Company registration number 03097719 (England and Wales)
THE TSK GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
THE TSK GROUP LIMITED
COMPANY INFORMATION
Directors
Mr A P Burns
Mr I D Holden
Mr T R Crane
Mr S J Guest
Mr P J Hannis
Secretary
Mr I D Holden
Company number
03097719
Registered office
130 Metroplex Business Park
Broadway
Salford Quays
Lancashire
M50 2UW
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
130 Metroplex Business Park
Broadway
Salford Quays
Lancashire
M50 2UW
THE TSK GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
THE TSK GROUP 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 business had another successful year with group revenues growing to £57.6m.
We continued to make significant investments in our people and our resources to ensure we remain at the forefront of workplace strategy with industry leading design and delivery capabilities and these investments are now bearing fruit in our results.
There is significant appetite from leading organisations in all sectors to improve and adapt their workplaces to reflect new workstyles, and we are in an excellent position to advise on and deliver this for our existing, and new, clients across the UK.
The group remains in a strong financial position with net assets over £6.1m and cash balances in excess of £10.8m.
Principal risks and uncertainties
Operational risk
The principal operating risk is the capacity and desire of our target client base to commit to significant capital expenditure on their office environments. This is underpinned by general confidence in the UK economy but is mitigated, as even in a suppressed market there is a need to change which creates opportunities for the group. The group also looks to mitigate its risk of exposure to any one client, sector or city region through it's ability to deliver nationally and continually increasing and widening its customer base. We operate in a competitive market which puts pressure on our margins and we invest heavily in our workforce to ensure we attract and retain high calibre personnel.
Customer credit exposure and liquidity risk
The principal financial risk faced by the group is the extent to which customers may not be able to pay for the work the group undertakes for them. This is mitigated by the blue chip nature of many of our clients, pre-contract due diligence, commercially agreed stage payments and maintaining excellent ongoing customer relations.
Liquidity risk is managed at both individual contract and group overall level with the objective of ensuring the group is always able to meet its obligations when they become due.
Key performance indicators
The group's key financial performance indicator is the amount of gross profit which we monitor on historic, current and forecast levels on a monthly basis versus targets. Amounts achieved in the financial period were as follows:
31 July
31 July
2024
2023
Gross profit
£6.6m
£4.0m
Other performance indicators
Non-Financial KPIs
The group operates a wide range of non-financial KPI's across its business units in line with its ISO 9001 (2015) quality assurance accreditation. Every project undertaken by the company is monitored and measured by a series of KPI's at various key stages throughout the lifecycle of the project. The group is particularly conscious of its corporate and social responsibilities in terms of health and safety and environmental compliance. In addition, the group conducts its affairs in accordance with its ISO 14001 and Global Safety Certification 45001: 2018 accreditations.
Post balance sheet events
On August 1st 2024 the existing shareholders sold 100% of their shares to an Employee Ownership Trust (EOT) as part of a future succession plan that provides all employees with the opportunity for greater involvement and reward.
THE TSK GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Mr I D Holden
Director
2 December 2024
THE TSK GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company continued to be that of workplace design, fit-out and furnishing.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £190,000. 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 A P Burns
Mr I D Holden
Mr M D Barber-Redmore
(Resigned 23 July 2024)
Mr T R Crane
Mr S J Guest
Mr P J Hannis
Mr C Murray
(Resigned 1 December 2023)
Auditor
The auditor, Pierce C A Limited, 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.
THE TSK GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr I D Holden
Director
2 December 2024
THE TSK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE TSK GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of The TSK Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 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 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 TSK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE TSK GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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.
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
The nature of the industry and the company’s control environment.
Results of our enquiries of management.
The company’s procedures and controls on compliance with laws and regulations and the risks of fraud.
Discussions among the audit engagement team concerning potential indicators of fraud.
We are also required to perform specific procedures to respond to the risk of management override.
As a result of our audit procedures we did not identify a material risk of fraud or other 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.
THE TSK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE TSK GROUP LIMITED
- 7 -
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.
James King (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
5 December 2024
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
THE TSK GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
Year
Period
ended
ended
31 July
31 July
2024
2023
Notes
£
£
Turnover
3
57,602,098
26,669,089
Cost of sales
(50,963,350)
(22,626,725)
Gross profit
6,638,748
4,042,364
Administrative expenses
(5,185,590)
(2,103,040)
Operating profit
4
1,453,158
1,939,324
Interest receivable and similar income
8
133,938
50,136
Interest payable and similar expenses
9
(6,983)
(7,867)
Profit before taxation
1,580,113
1,981,593
Tax on profit
10
(436,162)
(466,144)
Profit for the financial year
1,143,951
1,515,449
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.
THE TSK GROUP LIMITED
GROUP BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
446,546
284,706
Current assets
Debtors
15
15,047,314
8,077,198
Cash at bank and in hand
10,795,141
10,828,267
25,842,455
18,905,465
Creditors: amounts falling due within one year
17
(20,112,172)
(13,730,436)
Net current assets
5,730,283
5,175,029
Total assets less current liabilities
6,176,829
5,459,735
Creditors: amounts falling due after more than one year
18
-
(250,000)
Provisions for liabilities
Deferred tax liability
20
46,422
33,279
(46,422)
(33,279)
Net assets
6,130,407
5,176,456
Capital and reserves
Called up share capital
22
55,556
55,556
Share premium account
23,750
23,750
Profit and loss reserves
6,051,101
5,097,150
Total equity
6,130,407
5,176,456
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 2 December 2024 and are signed on its behalf by:
02 December 2024
Mr I D Holden
Director
Company registration number 03097719 (England and Wales)
THE TSK GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
446,546
284,706
Investments
13
2
2
446,548
284,708
Current assets
Debtors
15
14,764,844
7,845,301
Cash at bank and in hand
10,554,998
9,411,157
25,319,842
17,256,458
Creditors: amounts falling due within one year
17
(19,597,249)
(12,100,560)
Net current assets
5,722,593
5,155,898
Total assets less current liabilities
6,169,141
5,440,606
Creditors: amounts falling due after more than one year
18
-
(250,000)
Provisions for liabilities
Deferred tax liability
20
46,422
33,279
(46,422)
(33,279)
Net assets
6,122,719
5,157,327
Capital and reserves
Called up share capital
22
55,556
55,556
Share premium account
23,750
23,750
Profit and loss reserves
6,043,413
5,078,021
Total equity
6,122,719
5,157,327
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 £1,155,392 (2023 - £1,527,606 profit).
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 2 December 2024 and are signed on its behalf by:
02 December 2024
Mr I D Holden
Director
Company registration number 03097719 (England and Wales)
THE TSK GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2023
55,556
23,750
3,581,701
3,661,007
Period ended 31 July 2023:
Profit and total comprehensive income
-
-
1,515,449
1,515,449
Balance at 31 July 2023
55,556
23,750
5,097,150
5,176,456
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
1,143,951
1,143,951
Dividends
11
-
-
(190,000)
(190,000)
Balance at 31 July 2024
55,556
23,750
6,051,101
6,130,407
THE TSK GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2023
55,556
23,750
3,550,415
3,629,721
Period ended 31 July 2023:
Profit and total comprehensive income for the period
-
-
1,527,606
1,527,606
Balance at 31 July 2023
55,556
23,750
5,078,021
5,157,327
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
1,155,392
1,155,392
Dividends
11
-
-
(190,000)
(190,000)
Balance at 31 July 2024
55,556
23,750
6,043,413
6,122,719
THE TSK GROUP 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/(absorbed by) operations
27
1,309,432
(375,960)
Interest paid
(6,983)
(7,867)
Income taxes paid
(536,669)
(108,100)
Net cash inflow/(outflow) from operating activities
765,780
(491,927)
Investing activities
Purchase of tangible fixed assets
(402,620)
(103,392)
Proceeds from disposal of tangible fixed assets
29,776
600
Interest received
133,938
50,136
Net cash used in investing activities
(238,906)
(52,656)
Financing activities
Repayment of bank loans
(370,000)
(60,000)
Dividends paid to equity shareholders
(190,000)
Net cash used in financing activities
(560,000)
(60,000)
Net decrease in cash and cash equivalents
(33,126)
(604,583)
Cash and cash equivalents at beginning of year
10,828,267
11,432,850
Cash and cash equivalents at end of year
10,795,141
10,828,267
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
1
Accounting policies
Company information
The TSK Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 130 Metroplex Business Park Broadway, Salford Quays, Lancashire, BB1 6AY.
The group consists of The TSK Group Limited and all of its subsidiaries.
1.1
Reporting period
These financial statements have been prepared for the year ended 31 July 2024. The comparative period financial statements are for the sixth month period 1 February 2023 to 31 July 2023.
1.2
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: Interest income/expense and net gains/losses for each category of financial instrument.;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The ultimate parent company is TSK Holdings Limited, a company registered in England and Wales. TSK Holdings Limited prepares group financial statements and these can be obtained from the company's registered office.
