Company registration number 12121024 (England and Wales)
BENHAM HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
BENHAM HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr P C Benham
Mr R J Benham
Mr J Benham
Company number
12121024
Registered office
Precision House
Chapel Lane
Rushington
Southampton
Hampshire
United Kingdom
SO40 9AH
Auditor
Azets Audit Services
Athenia House
10-14 Andover Road
Winchester
Hampshire
United Kingdom
SO23 7BS
BENHAM HOLDINGS 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 - 28
BENHAM HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

Benham Holdings Limited and its subsidiaries are an established Tier 1 supplier to aerospace and defence OEM contractors and is committed to providing a flexible and responsive service to our customers. The group uses leading-edge technology including five axis prismatic and mill turn equipment technology to manufacture a broad range of complex precision-engineered components and sub-assemblies.

 

This is demonstrated in the results with the group achieving a profit before tax of £602,908 (2023: £759,838) achieved through efficient working practices and a concentration on margin.

 

The group continues to maintain a strong balance sheet with net assets of £8,376,009 (2023: £7,898,533)and the directors are confident the group will remain profitable and in a strong position during 2025.

Principle Risks and Uncertainties

Principle risk:

The group operates principally in the areospace and defence sector and budgets are subject to variations in the current economic climate. The group has a strong team and reputation within the sector and is well placed to win contracts. Increased competition may have an impact on margins achievable. This is considered to be the principal risk and uncertainty for the group.

 

Financial Instruments:

The group's principle financial instrument is cash. The group has various other financial assets and liabilities such as trade debtors and creditors arising directly from its operations.

 

Liquidity risk:

The group maintains cash reserves at amounts sufficient to ensure that funds are available for operation.

 

Interest rate risk:

The group is exposed to interest rate risk on its bank deposits.

 

Credit risk:

The group's principle financial assets are cash and trade debtors and the credit risk associated with these are minimal. Customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

 

Price risk:

The directors consider that the group faces the usual risk of any company operating in a competitive, commercial environment.

Development and Performance

Sales for the period were £11,022,457, which represents an increase of 20.5%

 

Our relationships continue to develop and mature with our strategic partners within the defence and aerospace defence sectors. Sales to the civil aerospace sector sustained 33% of turnover and sales to the aerospace defence sector represented 62% of sales.

 

The remaining 5% of sales being predominately to the defence sector.

Our order book remains robust with future opportunities identified.

BENHAM HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Financial key performance indicators

Financial key performance indicators represent the challenges facing the business, specifically customer cost down expectations, increasing costs and the extent of new business within the business.

         

 

2024

2023

Turnover

11,022,457

9,145,930

Gross Profit

3,429,210

3,407,170

Operating Profit

744,777

938,932

 

Our challenge is to remove cost from the business and ensure our commercial offering facilitates improved profitability.

 

The business continues to maintain a strong financial position at the end of the period. The on-going investment in the facility, plant and our people is continuing to provide exciting opportunities for the business.

 

The diversity in our customer base together with meeting our customers’ expectations continues to require a high level of commitment from both the management team and employees.

 

On behalf of the board

Mr P C Benham
Director
20 December 2024
BENHAM HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principle activity of the group continued to be that of precision engineering. The principal activity of the company is that of a holding company.

Results and dividends

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

Ordinary dividends were paid amounting to £59,200. 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:

Mr P C Benham
Mr R J Benham
Mr J Benham
Financial instruments

The company's principle financial instrument is cash. The company has various other financial assets and liabilities such as trade debtors and creditors arising directly from its operations.

Auditor

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

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
Mr P C Benham
Director
20 December 2024
BENHAM HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 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.

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

We have audited the financial statements of Benham Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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:

BENHAM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BENHAM HOLDINGS 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.

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.

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Jon Noble (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 December 2024
Chartered Accountants
Statutory Auditor
Athenia House
10-14 Andover Road
Winchester
Hampshire
United Kingdom
SO23 7BS
BENHAM HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
11,022,457
9,145,930
Cost of sales
(7,593,247)
(5,738,760)
Gross profit
3,429,210
3,407,170
Administrative expenses
(2,654,433)
(2,468,238)
Operating profit
3
774,777
938,932
Interest receivable and similar income
7
2,465
92
Interest payable and similar expenses
8
(174,334)
(179,186)
Profit before taxation
602,908
759,838
Tax on profit
9
(66,232)
(38,367)
Profit for the financial year
536,676
721,471
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.

