Company registration number 08505431 (England and Wales)
CRM HDGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
CRM HDGS LIMITED
COMPANY INFORMATION
Director
Mr C R Mathers
Company number
08505431
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Unit 3
Woking8
Forsyth Road
WOKING
GU21 5SB
CRM HDGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 5
Director's responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 31
CRM HDGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The director presents the strategic report for the year ended 31 May 2024.

Review of the business

The group continues to supply goods to retailers and wholesalers and also continues developing its own brands.

 

The directors report that turnover has decreased in the year by 22.08%, with an increase in the gross profit margin of 0.29%. The directors are satisfied with the results for the year. The directors continue seek to increase both revenue and profit margins.

Principal risks and uncertainties

The directors consider that the principal risks for the group, other than financial, are those of protection of the group's assets when in transit and retention of staff as much of the business arises from personal relationships regarding procurement and sales.

 

Assets are protected by ensuring that insurance cover is adequate, warehouse security is continually updated to limit the potential risk of theft or robbery and systems have been put in place to minimise the risk by requiring all deliveries to be checked on receipt and monitoring entry onto site and to the warehouse.

 

The directors monitor the remuneration packages constantly to ensure that, wherever possible, staff are retained by maintaining competitiveness at all levels within the market.

Key performance indicators

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect to see increased profits in the foreseeable future.

Other performance indicators

The key financial highlights are as follows:-

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

£

 

 

£

Turnover

 

 

 

 

42,673,158

 

 

52,767,304

Gross profit

 

 

 

8.91%

 

 

8.62%

Return on capital employed

 

(2.29%)

 

15.70%

 

CRM HDGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Directors' statement of compliance with a duty to promote the success of the group

The board of directors of CRM Hdgs Limited consider that both individually and together for the year ended 31 May 2024 they have acted in accordance with their duties codified in law, which include their duty to act in a way which they consider, in good faith, would most likely promote the success of the Group for the benefit of the members as a whole, having regards to all stakeholders and matters set out in s172(1) of the Companies Act 2006, including:

a) The likely consequences of any decision in the long term;

b) The interests of the group's employees;

c) The need to foster the group's business relationships with suppliers, customers and others;

d) The impact of the group's operations on the community and the environment;

e) The desirability of the group maintaining a reputation for high standards of business conduct; and

f) The need to act fairly between members of the group.

The directors make decisions by taking their legal duty into account and the priorities and requirements of the stakeholders.

The directors have regard to the likely consequences of their decisions on the long-term objectives and sustainability of the group, its stakeholders and the community whilst also preserving its values and culture. With this in mind, when a dividend is proposed it is important to confirm the availability of distributable reserves whilst also considering cash requirements for future investment and without prejudicing the position of other creditors. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.

Our employees are key so it is very important that they have the right attitude and the drive to create ideas,obtain and sustain high standards. All employees are encouraged to be honest and regular discussions are held with employees which gives them the opportunity to air their ideas and the directors can then see first-hand where any improvements can be made.

We carry out our business with similar-minded and reputable people, and build on this to forge strong and lasting partnerships which is important for our long-term success.

All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Group's high standards of business conduct at all times.

The group aims to act with integrity in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the group in both the short and long term.

On behalf of the board

Mr C R Mathers
Director
28 November 2024
CRM HDGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company and group continued to be that of perfumery goods, cosmetics and designer goods wholesalers.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £494,609. The directors do not recommend payment of a further dividend.

Director

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

Mr C R Mathers
Financial instruments
Finance risks

The group's principal financial risks comprise the management of its banking facilities, trade creditors, trade debtors, loans to the company and finance leases.

Liquidity risk

In respect of bank facility liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of invoice financing and trade line for payments to suppliers.

 

The group is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as loans.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Interest rate risk

In respect of loans from trading partners and directors, no interest is charged and repayment is postponed to benefit cash flow where appropriate.

Foreign currency risk

Foreign currency risk is considered to be limited to foreign contracts. This is managed by using forward contracts and option contracts to limit the effects of movements in exchange rates on contract prices and on cash flow.

Credit risk

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring, through a dedicated credit controller of amounts outstanding for both time and credit limits, and for many customers credit insurance.

Auditor

The auditor, Lopian Gross Barnett & Co, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The group's energy consumption for the year was as follows:

CRM HDGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
6,127
16,924
- Electricity purchased
76,385
83,408
- Fuel consumed for transport
38,358
38,987
120,870
139,319
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1.13
3.11
- Fuel consumed for owned transport
8.78
8.93
9.91
12.04
Scope 2 - indirect emissions
- Electricity purchased
17.80
19.43
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
27.71
31.47
Intensity ratio
Tonnes CO2e per employee
0.96
0.98
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines for energy usage.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have introduced a hybrid work from home flexible working programme in order to reduce the need for travel to and from sites. Company vehicles have been updated once again from traditional combustion engines to mainly hybrid and fully electric vehicles.

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.

CRM HDGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
On behalf of the board
Mr C R Mathers
Director
28 November 2024
CRM HDGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 6 -

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.

CRM HDGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRM HDGS LIMITED
- 7 -
Opinion

We have audited the financial statements of CRM HDGS Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group profit and loss account, 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CRM HDGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRM HDGS LIMITED
- 8 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of director

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

Auditor's responsibilities for the audit of the financial statements

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

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

CRM HDGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRM HDGS LIMITED
- 9 -

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
28 November 2024
CRM HDGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
42,673,158
54,767,304
Cost of sales
(38,871,059)
(50,045,888)
Gross profit
3,802,099
4,721,416
Administrative expenses
(2,946,658)
(3,607,293)
Other operating income
153,684
444,832
Operating profit
4
1,009,125
1,558,955
Interest receivable and similar income
7
4
-
0
Interest payable and similar expenses
8
(1,070,699)
(968,513)
(Loss)/profit before taxation
(61,570)
590,442
Tax on (loss)/profit
9
-
0
(81,786)
(Loss)/profit for the financial year
(61,570)
508,656
(Loss)/profit for the financial year is all attributable to the owners of the parent company.

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

CRM HDGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
2024
2023
£
£
(Loss)/profit for the year
(61,570)
508,656
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(61,570)
508,656
Total comprehensive income for the year is all attributable to the owners of the parent company.
CRM HDGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
210,763
269,515
Current assets
Stocks
14
20,488,217
17,227,297
Debtors
15
10,369,410
10,879,427
Cash at bank and in hand
293,855
479,042
31,151,482
28,585,766
Creditors: amounts falling due within one year
16
(28,576,440)
(25,546,708)
Net current assets
2,575,042
3,039,058
Total assets less current liabilities
2,785,805
3,308,573
Creditors: amounts falling due after more than one year
17
(102,761)
(69,350)
Net assets
2,683,044
3,239,223
Capital and reserves
Called up share capital
21
18,800
18,800
Profit and loss reserves
2,664,244
3,220,423
Total equity
2,683,044
3,239,223
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
28 November 2024
Mr C R Mathers
Director
Company registration number 08505431 (England and Wales)
CRM HDGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
3,486,952
3,486,952
Current assets
-
-
Creditors: amounts falling due within one year
16
(255)
(255)
Net current liabilities
(255)
(255)
Net assets
3,486,697
3,486,697
Capital and reserves
Called up share capital
21
18,800
18,800
Profit and loss reserves
3,467,897
3,467,897
Total equity
3,486,697
3,486,697

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 £494,609 (2023 - £700,000 profit).

The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
28 November 2024
Mr C R Mathers
Director
Company registration number 08505431 (England and Wales)
CRM HDGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
18,800
3,411,767
3,430,567
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
508,656
508,656
Dividends
10
-
(700,000)
(700,000)
Balance at 31 May 2023
18,800
3,220,423
3,239,223
Year ended 31 May 2024:
Loss and total comprehensive income for the year
-
(61,570)
(61,570)
Dividends
10
-
(494,609)
(494,609)
Balance at 31 May 2024
18,800
2,664,244
2,683,044
CRM HDGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
18,800
3,467,897
3,486,697
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
700,000
700,000
Dividends
10
-
(700,000)
(700,000)
Balance at 31 May 2023
18,800
3,467,897
3,486,697
Year ended 31 May 2024:
Profit and total comprehensive income
-
494,609
494,609
Dividends
10
-
(494,609)
(494,609)
Balance at 31 May 2024
18,800
3,467,897
3,486,697
CRM HDGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(2,565,534)
(2,748,450)
Interest paid
(1,070,699)
(968,513)
Income taxes paid
(55,537)
-
0
Net cash outflow from operating activities
(3,691,770)
(3,716,963)
Investing activities
Purchase of tangible fixed assets
(60,918)
(248,836)
Proceeds from disposal of tangible fixed assets
22,964
118,815
Movement of loans
35,569
(491,808)
Interest received
4
-
0
Net cash used in investing activities
(2,381)
(621,829)
Financing activities
Movement of borrowings
2,354,171
1,668,165
Movement of bank loans
1,689,983
3,423,487
Movement of finance leases obligations
(40,581)
65,482
Dividends paid to equity shareholders
(494,609)
(700,000)
Net cash generated from financing activities
3,508,964
4,457,134
Net (decrease)/increase in cash and cash equivalents
(185,187)
118,342
Cash and cash equivalents at beginning of year
479,042
360,700
Cash and cash equivalents at end of year
293,855
479,042
CRM HDGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
494,609
700,000
Net cash generated from investing activities
494,609
700,000
Financing activities
Dividends paid to equity shareholders
(494,609)
(700,000)
Net cash used in financing activities
(494,609)
(700,000)
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
CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 18 -
1
Accounting policies
Company information

