Company registration number 11728469 (England and Wales)
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr J L Cookson
Mr P S Brown
Mrs S M Cookson
Company number
11728469
Registered office
The Boat House
Blackpool Road
St Michaels
Preston
PR3 0NB
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
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 - 28
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present the strategic report for the year ended 31 May 2024.
The company is the parent company of the group containing its wholly owned subsidiary, J.L.C. Groundworks Limited.
Review of the business
The directors are pleased to report the Group’s results despite a challenging year of trade. In the first half of the year, the group experienced a significant tightening in the regional residential development market, its dominant income stream.
The directors made the decision to not procure contracts at lower margins, given past experiences. Leveraging the group’s strong liquidity, they were able to be selective, ensuring the right contracts were taken on for a fair level of profitability. The group’s position also allowed it to retain its full workforce, despite the significant reduction in demand and effectively absorb this cost. The directors wanted to retain the knowledge, skill and talent which the group has used successfully to grow and to enhance its reputation over recent years.
Against this backdrop the financial results are considered a success with a profit still reported, despite operating profits falling to £562,464 (2023: £2,718,273) and turnover reducing to £7,283,551 (2023: £12,869,911).
Gross profitability fell significantly as the group retained its full workforce, so direct labour costs were comparable to the prior year and also incurred similar ongoing costs for its fixed asset base. The directors maintain tight control over overheads, with the discretionary additional costs seen in the prior year not repeated during the year to 31 May 2024.
The group held total cash reserves of £4,495,959 (2023: £4,920,086) at the balance sheet date. It also held current asset investments of £1,463,132 (2023: £Nil) at the balance sheet date. Whilst the group generated positive cash flows in the year, albeit reduced from prior years, group cash balances were pooled and invested into a variety of term deposits to generate a greater rate of return.
Finally the group reported increased net assets at the balance sheet date of £13,018,109 (2023: £12,607,001), ensuring the it retains sufficient ability to fund its working capital.
Each of the above benchmarks are considered to be the most important financial KPIs and are monitored keenly by the directors on a monthly and often weekly basis.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Principal risks and uncertainties
The main risks to the group are increases in the costs of labour and materials. In particular, the latter has seen significant and more frequent increases in recent years than experienced across the longer term. This makes contract negotiation more important and something which the directors are keenly aware of. To mitigate this, the group looks to agree specific terms for each phase of a residential development.
The strong demand experienced in recent years within the new build housing sector has waned as the wider economic backdrop becomes uncertain with higher interest rates apparently here to stay. In anticipating this uncertainty, the directors have secured further contracts in the housing association sector and are exploring commercial works to further diversify the group’s operations and protect longer term prospects. The group is not dependent upon any single customer or development site, so the directors are content with its risk position when approving these financial statements. The group has demonstrated within these financial statements that it can choose the right work in tough environments and not compromise itself financially or from an ongoing skills perspective.
Turning to operations, the main challenge to the future of the business is the recruitment and retention of high-quality staff, to produce work of a standard that the directors expect and have helped built up the long term reputation of the group. As noted in prior years, the directors believe 'Off payroll' worker regulations should be applied consistently and fairly throughout the industry. The absence of this makes the recruitment of legitimate employed skilled workers tough.
The group is debt free and the directors believe they have minimal credit risk through receiving stage payments as it progresses through jobs with its longstanding and well established customer base. The directors’ strategy is to retain cash within the group so sufficient liquid resources are always available for investment.
Future developments
At the time of approving these financial statements, the directors are positive over the future. Work levels have picked up from the prior year and the new government has so far made positive remarks about the need for more residential development, together with how they will look to ease the barriers to achieve this. Whilst there will be no immediate boom, this can only assist the main sector in which the group operates. The directors believe the group is in a very strong place to weather any future storms and note the diversification of the group’s customer base referenced above.
Through the wider group, the group has access to significant levels of free cash so maintains sufficient liquidity to adapt to the future and to take advantage of any opportunities which may present over the upcoming year.
The directors continue to pursue a strategy of controlled expansion, mindful of existing labour capacity given the issues noted already in this report. The board will only seek to win profitable work it knows can be staffed and therefore maintain the high standards of work for which the group is known.
The directors would like to place on record their thanks to the group's loyal staff, for their efforts during the year under report.
Mr J L Cookson
Director
18 February 2025
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of a holding company. The principal activity of the group continued to be that of a specialist groundworks contractor.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £127,500. 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 J L Cookson
Mr P S Brown
Mrs S M Cookson
Auditor
Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr J L Cookson
Director
18 February 2025
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
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.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
- 5 -
Opinion
We have audited the financial statements of J.L.C. Groundworks (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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 May 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.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
- 6 -
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.
In the light of the knowledge and understanding of the group and 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.