1.3
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company The TSK Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.5
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result, the directors have continued to adopt the going concern basis in preparing the financial statements.
1.6
Turnover
Turnover comprises the value of work performed, goods sold and services provided excluding VAT. Amounts in respect of contracts included in turnover, net of payments received on account, are shown in debtors as amounts recoverable on contracts. Cash received in excess of the value of work done is shown in creditors as payments on accounts.
An appropriate proportion of the anticipated contract profit is recognised in the statement of comprehensive income based on the stage of completion of the work and the expected end of life outcome. Provision is made for anticipated contract losses.
Pre-contract costs incurred before it is virtually certain that a contract will be awarded are charged to the statement of comprehensive income. Once virtually certain of contract award, costs are held as amounts recoverable on contracts and form part of the accounts for the contract as a whole.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Over 2 to 7 years
Computers
Over 2 to 5 years
Motor vehicles
Over 2 to 5 years
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.
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
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 assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.11
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.
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.12
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.
1.13
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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recoverable value of recognised debtor
At each Balance Sheet date, management undertake an assessment of the recoverability of trade debtors and amounts recoverable on contracts based upon their knowledge of the customers and the relevant contracts, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as an expense.
The actual level of debt collected may differ from the estimated level of recovery.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Turnover and profit recognition
At the Balance Sheet date, management review each contract individually based on the total contract value, the amounts invoiced up to the period end, the costs incurred up to the period end and the expected post year end costs to complete the contract.
Based upon the above information, management estimate the expected profit on a contract and will include an element of profit on the contract at the period end by reference to the stage of completion of each contract at the Balance Sheet date.
The actual profit arising on a contract may differ from the estimate of profit at each Balance Sheet date.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Attributable to principal activities
57,602,098
26,669,089
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
48,714,308
26,669,089
Overseas
8,887,790
-
57,602,098
26,669,089
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
133,938
50,136
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(52,765)
(112,221)
Depreciation of owned tangible fixed assets
240,455
74,386
Profit on disposal of tangible fixed assets
(18,173)
(600)
Operating lease charges
275,225
116,424
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,600
16,000
Audit of the financial statements of the company's subsidiaries
2,000
-
17,600
16,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Design and estimation
27
26
27
26
Installation and project management
26
30
26
30
Selling and marketing
26
24
26
24
Administration and accounts
10
10
10
10
Total
89
90
89
90
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
6
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,780,518
3,145,242
6,689,742
3,145,242
Social security costs
821,406
374,438
821,406
374,438
Pension costs
454,187
150,666
454,187
150,666
8,056,111
3,670,346
7,965,335
3,670,346
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,194,051
564,398
Company pension contributions to defined contribution schemes
120,844
28,619
1,314,895
593,017
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 7).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
366,667
117,380
Company pension contributions to defined contribution schemes
7,485
4,403
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
133,938
50,136
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
6,983
7,867
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
425,787
455,647
Adjustments in respect of prior periods
(2,771)
Total current tax
423,016
455,647
Deferred tax
Origination and reversal of timing differences
13,146
10,497
Total tax charge
436,162
466,144
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
1,580,113
1,981,593
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.04%)
395,028
456,559
Tax effect of expenses that are not deductible in determining taxable profit
43,905
9,661
Adjustments in respect of prior years
(2,771)
Effect of change in corporation tax rate
-
907
Permanent capital allowances in excess of depreciation
(983)
Taxation charge
436,162
466,144
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
190,000
-
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
12
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 August 2023
440,649
670,086
294,309
1,405,044
Additions
233,608
124,762
44,250
402,620
Disposals
(128,716)
(128,716)
Revaluation
11,278
11,278
At 31 July 2024
674,257
794,848
221,121
1,690,226
Depreciation and impairment
At 1 August 2023
396,816
484,756
238,766
1,120,338
Depreciation charged in the year
82,140
123,268
35,047
240,455
Eliminated in respect of disposals
(117,113)
(117,113)
At 31 July 2024
478,956
608,024
156,700
1,243,680
Carrying amount
At 31 July 2024
195,301
186,824
64,421
446,546
At 31 July 2023
43,833
185,330
55,543
284,706
Company
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 August 2023
440,649
670,086
294,309
1,405,044
Additions
233,608
124,762
44,250
402,620
Disposals
(128,716)
(128,716)
Revaluation
11,278
11,278
At 31 July 2024
674,257
794,848
221,121
1,690,226
Depreciation and impairment
At 1 August 2023
396,816
484,756
238,766
1,120,338
Depreciation charged in the year
82,140
123,268
35,047
240,455
Eliminated in respect of disposals
(117,113)
(117,113)
At 31 July 2024
478,956
608,024
156,700
1,243,680
Carrying amount
At 31 July 2024
195,301
186,824
64,421
446,546
At 31 July 2023
43,833
185,330
55,543
284,706
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
2
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
2
Carrying amount
At 31 July 2024
2
At 31 July 2023
2
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
14
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
TSK (Services) Ltd
1
Ordinary
100.00
TSK Workplace Ltd
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
130 Metroplex Business Park, Broadway, Salford Quays, Manchester, M50 2UW
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
14,104,157
7,264,216
13,543,878
7,166,679
Gross amounts owed by contract customers
590,405
390,749
590,405
354,386
Amounts owed by group undertakings
-
-
458,056
-
Other debtors
183,596
134,610
3,349
36,613
Prepayments and accrued income
169,156
287,623
169,156
287,623
15,047,314
8,077,198
14,764,844
7,845,301
16
Cash at bank and in hand
At the period end the cash at bank and in hand included £295,000 (2023 - £295,000) of restricted cash. This is held in a bank account as security against guarantees provided to customers by the bank. There were no such guarantees outstanding at the period end.
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
120,000
120,000
Trade creditors
4,804,324
3,654,774
4,741,424
3,649,619
Amounts owed to group undertakings
5,557
5,557
5,558
101,392
Corporation tax payable
314,721
428,371
151,840
402,066
Other taxation and social security
4,127,577
1,980,971
4,127,577
1,980,971
Accruals and deferred income
10,859,993
7,540,763
10,570,850
5,846,512
20,112,172
13,730,436
19,597,249
12,100,560
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
250,000
250,000
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
370,000
370,000
Payable within one year
120,000
120,000
Payable after one year
250,000
250,000
The bank loan is secured via a debenture held against all assets of the company.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
82,238
39,828
Short term timing differences
(35,816)
(6,549)
46,422
33,279
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
82,238
39,828
Short term timing differences
(35,816)
(6,549)
46,422
33,279
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
20
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
33,279
33,279
Charge to profit or loss
13,143
13,143
Liability at 31 July 2024
46,422
46,422
Given the company's capital expenditure plans, the deferred tax liability set out above is not expected to materially reverse over the next 12 months.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
454,187
150,666
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.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
50,000
50,000
50,000
50,000
B Ordinary shares of £1 each
5,556
5,556
5,556
5,556
55,556
55,556
55,556
55,556
The B Ordinary shares carry no voting rights, however they do give the right to dividends provided consent in writing is obtained from all holders of A Ordinary shares.
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 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
324,272
267,390
324,272
267,390
Between two and five years
146,718
250,010
146,718
250,010
470,990
517,400
470,990
517,400
24
Events after the reporting date
On 1st August 2024 100% of the shares in the parent company TSK Holdings Limited were acquired by an Employee Ownership Trust. The shares are to be held by the trust for the benefit of all the employees of the company. On 1st August 2024 the company paid a dividend of £3 million to TSK Holdings Limited.
26
Controlling party
The company is a wholly owned subsidiary of its ultimate parent company, TSK Holdings Limited, a company registered in England and Wales. The largest group in which the results of the company are consolidated is that headed up by TSK Holdings Limited. The smallest group in which the results of the company are consolidated is that headed up by The TSK Group Limited. The consolidated financial statements of both groups are available to the public and may be obtained from Companies House, Cardiff.
The company is ultimately controlled by Mr I D Holden and Mr A P Burns. There is no single ultimate controlling party.
After the year end 100% of the shares in TSK Holdings Limited were acquired by an Employee Ownership Trust.
THE TSK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
1,143,951
1,515,449
Adjustments for:
Taxation charged
436,162
466,144
Finance costs
6,983
7,867
Investment income
(133,938)
(50,136)
Gain on disposal of tangible fixed assets
(18,173)
(600)
Depreciation and impairment of tangible fixed assets
240,455
74,386
Movements in working capital:
(Increase)/decrease in debtors
(6,970,116)
742,373
Increase/(decrease) in creditors
6,615,386
(3,131,443)
Cash generated from/(absorbed by) operations
1,320,710
(375,960)
28
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
10,828,267
(33,126)
10,795,141
Borrowings excluding overdrafts
(370,000)
370,000
-
10,458,267
336,874
10,795,141
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