Company registration number 03530246 (England and Wales)
THE MAILING ROOM HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
THE MAILING ROOM HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr G W Bevan
Mrs H Bevan
Mr M Smith
Mr M Smith
Secretary
Mrs H Bevan
Company number
03530246
Registered office
Bevan Kidwell LLP
113-117 Farringdon Road
London
EC1R 3BX
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Bevan Kidwell LLP
113-117 Farringdon Road
London
EC1R 3BX
THE MAILING ROOM HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
12
Company statement of changes in equity
11
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
THE MAILING ROOM HOLDINGS LIMITED
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 activities of the group comprise of the supply and servicing of mailing equipment solutions, other office systems and consumable goods, with a division that provides financing and product replacement cover for the mailing solutions.
Overall external sales increased by 0.63% in the year to £17,456,897 (2023: £17,346,934), with an operating profit of £3,551,645 (2023: £3,375,941).
The group made charitable donations of £268,243 during the year.
Principal risks and uncertainties
The principal risks and uncertainties of the business relate to the general economic environment in the United Kingdom created by the rise in inflation. The Group continues to take substantial actions to mitigate these risks by taking tight control of cash flow and expenditure.
Declining postal volumes could have an adverse effect on business profits, however the rate of decline remains much slower than forecasted and new product opportunities continue to be developed.
The Group continues to manage and mitigate this risk by offering our customers, superior customer experience and support from within the UK along with competitive pricing.
Development and performance
The financial position of the group is set out in the balance sheet on page 9. Net assets at 31 July 2024 were £3,691,871 (2023: Net assets of £2,989,403), an increase of 23% on the previous year.
A dividend of £1,500,000 was paid during the year (2023: £1,500,000).
Future Performance
The strategy of growth through both organic and acquisitions allied with the review and refinement of our systems continues to be reflected in current performance. Trading to date is in line with our budget expectations.
.............................................
Mr M Smith
Director
Date: .............................................
THE MAILING ROOM HOLDINGS 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.
Principal activities
The company is the holding entity of subsidiaries which have the principal activity of the rental of postal franking machines and sale of associated equipment.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £1,500,000. The directors do not recommend payment of a further dividend. A further dividend of £213,000 was paid out to non-controlling interests.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G W Bevan
Mrs H Bevan
Mr M Smith
Mr M Smith
Auditor
Lopian Gross Barnett & Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr M Smith
Director
22 November 2024
THE MAILING ROOM HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE MAILING ROOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE MAILING ROOM HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of The Mailing Room Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THE MAILING ROOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE MAILING ROOM HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
THE MAILING ROOM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE MAILING ROOM HOLDINGS LIMITED
- 6 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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.
Nathaniel Davidson BA(Hons) ACA FCCA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
22 November 2024
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
Manchester
M3 5FS
THE MAILING ROOM HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
17,456,897
17,346,934
Cost of sales
(6,111,660)
(7,348,103)
Gross profit
11,345,237
9,998,831
Administrative expenses
(7,793,592)
(6,623,046)
Other operating income
-
156
Operating profit
4
3,551,645
3,375,941
Interest receivable and similar income
8
5,288
4,357
Interest payable and similar expenses
9
(19,004)
(80,351)
Profit before taxation
3,537,929
3,299,947
Tax on profit
10
(1,146,087)
(1,001,010)
Profit for the financial year
26
2,391,842
2,298,937
Profit for the financial year is attributable to:
- Owners of the parent company
2,309,326
2,215,518
- Non-controlling interests
82,516
83,419
2,391,842
2,298,937
THE MAILING ROOM HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
£
£
Profit for the year
2,391,842
2,298,937
Other comprehensive income
Revaluation of tangible fixed assets
24,486
17,284
Total comprehensive income for the year
2,416,328
2,316,221
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,333,812
2,232,802
- Non-controlling interests
82,516
83,419
2,416,328
2,316,221
THE MAILING ROOM HOLDINGS LIMITED
GROUP BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
14
3,865,728
4,450,997
Tangible assets
12
1,578,739
1,389,647
5,444,467
5,840,644
Current assets
Stocks
18
328,850
