Company registration number 06083324 (England and Wales)
CULVERHILL RETAIL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CULVERHILL RETAIL LIMITED
COMPANY INFORMATION
Directors
N S A Withers
R J Higgins
R I A Higgins
Company number
06083324
Registered office
1A The Crescent
Wilton
Salisbury
Wiltshire
SP2 8DF
Auditor
Richard Place Dobson Services Limited
Ground Floor
1 - 7 Station Road
Crawley
West Sussex
RH10 1HT
CULVERHILL RETAIL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 30
CULVERHILL RETAIL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
page 1
The directors present the strategic report for the year ended 31 July 2024.
Fair Review of Business
Operating profits continue to come under pressure with wages and energy costs accounting for some 70% of costs. Our decision to invest some £250,000 in solar heating panels is now showing results, with a saving of circa £78,000 against last year‘s energy costs. The government have again decided on a further 6.7% minimum wage increase from 1/4/25 on top of last year‘s 9.8% and previous years above inflation increases. It seems intent on imposing an income’s policy on retail businesses irrespective of which retail sector the business is in, or even the size of business.
Against the backdrop of inflation, higher operating costs and the governments clear intention to increase the burden on business we have done remarkably well to contain our operating costs at a 1.8% increase. Sales have increased by some 4.28% in a challenging environment.
The major risks and concern remain as previously highlighted:
major corporate competition
high taxation, energy, and business costs, all of which are now exacerbated by the NIC taxes and other business tax increases coming into effect 1/4/25, announced in the October 24 budget. This will make costs in 2024/25 difficult to contain.
and an increasingly anti-business government who are seemingly adopting an income policy for the retail sector.
Key performance indicators
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Admin costs (excluding depreciation) | | | |
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We are continuing to look for high-quality sites and whilst we are extremely cautious on site selection we have in the last year seen a number of sites coming to the market that fit our operating profile. We have made offers on 2 sites which may or may not come to fruition. Our strategy is still one of caution.
N S A Withers
Director
24 January 2025
CULVERHILL RETAIL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
page 2
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company continued to be that of retail stores across the south of England.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £100,000. 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:
N S A Withers
R J Higgins
R I A Higgins
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
N S A Withers
Director
24 January 2025
CULVERHILL RETAIL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
page 3
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CULVERHILL RETAIL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CULVERHILL RETAIL LIMITED
page 4
Opinion
We have audited the financial statements of Culverhill Retail Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CULVERHILL RETAIL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CULVERHILL RETAIL LIMITED
page 5
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We have made enquiries of management, and directors, regarding the procedures relating to identifying, evaluating and complying with
laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
3. the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
We obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act, data protection regulations, employment legislation, the sale of goods act and taxation laws and regulations.
Discussion was had with management and the directors and amongst the engagement team to gain an understanding of the entities current activities, authorisation procedures and effectiveness of the control environment. Our understanding was tested during the audit work and the systems and controls in place were found to be operating effectively.
The engagement partner has reviewed the team selected to undertake the engagement and ensure that they have sufficient competence and are capable of identifying and recognising non-compliance with laws and regulations. No non-compliance was identified.
Discussion among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas:
CULVERHILL RETAIL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CULVERHILL RETAIL LIMITED
page 6
Risks identified
Audit response
Theft of stock from premises
Audit Procedures included, but not limited to, making sure to attend the stock count at the year end to witness the stock was being accurately counted for, systems and controls checks on the stock system and reconciling stock reports to the accounting system.
Management override of controls
Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions entered into outside of the normal course of business.
Revenue recognition
Audit procedures performed included but were not limited to performing walk through tests to identify the control procedures in place and once an understanding of the sales process was gained, a substantive test was carried out using a sample basis to ensure the revenue existed and were complete in the accounts. Cut off testing was also performed to ensure sales were recorded in the correct period.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Darren Harding (Senior Statutory Auditor)
For and on behalf of Richard Place Dobson Services Limited
27 January 2025
Chartered Accountants
Statutory Auditor
Ground Floor
1 - 7 Station Road
Crawley
West Sussex
RH10 1HT
CULVERHILL RETAIL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
page 7
2024
2023
Notes
£
£
Turnover
3
16,738,394
16,051,681
Cost of sales
(11,959,430)
(11,719,418)
Gross profit
4,778,964
4,332,263
Distribution costs
(85,821)
(84,563)
Administrative expenses
(3,338,913)
(3,283,539)
Other operating income
532,462
308,718
Operating profit
4
1,886,692
1,272,879
Interest receivable and similar income
7
247,347
84,290
Interest payable and similar expenses
8
2,770
20,627
Profit before taxation
2,136,809
1,377,796
Tax on profit
9
(561,846)
(386,346)
Profit for the financial year
1,574,963
991,450
Profit for the financial year is all attributable to the owners of the parent company.
CULVERHILL RETAIL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
page 8
2024
2023
£
£
Profit for the year
1,574,963
991,450
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
1,574,963
991,450
Total comprehensive income for the year is all attributable to the owners of the parent company.
CULVERHILL RETAIL LIMITED
GROUP BALANCE SHEET
page 9
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
378,060
479,135
Tangible assets
12
2,984,964
3,146,446
Investment property
13
486,000
486,000
3,849,024
4,111,581
Current assets
Stocks
16
448,183
463,004
Debtors
17
471,274
471,102
Cash at bank and in hand
7,642,715
6,161,888
8,562,172
7,095,994
Creditors: amounts falling due within one year
18
(1,594,758)
(1,604,553)
Net current assets
6,967,414
5,491,441
Total assets less current liabilities
10,816,438
9,603,022
Creditors: amounts falling due after more than one year
19
-
(306,467)
Provisions for liabilities
Deferred tax liability
20
288,856
243,936
(288,856)
(243,936)
Net assets
10,527,582
9,052,619
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
203,712
203,712
Capital redemption reserve
203,234
203,234
Profit and loss reserves
10,120,536
8,645,573
Total equity
10,527,582
9,052,619
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:
24 January 2025
N S A Withers
Director
Company registration number 06083324 (England and Wales)
CULVERHILL RETAIL LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
page 10
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
239,310
295,385
Tangible assets
12
2,805,822
2,943,188
Investment property
13
486,000
486,000
Investments
14
1
1
3,531,133
3,724,574
Current assets
Stocks
16
365,961
382,438
Debtors
17
394,596
373,703
Cash at bank and in hand
7,544,358
6,048,772
8,304,915
6,804,913
Creditors: amounts falling due within one year
18
(1,276,088)
(1,326,647)
Net current assets
7,028,827
5,478,266
Total assets less current liabilities
10,559,960
9,202,840
Creditors: amounts falling due after more than one year
19
-
(184,024)
Provisions for liabilities
Deferred tax liability
20
284,639
236,302
(284,639)
(236,302)
Net assets
10,275,321
8,782,514
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
203,712
203,712
Capital redemption reserve
203,234
203,234
Profit and loss reserves
9,868,275
8,375,468
Total equity
10,275,321
8,782,514
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,592,807 (2023 - £1,055,926 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
CULVERHILL RETAIL LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
page 11
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:
24 January 2025
N S A Withers
Director
Company registration number 06083324 (England and Wales)
CULVERHILL RETAIL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
page 12
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
100
203,712
203,234
8,012,123
8,419,169
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
991,450
991,450
Dividends
10
-
-
-
(358,000)
(358,000)
Balance at 31 July 2023
100
203,712
203,234
8,645,573
9,052,619
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
-
1,574,963
1,574,963
Dividends
10
-
-
-
(100,000)
(100,000)
Balance at 31 July 2024
100
203,712
203,234
10,120,536
10,527,582
CULVERHILL RETAIL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
page 13
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
100
203,712
203,234
7,677,542
8,084,588
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
1,055,926
1,055,926
Dividends
10
-
-
-
(358,000)
(358,000)
Balance at 31 July 2023
100
203,712
203,234
8,375,468
8,782,514
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
-
1,592,807
1,592,807
Dividends
10
-
-
-
(100,000)
(100,000)
Balance at 31 July 2024
100
203,712
203,234
9,868,275
10,275,321
CULVERHILL RETAIL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
page 14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1,704,959
1,909,391
Interest paid
2,770
20,627
Income taxes paid
(324,955)
(217,182)
Net cash inflow from operating activities
1,382,774
1,712,836
Investing activities
Purchase of tangible fixed assets
(67,502)
(370,737)
Proceeds from disposal of tangible fixed assets
18,208
-
Interest received
247,347
84,290
Net cash generated from/(used in) investing activities
198,053
(286,447)
Financing activities
Dividends paid to equity shareholders
(100,000)
(358,000)
Net cash used in financing activities
(100,000)
(358,000)
Net increase in cash and cash equivalents
1,480,827
1,068,389
Cash and cash equivalents at beginning of year
6,161,888
5,093,499
Cash and cash equivalents at end of year
7,642,715
6,161,888
CULVERHILL RETAIL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
page 15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,185,754
1,440,607
Interest paid
2,770
20,627
Income taxes paid
(241,917)
(133,092)
Net cash inflow from operating activities
946,607
1,328,142
Investing activities
Purchase of tangible fixed assets
(56,212)
(320,962)
Proceeds from disposal of tangible fixed assets
16,846
Interest received
247,347
84,290
Dividends received
440,998
367,537
Net cash generated from investing activities
648,979
130,865
Financing activities
Dividends paid to equity shareholders
(100,000)
(358,000)
Net cash used in financing activities
(100,000)
(358,000)
Net increase in cash and cash equivalents
1,495,586
1,101,007
Cash and cash equivalents at beginning of year
6,048,772
4,947,765
Cash and cash equivalents at end of year
7,544,358
6,048,772
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
page 16
1
Accounting policies
Company information
Culverhill Retail Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1a The Crescent, Salisbury, England, SP2 8DF.
The group consists of Culverhill Retail Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [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.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Culverhill Retail Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
page 17
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.
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.
1.6
Intangible fixed assets - goodwill
Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is calculated so as to write off the cost of an asset over the useful life of that asset as follows:
Goodwill - 10% on cost.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost (land not depreciated)
Plant and equipment
15% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on cost
Improvements to Property
10% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
page 18
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
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.
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
page 19
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.
1.12
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.
1.13
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
The group does not hold non-basic financial instruments.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
page 20
Deferred tax
Deferred Tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.16
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
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 leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
1.20
Deferred development fund contributions
Symbol Group Development Fund contributions towards tangible fixed assets are credited to deferred income and recognised over the life of the tangible fixed asset to which they relate.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
page 21
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
The company has an investment property which is measured at fair value. This requires management to make judgements and estimated of the fair value of the investment properties based on similar property values in the location of the properties. At 31 July 2024, the investment properties were valued at £486,000 (2023: £486,000).
Amortisation of Goodwill
Goodwill is amortised between 5-10 years according to the useful life of the asset.
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
247,347
84,290
All Turnover was generated in the UK.
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
203,829
210,114
Loss on disposal of tangible fixed assets
6,947
-
Amortisation of intangible assets
101,075
101,075
Operating lease charges
139,100
161,712
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
18,000
15,000
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
page 22
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Monthly
11
26
6
22
Weekly
108
102
86
80
Total
119
128
92
102
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,947,720
1,765,633
1,566,432
1,431,916
Social security costs
119,352
103,459
95,303
83,335
Pension costs
24,655
20,996
19,446
16,633
2,091,727
1,890,088
1,681,181
1,531,884
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
247,347
84,290
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
247,347
84,290
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
(2,770)
(20,627)
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
516,926
273,285
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Taxation
2024
2023
£
£
(Continued)
page 23
Deferred tax
Origination and reversal of timing differences
44,920
113,061
Total tax charge
561,846
386,346
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
2,136,809
1,377,796
Expected tax charge of corporation tax in the UK in 2024 of 25% (2023: hybrid rate of 19% and 25%)
534,202
296,585
Tax effect of income not taxable in determining taxable profit
(56,787)
Effect of change in corporation tax rate
-
39,211
Permanent capital allowances in excess of depreciation
32,677
(2,488)
Deferred tax adjustments in respect of prior years
51,754
53,038
Taxation charge
561,846
386,346
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
358,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
1,587,547
Amortisation and impairment
At 1 August 2023
1,108,412
Amortisation charged for the year
101,075
At 31 July 2024
1,209,487
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
11
Intangible fixed assets
(Continued)
page 24
Carrying amount
At 31 July 2024
378,060
At 31 July 2023
479,135
Company
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
1,137,547
Amortisation and impairment
At 1 August 2023
842,162
Amortisation charged for the year
56,075
At 31 July 2024
898,237
Carrying amount
At 31 July 2024
239,310
At 31 July 2023
295,385
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Improvements to Property
Total
£
£
£
£
£
£
Cost
At 1 August 2023
2,358,234
2,477,655
130,727
2,650
279,942
5,249,208
Additions
62,854
4,648
67,502
Disposals
(59,847)
(24,725)
(2,650)
(87,222)
At 31 July 2024
2,358,234
2,480,662
110,650
279,942
5,229,488
Depreciation and impairment
At 1 August 2023
272,397
1,513,598
102,116
2,061
212,590
2,102,762
Depreciation charged in the year
36,320
146,143
8,972
61
12,333
203,829
Eliminated in respect of disposals
(39,076)
(20,869)
(2,122)
(62,067)
At 31 July 2024
308,717
1,620,665
90,219
224,923
2,244,524
Carrying amount
At 31 July 2024
2,049,517
859,997
20,431
55,019
2,984,964
At 31 July 2023
2,085,837
964,057
28,611
589
67,352
3,146,446
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
Tangible fixed assets
(Continued)
page 25
Company
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Improvements to Property
Total
£
£
£
£
£
£
Cost
At 1 August 2023
2,358,234
2,092,998
111,848
2,650
209,655
4,775,385
Additions
51,564
4,648
56,212
Disposals
(56,492)
(24,070)
(2,650)
(83,212)
At 31 July 2024
2,358,234
2,088,070
92,426
209,655
4,748,385
Depreciation and impairment
At 1 August 2023
272,397
1,300,482
86,593
2,061
170,664
1,832,197
Depreciation charged in the year
36,320
120,214
7,886
61
5,304
169,785
Eliminated in respect of disposals
(36,984)
(20,313)
(2,122)
(59,419)
At 31 July 2024
308,717
1,383,712
74,166
175,968
1,942,563
Carrying amount
At 31 July 2024
2,049,517
704,358
18,260
33,687
2,805,822
At 31 July 2023
2,085,837
792,516
25,255
589
38,991
2,943,188
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023 and 31 July 2024
486,000
486,000
The investment properties have been valued at fair value at the balance sheet date by the directors. The fair value is based on the open market value of similar properties in the same location. The historical cost of the investment properties is £235,601.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
1
1
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
14
Fixed asset investments
(Continued)
page 26
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
1
Carrying amount
At 31 July 2024
1
At 31 July 2023
1
15
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Otterbourne Retail Limited
1A The Crescent, Wilton, Salisbury, Wiltshire, SP2 8DF
Ordinary Shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Otterbourne Retail Limited
252,599
423,491
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
448,183
463,004
365,961
382,438
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
page 27
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
17,063
16,253
14,043
13,638
Other debtors
178,388
184,966
104,730
90,182
195,451
201,219
118,773
103,820
Amounts falling due after more than one year:
Other debtors
275,823
269,883
275,823
269,883
Total debtors
471,274
471,102
394,596
373,703
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
685,521
718,361
537,800
570,498
Corporation tax payable
304,000
112,029
183,693
28,991
Other taxation and social security
122,615
105,491
100,508
84,554
Other creditors
369,271
571,588
364,398
567,899
Accruals and deferred income
113,351
97,084
89,689
74,705
1,594,758
1,604,553
1,276,088
1,326,647
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
122,443
Accruals and deferred income
184,024
184,024
-
306,467
-
184,024
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
page 28
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
227,404
181,234
Tax losses
-
1,250
Investment property
61,452
61,452
288,856
243,936
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
223,187
174,850
Investment property
61,452
61,452
284,639
236,302
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
243,936
236,302
Charge to profit or loss
44,920
48,337
Liability at 31 July 2024
288,856
284,639
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,655
20,996
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
page 29
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
224,100
274,100
89,100
89,100
Between two and five years
265,192
304,292
265,192
304,292
In over five years
175,000
225,000
175,000
225,000
664,292
803,392
529,292
618,392
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
13,296
35,052
13,296
17,526
24
Controlling party
The ultimate controlling parties are the directors of Culverhill Retail Limited.
CULVERHILL RETAIL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
page 30
25
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,592,807
1,055,926
Adjustments for:
Taxation charged
444,956
296,924
Finance costs
(2,770)
(20,627)
Investment income
(688,345)
(451,827)
Loss on disposal of tangible fixed assets
6,947
-
Amortisation and impairment of intangible assets
56,075
56,075
Depreciation and impairment of tangible fixed assets
169,785
173,050
Movements in working capital:
Decrease/(increase) in stocks
16,477
(61,522)
(Increase)/decrease in debtors
(20,893)
1,696
(Decrease)/increase in creditors
(389,285)
390,912
Cash generated from operations
1,185,754
1,440,607
26
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
6,161,888
1,480,827
7,642,715
27
Analysis of changes in net funds - company
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
6,048,772
1,495,586
7,544,358
2024-07-312023-08-01falseCCH SoftwareCCH Accounts Production 2024.200N S A WithersR J HigginsR I A 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