CRM Hdgs Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is c/o Lopian Gross Barnett & Co, 1st Floor Cloister House, New Bailey Street, Salford, M3 5FS1st Floor, Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

 

The group consists of CRM Hdgs 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 £.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company CRM HDGS 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 31 May 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.

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

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

 

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

 

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

CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
1.4
Going concern

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

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:

Leasehold land and buildings
Over remainder of the lease
Plant and equipment
20-50% straight line
Fixtures and fittings
Over remainder of the lease
Motor vehicles
25% straight line

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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

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

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

CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
1.8
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

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

 

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

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

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 22 -
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.

Derecognition of financial liabilities

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

1.12
Taxation

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

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.

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.

 

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit 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 profit or loss 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 profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 23 -
1.16
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Wholesale of perfumery goods, cosmetics and designer goods
42,673,158
54,767,304
2024
2023
£
£
Turnover analysed by geographical market
UK
21,926,257
25,296,720
Overseas
20,746,901
29,470,584
42,673,158
54,767,304
2024
2023
£
£
Other revenue
Interest income
4
-

The principal activity of the company and group continued to be that of perfumery goods, cosmetics and designer goods wholesalers.

CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
105,706
90,989
Profit on disposal of tangible fixed assets
(9,000)
(17,947)
Operating lease charges
245,135
342,728
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
44,416
28,856
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
2
2
-
-
Other
27
30
-
-
Total
29
32
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,095,414
1,529,270
-
0
-
0
Social security costs
129,248
170,041
-
-
Pension costs
21,326
24,687
-
0
-
0
1,245,988
1,723,998
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4
-
0
CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
7
Interest receivable and similar income
(Continued)
- 25 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4
-
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
991,530
737,946
Other interest on financial liabilities
68,829
221,244
1,060,359
959,190
Other finance costs:
Interest on finance leases and hire purchase contracts
10,340
9,323
Total finance costs
1,070,699
968,513
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
81,786

