Company registration number 04798616 (England and Wales)
CREATIVE DISTRIBUTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CREATIVE DISTRIBUTION LIMITED
COMPANY INFORMATION
Directors
A Hogarth
G Dain
C Lewis
S Wilson
Secretary
A Hogarth
Company number
04798616
Registered office
Unit 2, Beddington Industrial Estate
119 Beddington Lane
Croydon
Surrey
CR0 4TD
Auditor
TC Audit Limited
Suite 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
CREATIVE DISTRIBUTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
CREATIVE DISTRIBUTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Business review

The principal activity of the company continued to be the wholesale distribution of computer video games and toys. This activity is conducted from its extensive office and warehouse facility in Croydon, UK.

 

With the videogames market now nearing the end of a huge transition from physical to digital media, the result is as expected.

 

 

2024

2023

 

£'000

£'000

Turnover

31,856

38,920

Gross profit

5,508

6,450

Profit before tax

2,185

2,994

Principal risks and uncertainties

Digitalisation risk

Digitalisation is an ongoing threat to the main 'boxed product' business, and has been for years but we are particularly feeling it now. We are countering this with more focus and investment going into Reef Entertainment Limited. Under the holding company Reef is connected to Creative Distribution Limited, with common directors ,shareholders and premises. Reef publishes and distributes computer games both in boxed products and digital formats.

 

Increased costs

Over the last 12 months we have seen increases in wages and premises costs. These have been unavoidable and so are the main reason for the increased administrative expenses.

Currency risk

The company is exposed to foreign exchange risk. We mitigate this by retaining funds in a variety of currency bank accounts so it can be recirculated in the business

 

Customer credit risk

The company is exposed to customer credit risk in relation to trade receivables. However, the company has credit insurance policies to cover the risk of default by its customers and if this isn't possible, then payments are sought up front.

 

Liquidity risk

This is not perceived to be a significant risk for the company, however we are looking to reduce stock levels over the next 12 months.

Key performance indicators

For the core distribution business turnover and gross profit margin are our key performance indicators. Monthly targets are set (for both turnover and margin) which feed into an annual target set at the beginning of the financial year. Daily reports are sent to the management team so we can monitor closely how the business is performing. As well as these main key performance indicators we run weekly stock reports to make sure stock levels are under control.

 

Management accounts are also produced monthly to make sure overheads are monitored constantly. There haven't been many changes to the core business (in terms of staff levels and functionality) and so overheads are reasonably consistent every month. The key performance indicators were consistent throughout the year.

 

In terms of market share Creative Distribution Limited is one of the largest privately owned video games and peripherals companies in the UK, with a strong market share in Europe and the UK. When benchmarking our results against competitors we can see the market is tough for everyone at the moment. But with the future of Reef looking bright we are confident the group will do well as it adapts to the changing video games arena.

 

CREATIVE DISTRIBUTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Future plans

A huge amount of our focus is now going into our related Publishing company Reef Entertainment Ltd. We have 6 games in development with several more in the pipeline. This is now the company’s overwhelming priority.

The group also acquired a majority stake in a UK development studio called Bitmap Bureau in October 2023. This is the first of several development studios we intend to onboard into our wider company group in the immediate future.

Financial instruments

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling and foreign currency for which company minimise exposure to exchange rate volatility through its internal management processes. The company does not enter into any formally designated hedging arrangements.

Promoting the success of the company

Section 172 (1) of the Companies Act 2006 requires the board to act in the way we consider, in good faith, would be most likely to promote the success of Creative Distribution Limited for the benefit of its members as a whole. In doing this, each director has regard to the matters listed below:

  1. The likely consequences of any decision in the long term

  2. The interests of the company's employees

  3. The need to foster the company's business relationships with suppliers, customers and others

  4. The impact of the company's operations on the community and the environment

  5. The desirability of the company maintaining a reputation for high standards of business conduct, and

  6. The need to act fairly as between members of the company.

 

To make sure we all adhere to these points, regular management meetings are held plus an annual directors meeting. As the company only has 46 employees we communicate via email to staff on these matters.

On behalf of the board

A Hogarth
Director
9 January 2025
CREATIVE DISTRIBUTION 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 principal activity of the company continued to be that of wholesale distribution of computer video games and toys.