Matters on which we are required to report by exception
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.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
- 7 -
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 procedures we carried out and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations;
Enquires with management about any known or suspected instances of fraud;
Examination of journal entries and other adjustments to test for appropriateness and identify any instances of management override of controls;
Review of purchase occurrence and that development costs have been allocated to the correct site;
Review of legal and professional expenditure to identify any evidence of ongoing litigation or enquiries; and
Auditing the risk of fraud in revenue recognition through testing revenue from source documentation to nominal entries and through the review and challenge of profit recognition in respect of long term contracts, to gain comfort over the completeness of revenue.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than errors, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Joe Sullivan FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
18 February 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
7,283,551
12,869,911
Cost of sales
(6,274,691)
(9,333,977)
Gross profit
1,008,860
3,535,934
Administrative expenses
(564,823)
(927,822)
Other operating income
118,427
110,161
Operating profit
4
562,464
2,718,273
Interest receivable and similar income
6
69,780
9,751
Fair value gains and losses on investment properties
10
90,000
70,000
Profit before taxation
722,244
2,798,024
Tax on profit
7
(183,636)
(546,554)
Profit for the financial year
538,608
2,251,470
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.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
GROUP BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,501,763
1,432,158
Investment property
10
2,990,271
2,900,271
4,492,034
4,332,429
Current assets
Stocks
13
1,905,454
1,898,573
Debtors
14
2,371,404
3,212,769
Investments
15
1,463,132
Cash at bank and in hand
4,495,959
4,920,086
10,235,949
10,031,428
Creditors: amounts falling due within one year
16
(1,251,233)
(1,372,568)
Net current assets
8,984,716
8,658,860
Total assets less current liabilities
13,476,750
12,991,289
Provisions for liabilities
Deferred tax liability
17
458,641
384,288
(458,641)
(384,288)
Net assets
13,018,109
12,607,001
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
13,018,009
12,606,901
Total equity
13,018,109
12,607,001
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 18 February 2025 and are signed on its behalf by:
18 February 2025
Mr J L Cookson
Director
Company registration number 11728469 (England and Wales)
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
696,272
626,618
Investment property
10
465,270
465,270
Investments
11
100
100
1,161,642
1,091,988
Current assets
Stocks
13
637,849
637,519
Debtors
14
41,012
3,457,927
Investments
15
1,463,132
Cash at bank and in hand
4,288,581
1,672,588
6,430,574
5,768,034
Creditors: amounts falling due within one year
16
(529,971)
(99,152)
Net current assets
5,900,603
5,668,882
Total assets less current liabilities
7,062,245
6,760,870
Provisions for liabilities
Deferred tax liability
17
64,011
13,448
(64,011)
(13,448)
Net assets
6,998,234
6,747,422
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
6,998,134
6,747,322
Total equity
6,998,234
6,747,422
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 £378,312 (2023 - £1,948,493 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
18 February 2025
Mr J L Cookson
Director
Company registration number 11728469 (England and Wales)
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
100
10,629,867
10,629,967
Year ended 31 May 2023:
Profit and total comprehensive income
-
2,251,470
2,251,470
Dividends
8
-
(274,436)
(274,436)
Balance at 31 May 2023
100
12,606,901
12,607,001
Year ended 31 May 2024:
Profit and total comprehensive income
-
538,608
538,608
Dividends
8
-
(127,500)
(127,500)
Balance at 31 May 2024
100
13,018,009
13,018,109
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
100
5,073,264
5,073,364
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
1,948,494
1,948,494
Dividends
8
-
(274,436)
(274,436)
Balance at 31 May 2023
100
6,747,322
6,747,422
Year ended 31 May 2024:
Profit and total comprehensive income
-
378,312
378,312
Dividends
8
-
(127,500)
(127,500)
Balance at 31 May 2024
100
6,998,134
6,998,234
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,753,548
2,649,013
Income taxes paid
(394,181)
(551,929)
Net cash inflow from operating activities
1,359,367
2,097,084
Investing activities
Purchase of tangible fixed assets
(360,164)
(538,493)
Proceeds on disposal of tangible fixed assets
93,528
95,568
Purchase of investment property
-
(465,270)
Amounts transferred into current asset investments
(1,463,132)
-
Proceeds from other loans made
3,994
92,785
Interest received
69,780
9,751
Net cash used in investing activities
(1,655,994)
(805,659)
Financing activities
Dividends paid to equity shareholders
(127,500)
(274,436)
Net cash used in financing activities
(127,500)
(274,436)
Net (decrease)/increase in cash and cash equivalents
(424,127)
1,016,989
Cash and cash equivalents at beginning of year
4,920,086
3,903,097
Cash and cash equivalents at end of year
4,495,959
4,920,086
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
1
Accounting policies
Company information
J.L.C. Groundworks (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Boat House, Blackpool Road, St Michaels, Preston, PR3 0NB.
The group consists of J.L.C. Groundworks (Holdings) Limited and its subsidiary company.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. 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’: Carrying amounts of financial instruments;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, acquisitions are accounted for using the merger method. As a result, no goodwill on consolidation has arisen, and the accounts have been prepared on the basis that the group has been in existence for the whole of the current and previous period.
1.3
Basis of consolidation
The consolidated financial statements incorporate those of J.L.C. Groundworks (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).
All financial statements are made up to 31 May 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.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern
The directors have every expectation that the group will continue in operational existence for the foreseeable future. Revenues fell during the year under report owing to the dampening of demand within the residential development sector, to which a significant number of the group’s current jobs pertain. Activity increased towards the end of the financial year under report and this has continued subsequent to the balance sheet date.
The group is not dependent on any single developer or individual site and carry out work in other areas, to naturally reduce the associated risk of a long term decline in the residential development market.
The directors note the significant cash balances available to the group but have referred to prudent work in hand forecasts, which indicate sufficient funds are in place to meet all liabilities as they are projected to fall due for payment over the next twelve months, leading them to the conclusion that there are no material uncertainties over adopting the going concern basis at the time of signing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extend of the expenses recognised that it is probable will be recovered.
Income related to property rental and the hire of equipment is recognised in line with the period of rent or hire.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum straight line
Plant and equipment
20% per annum reducing balance
Fixtures and fittings
30% per annum reducing balance
Motor vehicles
20% reducing balance
The group amended its rate of depreciating Plant & Machinery and Motor Vehicles asset categories during the current year, which is a change in accounting estimate. In prior years, depreciation was charged at 30% reducing balance and 25% reducing balance, respectively. The impact of this change in the current financial year is to reduce the group depreciation charge by £128,231 and the company's depreciation charge by £60,805.
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.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
Fixed asset investments
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.
1.10
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.
Development land is initially stated at the cost of acquisition. Regular impairment reviews are carried out and a provision made for any irrecoverable amounts if necessary.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Where short-term liquid investments have a maturity beyond three months at the balance sheet date, such balances are stated within current asset investments.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, 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.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.14
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.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
1.16
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 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.
Recognition of contract revenue and profit
This is a natural area of estimation uncertainty given the industry in which the group operates. The narrative within notes 1.5 and 1.11 to the financial statements provides further information.
The group uses a suitably qualified Quantity Surveyor to assess the level of work done, associated revenue and thus profit recognition. These assessments are then reviewed by the group's finance team, providing an additional level of internal assurance that reduces the estimation uncertainty to an appropriate level.
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.
Provision for irrecoverable trade debtors
At each balance sheet date, management undertake a review of the outstanding trade debtor balances and estimate the balance that should either be impaired or provided against.
This calculation is based on the financial position of the customers, the historical speed of payment and any ongoing discussions.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
7,283,551
12,869,911
2024
2023
£
£
Other revenue
Interest income
69,780
9,751
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
4,050
3,700
Depreciation of owned tangible fixed assets
276,873
412,151
Profit on disposal of tangible fixed assets
(79,842)
(72,891)
Operating lease charges
2,954
2,841
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
Administrative
3
6
-
-
Management
10
10
3
3
Operations
33
35
-
-
Total
46
51
3
3
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,676,231
1,979,501
Social security costs
170,364
229,689
-
-
Pension costs
114,492
372,867
1,961,087
2,582,057
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
68,575
Other interest income
1,205
9,751
Total income
69,780
9,751
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
109,330
475,586
Adjustments in respect of prior periods
(47)
(39)
Total current tax
109,283
475,547
Deferred tax
Origination and reversal of timing differences
74,353
66,330
Changes in tax rates
4,677
Total deferred tax
74,353
71,007
Total tax charge
183,636
546,554
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
722,244
2,798,024
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
180,561
559,605
Tax effect of expenses that are not deductible in determining taxable profit
2,250
(6,385)
Tax effect of income not taxable in determining taxable profit
(6,791)
Adjustments in respect of prior years
26
Effect of change in corporation tax rate
-
14,250
Depreciation on assets not qualifying for tax allowances
890
Other non-reversing timing differences
(18)
Under/(over) provided in prior years
(47)
Super deduction
(14,151)
Taxation charge
183,636
546,554
The headline rate of corporation tax increased to 25% from 1 April 2023.
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
127,500
274,436
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
9
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
178,000
3,937,340
30,798
412,266
4,558,404
Additions
294,309
300
65,555
360,164
Disposals
(36,524)
(15,700)
(52,224)
At 31 May 2024
178,000
4,195,125
31,098
462,121
4,866,344
Depreciation and impairment
At 1 June 2023
49,763
2,739,242
25,677
311,564
3,126,246
Depreciation charged in the year
3,560
241,226
1,619
30,468
276,873
Eliminated in respect of disposals
(24,663)
(13,875)
(38,538)
At 31 May 2024
53,323
2,955,805
27,296
328,157
3,364,581
Carrying amount
At 31 May 2024
124,677
1,239,320
3,802
133,964
1,501,763
At 31 May 2023
128,237
1,198,098
5,121
100,702
1,432,158
Company
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
1,304,798
19,992
1,324,790
Additions
205,000
205,000
Disposals
(36,524)
(36,524)
At 31 May 2024
1,473,274
19,992
1,493,266
Depreciation and impairment
At 1 June 2023
696,922
1,250
698,172
Depreciation charged in the year
119,736
3,749
123,485
Eliminated in respect of disposals
(24,663)
(24,663)
At 31 May 2024
791,995
4,999
796,994
Carrying amount
At 31 May 2024
681,279
14,993
696,272
At 31 May 2023
607,876
18,742
626,618
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
10
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 June 2023 and 31 May 2024
2,900,271
465,270
Net gains or losses through fair value adjustments
90,000
-
At 31 May 2024
2,990,271
465,270
Investment property comprises various land banks and properties owned by the group. The fair value of the group's investment properties has been arrived at on the basis of a valuation carried out by Mr J L Cookson, director. The valuation was made on an open market basis by reference to market evidence of transaction priced for similar properties / land banks.
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
100
Carrying amount
At 31 May 2024
100
At 31 May 2023
100
12
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
J.L.C. Groundworks Limited
United Kingdom
Specialist groundworks contractor
Ordinary
100.00
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
15,390
14,667
-
-
Development land and work in progress
1,890,064
1,883,906
637,849
637,519
1,905,454
1,898,573
637,849
637,519
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
484,054
645,394
Gross amounts owed by contract customers
1,233,513
1,654,759
Corporation tax recoverable
96,590
Amounts owed by group undertakings
2
-
2
3,430,105
Other debtors
215,044
431,566
41,010
27,822
Prepayments and accrued income
32,824
42,414
2,062,027
2,774,133
41,012
3,457,927
Amounts falling due after more than one year:
Gross amounts owed by contract customers
309,377
438,636
Total debtors
2,371,404
3,212,769
41,012
3,457,927
15
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
1,463,132
-
1,463,132
-
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,076,044
831,897
246,042
38,000
Amounts owed to group undertakings
207,916
Corporation tax payable
75,503
263,811
75,503
61,152
Other taxation and social security
53,294
55,374
-
-
Other creditors
4,506
4,094
510
Accruals and deferred income
41,886
217,392
1,251,233
1,372,568
529,971
99,152
17
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
232,167
180,596
Retirement benefit obligations
(441)
(723)
Investment property
226,915
204,415
458,641
384,288
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
64,011
13,448
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 June 2023
384,288
13,448
Charge to profit or loss
74,353
50,563
Liability at 31 May 2024
458,641
64,011
The group has not finalised its capital expenditure programme for the next financial year and therefore an assessment as to the likely movement of timing differences cannot reasonably be made.
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,492
372,867
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.
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
50
50
50
50
B Ordinary of £1 each
40
40
40
40
C Ordinary of £1 each
5
5
5
5
D ordinary of £1 each
5
5
5
5
100
100
100
100
All classes of shares rank pari passu in all respect, other than differing rights to dividends.
20
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
2,692
1,624
-
-
Between two and five years
2,462
3,248
-
-
5,154
4,872
-
-
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
21
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sales
Sales
2024
2023
£
£
Group
Other related parties
-
51,140
The group carried out work on an arms length basis during the year for an other related party. At the period end date, the value of the uninvoiced work amounted to £287,522 (2023: £248,685). No amounts in respect of invoiced sales were due from the related party at the year end date.
Other information
The company has taken advantage of the exemptions provided by FRS102 Section 33 from disclosing transactions and balances with its wholly owned subsidiary, J.L.C. Groundworks Limited, on the basis that they are eliminated in these group financial statements.
22
Directors' transactions
At the balance sheet date directors had received advances from the company totalling £Nil (2023: £3,994). Interest was charged on the balance at the HMRC approved rate. All advances are repayable on demand.
23
Controlling party
The company and group are controlled by the Cookson family.
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
538,608
2,251,470
Adjustments for:
Taxation charged
183,636
546,554
Investment income
(69,780)
(9,751)
Gain on disposal of tangible fixed assets
(79,842)
(72,891)
Fair value gain on investment properties
(90,000)
(70,000)
Depreciation and impairment of tangible fixed assets
276,873
412,151
Movements in working capital:
Increase in stocks
(6,881)
(20,918)
Decrease/(increase) in debtors
933,961
(466,486)
Increase in creditors
66,973
78,884
Cash generated from operations
1,753,548
2,649,013
J.L.C. GROUNDWORKS (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
25
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
4,920,086
(424,127)
4,495,959
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