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

2024
2023
£
£
(Loss)/profit before taxation
(61,570)
590,442
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(15,393)
112,184
Tax effect of expenses that are not deductible in determining taxable profit
2,166
1,259
Tax effect of income not taxable in determining taxable profit
(2,250)
(3,410)
Unutilised tax losses carried forward
5,304
-
0
Effect of change in corporation tax rate
-
4,100
Permanent capital allowances in excess of depreciation
10,173
(32,347)
Taxation charge
-
81,786
CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
494,609
700,000
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
246,987
386,493
31,089
339,396
1,003,965
Additions
-
0
21,794
-
0
39,124
60,918
Disposals
(1,095)
(24,480)
-
0
(28,653)
(54,228)
At 31 May 2024
245,892
383,807
31,089
349,867
1,010,655
Depreciation and impairment
At 1 June 2023
246,367
343,443
26,082
118,558
734,450
Depreciation charged in the year
37
26,660
2,311
76,698
105,706
Eliminated in respect of disposals
(512)
(11,099)
-
0
(28,653)
(40,264)
At 31 May 2024
245,892
359,004
28,393
166,603
799,892
Carrying amount
At 31 May 2024
-
0
24,803
2,696
183,264
210,763
At 31 May 2023
620
43,050
5,007
220,838
269,515
The company had no tangible fixed assets at 31 May 2024 or 31 May 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
£
£
£
£
Motor vehicles
143,290
162,739
-
0
-
0
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
3,486,952
3,486,952
CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
3,486,952
Carrying amount
At 31 May 2024
3,486,952
At 31 May 2023
3,486,952
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
CRM Trading Limited
England & Wales
Wholesale of perfumery and cosmetics
Ordinary
100.00
-
CRM Trading Limited, Oficiana de Representacion En Espana
Spain
Marketing, promotion and related business development activities
Ordinary
-
100.00
CRM Trading Subsidiary S.L.
Spain
Warehousing and distribution
Ordinary
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
CRM Trading Limited
2,683,299
(61,570)
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
20,488,217
17,227,297
-
0
-
0
CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,624,897
9,245,906
-
0
-
0
Amounts owed by undertakings in which the company has a participating interest
68,500
249,383
-
-
Other debtors
1,676,013
1,384,138
-
0
-
0
10,369,410
10,879,427
-
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
13,945,520
12,255,537
-
0
-
0
Obligations under finance leases
19
76,878
150,870
-
0
-
0
Other borrowings
18
5,856,887
3,502,716
-
0
-
0
Trade creditors
7,681,620
8,148,874
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
255
255
Corporation tax payable
81,150
136,687
-
0
-
0
Other taxation and social security
500,191
352,801
-
-
Other creditors
-
0
69,302
-
0
-
0
Accruals and deferred income
434,194
929,921
-
0
-
0
28,576,440
25,546,708
255
255
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
102,761
69,350
-
0
-
0
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
13,945,520
12,255,537
-
0
-
0
Other loans
5,856,887
3,502,716
-
0
-
0
19,802,407
15,758,253
-
-
Payable within one year
19,802,407
15,758,253
-
0
-
0
CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
18
Loans and overdrafts
(Continued)
- 29 -

The bank financing is secured by debenture including first charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, floating charges over all assets and undertakings of the company.

 

The finance leases are secured on the assets to which they relate.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
76,878
150,870
-
0
-
0
In two to five years
102,761
69,350
-
0
-
0
179,639
220,220
-
-

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.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,326
24,687

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
18,750
18,750
18,750
18,750
Ordinary B shares of £1 each
50
50
50
50
18,800
18,800
18,800
18,800
CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 30 -
22
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
£
£
£
£
Between two and five years
549,796
793,904
-
-
549,796
793,904
-
-
23
Related party transactions

At the year end Mr. A Frenkel, shareholder, was loaned £68,500 (2023 - £249,383). Mr. A Frenkel loaned the group£309,500 this year, the net position being that the group owed £241,000 at the year end.

24
Directors' transactions

Dividends totalling £245,162 (2023 - £NIL) were paid in the year in respect of shares held by the company's/group's directors.

 

Finance loan - The 'Amounts repaid' below relate to increase in loans provided to the group by a director, Mr. C R Mathers.

 

The finance loan is interest bearing and is accruing at a rate of 12% per annum, subject to review.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr C R Mathers - Current account
-
633,757
555,348
(590,918)
598,187
Mr C R Mathers - Finance loan
12.00
(221,636)
-
(930,233)
(1,151,869)
412,121
555,348
(1,521,151)
(553,682)
CRM HDGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 31 -
25
Cash absorbed by group operations
2024
2023
£
£
(Loss)/profit after taxation
(61,570)
508,656
Adjustments for:
Taxation charged
-
0
81,786
Finance costs
1,070,699
968,513
Investment income
(4)
-
0
Gain on disposal of tangible fixed assets
(9,000)
(17,947)
Depreciation and impairment of tangible fixed assets
105,706
90,989
Movements in working capital:
Increase in stocks
(3,260,920)
(4,777,536)
Decrease in debtors
474,448
28,436
(Decrease)/increase in creditors
(884,893)
368,653
Cash absorbed by operations
(2,565,534)
(2,748,450)
26
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
494,609
700,000
Adjustments for:
Investment income
(494,609)
(700,000)
Cash generated from operations
-
-
27
Analysis of changes in net debt - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
479,042
(185,187)
293,855
Borrowings excluding overdrafts
(15,758,253)
(4,044,154)
(19,802,407)
Obligations under finance leases
(220,220)
40,581
(179,639)
(15,499,431)
(4,188,760)
(19,688,191)
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