Results and dividends

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

Ordinary dividends were paid amounting to £2,200,000. The directors do not recommend payment of a further dividend.

Directors

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

A Hogarth
G Dain
C Lewis
S Wilson
Post reporting date events

Since the year end the fighting in the Middle East has got worse. The has not really affected our business though.

 

Going concern

The only real going concern is the continued digitalisation and our adaptation to the changing market. We have strategies in place for this.

 

Auditor

UHY Hacker Young (East) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

Under the Companies (Directors' report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, we are required to disclose our UK energy use and associated greenhouse gas (GHG) emissions. Specifically, we are require to report these GHG emissions relating to natural gas, electricity and transport fuel, as well as an intensification ration under the regulations.

 

The Streamlined Energy and Carbon Reporting included in this report covers the year ended 30 June 2024.

 

Results

2024
2023
as restated
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
134,697
152,299
CREATIVE DISTRIBUTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2024
2023
as restated
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
3.20
3.09
- Fuel consumed for owned transport
-
-
3.20
3.09
Scope 2 - indirect emissions
- Electricity purchased
28.60
31.53
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
31.80
34.62
Intensity ratio
Intensity ratio as below
0.103
0.01125
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is based on the office's and warehouse internal area in square meters. This being CO2/m2/year.

Measures taken to improve energy efficiency

We have installed smart meters across all sites and increased video conferencing technology for staff meetings, to reduce the need for travel between sites.

Transport emissions

The information surrounding transport is incomplete resulting in us being unable to report on the transport emissions.

Strategic report

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

 

CREATIVE DISTRIBUTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
A Hogarth
Director
9 January 2025
CREATIVE DISTRIBUTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CREATIVE DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREATIVE DISTRIBUTION LIMITED
- 7 -
Opinion

We have audited the financial statements of Creative Distribution Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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:

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

In the light of the knowledge and understanding of the company and its 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 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 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.

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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

 

In common with most businesses of a similar size there are inadequate resources to enable a strong control environment to operate, with segregation of duties lacking in many areas, and the risk of management override of the controls that are in place. This practical constraint results in the risk of a higher incidence of irregularities than would be the case were a strong control environment in operation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the appropriate recognition of revenue & profit, the valuation of stock, and the risk of management override

 

CREATIVE DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREATIVE DISTRIBUTION LIMITED (CONTINUED)
- 9 -

Audit procedures performed included, but were not limited to:

 

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

- Reviewing minutes of meetings of those charged with governance.

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

- A walk through test of the key controls that are in operation.

- Performance of analytical review along with substantive procedures.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

James Price FCA
Senior Statutory Auditor
For and on behalf of TC Audit Limited
22 January 2025
Statutory Auditor
Suite 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
CREATIVE DISTRIBUTION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
31,856,335
38,920,833
Cost of sales
(26,348,507)
(32,470,082)
Gross profit
5,507,828
6,450,751
Administrative expenses
(3,744,468)
(3,524,170)
Other operating income
47,164
22,000
Operating profit
4
1,810,524
2,948,581
Interest receivable and similar income
352,916
14,445
Interest payable and similar expenses
8
(899)
-
0
Gain on investments
22,124
31,229
Profit before taxation
2,184,665
2,994,255
Tax on profit
9
(490,327)
(606,534)
Profit for the financial year
1,694,338
2,387,721

