
565,930
550,546
-
0
-
0
Payable after one year
1,422,420
1,990,620
-
0
-
0

One bank loan bears interest at 2.6% above base rate and is repayable over 5 years. The loan is repayable by variable monthly instalments inclusive of interest and is repayable by July 2027.

 

A second bank loan (CBILS) is repayable over 6 years in monthly instalments of £25,000, exclusive of interest and is repayable by March 2027. The loan is secured by the Government. Interest is chargeable at 2.34% over bank base rate, commencing April 2022.

 

The group and company bank loans are secured by a debenture provided by the company and its subsidiary companies, comprising fixed and floating charges. See note 28.

 

Other loans comprises £900 (2023: £900) owed to Heritage Projects (Guernsey) Limited, which is interest free with no fixed date for repayment.

- 25 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
24
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
573,677
251,579
Fair value of freehold land and buildings
60,679
63,679
Other timing differences
(47,390)
(10,450)
586,966
304,808
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
304,808
-
Charge to profit or loss
282,158
-
Liability at 31 January 2024
586,966
-

Group

The deferred tax asset not provided relating to utilisation of tax losses against future expected profits and other timing differences amounts to £182,044 (2023: £368,589).

25
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
27,083
39,583
-
-

Government grants which relate to capital expenditure included in tangible fixed assets have been recognised as deferred income and released over the expected useful life of the assets.

 

The amount released during the year amounted to £12,500 (2023: £12,500).

26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
164,026
165,915
- 26 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
26
Retirement benefit schemes
(Continued)

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.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
899,100
899,100
899,100
899,100
28
Financial commitments, guarantees and contingent liabilities

Group

The subsidiary companies have provided a guarantee against the group bank borrowings, supported by a debenture over the group assets comprising fixed and floating charges. The guarantee is limited to £2,260,796 (2023: £3,088,125).

 

29
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
679,465
666,419
-
-
Between two and five years
1,736,955
2,103,321
-
-
In over five years
873,500
1,050,591
-
-
3,289,920
3,820,331
-
-

Group

Leases of land and buildings are typically subject to rent reviews at specified intervals and provide for the lessee to pay all insurance, maintenance and repair costs.

 

Heritage Projects (Portsmouth) Limited has a lease under which it pays a basic annual rent of £154,536 per annum (2023: £154,536). Further rent is payable annually, calculated as a percentage of the operating profit of the company. In addition the company has outstanding commitments for a maintenance contract under the lease of £404,250 (2023: £551,250).

 

Heritage Projects (Oxford Castle) Limited and The Continuum Group Limited, which operates The Real Mary Kings Close visitor attraction in Edinburgh, each pay an annual rent, together with potential additional rent based on turnover adjusted for certain expenses.

 

Heritage Projects (York) Limited has a lease under which it pays a basic annual rent of £195,675 (2023: £195,675).

- 27 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
30
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
709,000
-
-
31
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
994,652
946,936
32
Controlling party

Heritage Projects (Guernsey) Limited, a company registered in Guernsey, is the company's ultimate parent undertaking. The directors consider the controlling party to be the trustees of the Cosgrove Trust.

33
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,110,913
1,257,502
Adjustments for:
Taxation charged
282,158
231,593
Finance costs
168,477
97,148
Investment income
(25,316)
(7,557)
Amortisation and impairment of intangible assets
385,930
96,895
Depreciation and impairment of tangible fixed assets
550,355
466,848
Decrease in deferred income
(12,500)
(12,500)
Movements in working capital:
Increase in stocks
(70,951)
(25,600)
(Increase)/decrease in debtors
(210,216)
485,107
(Decrease)/increase in creditors
(451,676)
1,119,261
Cash generated from operations
1,727,174
3,708,697
- 28 -
HERITAGE PROJECTS (MANAGEMENT) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
34
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
7,839,382
(1,216,602)
6,622,780
Borrowings excluding overdrafts
(2,541,166)
552,816
(1,988,350)
5,298,216
(663,786)
4,634,430
- 29 -
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.100J E DelaneyMs S Garland OBEK B CorbinA M 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