Company Registration No. 11033907 (England and Wales)
SWITCHSHOP HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Herts
AL1 3SE
SWITCHSHOP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr T L Glinka
Mr J G Curry
Mr M D F Curry
Company number
11033907
Registered office
Switchshop House
Enterprise Park
Kimpton
Hertfordshire
SG4 8HP
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
SWITCHSHOP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
SWITCHSHOP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

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

Review of the business

The directors can report that the business year (June 2023 to May 2024) proved to be a period of further growth with turnover increasing from £31.9m in 2023 to £40.7m in 2024.

 

The group's principal activity continues to be that of the supply of computer networking equipment.

 

The group's financial performance has been strong due to the strength of the company brand in the market and the continued success in public sector tenders.

 

Results and performance

The subsidiary has achieved consistent growth and profitability with net profits of £3,599,718 (2023: £2,876,762)

 

The result of the parent company during the year showed a profit of £1,469,817 (2023: £2,219,818)

Principal risks and uncertainties

IT networking, and IT in general, is a rapidly evolving market place with new technology and new ways to deliver that technology constantly hitting the market. While the fundamentals of networking have not changed for many years, the Group will need to adapt to changes in the market and stay ahead of the curve to ensure it is offering the latest technology to the market place.

 

Spending cuts within any sector are seen as a risk to any business that is solely focused on any particular sector. Whilst the focus of the group is currently on public sector entities the Group has already started to expand into other vertical markets including private sector clients to reduce risk.

Development and performance

The Group's success is dependent on supply of products and services to public sector and quasi-public sector entities, with a focus on education and research establishments, local councils and the health sector.

 

The Group provides customers with a choice of IT products as well as providing related services such as engineering and support. The Group has an excellent reputation as a Value Added Retailer (VAR) in addition to its customer support and aims to continue to excel in these areas to gain new business.

Other performance indicators

The Group's financial performance for the year is monitored using the following KPIs:

 

Gross Profit %                

Operating Profit %    

Net Profit %        

On behalf of the board

Mr T L Glinka
Director
11 September 2024
SWITCHSHOP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

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

Principal activities

The principal activity continued to be that of a holding company. The subsidiaries activities are that of supply of computer networking equipment.

Directors

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

Mr T L Glinka
Mr J G Curry
Mr M D F Curry
Results and dividends

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

Ordinary dividends were paid amounting to £1,410,000. The directors do not recommend payment of a further dividend.

Future developments

The directors continue to develop the business in accordance with plans and projections.

Auditor

The auditor, Rayner Essex LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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

 

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

 

 

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

SWITCHSHOP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Statement of disclosure to auditor

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

Information included in the strategic report

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

On behalf of the board
Mr T L Glinka
Director
11 September 2024
SWITCHSHOP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWITCHSHOP HOLDINGS LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

The 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:

 

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

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

 

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

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 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.

Antony Federer FCA FCCA CF (Senior Statutory Auditor)
For and on behalf of Rayner Essex LLP
11 September 2024
Chartered Accountants
Statutory Auditor
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
SWITCHSHOP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
40,724,538
31,991,426
Cost of sales
(29,285,125)
(22,858,123)
Gross profit
11,439,413
9,133,303
Administrative expenses
(6,840,980)
(5,486,266)
Operating profit
4
4,598,433
3,647,037
Interest payable and similar expenses
7
(20,409)
(8,974)
Profit before taxation
4,578,024
3,638,063
Tax on profit
8
(1,161,038)
(761,301)
Profit for the financial year
25
3,416,986
2,876,762
Profit for the financial year is all attributable to the owners of the parent company.
SWITCHSHOP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
£
£
Profit for the year
3,416,986
2,876,762
Other comprehensive income
-
-
Total comprehensive income for the year
3,416,986
2,876,762
Total comprehensive income for the year is all attributable to the owners of the parent company.
SWITCHSHOP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
674,436
871,831
Tangible assets
11
470,615
341,804
1,145,051
1,213,635
Current assets
Stocks
15
2,627,887
2,337,055
Debtors
16
6,279,874
3,789,529
Cash at bank and in hand
4,288,841
3,526,672
13,196,602
9,653,256
Creditors: amounts falling due within one year
17
(7,550,565)
(6,351,634)
Net current assets
5,646,037
3,301,622
Total assets less current liabilities
6,791,088
4,515,257
Creditors: amounts falling due after more than one year
18
(638,794)
(369,735)
Provisions for liabilities
Deferred tax liability
21
28,941
29,155
(28,941)
(29,155)
Net assets
6,123,353
4,116,367
Capital and reserves
Called up share capital
24
99,999
99,999
Share premium account
25
171,089
171,089
Revaluation reserve
25
6,462
6,685
Capital redemption reserve
25
8,911
8,911
Profit and loss reserves
25
5,836,892
3,829,683
Total equity
6,123,353
4,116,367

