Company registration number 08073206 (England and Wales)
VERTEC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
VERTEC LIMITED
COMPANY INFORMATION
Directors
A Bloxham
A Robinson
D Seymour
Company number
08073206
Registered office
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
Auditor
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
VERTEC LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
VERTEC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

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

Review of the business

Vertec Limited is a commercial roofing and cladding company, committed to safely delivering a wide variety of solutions in the New Build and Refurbishment sectors.

 

We have a strong focus on customer service, quality, cost and programme execution; and are capable of delivering design and build projects ranging from small works to large projects worth £5M+.

The Directors bring in excess of 30 years’ worth of experience, establishing Vertec Ltd in May 2012.

 

We also have our own in-house safety team/committee. This ensures that not only are works carried out to the highest standards, but health and safety is at the forefront of everything we do.

 

New Build

Vertec can offer a full scope for the complete envelope of a building. Our in-house design and estimation teams work closely with the main contractor/architects to offer SFS, rainscreen, cladding, facades, all types of roofing works, cavity fire barriers and curtain walling.

 

Vertec work with the industry’s leading suppliers allowing all solutions to be offered at competitive rates, whilst maintaining the highest industry standards.

 

Whilst New Build sales declined in the year, this followed the overall trend seen in the wider New Build construction sector. We saw significant growth in New Build between 2022 and 2023 (2024 - £7.6M; 2023 £15.9M; 2022 £5.2M), however the slow nature of the market seen in 2024 had an impact on our annual turnover.

 

Whilst our turnover in this sector dropped in the period to July 2024, we did see an 8-point improvement in our gross margin and, looking ahead, the sector is optimistic for activity to pick up in 2025.

 

Refurbishments

Vertec provide a service that encapsulates all elements of refurbishment works to the exterior of any type of building. This includes any type of fire remediation works that are required.

 

Vertec work with the leading industry suppliers to offer all types of products and solutions. We have our own internal design team, so ideas and solutions can be worked on using a collaborative approach. This allows us to find the most cost-effective solutions whist still offering the highest standard of product and service.

 

Refurb project revenue increased 13% to July 2024 (2024 - £7.8M; 2023 £6.3M) with our margin holding year on year despite increases in material costs.

 

Overall

Whilst our turnover had a decrease from the previous year, we delivered an overall profit for our year ending July 2024, with an 8-point improvement on our net operating margin from 2023. We are confident at the outlook for 2025 and have the company structure in place to continue our profit position in the year to come.

VERTEC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Principal risks and uncertainties

The company operates in a marketplace where we have seen a number of insolvencies causing tighter competition and pressure on our margins at the tender stage.

 

The key business risks that affect the Company, could come from the market and economic environment; health and safety; inflation; liquidity and potential contractual risks (such as mispricing contracts, contract disputes and project / contact delivery).

 

Vertec work closely with our main contractors and have a solid base of repeat business delivered through the close relationships that we have built up over the years.

 

We look to take on projects where the margins are competitive, but also at a level that the business can continue to ensure the highest standards of quality and health and safety.

 

We believe it is critical to have open communication lines with our supply chain and look to work with those we have existing and ongoing connections with. Vertec endeavour to establish strong relations with the subcontractors we use, and over the last couple of years have looked to stabilise our employee base to best support the structure of our business.

 

Whilst 2024 has seen a reduction in project turnover, we believe we will see overall activity pick up in 2025 for the following reasons:

Ongoing performance and the year ahead

Our core values centre on focused leadership, dependable teamwork, meticulous efficiency and proactive health and safety. By tendering for projects we are confident we can deliver to a high standard, we are looking to maintain our performance in Refurbishment, and drive for growth in our New Build operations over the next financial year.

 

The directors of Vertec remain closely involved in all projects from tender through to closure; something the company believes is essential for ensuring a collaborative working environment and cultivating long-term relationships.

On behalf of the board

A Bloxham
Director
13 January 2025
2025-01-13
VERTEC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of the supply of construction services and materials for roofing and cladding of buildings

Results and dividends

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

Ordinary dividends were paid amounting to £300,000. The directors do not recommend payment of a further dividend.

Directors

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

A Bloxham
M Hooper
(Resigned 31 March 2024)
A Robinson
D Seymour
Purchase of own shares

During the year, it was agreed that 525 (21%) of £1 ordinary D shares will be repurchased for £420,000 and cancelled in six tranches due to a shareholder retiring in the year.

 

The maximum number of shares held was 2,500 (100%) with a nominal value of £1 each.

 

The number of shares repurchased in the year was 175 (7%) , with a nominal value of £1 each and was purchased for £140,000.

 

The percentages next to the number of the shares represents the percentages of each shareholding.

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.

On behalf of the board
A Bloxham
Director
13 January 2025
VERTEC LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

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.

VERTEC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VERTEC LIMITED
- 5 -
Opinion

We have audited the financial statements of Vertec Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

VERTEC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VERTEC LIMITED
- 6 -
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.

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

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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.

Other matters which we are required to address

Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.

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.

VERTEC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VERTEC LIMITED
- 7 -
John Holland
For and on behalf of Richardsons
13 January 2025
Chartered Accountants
Statutory Auditor
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
VERTEC LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,621,489
22,950,902
Cost of sales
(10,729,523)
(17,795,978)
Gross profit
4,891,966
5,154,924
Administrative expenses
(4,102,152)
(4,423,928)
Operating profit
4
789,814
730,996
Interest receivable and similar income
8
848
212
Interest payable and similar expenses
9
(75,083)
(72,802)
Profit before taxation
715,579
658,406
Tax on profit
10
(199,436)
(144,175)
Profit for the financial year
516,143
514,231
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
VERTEC LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
108,555
127,733
Current assets
Stocks
15
3,935
9,000
Debtors
16
2,142,417
3,339,390
Cash at bank and in hand
575,739
1,007,085
2,722,091
4,355,475
Creditors: amounts falling due within one year
17
(2,053,328)
(3,617,942)
Net current assets
668,763
737,533
Total assets less current liabilities
777,318
865,266
Creditors: amounts falling due after more than one year
18
(191,029)
(355,120)
Net assets
586,289
510,146
Capital and reserves
Called up share capital
22
2,325
2,500
Share premium account
6,000
6,000
Capital redemption reserve
175
-
0
Purchase of own shares
(140,000)
-
0
Profit and loss reserves
717,789
501,646
Total equity
586,289
510,146
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
13 January 2025
A Bloxham
Director
Company registration number 08073206 (England and Wales)
VERTEC LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
108,555
127,733
Investments
13
100
100
108,655
127,833
Current assets
Stocks
15
3,935
9,000
Debtors
16
2,136,509
3,330,119
Cash at bank and in hand
470,944
994,052
2,611,388
4,333,171
Creditors: amounts falling due within one year
17
(2,015,586)
(3,587,510)
Net current assets
595,802
745,661
Total assets less current liabilities
704,457
873,494
Creditors: amounts falling due after more than one year
18
(191,029)
(355,120)
Net assets
513,428
518,374
Capital and reserves
Called up share capital
22
2,325
2,500
Share premium account
6,000
6,000
Capital redemption reserve
175
-
0
Purchase of own shares
(140,000)
-
0
Profit and loss reserves
644,928
509,874
Total equity
513,428
518,374

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 £435,054 (2023 - £471,251)

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 13 January 2025 and are signed on its behalf by:
13 January 2025
A Bloxham
Director
Company registration number 08073206 (England and Wales)
VERTEC LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Purchase of own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 August 2022
2,500
6,000
-
0
-
0
382,415
390,915
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
-
514,231
514,231
Dividends
11
-
-
-
-
(395,000)
(395,000)
Balance at 31 July 2023
2,500
6,000
-
0
-
0
501,646
510,146
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
-
-
516,143
516,143
Dividends
11
-
-
-
-
(300,000)
(300,000)
Redemption of shares
22
-
-
175
-
-
175
Reduction of shares
22
(175)
-
-
-
-
(175)
Own shares acquired
-
-
-
(140,000)
-
(140,000)
Balance at 31 July 2024
2,325
6,000
175
(140,000)
717,789
586,289
VERTEC LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Purchase of own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 August 2022
2,500
6,000
-
0
-
0
433,623
442,123
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
-
471,251
471,251
Dividends
11
-
-
-
-
(395,000)
(395,000)
Balance at 31 July 2023
2,500
6,000
-
0
-
0
509,874
518,374
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
-
-
435,054
435,054
Dividends
11
-
-
-
-
(300,000)
(300,000)
Redemption of shares
22
-
-
175
-
-
175
Reduction of shares
22
(175)
-
-
-
-
(175)
Own shares acquired
-
-
-
(140,000)
-
(140,000)
Balance at 31 July 2024
2,325
6,000
175
(140,000)
644,928
513,428
VERTEC LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
473,030
1,612,080
Interest paid
(75,083)
(72,802)
Income taxes paid
(153,366)
(144,175)
Net cash inflow from operating activities
244,581
1,395,103
Investing activities
Purchase of tangible fixed assets
(64,674)
(72,753)
Proceeds from disposal of tangible fixed assets
-
15,249
Interest received
848
212
Net cash used in investing activities
(63,826)
(57,292)
Financing activities
Redemption of shares
(140,000)
-
0
Repayment of bank loans
(145,697)
(140,658)
Payment of finance leases obligations
(23,122)
(48,877)
Dividends paid to equity shareholders
(300,000)
(395,000)
Net cash used in financing activities
(608,819)
(584,535)
Net (decrease)/increase in cash and cash equivalents
(428,064)
753,276
Cash and cash equivalents at beginning of year
999,583
246,307
Cash and cash equivalents at end of year
571,519
999,583
Relating to:
Cash at bank and in hand
575,739
1,007,085
Bank overdrafts included in creditors payable within one year
(4,220)
(7,502)
VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
1
Accounting policies
Company information

