Company registration number 12508562 (England and Wales)
BOOTH GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
BOOTH GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M S Booth
Mr J P Nicholas
Mrs K M McCarthy-Booth
(Appointed 1 June 2024)
Company number
12508562
Registered office
Link 665 Business Centre
Todd Hall Road
Haslingden
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
BOOTH GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
BOOTH GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present the strategic report for the year ended 31 May 2024.
Review of the business
The key performance indicators for the company are as follows:
2024
2023
£
£
Turnover
13,079,458
13,061,055
Profit before taxation
703,292
139,342
Gross profit margin
31.09%
19.80%
Net current liabilities
(72,026)
(359,224)
Profit and loss reserves
4,201,131
3,593,439
Debtors days
8
8
The directors consider the results for the year and the year end position to be satisfactory.
Principal risks and uncertainties
Credit risk, liquidity risk and cash flow risk
The business’ principal financial instruments comprise bank balances, trade debtors, trade creditors and HP finance. The main purpose of these instruments is to finance the business’ operations and future growth.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits, reinforced with credit insurance policies. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Key performance indicators
Turnover has remained fairly constant when compared to the previous financial year, with profit before taxation increasing by 404.72%. The consistent sales in FY 24 was expected as the business concentrated on building a solid financial base and setting the foundations for significant growth over the coming years which will further increase the companies profitability.
Gross profit margin has increased by 11.29 percentage points when compared to the previous financial year. This is indicative of efficient countermeasures put into place by the business to deal with inflationary pressures.
Importantly, an impressive debtor collection term of 8 days was maintained, and this demonstrates effective working capital management.
Our ability to sustainably manage materials effectively, whether soils or aggregates will enable the business to drive forward into new areas and expand our operational projects in the year ahead.
Mr M S Booth
Director
8 January 2025
BOOTH GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company and group continued to be the operation of landfill sites, quarries, waste management facilities, aggregate sales and site regeneration.
The subsidiary undertakings are as follows:
Booth Ventures Limited - Operation of landfill sites, quarries and waste management facilities
Booth Asset Management Limited - Provision of management services
Booth Golf & Leisure Limited - Dormant
Booth Plant Company Holdings Limited - Dormant
Booth Ventures Waste (North West) Limited - Dormant
Booth Ventures Waste (Yorkshire) Limited - Dormant
Booth Ventures Waste (Midlands) Limited - Dormant
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £90,000. 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:
Mr M S Booth
Mr J P Nicholas
Mrs K M McCarthy-Booth
(Appointed 1 June 2024)
Auditor
The auditor, Barlow Andrews LLP, 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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr M S Booth
Director
8 January 2025
BOOTH GROUP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
BOOTH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOOTH GROUP HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Booth Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group profit and loss account, the group 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 May 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BOOTH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOTH GROUP HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
BOOTH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOTH GROUP HOLDINGS LIMITED
- 6 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Paul Burton (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
8 January 2025
BOOTH GROUP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
13,079,458
13,061,055
Cost of sales
(9,013,453)
(10,474,850)
Gross profit
4,066,005
2,586,205
Administrative expenses
(3,309,454)
(2,391,028)
Other operating income
25,000
250
Operating profit
4
781,551
195,427
Interest receivable and similar income
8
5,354
3,176
Interest payable and similar expenses
9
(83,613)
(59,261)
Profit before taxation
703,292
139,342
Tax on profit
10
(5,600)
(95,616)
Profit for the financial year
697,692
43,726
Profit for the financial year is all attributable to the owner of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There is no other comprehensive income for the year. The total comprehensive income is the profit for the financial year shown above.