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

CREATIVE DISTRIBUTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
£
£
Profit for the year
1,694,338
2,387,721
Other comprehensive income
-
-
Total comprehensive income for the year
1,694,338
2,387,721
CREATIVE DISTRIBUTION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
17,578
23,437
Investments
13
630,061
44,766
647,639
68,203
Current assets
Stocks
15
10,678,813
10,161,023
Debtors
16
5,638,517
5,979,803
Investments
17
-
0
229,163
Cash at bank and in hand
2,747,733
3,366,818
19,065,063
19,736,807
Creditors: amounts falling due within one year
18
(4,050,425)
(3,635,923)
Net current assets
15,014,638
16,100,884
Total assets less current liabilities
15,662,277
16,169,087
Provisions for liabilities
Deferred tax liability
19
2,955
4,103
(2,955)
(4,103)
Net assets
15,659,322
16,164,984
Capital and reserves
Called up share capital
20
969
969
Share premium account
374,977
374,977
Capital redemption reserve
586
586
Profit and loss reserves
15,282,790
15,788,452
Total equity
15,659,322
16,164,984
The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
A Hogarth
Director
Company Registration No. 04798616
CREATIVE DISTRIBUTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
969
374,977
586
15,551,690
15,928,222
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
2,387,721
2,387,721
Dividends
10
-
-
-
(2,150,959)
(2,150,959)
Balance at 30 June 2023
969
374,977
586
15,788,452
16,164,984
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
1,694,338
1,694,338
Dividends
10
-
-
-
(2,200,000)
(2,200,000)
Balance at 30 June 2024
969
374,977
586
15,282,790
15,659,322
CREATIVE DISTRIBUTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,122,660
3,262,518
Interest paid
(899)
-
0
Income taxes paid
(559,754)
(641,580)
Net cash inflow from operating activities
1,562,007
2,620,938
Investing activities
Purchase of tangible fixed assets
-
0
(25,000)
Proceeds on disposal of subsidiaries
(585,295)
(12,610)
Proceeds on disposal of investments
251,287
(20,280)
Interest received
46,887
13,496
Dividends received
306,029
949
Net cash generated from/(used in) investing activities
18,908
(43,445)
Financing activities
Dividends paid
(2,200,000)
(2,150,959)
Net cash used in financing activities
(2,200,000)
(2,150,959)
Net (decrease)/increase in cash and cash equivalents
(619,085)
426,534
Cash and cash equivalents at beginning of year
3,366,818
2,940,284
Cash and cash equivalents at end of year
2,747,733
3,366,818
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information

Creative Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Beddington Industrial Estate, 119 Beddington Lane, Croydon, Surrey, CR0 4TD.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Creative Distribution Limited is a wholly owned subsidiary of Reef Creative Group Limited and the results of Creative Distribution Limited are included in the consolidated financial statements of Reef Creative Group Limited which are available from Unit 2 Beddington Lane Industrial Estate, 119 Beddington Lane, Croydon, United Kingdom, CR0 4TD

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue is the amount derived from ordinary activities and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue from the sale of gaming products as specified in the strategic report is recognised when all the following conditions are satisfied (normally upon despatch of the goods):

 

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transactions will flow to the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. A provision is made for any impairment.

CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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.

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:

Plant and equipment
4 years straight line
Fixtures and fittings
4 years 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 credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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

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

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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

 

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

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

CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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.

 

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

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

1.9
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.

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Other financial assets

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

CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company 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 company.

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 company’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 when the company has 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.

1.15
Leases

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 leases asset are consumed.

CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provision for slow moving stock

The directors provide against slow moving stock according to information available to them including the age of the inventory, and recent sales & market trends.

CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
31,543,675
38,303,646
Management fees
312,660
617,187
31,856,335
38,920,833
2024
2023
£
£
Other significant revenue
Interest income
46,887
13,496
Dividends received
306,029
949
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,079,827
12,260,382
Europe
11,248,699
12,627,825
Rest of World
8,527,809
14,032,626
31,856,335
38,920,833
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,728)
(13,632)
Depreciation of owned tangible fixed assets
5,859
1,563
Operating lease charges
315,545
543,294
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 company
25,000
33,000
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
6
Employees

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

2024
2023
Number
Number
Sales and distribution
24
32
Administration
22
14
Total
46
46

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,787,349
1,562,140
Social security costs
197,589
185,117
Pension costs
127,473
110,060
2,112,411
1,857,317
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
452,118
137,200
Company pension contributions to defined contribution schemes
11,238
4,116
463,356
141,316

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
181,555
-

As total directors' remuneration was less than £200,000 in the prior year, no disclosure is provided for that year.

CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
899
-
0
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
485,230
600,289
Deferred tax
Origination and reversal of timing differences
5,097
6,245
Total tax charge
490,327
606,534

