Company registration number 04367666 (England and Wales)
CITY & COUNTRY GROUP PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CITY & COUNTRY GROUP PLC
COMPANY INFORMATION
Directors
T R Sargeant
A I Sargeant
D R Sargeant
S Vernon-Harcourt
W Douglas
W Sargeant
Secretary
A I Sargeant
Company number
04367666
Registered office
Bentfield Place
Bentfield Road
Stansted
Essex
CM24 8HL
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
United Kingdom
W1T 4RN
Business address
Bentfield Place
Bentfield Road
Stansted
Essex
CM24 8HL
CITY & COUNTRY GROUP PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 43
CITY & COUNTRY GROUP PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

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

Review of the business

The principal activity of the Group continued to be that of residential development.

 

Property completions and turnover were consistent with the prior period which was very pleasing given the general economic difficulties in the UK housing market mainly caused by increasing Bank of England base rates during the year.

 

Cash held at Bank has been held at a strong positive level at £8.9m at the year end compared to £10.4m as at 31 July 2023. This positive cash balance has been maintained due to the performance during the year. The Group has continued its strategy of reducing its borrowing costs by not drawing debt where it is not required. The Group continues to hold a healthy headroom in debt facilities with available undrawn facilities which are not included in our £8.9m cash at bank balance.

 

Administration expenses were £10.2m for the year compared to £9.6m for the previous 12 months. This 6.25% increase is representative of inflation coupled with our continued investment in staff in line with our corporate objectives.

 

Interest and similar charges paid amounted to £8.4m which represents an increase of £2.3m compared to £6.1m in the prior period which was caused by the increase in the Bank of England base rate as well as additional investment in our future pipeline.

 

Profit before tax for the period was £5.1m.

 

Key Performance Indicators
2024
2023
Property Completions & Exchanges accrued
172
163
Turnover (£m)
76.3
93.8
Operating Profit (£m)
13.4
12.7
Operating Margin (%)
17.6
13.5
Net debt (£m)
77.5
52.9
Land bank (Turnover) (£m)
848
794.5
CITY & COUNTRY GROUP PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Principal risks and uncertainties

 

Financial Instruments and risks

The Group uses financial instruments comprising borrowings and various net working capital items such as trade debtors and trade creditors, to finance its operations not funded by way of equity. The main risks identified with using these financial instruments are the management of cash flow and exposure to interest rate fluctuations. The Group mitigates this risk by managing cash flow and negotiating credit facilities to assist with liquidity as required.

 

Exposure to liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by managing cash generation by its operations, applying sales completion targets throughout the Group. The Group also manages liquidity risk via credit facilities and long term debt.

 

Strategic and operational risks

The continued growth of the business is dependent upon the level of activity in the house building industry. The risk is mitigated by keeping abreast of economic conditions and deploying a rigorous process to identify new business opportunities that will continue to generate adequate returns to reflect the risks involved.

Section 172(1) statement

 

The board considers that they have adhered to the requirements of section 172 of the Companies Act 2006 (the “Act”) and have, in good faith, acted in a way that they consider could be most likely to promote the success of the group for the benefit of its shareholders and, in doing so, have had regard to and recognised the importance of considering all stakeholders and other matters (as set out in s.172(1)(a-f) of the Act) in its decision making.

 

The board acknowledges that the business can only grow and prosper over the long-term if it understands and respects the views and needs of the group’s customers, employees, suppliers, lenders and other stakeholders to whom we are accountable, as well as the environment we operate within.

The directors ensure that the requirements or section 172 are always met and considered through a combination of the following:

 

Employees

The group has continued to maintain the commitment to employee involvement throughout the business. Employees are kept well informed of the performance and objectives of the group through personal briefings, regular meetings and e-mail.

 

Customers

The group’s customers are purchasers of residential properties and tenants of commercial properties. The group has continued to work to ensure customers’ needs are met properly with robust continuity plans. This includes regular meetings with developers and managing agents to ensure issues are known. The impact of decisions made by the board on customers are considered to ensure continued good relationships.

 

Suppliers

The directors have increased their consideration of the financial health of suppliers to ensure business continuity and support the long-term success of the business. This includes more robust analysis of financial statements to ensure risks of failure are limited.

On behalf of the board

A I Sargeant
Director
30 January 2025
CITY & COUNTRY GROUP PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

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

Results and dividends

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

Ordinary dividends were paid amounting to £1,517,656. 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:

T R Sargeant
A I Sargeant
D R Sargeant
S Vernon-Harcourt
W Douglas
W Sargeant
Qualifying third party indemnity provisions

The group has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CITY & COUNTRY GROUP PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Strategic report

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

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.

Going concern

The group meets its day to day working capital requirements through existing cash reserves and bank facilities.

 

As detailed in note 22, the group has certain bank loan facilities that expire within 12 months of the date of approval of these financial statements. Given the relationships with existing lenders, the previous history granting of extensions of group facilities and the property asset development value which supports the existing facilities, the directors consider that the facilities will be either extended, replaced or repaid in due course on normal commercial terms.

 

The group’s forecast and projections, taking account of reasonable possible changes in trading performance, show that the group will be able to operate within the level of its current facilities.

 

Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future.

 

Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

On behalf of the board
A I Sargeant
Director
30 January 2025
CITY & COUNTRY GROUP PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY & COUNTRY GROUP PLC
- 5 -
Opinion

We have audited the financial statements of City & Country Group Plc (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 and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CITY & COUNTRY GROUP PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITY & COUNTRY GROUP PLC
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

CITY & COUNTRY GROUP PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITY & COUNTRY GROUP PLC
- 7 -

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

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.

Matthew Cook (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
United Kingdom
30 January 2025
CITY & COUNTRY GROUP PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover including joint ventures
3
76,316,693
93,757,714
Less: Share of joint ventures
(370,500)
(2,054,487)
Group turnover
75,946,193
91,703,227
Cost of sales
(52,383,696)
(69,383,508)
Gross profit
23,562,497
22,319,719
Administrative expenses
(10,151,925)
(9,635,885)
Operating profit
4
13,410,572
12,683,834
Share of profits of joint ventures
64,661
1,582,169
Interest receivable and similar income
8
14,852
4,946
Interest payable and similar expenses
9
(8,366,466)
(6,106,053)
Fair value gains and losses on investment properties
13
-
0
(22,500)
Profit before taxation
5,123,619
8,142,396
Tax on profit
10
108,460
(728,234)
Profit for the financial year
5,232,079
7,414,162
Profit for the financial year is all attributable to the owners of the parent company.

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

CITY & COUNTRY GROUP PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
£
£
Profit for the year
5,232,079
7,414,162
Other comprehensive income
-
-
Total comprehensive income for the year
5,232,079
7,414,162
Total comprehensive income for the year is all attributable to the owners of the parent company.
CITY & COUNTRY GROUP PLC
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,455,256
1,642,108
Investment property
13
6,499,210
6,474,210
Investments
14
585,326
1,922,068
8,539,792
10,038,386
Current assets
Stocks
18
149,870,160
131,650,912
Debtors falling due after more than one year
19
909,328
571,204
Debtors falling due within one year
19
26,593,696
37,757,205
Cash at bank and in hand
8,851,892
10,402,939
186,225,076
180,382,260
Creditors: amounts falling due within one year
20
(106,694,272)
(77,635,437)
Net current assets
79,530,804
102,746,823
Total assets less current liabilities
88,070,596
112,785,209
Creditors: amounts falling due after more than one year
21
(30,322,486)
(58,905,898)
Provisions for liabilities
Provisions
24
124,250
124,250
Deferred tax liability
25
524,338
369,962
(648,588)
(494,212)
Net assets
57,099,522
53,385,099
Capital and reserves
Called up share capital
28
122,255
122,255
Share premium account
8,481,242
8,481,242
Other reserves
(207,089)
(207,089)
Profit and loss reserves
48,703,114
44,988,691
Total equity
57,099,522
53,385,099
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
A I Sargeant
W Douglas
Director
Director
Company registration number 04367666 (England and Wales)
CITY & COUNTRY GROUP PLC
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
1,442,197
1,442,197
Current assets
Debtors
19
30,007,076
31,017,421
Cash at bank and in hand
5,199
4,853
30,012,275
31,022,274
Creditors: amounts falling due within one year
20
(20,610,882)
(21,620,881)
Net current assets
9,401,393
9,401,393
Net assets
10,843,590
10,843,590
Capital and reserves
Called up share capital
28
122,255
122,255
Share premium account
8,481,242
8,481,242
Profit and loss reserves
2,240,093
2,240,093
Total equity
10,843,590
10,843,590

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 £1,517,656 (2023 - £3,596,550 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
A I Sargeant
W Douglas
Director
Director
Company registration number 04367666 (England and Wales)
CITY & COUNTRY GROUP PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
122,255
8,481,242
(169,471)
41,171,058
49,605,084
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
7,414,162
7,414,162
Dividends
11
-
-
-
(3,596,529)
(3,596,529)
Own shares acquired
-
-
(37,618)
-
(37,618)
Balance at 31 July 2023
122,255
8,481,242
(207,089)
44,988,691
53,385,099
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
-
5,232,079
5,232,079
Dividends
11
-
-
-
(1,517,656)
(1,517,656)
Balance at 31 July 2024
122,255
8,481,242
(207,089)
48,703,114
57,099,522
CITY & COUNTRY GROUP PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
122,255
8,481,242
2,240,072
10,843,569
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
3,596,550
3,596,550
Dividends
11
-
-
(3,596,529)
(3,596,529)
Balance at 31 July 2023
122,255
8,481,242
2,240,093
10,843,590
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
1,517,656
1,517,656
Dividends
11
-
-
(1,517,656)
(1,517,656)
Balance at 31 July 2024
122,255
8,481,242
2,240,093
10,843,590
CITY & COUNTRY GROUP PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
33
(10,210,484)
(5,177,886)
Interest paid
(7,790,341)
(5,364,329)
Income taxes paid
-
(411)
Net cash outflow from operating activities
(18,000,825)
(10,542,626)
Investing activities
Purchase of subsidiary
(637,962)
-
Purchase of tangible fixed assets
(231,164)
(822,844)
Proceeds from disposal of tangible fixed assets
35,696
53,125
Movement on joint venture loans
1,401,403
2,189,759
Interest received
14,530
4,185
Dividends received
322
761
Net cash generated from investing activities
582,825
1,424,986
Financing activities
Proceeds from borrowings
30,550,973
36,258,276
Repayment of borrowings
(13,129,895)
(25,980,780)
Payment of / additional finance leases obligations
(36,469)
48,601
Dividends paid to equity shareholders
(1,517,656)
(3,596,529)
Net cash generated from financing activities
15,866,953
6,729,568
Net decrease in cash and cash equivalents
(1,551,047)
(2,388,072)
Cash and cash equivalents at beginning of year
10,402,939
12,791,011
Cash and cash equivalents at end of year
8,851,892
10,402,939
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
1
Accounting policies
Company information

City & Country Group Plc (“the Company”) is a public company limited by shares, domiciled and incorporated in England and Wales. The registered office is Bentfield Place, Bentfield Road, Stansted, Essex, CM24 8HL.

 

The group consists of City & Country Group Plc 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.

Parent company disclosure exemptions

 

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:

 

 

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.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company City & Country Group Plc 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. In the group financial statements, joint ventures are accounted for using the equity method.

1.4
Going concern

The group meets its day to day working capital requirements through existing cash reserves and bank facilities.

 

As detailed in note 22, the group has certain bank loan facilities that expire within 12 months of the date of approval of these financial statements. Given the relationships with existing lenders, the previous history of granting of extensions of group facilities and the property asset development value which supports the existing facilities, the directors consider that the facilities will be either extended, replaced or repaid in due course on normal commercial terms.

 

The group’s forecast and projections, taking account of reasonable possible changes in trading performance, show that the group will be able to operate within the level of its current facilities.

 

Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and net of VAT.

 

Turnover comprises sales of private housing and development properties during the period, gross rents receivable recognised in the period to which they relate and the invoiced value of other sales net of VAT. Properties are treated as sold and profits recognised when contracts are exchanged and the company has transferred the significant risks and rewards of ownership to the buyer, the building works are substantially completed at the year end and the properties legally complete within three months of the year end ensuring that the amount of turnover can be reliably measured.

 

Revenue is only recognised on a construction contract where the outcome can be estimated reliably. Variations to, and claims arising in respect of, construction contracts are included in revenue to the extent that they have been agreed with the customer. Revenue and costs are recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property. When it is probable that the total costs on a construction contract will exceed total contract revenue, the expected loss is recognised as an expense in the Profit and Loss Account immediately.

 

Amounts recoverable on construction contracts are included in trade receivables and stated at cost plus attributable profit less any foreseeable losses. Payments received on account for construction contracts are deducted from amounts recoverable on construction contracts. Payments received in excess of amounts recoverable on construction contracts are included in trade payables.

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:

Land and buildings Leasehold
Over the period of the lease
Plant and machinery
15-20% Reducing balance
Fixtures, fittings & equipment
15-30% Straight line
Motor vehicles
25% Reducing balance

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.

1.7
Investment property

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is accumulated and recognised in the revaluation reserve net of deferred tax and released to the profit and loss reserve upon disposal of the investment property.

 

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 or , 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.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments

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

 

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

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

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

1.9
Impairment of fixed assets

At each reporting period end date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct costs that have been incurred in bringing the stocks to their present location and condition.

 

Land held for development, including land in the course of development, is initially recorded at cost.

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

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

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.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Financial instruments

The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the Group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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.

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 Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
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.

 

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 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.

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue 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.

Deferred tax

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
1.16
Provisions

Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event, it is probable that the Group 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 it unwinds.

1.17
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 Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

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

1.19
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 the Profit and Loss Account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.20

Investment in own shares

Shares acquired by the Trustees, funded by the Group and held for the continuing benefit of the Group, are shown as a reduction in equity attributable to owners of the parent. Movements in the year arising from additional purchases by the Trustees of shares or the receipt of funds due to the exercise of options by employees are accounted for within reserves and shown as a movement in equity attributable to owners of the parent in the year. Administration expenses of the Trusts are charged to the Group's Profit and Loss Account as incurred.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 22 -
1.21

Share-based payments

City & Country Group plc operates an employee bonus share program. The cost of equity-settled transactions (bonus share awards) with employees is measured by reference to the estimated fair value at the date at which they are awarded. The awarded shares are accounted for as staff expenses in the profit and loss account of this company to match the services provided, and recognised as an equity transaction (included in other reserves).