Vertec Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Vertec Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Vertec 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 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -

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.

1.3
Turnover

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

1.4
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 improvements
33% straight line
Plant and equipment
33% straight line
Computers
33% straight line
Motor vehicles
33% 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.

VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.5
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.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

1.6
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.

VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -

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.

1.7
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.

1.8
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.

1.9
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.

VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
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.

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

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

1.10
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.

1.11
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.

1.12
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.

1.13
Retirement benefits

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

1.14
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.

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.

VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Services
15,621,489
22,950,902
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,621,489
22,950,902
2024
2023
£
£
Other revenue
Interest income
848
212
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
83,852
89,848
Profit on disposal of tangible fixed assets
-
(8,768)
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
15,000
-
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
59
60
59
60
VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,841,929
2,543,062
2,761,698
2,441,158
Social security costs
319,648
270,797
319,648
270,797
Pension costs
54,251
329,463
54,251
329,463
3,215,828
3,143,322
3,135,597
3,041,418
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
66,256
36,384
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
848
212
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
75,083
72,802
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
190,245
144,175
Adjustments in respect of prior periods
9,191
-
0
Total current tax
199,436
144,175
VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
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
715,579
658,406
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
178,895
151,433
Tax effect of expenses that are not deductible in determining taxable profit
27,777
25,437
Tax effect of income not taxable in determining taxable profit
-
0
(736)
Effect of change in corporation tax rate
-
(11,021)
Permanent capital allowances in excess of depreciation
(16,168)
(19,508)
Under/(over) provided in prior years
9,191
-
0
Tax at marginal rate
(259)
(1,430)
Taxation charge
199,436
144,175
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
300,000
395,000
VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
-
0
2,772
44,568
231,740
279,080
Additions
27,756
1,325
14,973
20,620
64,674
Disposals
-
0
-
0
(5,519)
-
0
(5,519)
At 31 July 2024
27,756
4,097
54,022
252,360
338,235
Depreciation and impairment
At 1 August 2023
-
0
229
22,310
128,808
151,347
Depreciation charged in the year
7,634
1,246
14,404
60,568
83,852
Eliminated in respect of disposals
-
0
-
0
(5,519)
-
0
(5,519)
At 31 July 2024
7,634
1,475
31,195
189,376
229,680
Carrying amount
At 31 July 2024
20,122
2,622
22,827
62,984
108,555
At 31 July 2023
-
0
2,543
22,258
102,932
127,733
Company
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
-
0
2,772
44,568
231,740
279,080
Additions
27,756
1,325
14,973
20,620
64,674
Disposals
-
0
-
0
(5,519)
-
0
(5,519)
At 31 July 2024
27,756
4,097
54,022
252,360
338,235
Depreciation and impairment
At 1 August 2023
-
0
229
22,310
128,808
151,347
Depreciation charged in the year
7,634
1,246
14,404
60,568
83,852
Eliminated in respect of disposals
-
0
-
0
(5,519)
-
0
(5,519)
At 31 July 2024
7,634
1,475
31,195
189,376
229,680
Carrying amount
At 31 July 2024
20,122
2,622
22,827
62,984
108,555
At 31 July 2023
-
0
2,543
22,258
102,932
127,733
VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
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
£
£
£
£
Motor vehicles
44,775
70,966
44,775
70,966
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
100
Carrying amount
At 31 July 2024
100
At 31 July 2023
100
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Elmatec Limited
England
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
3,935
9,000
3,935
9,000
VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,588,638
2,890,901
1,588,638
2,890,901
Other debtors
74,848
69,241
74,284
61,000
Prepayments and accrued income
478,931
379,248
473,587
378,218
2,142,417
3,339,390
2,136,509
3,330,119
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
147,211
141,995
147,211
141,995
Obligations under finance leases
20
26,981
40,207
26,981
40,207
Trade creditors
1,376,516
2,355,020
1,371,582
2,265,165
Amounts owed to group undertakings
-
0
-
0
1,584
77,243
Other taxation and social security
276,521
291,731
249,836
280,751
Other creditors
201,253
609,449
196,846
605,909
Accruals and deferred income
24,846
179,540
21,546
176,240
2,053,328
3,617,942
2,015,586
3,587,510
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
176,293
330,488
176,293
330,488
Obligations under finance leases
20
14,736
24,632
14,736
24,632
191,029
355,120
191,029
355,120
VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
319,284
464,981
319,284
464,981
Bank overdrafts
4,220
7,502
4,220
7,502
323,504
472,483
323,504
472,483
Payable within one year
147,211
141,995
147,211
141,995
Payable after one year
176,293
330,488
176,293
330,488
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
26,981
40,207
26,981
40,207
In two to five years
14,736
24,632
14,736
24,632
41,717
64,839
41,717
64,839

Finance lease payments represent rentals payable by the company 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 60 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,251
329,463

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.

VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
-
875
-
875
Ordinary A of £1 each
875
625
875
625
Ordinary B of £1 each
625
575
625
575
Ordinary C of £1 each
425
425
425
425
Ordinary D of £1 each
350
-
350
-
Ordinary E of £1 each
50
-
50
-
2,325
2,500
2,325
2,500

The Ordinary A, B and C shares shall rank pari passu in all respect but shall constitute separate classes of shares.

 

The D Shares shall not carry any right to vote either on a written resolution or at a general meeting of the Company; or attend or speak at a general meeting of the Company; or participate in any dividend or distribution declared, paid or made to members of the Company other than the right to receive on the winding up of the Company out of the surplus assets of the Company available for distribution among its members an amount equal to the amounts paid up on each D Share in respect of its nominal value but not any premium on it.

 

The E Shares shall not carry any right to vote either on a written resolution or at a general meeting of the Company; or attend or speak at a general meeting of the Company; or participate in any dividend or distribution declared, paid or made to members of the Company other than any distribution of assets to members on the winding up of the Company.

 

23
Financial commitments

The company signed a buyback agreement for the purchase of its £1 ordinary D shares. The shares will be purchased in six tranches with the last tranche due to take place on 30th April 2025.

 

At each tranche the shares will be cancelled. If on any completion date, the company has insufficient distributable profits from which to purchase the shares, then completion of those shares shall be purchased and take place on the following business day the company has sufficient reserves.

 

As at the year end, there were five tranches remaining totalling £280,000. Of this, £160,000 has been paid since the year end.

VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
24
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2024
2023
£
£
Group
Melissa Bloxham
13,000
11,000
Company
Melissa Bloxham
13,000
11,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Melissa Bloxham
1,000
-
Company
Melissa Bloxham
1,000
-
25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
516,143
514,231
Adjustments for:
Taxation charged
199,436
144,175
Finance costs
75,083
72,802
Investment income
(848)
(212)
Gain on disposal of tangible fixed assets
-
(8,768)
Depreciation and impairment of tangible fixed assets
83,852
89,848
Movements in working capital:
Decrease in stocks
5,065
-
Decrease in debtors
1,196,973
669,476
(Decrease)/increase in creditors
(1,602,674)
130,528
Cash generated from operations
473,030
1,612,080
VERTEC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
26
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
1,007,085
(431,346)
575,739
Bank overdrafts
(7,502)
3,282
(4,220)
999,583
(428,064)
571,519
Borrowings excluding overdrafts
(464,981)
145,697
(319,284)
Obligations under finance leases
(64,839)
23,122
(41,717)
469,763
(259,245)
210,518
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