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

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
11 September 2024
Mr T L Glinka
Director
Company registration number 11033907 (England and Wales)
SWITCHSHOP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
2,349,128
2,349,128
Current assets
Cash at bank and in hand
72,250
12,433
Creditors: amounts falling due within one year
17
(2,069,869)
(2,069,869)
Net current liabilities
(1,997,619)
(2,057,436)
Net assets
351,509
291,692
Capital and reserves
Called up share capital
24
99,999
99,999
Share premium account
25
171,089
171,089
Capital redemption reserve
25
8,911
8,911
Profit and loss reserves
25
71,510
11,693
Total equity
351,509
291,692

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,469,817 (2023 - £2,219,818 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
11 September 2024
Mr T L Glinka
Director
Company registration number 11033907 (England and Wales)
SWITCHSHOP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 June 2022
99,999
171,089
6,908
8,911
3,172,698
3,459,605
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
-
2,876,762
2,876,762
Dividends
9
-
-
-
-
(2,220,000)
(2,220,000)
Other movements
-
-
(223)
-
223
-
Balance at 31 May 2023
99,999
171,089
6,685
8,911
3,829,683
4,116,367
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
-
-
3,416,986
3,416,986
Dividends
9
-
-
-
-
(1,410,000)
(1,410,000)
Other movements
-
-
(223)
-
223
-
Balance at 31 May 2024
99,999
171,089
6,462
8,911
5,836,892
6,123,353
SWITCHSHOP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
99,999
171,089
8,911
11,875
291,874
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
2,219,818
2,219,818
Dividends
9
-
-
-
(2,220,000)
(2,220,000)
Balance at 31 May 2023
99,999
171,089
8,911
11,693
291,692
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
1,469,817
1,469,817
Dividends
9
-
-
-
(1,410,000)
(1,410,000)
Balance at 31 May 2024
99,999
171,089
8,911
71,510
351,509
SWITCHSHOP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
3,406,599
3,653,977
Interest paid
(20,409)
(8,974)
Income taxes paid
(985,168)
(546,582)
Net cash inflow from operating activities
2,401,022
3,098,421
Investing activities
Purchase of tangible fixed assets
(206,954)
(120,662)
Net cash used in investing activities
(206,954)
(120,662)
Financing activities
New bank loans net of repayments
(5,957)
(8,809)
Payment of finance leases obligations
(15,942)
(24,864)
Dividends paid to equity shareholders
(1,410,000)
(2,220,000)
Net cash used in financing activities
(1,431,899)
(2,253,673)
Net increase in cash and cash equivalents
762,169
724,086
Cash and cash equivalents at beginning of year
3,526,672
2,802,586
Cash and cash equivalents at end of year
4,288,841
3,526,672
SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
1
Accounting policies
Company information

Switchshop Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Switchshop House Enterprise Park, Kimpton, Hitchin, England, SG4 8HP.

 

The group consists of Switchshop Holdings Limited and its subsidiary.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

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 consolidated 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 consolidated financial statements:

 

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.

SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Switchshop Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 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.

Switchshop Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Switchshop Limited for the year ended 31 May 2020 (2019 :Year). The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition on 26th October 2017.

1.4
Going concern

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

1.5
Turnover

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

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

1.6
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.

SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
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
Plant and equipment
20% 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.

1.8
Fixed asset investments

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

 

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

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

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.

 

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.

SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
1.10
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.

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.

1.11
Cash and cash equivalents

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

1.12
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.

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.

SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
1.15
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.

1.16
Retirement benefits

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

1.17
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.

1.18
Foreign exchange

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

1.19

Research and development costs

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Supply of computer networking
40,724,538
31,991,426
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
38,146,625
30,566,717
Europe
2,577,913
1,424,709
40,724,538
31,991,426
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(51)
1,808
Depreciation of owned tangible fixed assets
64,070
89,523
Depreciation of tangible fixed assets held under finance leases
14,073
14,073
Amortisation of intangible assets
197,395
197,395
Cost of stocks recognised as an expense
29,285,125
22,858,123
Operating lease charges
172,420
128,293
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
70
57
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,378,217
3,542,865
-
0
-
0
Social security costs
513,575
433,548
-
-
Pension costs
150,347
127,678
-
0
-
0
5,042,139
4,104,091
-
0
-
0
SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
30,238
38,260
Company pension contributions to defined contribution schemes
16,200
16,200
46,438
54,460

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
15,330
8,974
Interest on finance leases and hire purchase contracts
5,079
-
Total finance costs
20,409
8,974
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,161,252
761,301
Deferred tax
Origination and reversal of timing differences
(214)
-
0
Total tax charge
1,161,038
761,301
SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
8
Taxation
(Continued)
- 22 -

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
4,578,024
3,638,063
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
1,144,506
727,613
Tax effect of expenses that are not deductible in determining taxable profit
2,598
22,935
Unutilised tax losses carried forward
46
-
0
Group relief
(46)
-
0
Permanent capital allowances in excess of depreciation
(35,201)
(28,726)
Amortisation on assets not qualifying for tax allowances
49,349
39,479
Deferred taxation
(214)
-
0
Taxation charge
1,161,038
761,301
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,410,000
2,220,000
SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
1,973,953
Amortisation and impairment
At 1 June 2023
1,102,122
Amortisation charged for the year
197,395
At 31 May 2024
1,299,517
Carrying amount
At 31 May 2024
674,436
At 31 May 2023
871,831
The company had no intangible fixed assets at 31 May 2024 or 31 May 2023.
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 June 2023
249,790
259,260
509,050
Additions
78,476
128,478
206,954
Disposals
-
0
(8,153)
(8,153)
At 31 May 2024
328,266
379,585
707,851
Depreciation and impairment
At 1 June 2023
40,341
126,905
167,246
Depreciation charged in the year
8,406
69,737
78,143
Eliminated in respect of disposals
-
0
(8,153)
(8,153)
At 31 May 2024
48,747
188,489
237,236
Carrying amount
At 31 May 2024
279,519
191,096
470,615
At 31 May 2023
209,449
132,355
341,804
The company had no tangible fixed assets at 31 May 2024 or 31 May 2023.
SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
11
Tangible fixed assets
(Continued)
- 24 -

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
28,145
42,219
-
0
-
0

The group trades from its freehold property. The last formal valuation of the company's property was made by Stimpson Consultant Surveyors Limited, Chartered Surveyors on 12th October 2017. The property was valued at £357,800 on this date. The directors confirm that the valuation is in line with current market conditions.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,349,128
2,349,128
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
2,349,128
Carrying amount
At 31 May 2024
2,349,128
At 31 May 2023
2,349,128
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
Switchshop Limited
Switchshop House, Enterprise Park, Kimpton, Herts, SG4 8HP
Supply of computer networking
Ordinary
100.00
SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,734,405
2,896,838
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
6,004,448
5,587,166
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,627,887
2,337,055
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,734,405
2,896,838
-
0
-
0
Prepayments and accrued income
545,469
892,691
-
0
-
0
6,279,874
3,789,529
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
10,764
10,399
-
0
-
0
Obligations under finance leases
20
-
0
15,942
-
0
-
0
Trade creditors
4,715,979
4,346,235
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,069,869
2,069,869
Corporation tax payable
660,340
484,256
-
0
-
0
Other taxation and social security
1,066,876
467,633
-
-
Other creditors
36,655
28,214
-
0
-
0
Accruals and deferred income
1,059,951
998,955
-
0
-
0
7,550,565
6,351,634
2,069,869
2,069,869
SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
17
Creditors: amounts falling due within one year
(Continued)
- 26 -

The bank loans are secured by way of a charge against the freehold property of the company and a by fixed and floating charge over the assets of the group.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
181,099
187,421
-
0
-
0
Deferred income
22
457,695
182,314
-
0
-
0
638,794
369,735
-
0
-
0

The bank loans are secured by way of a charge against the freehold property of the company, by fixed and floating charge over the assets of the group.

 

Included within creditors: amounts falling due after more than one year is an amount of £134,133 (2023: £142,045) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

 

The company's bankers hold a cross guarantee between the company and its subsidiary company Switchshop Limited. At the 31 May 2024, the total amount covered by this guarantee amounted to £191,863 (2023: £197,820).

Amounts included above which fall due after five years are as follows:
Payable by instalments
134,133
142,045
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
191,863
197,820
-
0
-
0
Payable within one year
10,764
10,399
-
0
-
0
Payable after one year
181,099
187,421
-
0
-
0

The bank loans are secured by way of a charge against the freehold property of its subsidiary undertaking Switchshop Limited and a by fixed and floating charge over the assets of the group.

 

The bank loans are charged at 2.95% above base rate and are due for repayment in December 2037.

SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
15,942
-
0
-
0

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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
24,505
25,783
Revaluations
4,436
3,372
28,941
29,155
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 June 2023
29,155
-
Credit to profit or loss
(214)
-
Liability at 31 May 2024
28,941
-

The provision under revaluations represents the deferred tax on the revaluation of the group's freehold property.

22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
457,695
182,314
-
-
SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
150,347
127,678

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.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
99,999
99,999
99,999
99,999
25
Reserves
Revaluation reserve

The revaluation reserve is the revalued amount attributable to the groups property.

Capital redemption reserve

Capital redemption reserve relates to the repurchase of the Ordinary B Shares.

26
Financial commitments, guarantees and contingent liabilities

The company's bankers hold a cross guarantee between the company and its parent company Switchshop Holdings Limited. At the 31 May 2024, the total amount covered by this guarantee amounted to £191,863 (2023: £197,820).

27
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
133,313
119,973
-
-
Between two and five years
189,675
202,696
-
-
322,988
322,669
-
-
28
Related party transactions

Dividends totalling £1,410,000 (2023 - £2,220,000) were paid in the year in respect of shares held by the company's directors and spouses.

SWITCHSHOP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,416,986
2,876,762
Adjustments for:
Taxation charged
1,161,038
761,301
Finance costs
20,409
8,974
Amortisation and impairment of intangible assets
197,395
197,395
Depreciation and impairment of tangible fixed assets
78,143
103,596
Movements in working capital:
Increase in stocks
(290,832)
(1,499,613)
Increase in debtors
(2,490,345)
(354,894)
Increase in creditors
1,038,424
1,485,683
Increase in deferred income
275,381
74,773
Cash generated from operations
3,406,599
3,653,977
30
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
3,526,672
762,169
4,288,841
Borrowings excluding overdrafts
(197,820)
5,957
(191,863)
Obligations under finance leases
(15,942)
15,942
-
3,312,910
784,068
4,096,978
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