The group has also issued share options to certain directors and employees. These must be measured at fair value and recognised as an expense in the profit and loss account of this company to match services provided, with a corresponding increase in reserves. The fair value of the options was estimated at the date of grant using the Black-Scholes option-pricing model. The fair value will be charged as an expense in the profit and loss account over the vesting period. The charge is adjusted each year to reflect the expected and actual level of vesting.

1.22

Deferred consideration

Deferred consideration is payable in connection with the group's purchase of a development site held in work in progress and the share capital of a subsidiary undertaking. Given that there are finance elements to these arrangements, effective interest rates of 3.25% and 6% have been used to discount the amounts payable as these are representative of the interest rates of other third party group borrowings with similar lending periods and security terms at the time of completion of the respective acquisitions.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
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.

 

Estimation of costs to complete

In order to determine the profit that the group is able to recognise on its developments in a specific period, the group has to allocate site-wide development costs between units built in the current year and in future years. It also has to estimate costs to complete on such developments. In making these assessments there is a degree of inherent uncertainty. The group has developed internal controls to assess and review carrying values and the appropriateness of estimates made.

 

Carrying value of land and work in progress

The group’s principal activity is residential property development. The majority of the development activity is not contracted prior to the development commencing. Accordingly, the group has in its Balance Sheet at 31 July 2024 current assets that are not covered by a forward sale. The group’s internal controls are designed to identify any developments where the estimated net realisable value of a site is less than its current carrying value within the Balance Sheet. The key judgements in these reviews were estimating the realisable value of a site, which is determined by forecast sales rates, expected sales prices and estimated costs to complete. Furthermore, for sites where planning permission has not yet been obtained, forecast sales include an expectation that reasonable planning permission will be successfully obtained. If the UK housing market were to change beyond management expectations in the future, in particular with regards to the assumptions around sales prices and estimated costs to complete, further adjustments to the carrying value of land and work in progress may be required.

 

Valuation of Investment Property

Investment properties are valued to fair value annually. The group recognises the property at fair value, defined as the estimated amount for which a property should exchange on the date of the valuation between a willing buyer and seller in an arm's length transaction, through the use of comparable values of similar properties observable in the market. The directors of the group assess the carrying value at each reporting date to ensure that the carrying value is adjusted to fair value.

 

Effective interest rate on deferred consideration

As noted in accounting policy 1.22, deferred consideration payable has been recognised in connection with the group's purchase of a development site held in work in progress and the share capital of a subsidiary undertaking. Given that there are finance elements to these arrangements, effective interest rate of 3.25% and 6% have been used to discount the amounts payable as these are representative of the interest rates of other third party group borrowings with similar lending periods and security terms at the time of completion of the respective acquisitions.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
3
Turnover and other revenue

An analysis of the Group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Property sales
66,021,744
80,440,850
Land sales
1,101,972
1,955,278
Rental income
570,209
540,960
Other income
400,767
928,137
Construction sales
7,627,534
7,240,435
Development management fees
223,967
597,567
75,946,193
91,703,227
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
75,946,193
91,703,227
2024
2023
£
£
Other revenue
Interest income
14,530
4,185
Dividends received
322
761
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
348,866
339,085
Depreciation of tangible fixed assets held under finance leases
48,264
26,341
Profit on disposal of tangible fixed assets
(14,810)
(62,906)
Release of negative goodwill
-
(1,139,494)
Cost of stocks recognised as an expense
46,815,298
64,044,635
Operating lease charges
221,215
203,583
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
4,900
6,650
Audit of the financial statements of the company's subsidiaries
143,263
139,150
148,163
145,800
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Auditor's remuneration
(Continued)
- 25 -
For other services
Taxation compliance services
49,388
48,600
All other non-audit services
80,414
74,276
129,802
122,876
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
Construction and operatives
81
70
-
-
Office and management
78
83
-
-
Total
159
153
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,542,969
8,881,033
-
0
-
0
Social security costs
1,182,191
1,106,381
-
-
Pension costs
1,608,869
1,106,010
-
0
-
0
11,334,029
11,093,424
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,023,853
1,764,259
Company pension contributions to defined contribution schemes
78,305
71,888
2,102,158
1,836,147

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

 

The number of directors who exercised share options during the year was 0 (2023 - 0).

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Directors' remuneration
(Continued)
- 26 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
702,664
578,658

 

The highest paid director has not exercised share options during the year (2023: Nil).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
979
4,185
Other interest income
13,551
-
Total interest revenue
14,530
4,185
Other income from investments
Dividends received
322
761
Total income
14,852
4,946
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
979
4,185
Dividends from financial assets measured at fair value through profit or loss
322
761
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,095,011
4,504,736
Interest payable on other borrowings
145,533
227,452
Other interest on financial liabilities
618
958
7,241,162
4,733,146
Other finance costs:
Interest on finance leases and hire purchase contracts
18
349
Unwinding of discount on deferred consideration
1,125,286
1,372,558
Total finance costs
8,366,466
6,106,053
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
242,129
407,988
Deferred tax
Origination and reversal of timing differences
(350,589)
320,246
Total tax (credit)/charge
(108,460)
728,234

The actual (credit)/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
5,123,619
8,142,396
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,280,905
2,035,599
Tax effect of expenses that are not deductible in determining taxable profit
139,091
161,017
Tax effect of utilisation of tax losses not previously recognised
(1,442,364)
(916,528)
Unutilised tax losses carried forward
49,765
141
Double tax relief
-
0
(581,788)
Other tax adjustments
230,898
(3,633)
Adjustment for joint venture profits
(16,166)
33,426
Deferred tax movement
(350,589)
-
Taxation (credit)/charge
(108,460)
728,234

The Group has estimated losses of £3,625,698 (2023: £8,805,697) available for carry forward against future trading profits. No deferred tax asset has been provided for these losses.

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,517,656
3,596,529
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
12
Tangible fixed assets
Group
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
78,677
2,418,086
1,693,258
409,600
4,599,621
Additions
-
0
165,632
65,532
-
0
231,164
Disposals
-
0
(84,571)
-
0
(14,838)
(99,409)
At 31 July 2024
78,677
2,499,147
1,758,790
394,762
4,731,376
Depreciation and impairment
At 1 August 2023
20,556
1,230,947
1,477,598
228,412
2,957,513
Depreciation charged in the year
8,506
256,602
87,002
45,020
397,130
Eliminated in respect of disposals
-
0
(63,477)
-
0
(15,046)
(78,523)
At 31 July 2024
29,062
1,424,072
1,564,600
258,386
3,276,120
Carrying amount
At 31 July 2024
49,615
1,075,075
194,190
136,376
1,455,256
At 31 July 2023
58,121
1,187,139
215,660
181,188
1,642,108
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.

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

 

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
23,675
39,722
-
0
-
0
Motor vehicles
125,929
167,905
-
0
-
0
149,604
207,627
-
-
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023 and 31 July 2024
6,474,210
-
Transfers from inventories
25,000
-
At 31 July 2024
6,499,210
-
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
13
Investment property
(Continued)
- 29 -

The investment properties have been shown in the balance sheet at fair value in accordance with FRS 102 Section 16 'Investment Property'. The directors have valued the investment properties using a property yield basis.

 

 

The historical cost of these properties is £6,816,915 (2023: £6,791,915).

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,442,197
1,442,197
Investments in joint ventures
16
547,638
1,884,380
-
0
-
0
Listed investments
37,688
37,688
-
0
-
0
585,326
1,922,068
1,442,197
1,442,197
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 August 2023
1,442,197
At 31 July 2024
1,442,197
Carrying amount
At 31 July 2024
1,442,197
At 31 July 2023
1,442,197
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
14
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Group
Investment in Joint Ventures
Cost or valuation
At 1 August 2023
100
At 31 July 2024
100
Share of retained profit/(loss)
At 1 August 2023
1,884,280
Profit for the year
64,661
Dividends
(1,401,403)
At 31 July 2024
547,538
Carrying amount
At 31 July 2024
547,638
At 31 July 2023
1,884,380
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 31 -
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
Indirect
City & Country Bedminster Ltd
England & Wales
Ordinary
-
100.00
City & Country Bicester Ltd
England & Wales
Ordinary
-
100.00
City & Country Bristol Limited
England & Wales
Ordinary
-
100.00
City & Country Burderop Ltd
England & Wales
Ordinary
-
100.00
City & Country Colchester Ltd
England & Wales
Ordinary
-
100.00
City & Country Commercial Limted
England & Wales
Ordinary
100.00
-
City & Country Construction Ltd
England & Wales
Ordinary
-
100.00
City & Country Corporation Ltd
England & Wales
Ordinary
100.00
-
City & Country Dorchester Ltd
England & Wales
Ordinary
-
100.00
City & Country Estates Limited
England & Wales
Ordinary
100.00
-
City & Country Gloucester Ltd
England & Wales
Ordinary
-
100.00
City & Country Group Trustees Limited
England & Wales
Ordinary
100.00
-
City & Country Holdings Ltd
England & Wales
Ordinary
100.00
-
City & Country Homes Limited
England & Wales
Ordinary
-
100.00
City & Country Investments Limited
England & Wales
Ordinary
100.00
-
City & Country Mersea Ltd
England & Wales
Ordinary
-
100.00
City & Country Portsmouth Ltd
England & Wales
Ordinary
-
100.00
City & Country Residential Ltd
England & Wales
Ordinary
100.00
-
City & Country Restorations Ltd
England & Wales
Ordinary
-
100.00
City & Country Restorations Two Ltd
England & Wales
Ordinary
-
100.00
City & Country Shepton Mallet Ltd
England & Wales
Ordinary
-
100.00
City & Country Springfield Ltd
England & Wales
Ordinary
-
100.00
City & Country Sundridge Ltd
England & Wales
Ordinary
-
100.00
City & Country Warley Limited
England & Wales
Ordinary
-
100.00
Edward VII Estates Ltd
England & Wales
Ordinary
-
100.00
Edward VII Estates Two Ltd
England & Wales
Ordinary
-
100.00
Edward VII Estates Three Ltd
England & Wales
Ordinary
-
100.00
Tendring Farms Limited
England & Wales
Ordinary
-
100.00
Homes For All South East Ltd
England & Wales
Ordinary
-
100.00
City & Country Bath Ltd
England & Wales
Ordinary
-
100.00
City & Country Stansted Ltd
England & Wales
Ordinary
-
100.00
City & Country Colchester 2 Ltd
England & Wales
Ordinary
-
100.00
City & Country Wellwick Ltd
England & Wales
Ordinary
-
100.00
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
15
Subsidiaries
(Continued)
- 32 -
The principal activity of these undertakings for the last relevant financial year was as follows:
Name of undertaking
Nature of business
City & Country Bedminster Ltd
Property developers
City & Country Bicester Ltd
Dormant
City & Country Bristol Limited
Property developers
City & Country Burderop Ltd
Property developers
City & Country Colchester Ltd
Dormant
City & Country Commercial Limted
Dormant company
City & Country Construction Ltd
General building & civil engineering
City & Country Corporation Ltd
General building & civil engineering
City & Country Dorchester Ltd
Property developers
City & Country Estates Limited
Property developers
City & Country Gloucester Ltd
Property developers
City & Country Group Trustees Limited
Dormant company
City & Country Holdings Ltd
Intermediate holding company
City & Country Homes Limited
Property developers
City & Country Investments Limited
Property developers
City & Country Mersea Ltd
Property developers
City & Country Portsmouth Ltd
Property developers
City & Country Residential Ltd
Property developers
City & Country Restorations Ltd
Intermediate holding company
City & Country Restorations Two Ltd
Dormant company
City & Country Shepton Mallet Ltd
Property developers
City & Country Springfield Ltd
Property developers
City & Country Sundridge Ltd
Property developers
City & Country Warley Limited
Property developers
Edward VII Estates Ltd
Property developers
Edward VII Estates Two Ltd
Property developers
Edward VII Estates Three Ltd
Property developers
Tendring Farms Limited
Property developers
Homes For All South East Ltd
Dormant company
City & Country Bath Ltd
Property developers
City & Country Stansted Ltd
Property developers
City & Country Colchester 2 Ltd
Property developers
City & Country Wellwick Ltd
Property developers
The registered office of the above named subsidiaries is Bentfield Place, Bentfield Road, Stansted, Essex, CM24 8HL.
16
Joint ventures

Details of joint ventures at 31 July 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Indirect
City & Country Edinburgh Limited
England & Wales
Ordinary
-
25.00
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
16
Joint ventures
(Continued)
- 33 -

City & Country Edinburgh Limited has a year end date of 31 December.

 

The registered office of City & Country Edinburgh Limited is Seymour Mews House, 26-37 Seymour Mews, London, W1H 6BN.

 

The above company is included into the group accounts using the equity method.

 

The share of profits from joint ventures recognised in the financial statements at the year end is £64,661 (2023: £1,582,169).

17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
13,046,953
21,481,247
30,007,076
31,017,421
Equity instruments measured at cost less impairment
37,688
37,688
-
-
Carrying amount of financial liabilities
Measured at amortised cost
133,166,535
134,996,087
20,610,882
21,620,881
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
149,870,160
131,650,912
-
-

Included in stock are new acquisitions of land and property, properties under construction or development at the balance sheet date and completed properties awaiting sale.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 34 -
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
486,447
2,452,637
-
0
-
0
Gross amounts owed by contract customers
1,775,032
2,672,042
-
0
-
0
Amounts owed by group undertakings
-
-
30,007,076
31,017,421
Amounts owed by joint ventures
5,217
86,324
-
-
Other debtors
1,767,474
2,298,438
-
0
-
0
Prepayments and accrued income
22,559,526
30,247,764
-
0
-
0
26,593,696
37,757,205
30,007,076
31,017,421
Amounts falling due after more than one year:
Deferred tax asset (note 25)
909,328
571,204
-
0
-
0
Total debtors
27,503,024
38,328,409
30,007,076
31,017,421
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
22
57,026,487
33,624,620
-
0
-
0
Obligations under finance leases
23
33,352
36,469
-
0
-
0
Other borrowings
22
415,288
870,015
-
0
-
0
Trade creditors
7,522,698
8,188,844
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
20,610,882
21,620,881
Amounts owed to joint ventures
22,611
1,058,852
-
0
-
0
Corporation tax payable
242,129
-
0
-
0
-
0
Other taxation and social security
408,339
458,100
-
-
Deferred income
-
0
13,610
-
0
-
0
Other creditors
21,203,153
4,791,905
-
0
-
0
Accruals and deferred income
19,820,215
28,593,022
-
0
-
0
106,694,272
77,635,437
20,610,882
21,620,881

Other creditors represents deferred consideration of £18,481,850 (2023: £4,450,839) payable in connection with the group's purchase of a development site held in work in progress and the acquisition of a subsidiary company in a prior year. Given that there are finance elements to these arrangements, effective interest rates of 3.25% and 6% have been used to discount the amounts payable. The instalments are due on 30 June 2025, 5 July 2025 and 30 June 2027. The deferred consideration is secured by a fixed and floating charge over the assets of the group. In addition a group company, alongside other third parties associated with the project, has provided a guarantee for finance cost shortfalls and cost overruns.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 35 -
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
27,834,679
27,402,459
-
0
-
0
Obligations under finance leases
23
34,980
68,332
-
0
-
0
Other borrowings
22
986,394
1,282,950
-
0
-
0
Other creditors
1,466,433
30,152,157
-
0
-
0
30,322,486
58,905,898
-
-

Other creditors represents deferred consideration of £1,466,433 (2023: £30,152,157) payable in connection with the group's purchase of a development site held in work in progress and the acquisition of a subsidiary company in a prior year. Given that there are finance elements to these arrangements, effective interest rates of 3.25% and 6% have been used to discount the amounts payable. The instalments are due on 30 June 2025, 5 July 2025 and 30 June 2027. The deferred consideration is secured by a fixed and floating charge over the assets of the group. In addition a group company, alongside other third parties associated with the project, has provided a guarantee for finance cost shortfalls and cost overruns.

22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
84,861,166
61,027,079
-
0
-
0
Other loans
1,401,682
2,152,965
-
0
-
0
86,262,848
63,180,044
-
-
Payable within one year
57,441,775
16,461,015
-
0
-
0
Payable after one year
28,821,073
46,719,029
-
0
-
0

All bank loans are secured by fixed and floating charges over the assets of the Group. Bank loans and facilities totalling £39,400,652 (2023: £21,918,157) are set to expire in more than 12 months but are repayable on demand and have therefore been disclosed within amounts falling due within one year.

 

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 36 -
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
33,352
36,487
-
0
-
0
In two to five years
34,980
68,332
-
0
-
0
68,332
104,819
-
-
Less: future finance charges
-
0
(18)
-
0
-
0
68,332
104,801
-
0
-
0

Finance lease payments represent rentals payable by the Company or Group for certain items of plant and machinery. The leases are secured against the assets that they represent.

24
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Other provisions
124,250
124,250
-
-
Movements on provisions:
Other provisions
Group
£
At 1 August 2023 and 31 July 2024
124,250

Customer care

 

A provision has been recognised for £124,250 (2023: £124,250) relating to post completion customer care costs for properties sold. This provision is reviewed annually and is expected to be utilised within 12 months from the balance sheet date.

 

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 37 -
25
Deferred taxation

Deferred tax assets and liabilities are offset where the Group or Company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
369,962
369,962
-
-
Timing differences
154,376
-
909,328
571,204
524,338
369,962
909,328
571,204
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 August 2023
(201,242)
-
Credit to profit or loss
(338,124)
-
Fair value on acquisition
154,376
-
Asset at 31 July 2024
(384,990)
-

The deferred tax liability relating to accelerated capital allowances is expected to reverse within 12 months.

26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,608,869
1,106,010

Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the Group in an independently administered fund.

 

 

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 38 -
27
Share-based payment transactions

The Group operates three share incentive schemes all of which are equity settled:

 

 

 

 

Group
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 August 2023
224,981
193,924
42.97
36.86
Granted
11,699
26,305
46.59
44.00
Forfeited
(2,687)
(801)
45.69
43.64
Expired
5,553
5,553
51.12
51.12
Outstanding at 31 July 2024
239,546
224,981
43.30
42.97
Exercisable at 31 July 2024
239,267
110,141
43.14
47.00

The weighted average share price at the date of exercise for share options exercised during the year was £47 (2023 - £44).

The options outstanding at 31 July 2024 had an exercise price ranging from £31.29 to £60.63 (2023: £31.29 to £60.63), and a remaining contractual life of 4.24 years (2023: 3.94 years).

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
27
Share-based payment transactions
(Continued)
- 39 -
Group

The weighted average fair value of options granted during the year was £7.02 (2023: £6.63). Fair value was measured using a Black Scholes model, taking into account the terms and conditions upon which the options were granted.

Inputs were as follows:
2024
2023
Weighted average share price
41.93
39.60
Weighted average exercise price
46.59
44.00
Expected volatility
13.00%
13.00%
Expected life
10.00
10.00
Risk free rate
2.00%
2.00%
Expected dividends yields
30.00%
74.00%

The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome. No other features of options grant were incorporated into the measurement of fair value.

28
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,222,547
1,222,547
122,255
122,255
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 40 -
29
Acquisition of a subsidiary

On 17 June 2024 the group acquired 100 percent of the issued capital of Wellwick Farms Limited. At the time of acquisition, Wellwick Farms Limited did not constitute a business but rather a group of assets which in reality consists of a single land site which the group have acquired to develop. As a result, the cost to the group has been allocated to the identifiable assets and liabilities on the basis of their relative fair values at the date of purchase and no goodwill has been recognised. The cost of acquisition has been allocated to the identifiable assets and liabilities as follows:

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Stock
8,965,025
1,385,024
10,350,049
Trade and other receivables
46,622
-
46,622
Cash and cash equivalents
125,215
-
125,215
Borrowings
(5,661,726)
-
(5,661,726)
Trade and other payables
(4,086,537)
-
(4,086,537)
Tax liabilities
143,930
-
143,930
Deferred tax
-
(154,376)
(154,376)
Total identifiable net assets
(467,471)
1,230,648
763,177
Goodwill
-
Total consideration
763,177
The consideration was satisfied by:
£
Cash
763,177

The group purchased Wellwick Farms Limited with a view to the development potential of the land held in the company, as reflected in the fair value increase recognised in the consideration for the work in progress assets included as part of the acquisition.

Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Loss after tax
(829,764)
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 41 -
30
Financial commitments, guarantees and contingent liabilities

Group

Specific guarantees totalling £11,107,000 (2023: £12,215,941) have been provided within the group for loans in subsidiary companies together with costs overrun and interest shortfall guarantees. Based on current forecasts there is no expected liability within the group for the costs overrun and interest shortfall guarantees.

 

Company

The company has given a specific guarantee totalling £3,300,000 (2023: £3,300,000) in respect of a loan in a subsidiary company together with a costs overrun and interest shortfall guarantee. Based on current forecasts there is no expected liability to the company for the costs overrun and interest shortfall guarantee.

31
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
-
133,544
-
-
-
133,544
-
-
32
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Directors
9,071
5,229
83,101
67,803
Group Executive Pension Scheme
341
921
140,000
140,000
Companies controlled by common directors and shareholders
4,355,246
8,728,747
17,742
-

All transactions are at market value.

CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
32
Related party transactions
(Continued)
- 42 -

The following amounts included in trade debtors and other debtors, and in trade creditors and other creditors were:

Amounts due to related parties
2024
2023
£
£
Group
Directors
18,397
8,586
Group Executive Pension Scheme
1,401,681
2,164,233
Companies controlled by common directors and shareholders
651,080
2,024,017
The total remuneration for key management personnel for the year totalled £2,296,170 (2023: £1,999,589).
Other information

During the year the group acquired the entire share capital of City & Country Wellwick Limited for an agreed market value of £763,177 after discounting for deferred consideration. The shares were acquired from individuals who are all directors and/or shareholders of the group.

33
Cash absorbed by group operations
2024
2023
£
£
Profit after taxation
5,232,079
7,414,162
Adjustments for:
Share of results of associates and joint ventures
(64,661)
(1,582,169)
Taxation (credited)/charged
(108,460)
728,234
Finance costs
8,366,466
6,106,053
Investment income
(14,852)
(4,946)
Gain on disposal of tangible fixed assets
(14,810)
-
Release of negative goodwill
-
(1,139,494)
Fair value (gain)/loss on investment properties
-
0
22,500
Depreciation and impairment of tangible fixed assets
397,130
365,426
Own shares reserve movement
-
(37,618)
Decrease in provisions
-
(1,288,971)
Movements in working capital:
Increase in stocks
(7,894,199)
(10,905,530)
Decrease/(increase) in debtors
10,186,355
(19,986,868)
(Decrease)/increase in creditors
(26,295,532)
15,131,335
Cash absorbed by operations
(10,210,484)
(5,177,886)
CITY & COUNTRY GROUP PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 43 -
34
Analysis of changes in net debt - group
1 August 2023
Cash flows
Acquisitions and disposals
31 July 2024
£
£
£
£
Cash at bank and in hand
10,402,939
(1,676,262)
125,215
8,851,892
Borrowings excluding overdrafts
(63,180,044)
(17,421,078)
(5,661,726)
(86,262,848)
Obligations under finance leases
(104,801)
36,469
-
(68,332)
(52,881,906)
(19,060,871)
(5,536,511)
(77,479,288)
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