575,416
Debtors
17
1,087,061
1,045,988
Cash at bank and in hand
1,868,871
2,430,519
3,284,782
4,051,923
Creditors: amounts falling due within one year
19
(4,423,681)
(5,380,341)
Net current liabilities
(1,138,899)
(1,328,418)
Total assets less current liabilities
4,305,568
4,512,226
Creditors: amounts falling due after more than one year
20
(88,515)
(1,063,018)
Provisions for liabilities
Deferred tax liability
23
525,182
459,805
(525,182)
(459,805)
Net assets
3,691,871
2,989,403
Capital and reserves
Called up share capital
25
275
275
Share premium account
26
152,021
152,021
Revaluation reserve
26
1,144,119
1,119,633
Other reserves
32,986
32,986
Profit and loss reserves
2,410,395
1,601,069
Equity attributable to owners of the parent company
3,739,796
2,905,984
Non-controlling interests
(47,925)
83,419
3,691,871
2,989,403
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
22 November 2024
Mr M Smith
Director
Company registration number 03530246 (England and Wales)
THE MAILING ROOM HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
7,192,603
7,192,603
Current assets
Cash at bank and in hand
691
20,387
Creditors: amounts falling due within one year
19
(6,481,272)
(5,589,359)
Net current liabilities
(6,480,581)
(5,568,972)
Total assets less current liabilities
712,022
1,623,631
Creditors: amounts falling due after more than one year
20
-
(971,609)
Net assets
712,022
652,022
Capital and reserves
Called up share capital
25
275
275
Share premium account
26
152,021
152,021
Other reserves
32,986
32,986
Profit and loss reserves
526,740
466,740
Total equity
712,022
652,022
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 £1,560,000 (2023 - £1,500,000 profit).
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
22 November 2024
Mr M Smith
Director
Company registration number 03530246 (England and Wales)
THE MAILING ROOM HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Share premium account
Other Reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
275
152,021
32,986
466,740
652,022
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
1,500,000
1,500,000
Dividends
11
-
-
-
(1,500,000)
(1,500,000)
Balance at 31 July 2023
275
152,021
32,986
466,740
652,022
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
-
1,560,000
1,560,000
Dividends
11
-
-
-
(1,500,000)
(1,500,000)
Balance at 31 July 2024
275
152,021
32,986
526,740
712,022
THE MAILING ROOM HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 August 2022
275
152,021
1,102,349
32,986
885,551
2,173,182
-
2,173,182
Year ended 31 July 2023:
Profit for the year
-
-
-
-
2,215,518
2,215,518
83,419
2,298,937
Other comprehensive income:
-
Revaluation of franking machines
-
-
17,284
-
-
17,284
-
17,284
Total comprehensive income for the year
-
-
17,284
-
2,215,518
2,232,802
83,419
2,316,221
Dividends
11
-
-
-
-
(1,500,000)
(1,500,000)
-
(1,500,000)
Balance at 31 July 2023
275
152,021
1,119,633
32,986
1,601,069
2,905,984
83,419
2,989,403
Year ended 31 July 2024:
Profit for the year
-
-
-
-
2,309,326
2,309,326
82,516
2,391,842
Other comprehensive income:
Revaluation of franking machines
-
-
24,486
-
-
24,486
-
24,486
Total comprehensive income for the year
-
-
24,486
-
2,309,326
2,333,812
82,516
2,416,328
Dividends
11
-
-
-
-
(1,500,000)
(1,500,000)
(213,860)
(1,713,860)
Balance at 31 July 2024
275
152,021
1,144,119
32,986
2,410,395
3,739,796
(47,925)
3,691,871
THE MAILING ROOM HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
5,807,215
4,656,970
Interest paid
(19,004)
(80,351)
Income taxes paid
(1,211,341)
(568,641)
Net cash inflow from operating activities
4,576,870
4,007,978
Investing activities
Purchase of intangible assets
-
(90,981)
Purchase of tangible fixed assets
(1,807,692)
(1,152,426)
Proceeds on disposal of tangible fixed assets
145,500
37,600
Other movements on investing activities
78,729
(78,729)
Interest received
5,288
4,357
Net cash used in investing activities
(1,578,175)
(1,280,179)
Financing activities
(Repayment)/Drawdown of bank loans
(1,896,839)
(845,275)
(Repayment)/Drawdown of finance leases obligations
50,356
(17,689)
Dividends paid to equity shareholders
(1,500,000)
(1,500,000)
Dividends paid to non-controlling interests
(213,860)
-
Net cash used in financing activities
(3,560,343)
(2,362,964)
Net (decrease)/increase in cash and cash equivalents
(561,648)
364,835
Cash and cash equivalents at beginning of year
2,430,519
2,065,684
Cash and cash equivalents at end of year
1,868,871
2,430,519
THE MAILING ROOM HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,777,166
1,331,751
Interest paid
(74,543)
Net cash inflow from operating activities
1,777,166
1,257,208
Investing activities
Purchase of subsidiaries
(351,750)
Dividends received
1,560,000
1,500,000
Net cash generated from investing activities
1,560,000
1,148,250
Financing activities
Repayment of bank loans
(1,856,862)
(885,252)
Dividends paid to equity shareholders
(1,500,000)
(1,500,000)
Net cash used in financing activities
(3,356,862)
(2,385,252)
Net (decrease)/increase in cash and cash equivalents
(19,696)
20,206
Cash and cash equivalents at beginning of year
20,387
181
Cash and cash equivalents at end of year
691
20,387
THE MAILING ROOM HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
1
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.
2
Accounting policies
Company information
The Mailing Room Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bevan Kidwell LLP, 113-117 Farringdon Road, London, EC1R 3BX.
The group consists of The Mailing Room Holdings Limited and all of its subsidiaries.
2.1
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 franking machines. The principal accounting policies adopted are set out below.
2.2
Basis of consolidation
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 consolidated financial statements incorporate those of The Mailing Room Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
Control exists from the date the parent owns, directly or indirectly through subsidiaries, more than half of the voting power in the subsidiary.
All financial statements are made up to 31 July 2024.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
2.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 16 -
2.4
Turnover
Revenue represents the amounts received or receivable for the rental of postal franking machines and the sale of associated equipment and is recognised net of VAT.
2.5
Intangible fixed assets other than goodwill
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Straight line basis over 4 years
Customer list
Straight line basis over 10 years
2.6
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:
Leasehold land and buildings
25% straight line
Machines held for rental
Straight line over the length of the lease
Fixtures and fittings
15% straight line
Computers
3 or 4 years straight line
Motor vehicles
25% 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.
2.7
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at fair value. Any fair value gains or losses are recognised in the profit or loss.
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.
2.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
2.9
Cash at bank and in hand
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.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 17 -
2.10
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. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
2.11
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.
2.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 18 -
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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled.
2.13
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.
2.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
17,456,897
17,346,934
2024
2023
£
£
Turnover analysed by geographical market
UK
17,456,897
17,346,934
2024
2023
£
£
Other revenue
Interest income
5,288
4,357
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,006,620
954,866
Depreciation of tangible fixed assets held under finance leases
55,294
45,715
Loss on disposal of tangible fixed assets
435,672
197,282
Amortisation of intangible assets
585,269
598,607
Operating lease charges
95,251
82,423
5
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
66
65
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,552,783
5,650,383
Social security costs
521,018
414,311
-
-
Pension costs
140,306
136,437
7,214,107
6,201,131
6
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's subsidiaries
37,500
41,000
For other services
All other non-audit services
8,500
10,000
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,292,216
878,822
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
522,075
367,359
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,871
4,357
Other interest income
1,417
-
Total income
5,288
4,357
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,871
4,357
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,909
77,309
Other finance costs:
Interest on finance leases and hire purchase contracts
5,641
3,042
Other interest
8,454
-
Total finance costs
19,004
80,351
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,080,665
861,844
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
65,422
72,768
Changes in tax rates
66,398
Total deferred tax
65,422
139,166
Total tax charge
1,146,087
1,001,010
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
3,537,929
3,299,947
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
884,482
692,989
Tax effect of expenses that are not deductible in determining taxable profit
97,347
44,418
Permanent capital allowances in excess of depreciation
(137,559)
(110,062)
Other adjustments
301,817
373,665
Taxation charge
1,146,087
1,001,010
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,500,000
1,500,000
In addition to the above dividend, a further £213,000 dividend was paid to non-controlling interests.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Machines held for rental
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
77,715
3,384,059
180,470
193,052
281,208
4,116,504
Additions
146,429
1,367,447
30,884
18,091
244,841
1,807,692
Disposals
(61,275)
(1,528,108)
(92,308)
(14,511)
(119,530)
(1,815,732)
Revaluation
24,486
24,486
At 31 July 2024
162,869
3,247,884
119,046
196,632
406,519
4,132,950
Depreciation and impairment
At 1 August 2023
67,264
2,239,090
101,645
203,309
115,549
2,726,857
Depreciation charged in the year
16,416
914,734
35,803
8,069
86,892
1,061,914
Eliminated in respect of disposals
(61,275)
(1,006,112)
(80,989)
(14,511)
(71,673)
(1,234,560)
At 31 July 2024
22,405
2,147,712
56,459
196,867
130,768
2,554,211
Carrying amount
At 31 July 2024
140,464
1,100,172
62,587
(235)
275,751
1,578,739
At 31 July 2023
10,451
1,144,969
78,825
(10,257)
165,659
1,389,647
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
£
£
£
£
Motor vehicles
190,802
119,365
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
7,192,603
7,192,603
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
13
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
7,192,603
Carrying amount
At 31 July 2024
7,192,603
At 31 July 2023
7,192,603
14
Intangible fixed assets
Group
Software
Customer list
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
50,714
6,997,023
7,047,737
Amortisation and impairment
At 1 August 2023
50,714
2,546,026
2,596,740
Amortisation charged for the year
585,269
585,269
At 31 July 2024
50,714
3,131,295
3,182,009
Carrying amount
At 31 July 2024
3,865,728
3,865,728
At 31 July 2023
4,450,997
4,450,997
The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
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
Franking Direct Limited
England
Ordinary
100.00
Mailing Systems Limited
England
Ordinary
100.00
Mailserve Limited
England
Ordinary
100.00
Monsters Ink Limited
England
Ordinary
100.00
The Mailing Room Finance Limited
England
Ordinary
100.00
The Mailing Room Limited
England
Ordinary
100.00
TMR Executive Agency Limited
England
Ordinary
100.00
Gem U.K. Mailing Solutions Limited
England
Ordinary
100.00
Digital Post Solutions Limited
England
Ordinary
100.00
Novaburn Solutions Limited
England
Ordinary
100.00
TMR Agility Communications Limited
England
Ordinary
50.00
All of the above listed subsidiaries have been consolidated into the group accounts.
By virtue of s479A of Companies Act 2006 the following dormant subsidiaries are fully exempt from audit during the current accounting period - Franking Direct Limited, Mailing Systems Limited, Mailserve Limited, Monsters Ink Limited, Gem U.K. Mailing Solutions Limited, Digital Post Solutions Limited & Novaburn Solutions Limited.
The Mailing Room Holdings Limited has control over TMR Agility Communications Limited.
The registered office for all subsidiaries is as follows:
C/o Bevan Kidwell
113-117 Farrington Road
London
EC1R 3BX
16
Financial instruments
There are no financial instruments held at fair value.
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
938,154
851,635
Other debtors
38,415
110,526
Prepayments and accrued income
105,583
78,873
1,082,152
1,041,034
-
-
Deferred tax asset (note 23)
4,909
4,954
1,087,061
1,045,988
-
-
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Machine Stock
328,850
575,416
-
-
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
885,253
885,253
Obligations under finance leases
22
64,802
51,529
Trade creditors
471,454
689,825
Amounts owed to group undertakings
6,480,248
4,703,082
Corporation tax payable
515,915
646,591
Other taxation and social security
819,058
573,061
-
-
Other creditors
115,788
271,202
Accruals and deferred income
2,436,664
2,262,880
1,024
1,024
4,423,681
5,380,341
6,481,272
5,589,359
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,011,586
971,609
Obligations under finance leases
22
88,515
51,432
88,515
1,063,018
-
971,609
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,896,839
1,856,862
Payable within one year
885,253
885,253
Payable after one year
1,011,586
971,609
HSBC UK Bank Plc held a fixed and floating charge over the assets and undertakings of the company in respect of a bank loan facility.
The loan has been fully repaid within the year.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
64,802
102,669
In two to five years
88,515
292
153,317
102,961
-
-
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
525,182
459,805
4,909
4,954
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
454,851
-
Charge to profit or loss
65,422
-
Liability at 31 July 2024
520,273
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
140,306
136,437
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.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
5,834
5,834
59
59
Ordinary B of 1p each
20,000
20,000
200
200
Ordinary C of 1p each
1,620
1,620
16
16
27,454
27,454
275
275
26
Reserves
Share premium
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Revaluation reserve
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
27
Events after the reporting date
There were no other events after the reporting period end date which require disclosure.
28
Related party transactions
Dividends of £1,500,000 were paid out to shareholders (2023: £1,500,000).
Disclosure for compensation of key management personnel can be found within note 7 on page 20.
During the year the group made donations of £40,000 (2023: £240,000) to a registered society where one of the directors is a registered member
There were no other related party transactions outside the normal course of business.
Specific related party disclosure for group subsidiaries can be obtained from the relevant company accounts.
29
Controlling party
The ultimate controlling parties are G Bevan and H Bevan.
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,391,842
2,298,937
Adjustments for:
Taxation charged
1,146,087
1,001,010
Finance costs
19,004
80,351
Investment income
(5,288)
(4,357)
Loss on disposal of tangible fixed assets
435,672
197,282
Amortisation and impairment of intangible assets
585,269
598,607
Depreciation and impairment of tangible fixed assets
1,061,914
1,000,581
Movements in working capital:
Decrease/(increase) in stocks
246,566
(251,259)
(Increase)/decrease in debtors
(119,847)
39,528
Increase/(decrease) in creditors
45,996
(303,710)
Cash generated from operations
5,807,215
4,656,970
31
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,560,000
1,500,000
Adjustments for:
Finance costs
74,543
Investment income
(1,560,000)
(1,500,000)
Movements in working capital:
Increase in creditors
1,777,166
1,257,208
Cash generated from operations
1,777,166
1,331,751
32
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
2,430,519
(561,648)
1,868,871
Borrowings excluding overdrafts
(1,896,839)
1,896,839
-
Obligations under finance leases
(102,961)
(50,356)
(153,317)
430,719
1,284,835
1,715,554
THE MAILING ROOM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
33
Analysis of changes in net funds/(debt) - company
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
20,387
(19,696)
691
Borrowings excluding overdrafts
(1,856,862)
1,856,862
-
(1,836,475)
1,837,166
691
2024-07-312023-08-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr G W BevanMr M SmithMr M SmithMr M SmithMr M SmithMrs H Bevanfalse03530246bus:Consolidated2023-08-012024-07-31035302462023-08-012024-07-3103530246bus:Director12023-08-012024-07-3103530246bus:CompanySecretaryDirector12023-08-012024-07-3103530246bus:Director22023-08-012024-07-3103530246bus:Director42023-08-012024-07-3103530246bus:Director32023-08-012024-07-3103530246bus:Director52023-08-012024-07-3103530246bus:CompanySecretary12023-08-012024-07-3103530246bus:RegisteredOffice2023-08-012024-07-31035302462024-07-3103530246bus:Consolidated2022-08-012023-07-31035302462022-08-012023-07-3103530246bus:Consolidated2024-07-3103530246core:OtherResidualIntangibleAssetsbus:Consolidated2024-07-3103530246core:OtherResidualIntangibleAssetsbus:Consolidated2023-07-3103530246core:ComputerSoftwarebus:Consolidated2024-07-3103530246core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-07-3103530246core:ComputerSoftwarebus:Consolidated2023-07-3103530246core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-07-3103530246bus:Consolidated2023-07-3103530246core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-07-3103530246core:PlantMachinerybus:Consolidated2024-07-3103530246core:FurnitureFittingsbus:Consolidated2024-07-3103530246core:ComputerEquipmentbus:Consolidated2024-07-3103530246core:MotorVehiclesbus:Consolidated2024-07-3103530246core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-07-3103530246core:PlantMachinerybus:Consolidated2023-07-3103530246core:FurnitureFittingsbus:Consolidated2023-07-3103530246core:ComputerEquipmentbus:Consolidated2023-07-3103530246core:MotorVehiclesbus:Consolidated2023-07-3103530246core:ShareCapitalbus:Consolidated2024-07-3103530246core:ShareCapitalbus:Consolidated2023-07-3103530246core:SharePremiumbus:Consolidated2024-07-3103530246core:SharePremiumbus:Consolidated2023-07-3103530246core:RevaluationReservebus:Consolidated2024-07-3103530246core:RevaluationReservebus:Consolidated2023-07-3103530246core:OtherMiscellaneousReservebus:Consolidated2024-07-3103530246core:OtherMiscellaneousReservebus:Consolidated2023-07-3103530246core:ShareCapital2024-07-3103530246core:ShareCapital2023-07-3103530246core:SharePremium2024-07-3103530246core:SharePremium2023-07-3103530246core:OtherMiscellaneousReserve2024-07-3103530246core:OtherMiscellaneousReserve2023-07-3103530246core:RetainedEarningsAccumulatedLosses2024-07-3103530246core:ShareCapital2022-07-3103530246core:SharePremium2022-07-3103530246core:RetainedEarningsAccumulatedLosses2022-07-3103530246core:RetainedEarningsAccumulatedLosses2023-07-3103530246core:ShareCapitalbus:Consolidated2022-07-3103530246core:SharePremiumbus:Consolidated2022-07-3103530246core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-07-3103530246core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-07-3103530246core:Non-controllingInterestsbus:Consolidated2023-07-3103530246core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-07-3103530246core:Non-controllingInterestsbus:Consolidated2024-07-31035302462023-07-3103530246bus:Consolidated2022-07-31035302462022-07-3103530246core:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3103530246core:LandBuildingscore:LongLeaseholdAssets2023-08-012024-07-3103530246core:PlantMachinery2023-08-012024-07-3103530246core:FurnitureFittings2023-08-012024-07-3103530246core:ComputerEquipment2023-08-012024-07-3103530246core:MotorVehicles2023-08-012024-07-3103530246core:UKTaxbus:Consolidated2023-08-012024-07-3103530246core:UKTaxbus:Consolidated2022-08-012023-07-3103530246bus:Consolidated12023-08-012024-07-3103530246bus:Consolidated12022-08-012023-07-3103530246core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-07-3103530246core:PlantMachinerybus:Consolidated2023-07-3103530246core:FurnitureFittingsbus:Consolidated2023-07-3103530246core:ComputerEquipmentbus:Consolidated2023-07-3103530246core:MotorVehiclesbus:Consolidated2023-07-3103530246bus:Consolidated2023-07-3103530246core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-08-012024-07-3103530246core:PlantMachinerybus:Consolidated2023-08-012024-07-3103530246core:FurnitureFittingsbus:Consolidated2023-08-012024-07-3103530246core:ComputerEquipmentbus:Consolidated2023-08-012024-07-3103530246core:MotorVehiclesbus:Consolidated2023-08-012024-07-3103530246core:MotorVehicles2024-07-3103530246core:MotorVehicles2023-07-3103530246core:ComputerSoftwarebus:Consolidated2023-07-3103530246core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-07-3103530246core:ComputerSoftwarebus:Consolidated2023-08-012024-07-3103530246core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-012024-07-3103530246core:CurrentFinancialInstruments2024-07-3103530246core:CurrentFinancialInstruments2023-07-3103530246core:CurrentFinancialInstrumentsbus:Consolidated2024-07-3103530246core:CurrentFinancialInstrumentsbus:Consolidated2023-07-3103530246core:WithinOneYearbus:Consolidated2024-07-3103530246core:WithinOneYearbus:Consolidated2023-07-3103530246core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3103530246core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3103530246core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-07-3103530246core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-07-3103530246core:Non-currentFinancialInstrumentscore:AfterOneYear2024-07-3103530246core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3103530246core:Non-currentFinancialInstrumentsbus:Consolidated2024-07-3103530246core:Non-currentFinancialInstrumentsbus:Consolidated2023-07-3103530246core:Non-currentFinancialInstruments2024-07-3103530246core:Non-currentFinancialInstruments2023-07-3103530246core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-07-3103530246core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-07-3103530246core:WithinOneYear2024-07-3103530246core:WithinOneYear2023-07-3103530246core:BetweenTwoFiveYearsbus:Consolidated2024-07-3103530246core:BetweenTwoFiveYears2024-07-3103530246core:BetweenTwoFiveYears2023-07-3103530246bus:PrivateLimitedCompanyLtd2023-08-012024-07-3103530246bus:FRS1022023-08-012024-07-3103530246bus:Audited2023-08-012024-07-3103530246bus:ConsolidatedGroupCompanyAccounts2023-08-012024-07-3103530246bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP