Company registration number 01294774 (England and Wales)
Gordon Rigg (Nurseries) Limited
Annual Report and Financial Statements
for the year ended 31 July 2024
Gordon Rigg (Nurseries) Limited
Company Information
Directors
Mr P Rigg
Mrs P Rigg
Company number
01294774
Registered office
Calderbank Nurseries
Walsden
Todmorden
Lancashire
OL14 7TJ
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
Lloyds TSB Bank Plc
1 City Road East
Manchester
Lancashire
M15 4PU
Gordon Rigg (Nurseries) Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Statement of financial position
8
Statement of cash flows
9
Notes to the financial statements
10 - 16
Gordon Rigg (Nurseries) Limited
Strategic Report
for the year ended 31 July 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Principal activities
The principal activity of the company continued to be that of a garden centre and nursery.
Business review
Despite challenges of trading conditions, the directors are pleased to see a slight increase in sales over the prior year. Wages costs continue to increase in line with minimum wage and supply chain issues continue to put pressure on the business margins. Administration costs remained tightly controlled throughout the year and this has helped maintain profitability, however some of the costs have been passed onto the customers.
Financial risks and uncertainties
The key risk affecting the company is that of a significant downturn in turnover, whether caused by competitive pressure or other market factors. The company's management mitigate this risk by providing a wide and varied range of quality products and reacting promptly to any market trends.
Employees
Details of the number of employees and related costs are shown in note 4 of the financial statements.
Payment of creditors
The company's policy is to pay creditors in line with each of the suppliers' credit terms.
Future developments
The prospects for the year to 31 July 2025 are very encouraging with the directors looking to provide customers with an improved shopping experience and an extended range of products.
Mr P Rigg
Director
13 December 2024
Gordon Rigg (Nurseries) Limited
Directors' Report
for the year ended 31 July 2024
- 2 -
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 7.
Ordinary dividends were paid amounting to £210,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P Rigg
Mrs P Rigg
Auditor
The auditor, B M Howarth Ltd, 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 company and of the profit or loss of the company 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7.
Gordon Rigg (Nurseries) Limited
Directors' Report (continued)
for the year ended 31 July 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr P Rigg
Director
13 December 2024
Gordon Rigg (Nurseries) Limited
Independent Auditor's Report
to the members of Gordon Rigg (Nurseries) Limited
- 4 -
Opinion
We have audited the financial statements of Gordon Rigg (Nurseries) Limited (the 'company') for the year ended 31 July 2024 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
Gordon Rigg (Nurseries) Limited
Independent Auditor's Report
to the members of Gordon Rigg (Nurseries) Limited (continued)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by Directors;
Review of underlying records to ensure completeness of income;
Identifying and testing journal entries to ensure they are appropriate;
Sample testing of income and expenditure to ensure correct cut-off has been applied.;
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
Gordon Rigg (Nurseries) Limited
Independent Auditor's Report
to the members of Gordon Rigg (Nurseries) Limited (continued)
- 6 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Charles R Moorby
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
13 December 2024
Gordon Rigg (Nurseries) Limited
Statement of Income and Retained Earnings
for year ended 31 July 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
12,215,820
12,125,442
Cost of sales
(10,192,354)
(9,865,832)
Gross profit
2,023,466
2,259,610
Administrative expenses
(1,933,022)
(1,946,671)
Other operating income
88,130
79,521
Profit before taxation
178,574
392,460
Tax on profit
6
(63,730)
(126,831)
Profit for the financial year
114,844
265,629
Retained earnings brought forward
6,995,704
6,940,075
Dividends
7
(210,000)
(210,000)
Retained earnings carried forward
6,900,548
6,995,704
The income statement has been prepared on the basis that all operations are continuing operations.
Gordon Rigg (Nurseries) Limited
Statement Of Financial Position
as at 31 July 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
4,017,925
3,927,159
Current assets
Stocks
9
2,300,845
2,483,370
Debtors
10
301,659
404,536
Cash at bank and in hand
1,840,116
1,819,879
4,442,620
4,707,785
Creditors: amounts falling due within one year
11
(1,422,825)
(1,495,673)
Net current assets
3,019,795
3,212,112
Total assets less current liabilities
7,037,720
7,139,271
Provisions for liabilities
12
(116,172)
(122,567)
Net assets
6,921,548
7,016,704
Capital and reserves
Called up share capital
14
21,000
21,000
Profit and loss reserves
6,900,548
6,995,704
Total equity
6,921,548
7,016,704
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
Mr P Rigg
Director
Company Registration No. 01294774
Gordon Rigg (Nurseries) Limited
Statement of Cash Flows
for the year ended 31 July 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
16
632,833
539,004
Income taxes paid
(110,790)
(19,148)
Net cash inflow from operating activities
522,043
519,856
Investing activities
Purchase of tangible fixed assets
(287,435)
(308,645)
Receipts/(payments) arising from loans made
10,412
(10,412)
Net cash used in investing activities
(277,023)
(319,057)
Financing activities
Decrease in hire purchase obligations
(14,783)
(6,239)
Dividends paid
(210,000)
(210,000)
Net cash used in financing activities
(224,783)
(216,239)
Net increase/(decrease) in cash and cash equivalents
20,237
(15,440)
Cash and cash equivalents at beginning of year
1,819,879
1,835,319
Cash and cash equivalents at end of year
1,840,116
1,819,879
Gordon Rigg (Nurseries) Limited
Notes to the financial statements
for the year ended 31 July 2024
- 10 -
1
Accounting policies
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received for goods provided in the normal course of business, and is shown net of VAT. Income is recognised at the point of sale on provision of goods.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold properties
2% straight line
Leasehold properties
Straight line over the life of the lease
Plant and equipment
25% reducing balance
Fixtures, fittings and equipment
25% reducing balance
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 credited or charged to profit or loss.
Stocks
Stock is valued at the lower of cost and net realisable value.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Gordon Rigg (Nurseries) Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
1
Accounting policies
(continued)
- 11 -
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rental income from operating leases is recognised on a receipts basis over the term of the relevant lease.
2
Turnover and other revenue
All turnover is derived from the company's principal activity undertaken in United Kingdom.
2024
2023
£
£
Other operating income
Rental income
88,130
79,521
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Audit fees payable
8,750
8,750
Depreciation of owned tangible fixed assets
196,669
209,162
Gordon Rigg (Nurseries) Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 12 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Direct sales and warehouse
195
202
Management and administration
19
19
Total
214
221
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,687,494
3,520,000
Social security costs
263,386
239,598
Pension costs
71,995
56,056
4,022,875
3,815,654
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
16,848
16,848
Company pension contributions
66
66
16,914
16,914
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Gordon Rigg (Nurseries) Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 13 -
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
70,125
110,790
Deferred tax
Origination and reversal of timing differences
(6,395)
(13,375)
Changes in tax rates
29,416
Total deferred tax
(6,395)
16,041
Total tax charge
63,730
126,831
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
178,574
392,460
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
44,644
82,417
Depreciation on assets not qualifying for tax allowances
19,086
11,152
Change of deferred tax rate
41,870
Enhanced capital allowances
(8,608)
Taxation charge for the year
63,730
126,831
7
Dividends
2024
2023
£
£
Equity dividends on ordinary shares
210,000
210,000
Gordon Rigg (Nurseries) Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 14 -
8
Tangible fixed assets
Freehold properties
Leasehold properties
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
3,021,415
1,884,360
646,733
1,483,551
243,435
7,279,494
Additions
19,860
236,585
30,990
287,435
At 31 July 2024
3,021,415
1,884,360
666,593
1,720,136
274,425
7,566,929
Depreciation and impairment
At 1 August 2023
932,361
477,402
579,563
1,190,071
172,938
3,352,335
Depreciation charged in the year
60,428
18,298
17,000
80,241
20,702
196,669
At 31 July 2024
992,789
495,700
596,563
1,270,312
193,640
3,549,004
Carrying amount
At 31 July 2024
2,028,626
1,388,660
70,030
449,824
80,785
4,017,925
At 31 July 2023
2,089,054
1,406,958
67,170
293,480
70,497
3,927,159
9
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,300,845
2,483,370
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,160
9,285
Amounts owed by connected company
232,079
232,073
Directors' loan account
-
10,412
Prepayments and accrued income
67,420
152,766
301,659
404,536
Gordon Rigg (Nurseries) Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 15 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under hire purchase
14,783
Trade creditors
477,011
677,803
Corporation tax
70,125
110,790
Other taxation and social security
469,655
413,889
Other creditors
142,742
176,998
Accruals and deferred income
263,292
101,410
1,422,825
1,495,673
Obligations under hire purchase are secured against the asset to which it relates.
12
Deferred taxation
2024
£
Liability at 1 August 2023
122,567
Credit to profit or loss
(6,395)
Liability at 31 July 2024
116,172
The above balances relate to accelerated capital allowances.
13
Retirement benefit schemes
2024
2023
£
£
Charge to profit or loss
71,995
56,056
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
14
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
21,000 Ordinary shares of £1 each
21,000
21,000
15
Related party transactions
At the balance sheet date 31 July 2024 the company was owed £232,079 (2023: £232,073) from G R N Properties Limited, a company incorporated in England and Wales and under the control of the directors.
Gordon Rigg (Nurseries) Limited
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 16 -
16
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
114,844
265,629
Adjustments for:
Taxation charged
63,730
126,831
Depreciation of tangible fixed assets
196,669
209,162
Movements in working capital:
Decrease/(increase) in stocks
182,525
(188,069)
Decrease in debtors
92,465
1,505
(Decrease)/increase in creditors
(17,400)
123,946
Cash generated from operations
632,833
539,004
17
Analysis of changes in net funds
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
1,819,879
20,237
1,840,116
Obligations under hire purchase
(14,783)
14,783
-
1,805,096
35,020
1,840,116
18
Company information
Gordon Rigg (Nurseries) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Calderbank Nurseries, Walsden, Todmorden, Lancashire, OL14 7TJ.
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