BOOTH GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
3,090,082
1,915,440
Tangible assets
13
4,413,691
4,674,650
7,503,773
6,590,090
Current assets
Stocks
17
393,102
299,492
Debtors
18
2,198,606
2,810,020
Cash at bank and in hand
1,034,494
989,232
3,626,202
4,098,744
Creditors: amounts falling due within one year
19
(3,698,228)
(4,457,968)
Net current liabilities
(72,026)
(359,224)
Total assets less current liabilities
7,431,747
6,230,866
Creditors: amounts falling due after more than one year
20
(2,262,026)
(1,979,227)
Provisions for liabilities
Deferred tax liability
22
(965,590)
(655,200)
(965,590)
(655,200)
Net assets
4,204,131
3,596,439
Capital and reserves
Called up share capital
24
3,000
3,000
Profit and loss reserves
4,201,131
3,593,439
Total equity
4,204,131
3,596,439
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
08 January 2025
Mr M S Booth
Director
Company registration number 12508562 (England and Wales)
BOOTH GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
321,457
405,871
Investments
14
3,001
3,001
324,458
408,872
Current assets
Debtors
18
310,277
1,000
Creditors: amounts falling due within one year
19
(537,606)
(406,872)
Net current liabilities
(227,329)
(405,872)
Total assets less current liabilities
97,129
3,000
Provisions for liabilities
Deferred tax liability
22
(80,364)
-
(80,364)
-
Net assets
16,765
3,000
Capital and reserves
Called up share capital
24
3,000
3,000
Profit and loss reserves
13,765
-
Total equity
16,765
3,000
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 £103,765 (2023 - £7,500 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
08 January 2025
Mr M S Booth
Director
Company registration number 12508562 (England and Wales)
BOOTH GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,000
3,664,433
3,665,433
Year ended 31 May 2023:
Profit and total comprehensive income
-
43,726
43,726
Issue of share capital
2,000
-
2,000
Dividends
11
-
(114,720)
(114,720)
Balance at 31 May 2023
3,000
3,593,439
3,596,439
Year ended 31 May 2024:
Profit and total comprehensive income
-
697,692
697,692
Dividends
11
-
(90,000)
(90,000)
Balance at 31 May 2024
3,000
4,201,131
4,204,131
BOOTH GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,000
1,000
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
7,500
7,500
Issue of share capital
2,000
-
2,000
Dividends
-
(7,500)
(7,500)
Balance at 31 May 2023
3,000
3,000
Year ended 31 May 2024:
Profit and total comprehensive income
-
103,765
103,765
Dividends
-
(90,000)
(90,000)
Balance at 31 May 2024
3,000
13,765
16,765
BOOTH GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,013,111
1,977,592
Interest paid
(83,613)
(59,261)
Income taxes refunded
304,790
197,524
Net cash inflow from operating activities
2,234,288
2,115,855
Investing activities
Purchase of intangible assets
(1,302,225)
(1,023,082)
Purchase of tangible fixed assets
(47,517)
(371,943)
Proceeds from disposal of tangible fixed assets
247,069
205,500
Interest received
5,354
3,176
Net cash used in investing activities
(1,097,319)
(1,186,349)
Financing activities
Proceeds from issue of shares
1,000
2,000
Payment of finance leases obligations
(1,002,707)
(789,533)
Dividends paid to equity shareholders
(90,000)
(114,720)
Net cash used in financing activities
(1,091,707)
(902,253)
Net increase in cash and cash equivalents
45,262
27,253
Cash and cash equivalents at beginning of year
989,232
961,979
Cash and cash equivalents at end of year
1,034,494
989,232
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
1
Accounting policies
Company information
Booth Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, England.
The group consists of Booth Group 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.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Booth Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the provision of professional services is recognised on completion of the services in question.
1.6
Intangible fixed assets other than goodwill
Site preparation costs represent the costs incurred in bringing quarries and landfill sites to an acceptable operating standard for use within the business.
Site preparation expenditure is amortised over the expected useful lives of the sites in operation by the company.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land
Nil
Plant and machinery
10% / 15% Straight Line
Fixtures, fittings and equipment
20% / 33% Straight Line
Motor vehicles
20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
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, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
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.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Site remedial costs
An accrual is made for the amounts payable by the group for site remediation works once work at the site is complete. The directors use their judgement based on knowledge and experience of other sites that have completed in previous years. Due to the nature of the works, it can be a number of years before the liability becomes payable.
Site preparation expenditure
Site preparation expenditure is capitalised throughout the period that the site is in use. The directors use their judgement based on knowledge and experience of the sites to establish the valuation of additions each year based on staff usage, hire and fuel costs incurred. Due to the nature of the works, costs at various sites can differ significantly. Amortisation is charged in line with the expected life of the site as per the directors judgement.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Waste disposal
5,670,051
5,125,862
Aggregates
1,914,413
3,060,817
Other
5,494,994
4,874,376
13,079,458
13,061,055
2024
2023
£
£
Turnover analysed by geographical market
UK
13,079,458
13,061,055
2024
2023
£
£
Other revenue
Interest income
5,354
3,176
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
219,002
222,877
Depreciation of tangible fixed assets held under finance leases
421,942
333,714
Loss on disposal of tangible fixed assets
3,904
27,418
Amortisation of intangible assets
127,583
218,713
Operating lease charges
59,796
68,996
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
23,500
18,500
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
Operatives
60
65
2
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,090,601
2,342,116
Social security costs
233,995
246,578
-
-
Pension costs
49,193
45,813
2,373,789
2,634,507
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
131,593
142,917
Company pension contributions to defined contribution schemes
5,500
6,000
137,093
148,917
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,354
3,176
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
812
Interest on finance leases and hire purchase contracts
83,613
58,449
Total finance costs
83,613
59,261
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(304,790)
(197,524)
Deferred tax
Origination and reversal of timing differences
310,390
293,140
Total tax charge
5,600
95,616
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
10
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
703,292
139,342
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
175,823
27,868
Tax effect of expenses that are not deductible in determining taxable profit
24,724
(1,138)
Unutilised tax losses carried forward
(202,998)
194,239
Permanent capital allowances in excess of depreciation
312,841
72,171
Under/(over) provided in prior years
(304,790)
(197,524)
Taxation charge
5,600
95,616
The tax rate above is the average tax rate for the year.
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
90,000
114,720
12
Intangible fixed assets
Group
Site preparation expenditure
£
Cost
At 1 June 2023
3,916,114
Additions
1,302,225
At 31 May 2024
5,218,339
Amortisation and impairment
At 1 June 2023
2,000,674
Amortisation charged for the year
127,583
At 31 May 2024
2,128,257
Carrying amount
At 31 May 2024
3,090,082
At 31 May 2023
1,915,440
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
12
Intangible fixed assets
(Continued)
- 22 -
The company had no intangible fixed assets at 31 May 2024 or 31 May 2023.
13
Tangible fixed assets
Group
Land
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
347,300
5,401,865
217,473
358,433
6,325,071
Additions
547,768
19,223
63,967
630,958
Disposals
(422,674)
(21,098)
(443,772)
At 31 May 2024
347,300
5,526,959
236,696
401,302
6,512,257
Depreciation and impairment
At 1 June 2023
1,360,657
120,399
169,365
1,650,421
Depreciation charged in the year
520,656
53,226
67,062
640,944
Eliminated in respect of disposals
(171,701)
(21,098)
(192,799)
At 31 May 2024
1,709,612
173,625
215,329
2,098,566
Carrying amount
At 31 May 2024
347,300
3,817,347
63,071
185,973
4,413,691
At 31 May 2023
347,300
4,041,208
97,074
189,068
4,674,650
Company
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
273,016
14,764
118,091
405,871
Depreciation and impairment
At 1 June 2023
Depreciation charged in the year
39,283
5,074
40,057
84,414
At 31 May 2024
39,283
5,074
40,057
84,414
Carrying amount
At 31 May 2024
233,733
9,690
78,034
321,457
At 31 May 2023
273,016
14,764
118,091
405,871
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
13
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 machinery
3,033,925
3,158,961
Motor vehicles
104,182
67,167
3,138,107
3,226,128
-
-
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
3,001
3,001
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
3,001
Carrying amount
At 31 May 2024
3,001
At 31 May 2023
3,001
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
15
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Booth Ventures Limited
Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, BB4 5HU
Ordinary
100.00
-
Booth Asset Management Limited
Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, BB4 5HU
Ordinary
100.00
-
Booth Golf & Leisure Limited
Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, BB4 5HU
Ordinary
100.00
-
Booth Plant Company Holdings Limited
Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, BB4 5HU
Ordinary
100.00
-
Booth Ventures Waste (North West) Limited
Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, BB4 5HU
Ordinary
-
100.00
Booth Ventures Waste (Yorkshire) Limited
Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, BB4 5HU
Ordinary
-
100.00
Booth Ventures Waste (Midlands) Limited
Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, BB4 5HU
Ordinary
-
100.00
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,908,702
3,521,019
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
5,653,688
6,291,069
n/a
n/a
As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
393,102
299,492
-
-
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
286,961
269,451
Unpaid share capital
1,000
1,000
Amounts owed by group undertakings
-
-
267,362
-
Other debtors
1,587,247
2,261,336
42,915
Prepayments and accrued income
324,398
278,233
2,198,606
2,810,020
310,277
1,000
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
817,801
850,950
Trade creditors
1,060,003
1,120,377
360
Amounts owed to group undertakings
513,746
406,872
Other taxation and social security
306,566
146,126
-
-
Other creditors
894,604
600,444
Accruals and deferred income
619,254
1,740,071
23,500
3,698,228
4,457,968
537,606
406,872
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
1,343,711
1,729,828
Accruals and deferred income
918,315
249,399
2,262,026
1,979,227
-
-
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
817,801
850,950
In two to five years
1,343,711
1,729,828
2,161,512
2,580,778
-
-
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
21
Finance lease obligations
(Continued)
- 26 -
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
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
965,590
655,200
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
80,364
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 June 2023
655,200
-
Charge to profit or loss
310,390
80,364
Liability at 31 May 2024
965,590
80,364
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
49,193
45,813
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.
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,000
3,000
3,000
3,000
The holders of ordinary shares are entitled to full voting rights and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.
25
Operating lease commitments
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
59,796
59,796
-
-
Between two and five years
74,745
134,541
-
-
134,541
194,337
-
-
26
Related party transactions
During the year, Booth Group Holdings Limited made sales of £12,295,079 (2023: £12,051,437) and incurred expenses of £2,158,402 (2023: £717,657) to a companies associated through the directors. At the year end £253,934 (2023: £1,496,073) was due from these connected companies.
27
Directors' transactions
Dividends totalling £90,000 (2023 - £114,720) were paid in the year in respect of shares held by the company's directors.
At the year end there was a balance of £21,168 (2023: £288) owed to the company by a director. No interest is payable on the loan and there are no fixed terms for repayment.
BOOTH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
28
Cash generated from group operations
2024
2023
£
£
Profit after taxation
697,692
43,726
Adjustments for:
Taxation charged
5,600
95,616
Finance costs
83,613
59,261
Investment income
(5,354)
(3,176)
Loss on disposal of tangible fixed assets
3,904
27,418
Amortisation and impairment of intangible assets
127,583
218,713
Depreciation and impairment of tangible fixed assets
640,944
556,591
Movements in working capital:
Increase in stocks
(93,610)
(173,580)
Decrease in debtors
588,952
1,021,528
(Decrease)/increase in creditors
(36,213)
131,495
Cash generated from operations
2,013,111
1,977,592
29
Analysis of changes in net debt - group
1 June 2023
Cash flows
New finance leases
31 May 2024
£
£
£
£
Cash at bank and in hand
989,232
45,262
-
1,034,494
Obligations under finance leases
(2,580,778)
1,002,707
(583,441)
(2,161,512)
(1,591,546)
1,047,969
(583,441)
(1,127,018)
2024-05-312023-06-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr M S BoothMr J P NicholasMrs K M 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