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

BENHAM HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,011,257
3,030,662
Current assets
Stocks
14
262,135
110,594
Debtors
15
7,342,819
6,332,286
Cash at bank and in hand
1,552,937
2,283,665
9,157,891
8,726,545
Creditors: amounts falling due within one year
16
(3,703,866)
(3,524,666)
Net current assets
5,454,025
5,201,879
Total assets less current liabilities
9,465,282
8,232,541
Creditors: amounts falling due after more than one year
17
(857,254)
(168,222)
Provisions for liabilities
Deferred tax liability
20
232,019
165,786
(232,019)
(165,786)
Net assets
8,376,009
7,898,533
Capital and reserves
Called up share capital
22
200
200
Capital redemption reserve
700,000
700,000
Other reserves
100
100
Profit and loss reserves
7,675,709
7,198,233
Total equity
8,376,009
7,898,533
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
Mr P C Benham
Director
Company registration number 12121024 (England and Wales)
BENHAM HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,834,083
1,834,842
Investments
12
100
100
2,834,183
1,834,942
Current assets
Debtors
15
606,971
28,413
Cash at bank and in hand
729,965
1,447,186
1,336,936
1,475,599
Creditors: amounts falling due within one year
16
(2,023,094)
(1,931,015)
Net current liabilities
(686,158)
(455,416)
Total assets less current liabilities
2,148,025
1,379,526
Creditors: amounts falling due after more than one year
17
(689,032)
-
Provisions for liabilities
Deferred tax liability
20
149,412
91,920
(149,412)
(91,920)
Net assets
1,309,581
1,287,606
Capital and reserves
Called up share capital
22
200
200
Capital redemption reserve
700,000
700,000
Profit and loss reserves
609,381
587,406
Total equity
1,309,581
1,287,606

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 £138,667 (2023 : £83,693)

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
Mr P C Benham
Director
Company registration number 12121024 (England and Wales)
BENHAM HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
200
700,000
100
6,592,967
7,293,267
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
721,471
721,471
Dividends
10
-
-
-
(116,205)
(116,205)
Balance at 30 June 2023
200
700,000
100
7,198,233
7,898,533
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
-
536,676
536,676
Dividends
10
-
-
-
(59,200)
(59,200)
Balance at 30 June 2024
200
700,000
100
7,675,709
8,376,009
BENHAM HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
200
700,000
619,918
1,320,118
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
83,693
83,693
Dividends
10
-
-
(116,205)
(116,205)
Balance at 30 June 2023
200
700,000
587,406
1,287,606
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
81,175
81,175
Dividends
10
-
-
(59,200)
(59,200)
Balance at 30 June 2024
200
700,000
609,381
1,309,581
BENHAM HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(256,533)
(230,937)
Interest paid
(174,334)
(179,186)
Income taxes refunded
82,238
-
0
Net cash outflow from operating activities
(348,629)
(410,123)
Investing activities
Purchase of tangible fixed assets
(340,080)
(310,989)
Proceeds from disposal of tangible fixed assets
28,000
42,349
Interest received
2,465
92
Net cash used in investing activities
(309,615)
(268,548)
Financing activities
Repayment of borrowings
(19,097)
(70,502)
Repayment of bank loans
(23,021)
(35,360)
Movement in directors loan accounts
7,755
212,203
Payment of finance leases obligations
(38,121)
-
Dividends paid to equity shareholders
-
(116,205)
Net cash used in financing activities
(72,484)
(9,864)
Net decrease in cash and cash equivalents
(730,728)
(688,535)
Cash and cash equivalents at beginning of year
2,283,665
2,972,200
Cash and cash equivalents at end of year
1,552,937
2,283,665
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Benham Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Precision House, Chapel Lane, Rushington, Southampton, Hampshire, United Kingdom, SO40 9AH.

 

The group consists of Benham Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Benham Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits.)

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, because the company continues to have substantial cash reserves, a profitable outlook and a strong equity position. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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 for contracts in the course of construction are recognised by the stage of completion of the contracted work where the outcome of the contract can be estimated reliably.

1.5
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.

BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -

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

Leasehold land and buildings
2% Straight line
Plant and equipment
8% Straight line
Fixtures and fittings
15% Straight line
Motor vehicles
25% Straight line

Land held on a long lease, having a cost of £246,959, is not depreciated.

 

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

1.6
Fixed asset investments

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

 

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

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

1.7
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.

1.8
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.

1.9
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.

BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.10
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.

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 and loans from fellow group companies 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.

BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

1.11
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.

1.12
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Leases

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

 

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

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

1.16
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

The main areas of accounting estimate are:

 

Slow moving stock provisions - As orders are made to customer specification, any excess stock is retained but regarded as redundant with no value assigned.

 

Long term contracts - Recognition of revenue and profit is based on judgments in respect of the ultimate profitability of the product. Such judgments are arrived at through the use of estimation in relation to value of work performed to date and remaining costs to bring product to completion.

3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
5,691
10,700
Depreciation of owned tangible fixed assets
212,449
186,578
Depreciation of tangible fixed assets held under finance leases
24,092
-
Profit on disposal of tangible fixed assets
(18,045)
(9,513)
Operating lease charges
171,704
146,275
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
4
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
4,775
4,600
Audit of the financial statements of the company's subsidiaries
14,290
13,685
19,065
18,285
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
Operatives
66
61
-
-
Admin and management
32
28
3
3
Total
98
89
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,042,566
3,634,460
-
0
-
0
Social security costs
425,120
394,460
-
-
Pension costs
170,952
156,223
-
0
-
0
4,638,638
4,185,143
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
262,438
288,099
Company pension contributions to defined contribution schemes
14,534
73,690
276,972
361,789
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
122,653
154,398
Company pension contributions to defined contribution schemes
770
60,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
166
92
Other interest income
2,299
-
Total income
2,465
92
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
(4,129)
9,978
Other interest on financial liabilities
-
5,132
Interest on finance leases and hire purchase contracts
4,557
-
Other interest
173,906
164,076
Total finance costs
174,334
179,186
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
66,232
33,887
Changes in tax rates
-
0
4,480
Total deferred tax
66,232
38,367
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 21 -

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
602,908
759,838
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
150,727
155,767
Tax effect of expenses that are not deductible in determining taxable profit
5,066
(141)
Tax effect of utilisation of tax losses not previously recognised
-
0
(224)
Change in unrecognised deferred tax assets
-
0
(4,082)
Research and development tax credit
(89,561)
(89,786)
Under/(over) provided in prior years
-
0
(35,494)
Change in deferred tax rate
-
0
12,788
Super deduction element of capital allowances
-
0
(461)
Taxation charge
66,232
38,367
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
59,200
116,205
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
951,657
6,543,142
507,042
24,585
8,026,426
Additions
-
0
1,208,221
18,870
-
0
1,227,091
Disposals
-
0
(172,652)
-
0
(14,441)
(187,093)
At 30 June 2024
951,657
7,578,711
525,912
10,144
9,066,424
Depreciation and impairment
At 1 July 2023
343,274
4,179,942
447,963
24,585
4,995,764
Depreciation charged in the year
7,702
212,566
16,273
-
0
236,541
Eliminated in respect of disposals
-
0
(162,697)
-
0
(14,441)
(177,138)
At 30 June 2024
350,976
4,229,811
464,236
10,144
5,055,167
Carrying amount
At 30 June 2024
600,681
3,348,900
61,676
-
0
4,011,257
At 30 June 2023
608,383
2,363,200
59,079
-
0
3,030,662
Company
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 July 2023
620,000
1,471,439
2,091,439
Additions
-
0
1,155,817
1,155,817
At 30 June 2024
620,000
2,627,256
3,247,256
Depreciation and impairment
At 1 July 2023
23,626
232,971
256,597
Depreciation charged in the year
7,461
149,115
156,576
At 30 June 2024
31,087
382,086
413,173
Carrying amount
At 30 June 2024
588,913
2,245,170
2,834,083
At 30 June 2023
596,374
1,238,468
1,834,842
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Tangible fixed assets
(Continued)
- 23 -

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
961,788
-
0
961,788
-
0
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
100
Carrying amount
At 30 June 2024
100
At 30 June 2023
100
13
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
D A Benham Engineering Limtied
Precision House, Chapel Lane, Rushington, Southampton, SO40 9AH
Ordinary
100.00
Newturn CNC Machining Limited
33 Liberty Close, Woolsbridge Industrial Estate, Three Legged Cross, Wimborne, Dorset, BH21 6SY
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
262,135
110,594
-
-
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,080,831
2,422,189
-
0
-
0
Gross amounts owed by contract customers
3,953,257
3,585,074
-
0
-
0
Corporation tax recoverable
-
0
80,097
-
0
-
0
Amounts owed by group undertakings
-
-
529,823
2,763
Other debtors
98,975
43,404
77,148
25,650
Prepayments and accrued income
209,756
201,522
-
0
-
0
7,342,819
6,332,286
606,971
28,413
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
-
0
23,021
-
0
23,021
Obligations under finance leases
19
159,858
-
0
159,858
-
0
Other borrowings
18
-
0
19,097
-
0
-
0
Trade creditors
1,158,457
1,168,636
63,324
66,162
Amounts owed to group undertakings
-
0
-
0
-
0
49,775
Corporation tax payable
2,140
-
0
-
0
-
0
Other taxation and social security
469,535
369,953
-
-
Other creditors
1,853,167
1,843,563
1,794,062
1,786,307
Accruals and deferred income
60,709
100,396
5,850
5,750
3,703,866
3,524,666
2,023,094
1,931,015
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
689,032
-
0
689,032
-
0
Other creditors
168,222
168,222
-
0
-
0
857,254
168,222
689,032
-
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
23,021
-
0
23,021
Other loans
-
0
19,097
-
0
-
0
-
42,118
-
23,021
Payable within one year
-
0
42,118
-
0
23,021
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
159,858
-
0
159,858
-
0
In two to five years
689,032
-
0
689,032
-
0
848,890
-
848,890
-