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
2,184,665
2,994,255
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
546,166
613,822
Tax effect of expenses that are not deductible in determining taxable profit
14,423
-
0
Tax effect of income not taxable in determining taxable profit
(76,507)
(195)
Tax effect of utilisation of tax losses not previously recognised
-
0
(7,441)
Adjustments in respect of financial assets
-
0
(1,538)
Deferred tax
5,097
6,245
Movement in equities
-
0
881
Other differences
1,148
(5,139)
Other - tax rate fractionally below 20.5%
-
0
(101)
Taxation charge for the year
490,327
606,534
10
Dividends
2024
2023
£
£
Final paid
2,200,000
2,150,959
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
63,947
Amortisation and impairment
At 1 July 2023 and 30 June 2024
63,947
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
37,820
110,958
148,778
Depreciation and impairment
At 1 July 2023
14,383
110,958
125,341
Depreciation charged in the year
5,859
-
0
5,859
At 30 June 2024
20,242
110,958
131,200
Carrying amount
At 30 June 2024
17,578
-
0
17,578
At 30 June 2023
23,437
-
0
23,437
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
630,061
44,766
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2023
44,766
Additions
585,295
At 30 June 2024
630,061
Carrying amount
At 30 June 2024
630,061
At 30 June 2023
44,766

During the year, the company acquired 70% of the ordinary share capital of Bitmap Bureau Limited.

14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Creative Distribution Kft
Hungary
Distribution
Ordinary
100.00
-
Creative Distribution World Wide Pvt Ltd
India
Dormant
Ordinary
100.00
-
DirectHub Limited
United Kingdom
Sportswear personalisation
Ordinary
70.00
-
Bitmap Bureau Ltd
United Kingdom
Software Development
Ordinary
70.00
-
Creative Distribution Promotions Ltd
United Kingdom
Dormant
Ordinary
100.00
-
Reef Entertainment Ltd
United Kingdom
Distribution
Ordinary
100.00
-
Reef Entertainment Kft
Hungary
Distribution
Ordinary
-
100.00
15
Stocks
2024
2023
£
£
Stocks held for resale
10,678,813
10,161,023
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,740,378
3,212,317
Amounts owed by group undertakings
1,974,067
1,434,088
Other debtors
281,584
375,205
Prepayments and accrued income
642,488
958,193
5,638,517
5,979,803
A group company has entered a cross company guarantee with Reef Entertainment Limited and their banking provider. HSBC Bank plc, who hold a fixed charge over freehold and leasehold property, as well as a first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future. They also hold a first floating charge over all assets and undertaking both present and future.
17
Current asset investments
2024
2023
£
£
Listed investments
-
0
229,163

Market value of listed investments at 30 June 2024 - £nil (2023: £229,163)

18
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,669,708
1,993,635
Amounts owed to group undertakings
1,737,984
-
0
Corporation tax
253,980
322,259
Other taxation and social security
49,251
137,334
Other creditors
204,296
1,035,339
Accruals and deferred income
135,206
147,356
4,050,425
3,635,923
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,955
4,103
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Deferred taxation
(Continued)
- 27 -
2024
Movements in the year:
£
Liability at 1 July 2023
4,103
Credit to profit or loss
(1,148)
Liability at 30 June 2024
2,955
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
580
580
580
580
Ordinary B Shares of £1 each
10
10
10
10
Ordinary C Shares of £1 each
10
10
10
10
Ordinary E Shares of £1 each
25
25
25
25
Ordinary G Shares of £1 each
168
168
168
168
Ordinary H Shares of £1 each
10
10
10
10
Ordinary I Shares of £1 each
166
166
166
166
969
969
969
969

The Ordinary B shares, Ordinary C shares, Ordinary E shares, Ordinary G shares, Ordinary H shares and Ordinary I shares of £1 each do not rank pari passu in all respects with the Ordinary A shares of the company as they have no voting or participation rights but are entitled to dividends at the discretion of the directors.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
528,977
400,380
Between two and five years
2,027,278
1,557,400
In over five years
-
0
227,121
2,556,255
2,184,901
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
742,628
436,712
Other information

During the year, the Company purchased goods totalling £17,277 from, and sold goods totalling £161 to Bitmap Bureau Limited, a majority owned subsidiary.

 

The Company purchased goods totalling £43,085 from, and sold goods totalling £3,954 to Directhub Ltd, a majority owned subsidiary.

 

The company has taken advantage of the exemptions available under Section 33.1A of FRS 102 not to disclose intra-group transactions with wholly owned subsidiaries.

 

The Company are in an Unlimited Multilateral Guarantee with Reef Entertainment Limited and Bitmap Bureau Ltd. This debenture includes a fixed charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 26 October 2020.

 

Dividends totalling £2,200,000 (2023: £2,150,959) were paid in the year in respect of shares held by the company's directors.

23
Ultimate controlling party

The ultimate controlling party is Reef Creative Holdings Limited by virtue of its majority shareholding.

24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,694,338
2,387,721
Adjustments for:
Taxation charged
490,327
606,534
Finance costs
899
-
0
Investment income
(352,916)
(14,445)
Depreciation and impairment of tangible fixed assets
5,859
1,563
Gain on sale of investments
(22,124)
(36,297)
Other gains and losses
-
5,068
Movements in working capital:
(Increase)/decrease in stocks
(517,790)
467,686
Decrease in debtors
341,286
103,969
Increase/(decrease) in creditors
482,781
(259,281)
Cash generated from operations
2,122,660
3,262,518
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
25
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
3,366,818
(619,085)
2,747,733
2024-06-302023-07-01falseCCH SoftwareCCH Accounts Production 2024.200G DainC LewisS WilsonS WilsonA Hogarthfalsefalse047986162023-07-012024-06-3004798616bus:CompanySecretaryDirector12023-07-012024-06-3004798616bus:Director12023-07-012024-06-3004798616bus:Director22023-07-012024-06-3004798616bus:Director32023-07-012024-06-3004798616bus:CompanySecretary12023-07-012024-06-3004798616bus:Director42023-07-012024-06-3004798616bus:RegisteredOffice2023-07-012024-06-3004798616core:CurrentFinancialInstruments2023-06-30047986162024-06-30047986162023-06-3004798616core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3004798616core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30047986162022-07-012023-06-3004798616core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3004798616core:RetainedEarningsAccumulatedLosses2023-07-012024-06-3004798616core:PlantMachinery2024-06-3004798616core:FurnitureFittings2024-06-3004798616core:PlantMachinery2023-06-3004798616core:FurnitureFittings2023-06-3004798616core:CurrentFinancialInstruments2024-06-3004798616core:ShareCapital2024-06-3004798616core:ShareCapital2023-06-3004798616core:SharePremium2024-06-3004798616core:SharePremium2023-06-3004798616core:CapitalRedemptionReserve2024-06-3004798616core:CapitalRedemptionReserve2023-06-3004798616core:RetainedEarningsAccumulatedLosses2024-06-3004798616core:RetainedEarningsAccumulatedLosses2023-06-3004798616core:ShareCapital2022-06-3004798616core:SharePremium2022-06-3004798616core:CapitalRedemptionReserve2022-06-3004798616core:RetainedEarningsAccumulatedLosses2022-06-3004798616core:ShareCapitalOrdinaryShares2024-06-3004798616core:ShareCapitalOrdinaryShares2023-06-30047986162023-06-30047986162022-06-3004798616core:Goodwill2023-07-012024-06-3004798616core:PlantMachinery2023-07-012024-06-3004798616core:FurnitureFittings2023-07-012024-06-300479861612023-07-012024-06-300479861612022-07-012023-06-3004798616core:UKTax2023-07-012024-06-3004798616core:UKTax2022-07-012023-06-300479861622023-07-012024-06-300479861622022-07-012023-06-300479861632023-07-012024-06-300479861632022-07-012023-06-300479861642023-07-012024-06-300479861642022-07-012023-06-300479861652023-07-012024-06-300479861652022-07-012023-06-3004798616core:Goodwill2023-06-3004798616core:Goodwill2024-06-3004798616core:Goodwill2023-06-3004798616core:PlantMachinery2023-06-3004798616core:FurnitureFittings2023-06-3004798616core:Non-currentFinancialInstruments2024-06-3004798616core:Non-currentFinancialInstruments2023-06-3004798616core:CurrentFinancialInstrumentscore:ListedExchangeTraded2024-06-3004798616core:CurrentFinancialInstrumentscore:ListedExchangeTraded2023-06-3004798616core:WithinOneYear2024-06-3004798616core:WithinOneYear2023-06-3004798616core:BetweenTwoFiveYears2024-06-3004798616core:BetweenTwoFiveYears2023-06-3004798616core:MoreThanFiveYears2024-06-3004798616core:MoreThanFiveYears2023-06-3004798616bus:PrivateLimitedCompanyLtd2023-07-012024-06-3004798616bus:FRS1022023-07-012024-06-3004798616bus:Audited2023-07-012024-06-3004798616bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP