Company registration number 11579094 (England and Wales)
NEF HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
NEF HOLDINGS LIMITED
COMPANY INFORMATION
Directors
N Houghton
R O'Keefe
A Meehan
H Minnock
Secretary
Gateley Secretaries Limited
Company number
11579094
Registered office
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
Auditor
Spencer Gardner Dickins Audit LLP
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
Business address
Unit 6 Spitfire Close
Coventry Business Park
Coventry
CV5 6UR
NEF HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 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 - 29
NEF HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Principal activities
NEF Holdings Limited is a privately owned company. The principal activity of the group is the manufacture and supply of tea and tea gifts to wholesalers, retailers and direct to consumers.
The company holds 100% (directly or indirectly) of the issued share capital of:
Review of the business
The group has performed well during the financial year. Reported revenue for the year ended 30 April 2024 was £10.9m, with earnings before interest, tax, depreciation and amortisation at £2.6m.
All customer sectors have performed well with a more diversified range of distribution channels and trading customers than previous years.
Gross profit margins have also improved during the year. This is mainly attributable to a change in customer and channel mix. However, direct costs relating to transport and logistics have remained relatively stable for the majority of the year, following the volatility experienced in previous years due to the Covid pandemic.
¹ Earnings before interest, tax, depreciation and amortisation
² Overheads excluding depreciation and amortisation
NEF HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Principal risks and uncertainties
Disruption to the Supply Chain
Recent years have brought disruptions to our international supply chain and increasing costs to supply, for example the global pandemic, the war in Ukraine and the disruption in the Red Sea.
Mitigation: Our supply chain relationships and experience helps protect us from the impact of these disruptions through effective stock management and international logistics capabilities. This has been proven with no orders lost during the Covid pandemic. We continue to diversify our supplier network geographically and set up the ability to dual source our key product lines.
Economic and political factors beyond our control
A downturn in the macro-economic environment may reduce customer demand.
Mitigation: Our products are sold through multiple sales channels across multiple countries. This widespread customer base offers protection against external factors impacting specific global regions. We continue to expand the customer base and our supplier network as previously mentioned.
Our product is high quality, with an affordable price point and sales are less impacted by economic factors compared to similar, more premium priced products.
Competition
The retail sector remains a highly competitive environment which could impact demand for our products.
Mitigation: We believe our focus on the quality and design of the product is essential in protecting and increasing our market share.
Loss of Key Management
The absence of critical employees for an extended period of time could impact the performance of the business.
Mitigation: We have continued to expand the senior management team and have strengthened resources across all functions of the business.
Cyber Security
Disruption to our systems could limit our ability to sell and distribute our products.
Mitigation: We have implemented additional security measures across the team and all of our applications and will continue to do so. The knowledge and processes across the team allow us to continue to operate manually, should our systems be compromised or temporarily unavailable.
NEF HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Development and performance
Future Plans
The Board is focused on fulfilling the growth potential of New English Teas both in the UK and internationally, and believe these opportunities are significant.
During the year, we have established New English Teas B.V., incorporated in the Netherlands. A physical presence in the EU will allow us to explore opportunities within Europe which have been largely out of reach following Brexit. New English Teas B.V will likely begin trading in the second quarter of the financial year ending 30th April 2025.
Throughout the financial period we have invested in our team, our IT systems, our trademarks and our product ranges. Whilst this has understandably increased overhead expenditure, this strategy ensures that the Company is well placed to exploit opportunities in the future and to deliver ongoing growth at rates comparable with the last two years.
Our strategy remains focused on delivering a high quality, beautifully designed and presented product range at a competitive price point to an increasingly diverse customer base; diversified both through distribution channel and geography.
Our supply chain strength remains a key success factor for growth. Our longstanding, ethical relationships with our key suppliers ensures our ability to respond to customer needs and protect ourselves against external global transport and logistic disruptions.
Integrity and honesty is a key foundation of our business and remains a core value for the Company going forward. We support our tea suppliers by funding their SA8000 certification. SA8000 improves standards for workers and businesses to ensure better working conditions and worker well-being. In addition, we are also proud to support charities within the global communities we interact with, as well as the charitable causes our colleagues care about.
Other information and explanations
The Directors have considered cashflow forecasts and budgets going forward at least twelve months from the date of approval of these financial statements. They have also assessed the company’s situation regarding the other risks identified above and the likely impact on the company. They are satisfied that this review and those forecasts provide an expectation that the company will continue to trade for the foreseeable future and so the company continues to adopt the going concern basis.
R O'Keefe
Director
30 January 2025
NEF HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Results and dividends
The results for the year are set out on page 9.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
N Houghton
R O'Keefe
A Meehan
H Minnock
Auditor
The auditor, Spencer Gardner Dickins Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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:
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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
NEF HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
On behalf of the board
R O'Keefe
Director
30 January 2025
NEF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NEF HOLDINGS LIMITED
- 6 -
Opinion
We have audited the financial statements of NEF Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 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.
NEF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEF HOLDINGS LIMITED
- 7 -
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.
Enquiry of management and those charged with governance around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
NEF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEF HOLDINGS LIMITED
- 8 -
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.
Debra Knighton FCCA (Senior Statutory Auditor)
For and on behalf of Spencer Gardner Dickins Audit LLP
30 January 2025
Chartered Accountants
Statutory Auditor
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
NEF HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
2
10,929,806
10,829,628
Cost of sales
(6,194,664)
(6,637,542)
Gross profit
4,735,142
4,192,086
Administrative expenses
(2,808,696)
(2,424,679)
Other operating income
7,154
5,668
Operating profit
3
1,933,600
1,773,075
Interest receivable and similar income
6
37,282
5,885
Interest payable and similar expenses
7
(614,676)
(581,563)
Profit before taxation
1,356,206
1,197,397
Tax on profit
8
(579,727)
(488,582)
Profit for the financial year
776,479
708,815
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
NEF HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
2,568,149
3,143,931
Tangible assets
10
72,086
39,050
2,640,235
3,182,981
Current assets
Stocks
13
2,663,408
2,136,035
Debtors
14
1,235,019
1,116,103
Cash at bank and in hand
2,837,419
2,767,874
6,735,846
6,020,012
Creditors: amounts falling due within one year
15
(3,529,334)
(3,406,739)
Net current assets
3,206,512
2,613,273
Total assets less current liabilities
5,846,747
5,796,254
Creditors: amounts falling due after more than one year
16
(4,795,000)
(5,530,000)
Provisions for liabilities
Deferred tax liability
18
17,251
8,237
(17,251)
(8,237)
Net assets
1,034,496
258,017
Capital and reserves
Called up share capital
21
27,680
27,680
Share premium account
103,950
103,950
Other reserves
44,550
44,550
Profit and loss reserves
858,316
81,837
Total equity
1,034,496
258,017
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
R O'Keefe
Director
Company registration number 11579094 (England and Wales)
NEF HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
8,190,056
8,190,056
Current assets
Debtors
14
37,975
5,700
Cash at bank and in hand
180
180
38,155
5,880
Creditors: amounts falling due within one year
15
(6,266,930)
(4,891,387)
Net current liabilities
(6,228,775)
(4,885,507)
Total assets less current liabilities
1,961,281
3,304,549
Creditors: amounts falling due after more than one year
16
(4,795,000)
(5,530,000)
Net liabilities
(2,833,719)
(2,225,451)
Capital and reserves
Called up share capital
21
27,680
27,680
Share premium account
103,950
103,950
Other reserves
44,550
44,550
Profit and loss reserves
(3,009,899)
(2,401,631)
Total equity
(2,833,719)
(2,225,451)
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £608,269 (2023 - £575,051 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
R O'Keefe
Director
Company registration number 11579094 (England and Wales)
NEF HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
27,590
103,950
44,550
(626,978)
(450,888)
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
708,815
708,815
Issue of share capital
21
90
-
-
90
Balance at 30 April 2023
27,680
103,950
44,550
81,837
258,017
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
776,479
776,479
Balance at 30 April 2024
27,680
103,950
44,550
858,316
1,034,496
NEF HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
27,590
103,950
44,550
(1,826,580)
(1,650,490)
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
-
(575,051)
(575,051)
Issue of share capital
21
90
-
-
90
Balance at 30 April 2023
27,680
103,950
44,550
(2,401,631)
(2,225,451)
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
(608,268)
(608,268)
Balance at 30 April 2024
27,680
103,950
44,550
(3,009,899)
(2,833,719)
NEF HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,155,011
3,216,565
Interest paid
(363,683)
(106,698)
Income taxes paid
(474,807)
(671,432)
Net cash inflow from operating activities
1,316,521
2,438,435
Investing activities
Purchase of tangible fixed assets
(61,733)
(688)
Proceeds on disposal of tangible fixed assets
450
Arising from loans made
(37,975)
Interest received
37,282
5,885
Net cash (used in)/generated from investing activities
(61,976)
5,197
Financing activities
Proceeds from issue of shares
90
Repayment of borrowings
(13,200)
Repayment of bank loans
(1,185,000)
(573,056)
Net cash used in financing activities
(1,185,000)
(586,166)
Net increase in cash and cash equivalents
69,545
1,857,466
Cash and cash equivalents at beginning of year
2,767,874
910,408
Cash and cash equivalents at end of year
2,837,419
2,767,874
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information
NEF Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL. The principal place of business is Unit 6 Spitfire Close, Coventry Business Park, Coventry, CV5 6UR.
The group consists of NEF Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
Section 26 ‘Share based Payment’ Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 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 NEF Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 April 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.
New English Foods Limited, New English Teas Limited, New English Teas B.V. and New English Teas US Inc. have been included in the group financial statements using the purchase method of accounting.
The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
1.4
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The shareholders have undertaken a review of the future financing requirements for on-going operations of the company and its subsidiaries and are satisfied that the group has sufficient cash facilities to meet its working capital requirements for at least 12 months from the date of signing of these financial statements. Thus the financial statements have been prepared on the going concern basis.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10% - 33% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 based on average 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
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognsied in the profit and loss account in other administrative expenses.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.17
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted by reference to the price paid for the same class of shares issued on the grant date. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.18
Leases
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.
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.
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
5,395,560
4,611,675
Europe
383,996
242,150
Rest of World
5,150,250
5,975,803
10,929,806
10,829,628
2024
2023
£
£
Other revenue
Interest income
37,282
5,885
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
84,402
19,585
Fees payable to the group's auditor for the audit of the group's financial statements
12,875
12,255
Depreciation of owned tangible fixed assets
28,697
20,426
Profit on disposal of tangible fixed assets
(450)
-
Amortisation of intangible assets
575,782
575,782
Operating lease charges
92,476
85,721
4
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
Administration
17
16
4
4
Warehouse
3
3
-
Total
20
19
4
4
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
975,613
869,328
Social security costs
102,390
103,106
-
-
Pension costs
89,993
72,516
1,167,996
1,044,950
Included in the above, are numerous zero hour contracted employees. In the year to 30 April 2024, the average full time equivalent employees was 16. (2023: 16)
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
126,753
127,254
Company pension contributions to defined contribution schemes
57,326
44,668
184,079
171,922
The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2023 - 1).
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
37,282
5,159
Other interest income
-
726
Total income
37,282
5,885
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
60,451
106,698
Interest on convertible loan notes
554,225
474,865
Total finance costs
614,676
581,563
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
566,367
489,165
Adjustments in respect of prior periods
4,346
Total current tax
570,713
489,165
Deferred tax
Origination and reversal of timing differences
9,014
(583)
Total tax charge
579,727
488,582
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,356,206
1,197,397
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
339,052
233,409
Tax effect of expenses that are not deductible in determining taxable profit
182,241
120,194
Change in unrecognised deferred tax assets
62,758
92,566
Adjustments in respect of prior years
4,346
Effect of change in corporation tax rate
(5,652)
21,632
Other permanent differences
17,996
Deferred tax adjustments in respect of prior years
2,785
Overseas tax not provided
(3,018)
Taxation charge
579,727
488,582
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
5,757,824
Amortisation and impairment
At 1 May 2023
2,613,893
Amortisation charged for the year
575,782
At 30 April 2024
3,189,675
Carrying amount
At 30 April 2024
2,568,149
At 30 April 2023
3,143,931
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 May 2023
54,454
617
38,921
21,913
115,905
Additions
18,695
1,330
41,708
61,733
Disposals
(4,000)
(15,227)
(29,545)
(48,772)
At 30 April 2024
54,454
15,312
25,024
34,076
128,866
Depreciation and impairment
At 1 May 2023
38,118
617
23,280
14,840
76,855
Depreciation charged in the year
10,891
1,246
7,328
9,232
28,697
Eliminated in respect of disposals
(4,000)
(15,227)
(29,545)
(48,772)
At 30 April 2024
49,009
(2,137)
15,381
(5,473)
56,780
Carrying amount
At 30 April 2024
5,445
17,449
9,643
39,549
72,086
At 30 April 2023
16,336
15,641
7,073
39,050
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
8,190,056
8,190,056
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
8,190,056
Carrying amount
At 30 April 2024
8,190,056
At 30 April 2023
8,190,056
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
12
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
New English Foods Limited
*1
Ordinary
100.00
-
New English Teas Limited
*1
Ordinary
-
100.00
New English Teas US INC.
*2
Ordinary
100.00
-
New English Teas B.V.
*3
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
*1
3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL
*2
1209 Orange Street, Wilmington, DE 19801, Delaware, US
*3
Delflandlaan 1, Amsterdam, 1062 EA, Netherlands
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,331,767
1,282,290
-
-
Finished goods and goods for resale
1,331,641
853,745
2,663,408
2,136,035
-
-
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,017,912
835,768
Other debtors
63,441
17,740
37,975
Prepayments and accrued income
153,666
262,595
5,700
1,235,019
1,116,103
37,975
5,700
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
160,000
610,000
160,000
610,000
Trade creditors
492,606
226,615
Amounts owed to group undertakings
3,879,528
2,316,438
Corporation tax payable
270,610
174,705
Other taxation and social security
52,323
29,980
22,000
-
Other creditors
1,398
11,927
10,540
Accruals and deferred income
2,552,397
2,353,512
2,205,402
1,954,409
3,529,334
3,406,739
6,266,930
4,891,387
Bank loans and overdrafts and other borrowings are secured by way of fixed and floating charges over the assets of the group.
Interest on other borrowings of £2,205,402 (2023: £1,954,409), included within accruals, is secured by way of fixed and floating charges over the assets of the group.
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
735,000
735,000
Other borrowings
17
4,795,000
4,795,000
4,795,000
4,795,000
4,795,000
5,530,000
4,795,000
5,530,000
Bank loans and overdrafts and other borrowings are secured by way of fixed and floating charges over the assets of the group.
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
160,000
1,345,000
160,000
1,345,000
Loans from related parties
4,795,000
4,795,000
4,795,000
4,795,000
4,955,000
6,140,000
4,955,000
6,140,000
Payable within one year
160,000
610,000
160,000
610,000
Payable after one year
4,795,000
5,530,000
4,795,000
5,530,000
Bank loans and loan notes are secured by way of fixed and floating charges over the assets of the group.
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
18
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
17,339
8,314
Retirement benefit obligations
(88)
(77)
17,251
8,237
The company has no deferred tax assets or liabilities. (2023: £nil)
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
8,237
-
Charge to profit or loss
9,014
-
Liability at 30 April 2024
17,251
-
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,993
72,516
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.
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
20
Share-based payment transactions
Certain employees of the trading subsidiary participated in an Enterprise Management Incentive Scheme in the period ended 30 April 2024.
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 May 2023
4,000
2,000
0.01
0.01
Granted
-
2,000
-
0.01
Outstanding at 30 April 2024
4,000
4,000
0.01
0.01
Exercisable at 30 April 2024
-
-
-
-
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
105,000
105,000
1,050
1,050
Ordinary B shares of 1p each
45,000
45,000
450
450
Ordinary C shares of £1 each
25,000
25,000
25,000
25,000
Ordinary D shares of 1p each
18,000
18,000
180
180
Deferred shares of £1 each
1,000
1,000
1,000
1,000
194,000
194,000
27,680
27,680
22
Financial commitments, guarantees and contingent liabilities
NEF Holdings Limited is part of a group guarantor scheme regarding the commercial loans and loan notes within the group. At the reporting date NEF Holdings Limited has fixed and floating charges over its assets to the value of £7,160,438 (2023: £8,094,409).
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
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
31,458
75,500
-
-
Between two and five years
-
31,458
-
-
31,458
106,958
-
-
24
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
4,795,000
4,795,000
Key management personnel
10,540
Company
Entities with control, joint control or significant influence over the company
4,795,000
4,795,000
Key management personnel
10,540
The amounts due to key management personnel consists of an interest free loan that is repayable on demand.
The amounts due to entities with control, joint control or significant influence over the company consists of interest being charged at between 8%-10%.
Other information
The company has taken advantage of the exemption under the terms of FRS 102 not to disclose related party transactions with wholly owned group entities.true
NEF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
25
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan to director
-
-
37,975
37,975
-
37,975
37,975
Loans made to directors are interest free and repayable on demand.
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
776,479
708,815
Adjustments for:
Taxation charged
579,727
488,582
Finance costs
614,676
581,563
Investment income
(37,282)
(5,885)
Gain on disposal of tangible fixed assets
(450)
-
Amortisation and impairment of intangible assets
575,782
575,782
Depreciation and impairment of tangible fixed assets
28,697
20,426
Loan write off
(10,540)
-
Movements in working capital:
Increase in stocks
(527,373)
(160,336)
(Increase)/decrease in debtors
(80,940)
765,937
Increase in creditors
236,235
241,681
Cash generated from operations
2,155,011
3,216,565
27
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,767,874
69,545
2,837,419
Borrowings excluding overdrafts
(6,140,000)
1,185,000
(4,955,000)
(3,372,126)
1,254,545
(2,117,581)
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.100N HoughtonR O'KeefeA CroftonA MeehanH MinnockGateley Secretaries 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