Hire purchase liabilities are secured on the assets to which they relate.

20
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
559,254
333,413
Tax losses
(326,527)
(153,510)
Retirement benefit obligations
-
(1,880)
Share based payments
-
(12,237)
Short term timing differences
(708)
-
232,019
165,786
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
Deferred taxation
(Continued)
- 26 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
470,887
240,845
Tax losses
(321,475)
(148,925)
149,412
91,920
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
165,786
91,920
Charge to profit or loss
66,233
57,492
Liability at 30 June 2024
232,019
149,412

The deferred tax liability set out above relates to accelerated capital allowances and losses carried forward that are expected to reverse in due course.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
170,952
156,223

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.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B shares of £1 each
102
102
102
102
Ordinary C shares of £1 each
56
56
56
56
Ordinary D shares of £1 each
14
14
14
14
Ordinary E shares of £1 each
28
28
28
28
200
200
200
200
BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
23
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
31,459
143,585
-
-
Between two and five years
48,858
65,067
-
-
80,317
208,652
-
-
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
168,000
-
168,000
-
25
Related party transactions

During the year, the group paid related parties, excluding directors, a total of £59,491 (2023: £34,953) in wages and salaries (including benefits).

 

During the year, the group was charged rent of £31,900 (2023: £29,600) by Benham Engineering Limited (1994) Retirement Benefit Scheme, a pension fund owned by the directors. At the year end there was a balance of £9,750 (2023: £9,750) due to Benham Engineering Limited (1994) in relation to this rent charge.

 

During the year the group made repayments of £19,098 (2023: £70,501) to Benham Engineering Limited (1994) Retirement Benefit Scheme in relation to a loan from Benham Engineering Limited (1994) Retirement Benefit Scheme . The loan balance outstanding at the year end was nil (2023: £19,098) with interest of nil (2023: £5,132) charged to the group.

26
Directors' transactions

During the year the group was charged rent of £16,313 (2023: £14,500) by the directors. At the year end there was a balance of £5,438 (2023: £nil) due in relation to this rent charge.

 

Dividends totalling £59,200 (2023: £116,205) were paid in the year in respect of shares held by the company's directors.

 

At the year end, the group owed £1,794,062 (2023: £1,786,307) to the directors. Interest of £173,906 (2023: £164,076) was charged during the year on this balance.

BENHAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
27
Controlling party

The ultimate controlling party is considered to be Mr P C Benham, due to his majority shareholding in Benham Holdings Limited.

28
Cash absorbed by group operations
2024
2023
£
£
Profit for the year after tax
536,676
721,471
Adjustments for:
Taxation charged
66,232
38,367
Finance costs
174,334
179,186
Investment income
(2,465)
(92)
Gain on disposal of tangible fixed assets
(18,045)
(9,513)
Depreciation and impairment of tangible fixed assets
236,541
186,578
Movements in working capital:
Increase in stocks
(151,541)
(42,805)
Increase in debtors
(1,090,630)
(1,650,111)
Increase in creditors
120
345,982
Cash absorbed by operations
(248,778)
(230,937)
29
Analysis of changes in net funds - group
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
2,283,665
(730,728)
-
1,552,937
Borrowings excluding overdrafts
(42,118)
42,118
-
-
Obligations under finance leases
-
38,121
(887,011)
(848,890)
2,241,547
(650,489)
(887,011)
704,047

 

 

 

 

 

 

 

 

 

 

 

 

2024-06-302023-07-01falseCCH SoftwareCCH Accounts Production 2024.210Mr P C BenhamMr R J BenhamMr J 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