Company registration number 04764681 (England and Wales)
SAVONA FOODSERVICE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
SAVONA FOODSERVICE LTD
COMPANY INFORMATION
Directors
Mr M J Morgan
Mr J N Vokes
Mr K J Knowland
Ms K J WIlliams
Secretary
T Knowland
Company number
04764681
Registered office
Oxonian Park
Langford Locks
Kidlington
OX5 1FP
Auditor
Alliotts LLP
3 London Square
Cross Lanes
Guildford
GU1 1UJ
SAVONA FOODSERVICE LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 30
SAVONA FOODSERVICE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

Review of the business

The Company has seen turnover grow organically by 12% in the year, largely due to our ongoing investment in facilities and people.

 

Cost pressures remain as in previous years, despite which, The Company has invested in new state-of-the-art premises in London to facilitate further growth, and a fully functioning development kitchen and conference suite in Oxford, as a value-added service for our customers.

 

During the year, we have replaced our eCommerce system with a more functionally-rich solution, which has already been acknowledged by our customers as industry-leading, providing a much enhanced customer experience.

 

Our already-excellent service levels continue to improve further, with focus firmly on delivering “Foodservice that Just Works”.

Membership of the Country Range Group remains a key contributor to the current and future success of the business.

The Board continues to take all legislative requirements seriously. Issues in respect of Health & Safety, Employment and Environment are reviewed at each monthly Board meeting as necessary. There were no major issues during the financial period, and any minor events were noted and dealt with in line with relevant internal procedures and legislation.

Principal risks and uncertainties

The Company is exposed to a moderate level of price risk although this fluctuates by product or category of product. Where possible the Company matches anticipated demand with forward or bulk purchasing to secure favourable prices from suppliers, albeit these changes in price and availability are a daily occurrence and availability to buy ahead is often very limited.

Whilst customers remain firmly focused on price & value, service is still key. The Company continues to satisfy its customers and develop its offering to enable future growth.

The Company faces a moderate level of credit risk, liquidity risk and cash flow risk. These are managed by financing operations out of retained profits supplemented by invoice financing where necessary. Credit insurance remains in place to reduce the risk of significant bad debts.

Key performance indicators

The Directors monitor several financial performance indicators, the key ones being:

 

 

2024

2023

2022

2021

2020

Turnover growth

12%

23%

167%

3%

-23%

Gross margin

29.50%

29.30%

29.83%

30.37%

29.51%

Stock turnover days

44

43

45

72

37

Days sales outstanding

31

34

40

71

21

Days payables outstanding

45

35

26

26

46

 

Cash-flow has been carefully managed by seeking and meeting the most favourable possible terms with both customers and suppliers, and securing the necessary support from the Company's bankers and key suppliers.

In addition, the Board monitors several non-financial performance indicators centred on the efficient use of vehicles, error-free handing of customer orders and availability of the related stock.

SAVONA FOODSERVICE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Future developments

Following the significant investment in the new London premises, subsequent investment into a 800+ pallet coldstore ready for use in January 2025 will enable further expansion in the South East and unlock capacity at our Oxford site.

 

We continue to invest in technology and systems with an increasing focus on automation and intelligent use of data, in anticipation that this will lead to a further enhancement in both service levels and the customer experience.

On behalf of the board

Mr K J Knowland
Director
24 January 2025
SAVONA FOODSERVICE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of wholesale supply of food and food-related products to the catering industry.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final 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 J Morgan
Mr J N Vokes
Mr K J Knowland
Ms K J WIlliams

Alliotts LLP 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.

Statement of directors' responsibilities

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

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

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

SAVONA FOODSERVICE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
On behalf of the board
Mr K J Knowland
Director
24 January 2025
SAVONA FOODSERVICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAVONA FOODSERVICE LTD
- 5 -
Opinion

We have audited the financial statements of Savona Foodservice Ltd (the 'company') for the year ended 31 August 2024 which comprise 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:

SAVONA FOODSERVICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAVONA FOODSERVICE LTD (CONTINUED)
- 6 -
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.

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.

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

 

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

 

SAVONA FOODSERVICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SAVONA FOODSERVICE LTD (CONTINUED)
- 7 -
Audit response to risks identified

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

 

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

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Cairns BSc FCA (Senior Statutory Auditor)
For and on behalf of Alliotts LLP, Statutory Auditor
Chartered Accountants
3 London Square
Cross Lanes
Guildford
GU1 1UJ
24 January 2025
SAVONA FOODSERVICE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Turnover
56,254,038
50,166,625
Cost of sales
(39,661,719)
(35,469,760)
Gross profit
16,592,319
14,696,865
Administrative expenses
(14,963,844)
(13,347,460)
Operating profit
3
1,628,475
1,349,405
Interest receivable and similar income
1
2,962
Interest payable and similar expenses
6
(286,984)
(318,459)
Profit before taxation
1,341,492
1,033,908
Tax on profit
7
(367,589)
(244,153)
Profit for the financial year
973,903
789,755
SAVONA FOODSERVICE LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
8
301,978
1
Other intangible assets
8
140,926
248,486
Total intangible assets
442,904
248,487
Tangible assets
9
2,565,688
2,528,681
Investments
10
2,069
379,535
3,010,661
3,156,703
Current assets
Stocks
12
4,776,101
4,172,662
Debtors
13
7,798,763
6,436,940
Cash at bank and in hand
9,552
1,846
12,584,416
10,611,448
Creditors: amounts falling due within one year
14
(11,239,106)
(9,356,491)
Net current assets
1,345,310
1,254,957
Total assets less current liabilities
4,355,971
4,411,660
Creditors: amounts falling due after more than one year
15
(446,944)
(1,479,539)
Provisions for liabilities
Provisions
18
182,860
182,860
Deferred tax liability
19
177,915
174,912
(360,775)
(357,772)
Net assets
3,548,252
2,574,349
Capital and reserves
Called up share capital
22
9,000
9,000
Capital redemption reserve
1,000
1,000
Other reserves
46,206
46,206
Profit and loss reserves
3,492,046
2,518,143
Total equity
3,548,252
2,574,349
SAVONA FOODSERVICE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 10 -

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 24 January 2025 and are signed on its behalf by:
Mr K J Knowland
Director
Company registration number 04764681 (England and Wales)
SAVONA FOODSERVICE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 September 2022
9,000
1,000
46,206
1,728,388
1,784,594
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
-
789,755
789,755
Balance at 31 August 2023
9,000
1,000
46,206
2,518,143
2,574,349
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
-
973,903
973,903
Balance at 31 August 2024
9,000
1,000
46,206
3,492,046
3,548,252
SAVONA FOODSERVICE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,750,552
1,527,338
Interest paid
(286,984)
(318,459)
Income taxes paid
(50,672)
-
0
Net cash inflow from operating activities
1,412,896
1,208,879
Investing activities
Purchase of intangible assets
(34,775)
(20,320)
Purchase of tangible fixed assets
(335,090)
(395,158)
Proceeds from disposal of subsidiaries
-
(377,466)
Interest received
1
2,962
Net cash used in investing activities
(369,864)
(789,982)
Financing activities
Repayment of bank loans
(963,204)
(648,876)
Payment of finance leases obligations
(67,593)
(84,521)
Net cash used in financing activities
(1,030,797)
(733,397)
Net increase/(decrease) in cash and cash equivalents
12,235
(314,500)
Cash and cash equivalents at beginning of year
(2,683)
311,817
Cash and cash equivalents at end of year
9,552
(2,683)
Relating to:
Cash at bank and in hand
9,552
1,846
Bank overdrafts included in creditors payable within one year
-
0
(4,529)
SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
1
Accounting policies
Company information

Savona Foodservice Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Oxonian Park, Langford Locks, Kidlington, OX5 1FP.

1.1
Accounting convention

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

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

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

1.2
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

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

 

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 sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
3 - 5 years
Customer Contracts
Over the period of the contract
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
2%
Leasehold property and improvements
Over period of lease
Plant and equipment
10% 25%
Fixtures and fittings
10% - 25%
Computers
25%
Motor vehicles
20% - 25%

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.

1.7
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.

1.8
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.

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -

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.

1.9
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.

1.10
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.

1.11
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.

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 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.

 

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.

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

1.12
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.

1.13
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.

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.18
Leases

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

 

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

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

1.19
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.

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
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.

Customer rebates

The group carries a provision for expected customer rebates payable based on anticipated customer sales volumes. Although the provision recorded at the Balance Sheet date represents the directors' best estimates of the amount due to the customer, actual outturn may differ from estimates taken at the time of preparing these financial statements.

Useful economic lives of tangible and intangible assets

The annual depreciation/amortisation charge for tangible/intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, economic utilisation and physical condition of the assets as appropriate.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
22,850
Depreciation of owned tangible fixed assets
298,083
230,163
Amortisation of intangible assets
217,824
200,464
Operating lease charges
181,784
114,832
4
Employees

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

2024
2023
Number
Number
Administration
42
37
Sales
43
36
Distribution
67
63
Warehouse
74
70
Total
226
206
SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
4
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
7,840,892
6,706,085
Social security costs
747,486
627,349
Pension costs
307,963
254,476
8,896,341
7,587,910
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
288,381
248,686
Company pension contributions to defined contribution schemes
30,708
38,212
319,089
286,898

The number of directors for whom retirement benefits are accruing under defined contribution 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
145,500
126,376
Company pension contributions to defined contribution schemes
20,970
24,951

The highest paid director has been entitled to receive shares under a long term incentive scheme during the year.

6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
70,521
101,772
Other interest on financial liabilities
206,096
199,345
276,617
301,117
Other finance costs:
Interest on finance leases and hire purchase contracts
10,367
17,342
286,984
318,459
SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
364,586
50,672
Deferred tax
Origination and reversal of timing differences
3,003
193,481
Total tax charge
367,589
244,153

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
1,341,492
1,033,908
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
335,373
258,477
Tax effect of expenses that are not deductible in determining taxable profit
2,367
5,454
Effect of change in corporation tax rate
-
0
(35,945)
Depreciation on assets not qualifying for tax allowances
29,849
2,267
Deferred tax not recognised
-
0
13,900
Taxation charge for the year
367,589
244,153
SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
8
Intangible fixed assets
Goodwill
Software
Customer Contracts
Total
£
£
£
£
Cost
At 1 September 2023
1
363,648
366,316
729,965
Additions
-
0
34,775
-
0
34,775
Transfers
377,466
-
0
-
0
377,466
At 31 August 2024
377,467
398,423
366,316
1,142,206
Amortisation and impairment
At 1 September 2023
-
0
298,320
183,158
481,478
Amortisation charged for the year
75,489
50,756
91,579
217,824
At 31 August 2024
75,489
349,076
274,737
699,302
Carrying amount
At 31 August 2024
301,978
49,347
91,579
442,904
At 31 August 2023
1
65,328
183,158
248,487

After the acquisition of Debono Limited’s business into Savona Foodservice Limited in the year ended 31 August 2023, the cost of investment has been transferred into goodwill in the financial statements for the year ended 31 August 2024.

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
9
Tangible fixed assets
Freehold land and buildings
Leasehold property and improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 September 2023
1,500,000
152,308
357,939
1,245,882
506,856
386,569
4,149,554
Additions
-
0
127,425
9,000
192,883
5,782
-
0
335,090
Disposals
-
0
-
0
-
0
(12,435)
(33,924)
(31,899)
(78,258)
At 31 August 2024
1,500,000
279,733
366,939
1,426,330
478,714
354,670
4,406,386
Depreciation and impairment
At 1 September 2023
50,082
84,034
55,033
846,883
429,998
154,843
1,620,873
Depreciation charged in the year
23,572
22,085
24,807
88,624
37,184
101,811
298,083
Eliminated in respect of disposals
-
0
-
0
-
0
(12,435)
(33,924)
(31,899)
(78,258)
At 31 August 2024
73,654
106,119
79,840
923,072
433,258
224,755
1,840,698
Carrying amount
At 31 August 2024
1,426,346
173,614
287,099
503,258
45,456
129,915
2,565,688
At 31 August 2023
1,449,918
68,274
302,906
398,999
76,858
231,726
2,528,681
SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Tangible fixed assets
(Continued)
- 24 -

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

2024
2023
£
£
Plant and equipment
-
0
127,413
Motor vehicles
129,914
215,945
129,914
343,358
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
-
0
377,466
Listed investments
2,069
2,069
2,069
379,535

The fair value of the listed investments at 31 August 2024 was £1,969 (2023 - £1,969)

Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2023
377,466
2,069
379,535
Transfer to goodwill
(377,466)
-
(377,466)
At 31 August 2024
-
2,069
2,069
Carrying amount
At 31 August 2024
-
2,069
2,069
At 31 August 2023
377,466
2,069
379,535
11
Subsidiaries

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

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
CR Foodservice Limited
Rougham Industrial Estate, Rougham, Bury St Edmunds, Suffolk, IP30 9ND
Ordinary
33.00
IIfracombe Wholesale Grocers Limited
IIfracombe Foodservice, Mullacott Cross Industrial Estate, Ilfracombe, Devon, EX34 8PL
Ordinary
100.00
Silver Foodservice Limited
Unit 11-12 Oxonion Park, Langford Locks, Kidlington, Oxfordshire, United Kingdom, OX5 1FP
Ordinary
100.00
GB Foodservice Limited
Unit 11-12 Oxonion Park, Langford Locks, Kidlington, Oxfordshire, United Kingdom, OX5 1FP
Ordinary
100.00
Debono Limited
Unit 11-12 Oxonian Park, Langford Locks, Kidlington, Oxford, England, OX5 1FP
Ordinary
100.00
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,776,101
4,172,662
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,905,135
5,581,704
Other debtors
146,915
119,133
Prepayments and accrued income
1,746,713
736,103
7,798,763
6,436,940
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
3,314,550
3,296,238
Obligations under finance leases
17
56,917
77,960
Trade creditors
6,078,628
4,234,403
Corporation tax
364,586
50,672
Other taxation and social security
244,358
208,478
Other creditors
100
12,588
Accruals and deferred income
1,179,967
1,476,152
11,239,106
9,356,491
SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
400,013
1,386,058
Obligations under finance leases
17
46,931
93,481
446,944
1,479,539
16
Loans and overdrafts
2024
2023
£
£
Bank loans
3,714,563
4,677,767
Bank overdrafts
-
0
4,529
3,714,563
4,682,296
Payable within one year
3,314,550
3,296,238
Payable after one year
400,013
1,386,058

The company received a loan of £2,000,000 from National Westminster Bank Plc under the government backed Coronavirus Business Interruption Loan Scheme (CBILS) on 11 May 2020, the amount is included under bank loans above. There is a capital repayment holiday for the first 12 months of the loan with interest payments being paid by the government on behalf of the company for these 12 months. Interest is fixed at 4.45% per annum and payable monthly for the first five years, capital repayments are made monthly for £33,333.33.

 

The company received a loan of £875,000 from National Westminster Bank Plc on 5 June 2020, the amount is included under bank loans above. Interest is charged on this at 3.79% per annum with quarterly repayments of £19,177.93 for five years with a final balancing repayment due on 5 June 2025.

 

The company receives invoice factoring finance from National Westminster Bank Plc, the finance available is proportional to the trade debtors.

 

All amounts loaned by National Westminster Bank Plc. are secured by first legal charge over the freehold property 'Mullacott Industrial Estate, Mullacott Cross, West Down, Ilfracombe, EX34 8PL' and the relating assets held there.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
56,917
77,960
In two to five years
46,931
93,481
103,848
171,441
SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
17
Finance lease obligations
(Continued)
- 27 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Provisions for liabilities
2024
2023
£
£
Dilapidations
182,860
182,860
Movements on provisions:
Dilapidations
£
At 1 September 2023 and 31 August 2024
182,860
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
177,915
174,912
2024
Movements in the year:
£
Liability at 1 September 2023
174,912
Charge to profit or loss
3,003
Liability at 31 August 2024
177,915

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
307,963
254,476

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share-based payment transactions

The group operates a share option plan for selected employees. The option vest on the occurrence of a sale of the company and may be exercised within the period beginning with the date of sale and ending 40 days thereafter and shall lapse and cease to be exercisable at the end of that period.

 

The shares options have exercise prices ranging from £15 to £60.

 

If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the group before the options vest.

 

Details of the share options and the weighted average exercise price outstanding during the period as follows:

 

 

 

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 September 2023 and 31 August 2024
2,300
2,300
24.80
24.80
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
9,000
9,000
9,000
9,000
SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
23
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
1,919,350
934,236
Between two and five years
3,593,405
1,565,170
In over five years
3,359,583
660,800
8,872,338
3,160,206
24
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2024
2023
£
£
Other related parties
87,990
135,596

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
547
73,620

The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:

2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
-
49,313
Other related parties
-
47,428
25
Ultimate controlling party

The directors consider T Knowland to be the ultimate controlling party by virtue of her majority shareholding in the company.

 

SAVONA FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
26
Cash generated from operations
2024
2023
£
£
Profit after taxation
973,903
789,755
Adjustments for:
Taxation charged
367,589
244,153
Finance costs
286,984
318,459
Investment income
(1)
(2,962)
Amortisation and impairment of intangible assets
217,824
200,464
Depreciation and impairment of tangible fixed assets
298,083
230,163
Movements in working capital:
Increase in stocks
(603,439)
(608,324)
Increase in debtors
(1,361,823)
(763,190)
Increase in creditors
1,571,432
1,118,820
Cash generated from operations
1,750,552
1,527,338
27
Analysis of changes in net debt
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
1,846
7,706
9,552
Bank overdrafts
(4,529)
4,529
-
0
(2,683)
12,235
9,552
Borrowings excluding overdrafts
(4,677,767)
963,204
(3,714,563)
Obligations under finance leases
(171,441)
67,593
(103,848)
(4,851,891)
1,043,032
(3,808,859)
2024-08-312023-09-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.301Mr M J MorganMr J N VokesMr K J KnowlandMs K J WIlliamsT Knowland047646812023-09-012024-08-3104764681bus:Director12023-09-012024-08-3104764681bus:Director22023-09-012024-08-3104764681bus:Director32023-09-012024-08-3104764681bus:Director42023-09-012024-08-3104764681bus:CompanySecretary12023-09-012024-08-3104764681bus:RegisteredOffice2023-09-012024-08-31047646812024-08-31047646812022-09-012023-08-3104764681core:RetainedEarningsAccumulatedLosses2022-09-012023-08-3104764681core:RetainedEarningsAccumulatedLosses2023-09-012024-08-3104764681core:Goodwill2024-08-3104764681core:Goodwill2023-08-3104764681core:OtherResidualIntangibleAssets2024-08-3104764681core:OtherResidualIntangibleAssets2023-08-31047646812023-08-3104764681core:ComputerSoftware2024-08-3104764681core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-08-3104764681core:ComputerSoftware2023-08-3104764681core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-08-3104764681core:LandBuildingscore:OwnedOrFreeholdAssets2024-08-3104764681core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-08-3104764681core:PlantMachinery2024-08-3104764681core:FurnitureFittings2024-08-3104764681core:ComputerEquipment2024-08-3104764681core:MotorVehicles2024-08-3104764681core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3104764681core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-08-3104764681core:PlantMachinery2023-08-3104764681core:FurnitureFittings2023-08-3104764681core:ComputerEquipment2023-08-3104764681core:MotorVehicles2023-08-3104764681core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3104764681core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3104764681core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3104764681core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3104764681core:CurrentFinancialInstruments2024-08-3104764681core:CurrentFinancialInstruments2023-08-3104764681core:Non-currentFinancialInstruments2024-08-3104764681core:Non-currentFinancialInstruments2023-08-3104764681core:ShareCapital2024-08-3104764681core:ShareCapital2023-08-3104764681core:CapitalRedemptionReserve2024-08-3104764681core:CapitalRedemptionReserve2023-08-3104764681core:OtherMiscellaneousReserve2024-08-3104764681core:OtherMiscellaneousReserve2023-08-3104764681core:RetainedEarningsAccumulatedLosses2024-08-3104764681core:RetainedEarningsAccumulatedLosses2023-08-3104764681core:ShareCapital2022-08-3104764681core:CapitalRedemptionReserve2022-08-3104764681core:RetainedEarningsAccumulatedLosses2022-08-310476468112023-09-012024-08-310476468112022-09-012023-08-31047646812023-08-31047646812022-08-3104764681core:WithinOneYear2024-08-3104764681core:WithinOneYear2023-08-3104764681core:Goodwill2023-09-012024-08-3104764681core:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3104764681core:ComputerSoftware2023-09-012024-08-3104764681core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-09-012024-08-3104764681core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-012024-08-3104764681core:LandBuildingscore:LongLeaseholdAssets2023-09-012024-08-3104764681core:PlantMachinery2023-09-012024-08-3104764681core:FurnitureFittings2023-09-012024-08-3104764681core:ComputerEquipment2023-09-012024-08-3104764681core:MotorVehicles2023-09-012024-08-3104764681core:UKTax2023-09-012024-08-3104764681core:UKTax2022-09-012023-08-310476468122023-09-012024-08-310476468122022-09-012023-08-3104764681core:Goodwill2023-08-3104764681core:ComputerSoftware2023-08-3104764681core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-08-3104764681core:Goodwillcore:ExternallyAcquiredIntangibleAssets2023-09-012024-08-3104764681core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2023-09-012024-08-3104764681core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2023-09-012024-08-3104764681core:ExternallyAcquiredIntangibleAssets2023-09-012024-08-3104764681core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3104764681core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-08-3104764681core:PlantMachinery2023-08-3104764681core:FurnitureFittings2023-08-3104764681core:ComputerEquipment2023-08-3104764681core:MotorVehicles2023-08-3104764681core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-012024-08-3104764681core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2024-08-3104764681core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2023-08-3104764681core:Subsidiary12023-09-012024-08-3104764681core:Subsidiary22023-09-012024-08-3104764681core:Subsidiary32023-09-012024-08-3104764681core:Subsidiary42023-09-012024-08-3104764681core:Subsidiary52023-09-012024-08-3104764681core:Subsidiary112023-09-012024-08-3104764681core:Subsidiary212023-09-012024-08-3104764681core:Subsidiary312023-09-012024-08-3104764681core:Subsidiary412023-09-012024-08-3104764681core:Subsidiary512023-09-012024-08-3104764681core:BetweenTwoFiveYears2024-08-3104764681core:BetweenTwoFiveYears2023-08-3104764681core:MoreThanFiveYears2024-08-3104764681core:MoreThanFiveYears2023-08-3104764681bus:PrivateLimitedCompanyLtd2023-09-012024-08-3104764681bus:FRS1022023-09-012024-08-3104764681bus:Audited2023-09-012024-08-3104764681bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP