Company registration number 09569131 (England and Wales)
WILLIAMS AND HILL GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
WILLIAMS AND HILL GROUP LTD
COMPANY INFORMATION
Directors
Mr A L Siavoshian
Mr J Swabey
C P Williams
K J Hill
Mr O L Bradbeer-Dubery
Company number
09569131
Registered office
Unit 9 Space Waye
Feltham
Middlesex
TW14 0TH
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WILLIAMS AND HILL GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
WILLIAMS AND HILL GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Business review

As directors we aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the group faces.

Williams and Hill Group Ltd and it's subsidiaries continue to provide professional freight logistics in the fine art market. We consider that the group’s key performance indicators are those that communicate the financial performance and strength of the group as a whole, these being revenue, gross profit margin and the net profit margin.

The year ended 30 June 2024 has been a positive year with the group continuing to grow and adding to its assets.

 

Financial key performance indicators

As referred to above, the group’s senior management team use the following key performance indicators:

 

2024

2023

Revenue

20,311,362

21,585,809

Gross profit margin

73.34%

71.29%

Net profit margin

11.57%

12,60%

Principal risks and uncertainties

Credit risk

The group trades with only recognised, creditworthy third parties. It is the group’s policy that all customers who wish to trade on credit terms are subject to vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the group’s exposure to bad debts is not significant.

Currency risk

The group is exposed to adverse changes to foreign exchange rates particularly US dollars and Euros. Management monitor exchange rates regularly and respond accordingly in order to minimise our risk and exposure to foreign exchange rate variances.

Future developments

The year to 30 June 2024 has been a good year and we plan to continue to develop our relationships with our new clients and expand on this where we can. We will also continue to invest in our staff to build skills that can be used to progress our plans.

On behalf of the board

Mr O L Bradbeer-Dubery
Director
6 February 2025
WILLIAMS AND HILL GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company is that of a holding company. The principal activities of the group continues to be that of providing professional freight logistics in the fine art market.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,005,838. 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 L Siavoshian
Mr J Swabey
C P Williams
K J Hill
Mr O L Bradbeer-Dubery
Financial instruments

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments.

Auditor

Sumer Audit were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

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 O L Bradbeer-Dubery
Director
6 February 2025
WILLIAMS AND HILL GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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.

WILLIAMS AND HILL GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIAMS AND HILL GROUP LTD
- 4 -
Opinion

We have audited the financial statements of Williams and Hill Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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:

Basis for opinion

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.

Other information

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:

WILLIAMS AND HILL GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAMS AND HILL GROUP LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, the valuation on investment properties and compliance with the UK Companies Act.

WILLIAMS AND HILL GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIAMS AND HILL GROUP LTD
- 6 -

In addition to the above, our procedures to respond to risks identified included the following:

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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.

Use of our 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.

Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
6 February 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
WILLIAMS AND HILL GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
20,311,362
21,585,809
Cost of sales
(5,415,918)
(6,197,304)
Gross profit
14,895,444
15,388,505
Distribution costs
(736,460)
(744,834)
Administrative expenses
(10,473,579)
(10,767,149)
Operating profit
4
3,685,405
3,876,522
Interest receivable and similar income
61,223
11,109
Interest payable and similar expenses
8
(494,643)
(364,613)
Profit before taxation
3,251,985
3,523,018
Tax on profit
9
(902,713)
(803,553)
Profit for the financial year
23
2,349,272
2,719,465
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
1,237
(42,379)
Total comprehensive income for the year
2,350,509
2,677,086
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.
WILLIAMS AND HILL GROUP LTD
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
620,924
975,741
Tangible assets
12
280,293
311,056
Investments
13
30,305
-
0
931,522
1,286,797
Current assets
Debtors
15
15,672,229
15,265,581
Cash at bank and in hand
3,258,847
3,647,541
18,931,076
18,913,122
Creditors: amounts falling due within one year
16
(4,703,581)
(4,962,377)
Net current assets
14,227,495
13,950,745
Total assets less current liabilities
15,159,017
15,237,542
Creditors: amounts falling due after more than one year
17
(3,631,657)
(5,054,853)
Net assets
11,527,360
10,182,689
Capital and reserves
Called up share capital
22
100,000
100,000
Share premium account
23
4,497,065
4,497,065
Other reserves
23
(479,869)
(481,106)
Profit and loss reserves
7,410,164
6,066,730
Total equity
11,527,360
10,182,689

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 6 February 2025 and are signed on its behalf by:
06 February 2025
Mr O L Bradbeer-Dubery
Director
WILLIAMS AND HILL GROUP LTD
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
6,376,077
6,445,772
Current assets
Debtors
15
11,996,675
11,737,156
Cash at bank and in hand
13,001
106,686
12,009,676
11,843,842
Creditors: amounts falling due within one year
16
(9,766,637)
(9,227,814)
Net current assets
2,243,039
2,616,028
Net assets
8,619,116
9,061,800
Capital and reserves
Called up share capital
22
100,000
100,000
Share premium account
23
4,497,065
4,497,065
Profit and loss reserves
4,022,051
4,464,735
Total equity
8,619,116
9,061,800

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 £563,153 (2023 - £3,891,057 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 6 February 2025 and are signed on its behalf by:
06 February 2025
Mr O L Bradbeer-Dubery
Director
Company registration number 09569131 (England and Wales)
WILLIAMS AND HILL GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
100,000
4,497,065
(438,727)
4,261,451
8,419,789
Year ended 30 June 2023:
Profit for the year
-
-
-
2,719,465
2,719,465
Other comprehensive income:
Currency translation differences
-
-
(42,379)
-
(42,379)
Total comprehensive income for the year
-
-
(42,379)
2,719,465
2,677,086
Dividends
10
-
-
-
(914,186)
(914,186)
Balance at 30 June 2023
100,000
4,497,065
(481,106)
6,066,730
10,182,689
Year ended 30 June 2024:
Profit for the year
-
-
-
2,349,272
2,349,272
Other comprehensive income:
Currency translation differences
-
-
1,237
-
1,237
Total comprehensive income for the year
-
-
1,237
2,349,272
2,350,509
Dividends
10
-
-
-
(1,005,838)
(1,005,838)
Balance at 30 June 2024
100,000
4,497,065
(479,869)
7,410,164
11,527,360
WILLIAMS AND HILL GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
100,000
4,497,065
1,487,864
6,084,929
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
3,891,057
3,891,057
Dividends
10
-
-
(914,186)
(914,186)
Balance at 30 June 2023
100,000
4,497,065
4,464,735
9,061,800
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
563,154
563,154
Dividends
10
-
-
(1,005,838)
(1,005,838)
Balance at 30 June 2024
100,000
4,497,065
4,022,051
8,619,116
WILLIAMS AND HILL GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,348,377
198,854
Interest paid
(494,643)
(364,613)
Income taxes paid
(869,869)
(830,598)
Net cash inflow/(outflow) from operating activities
1,983,865
(996,357)
Investing activities
Purchase of tangible fixed assets
(31,009)
(118,292)
Proceeds from disposal of tangible fixed assets
967
2,200
Purchase of investments
(30,305)
-
Repayment of loans
21,811
(42,000)
Interest received
61,223
11,109
Net cash generated from/(used in) investing activities
22,687
(146,983)
Financing activities
Proceeds from new bank loans
-
5,000,158
Repayment of bank loans
(1,312,196)
(1,240,164)
Payment of finance leases obligations
(78,449)
(66,657)
Dividends paid to equity shareholders
(1,005,838)
(914,186)
Net cash (used in)/generated from financing activities
(2,396,483)
2,779,151
Net (decrease)/increase in cash and cash equivalents
(389,931)
1,635,811
Cash and cash equivalents at beginning of year
3,647,541
2,054,109
Effect of foreign exchange rates
1,237
(42,379)
Cash and cash equivalents at end of year
3,258,847
3,647,541
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Williams and Hill Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 9 Space Waye, Feltham, Middlesex, England, TW14 0TH.

 

The group consists of Williams and Hill Group Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

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.

WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Williams and Hill Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from 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, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
3 years straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
33% straight line
Fixtures and fittings
33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
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.

 

Other investments consist of jewellery measured at fair value through group statement of comprehensive income.

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.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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 and loans from fellow group companies, 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.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

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.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

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.

Tangible fixed assets and depreciation

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the useful lives of each asset, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of services
20,311,362
21,585,809
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover
(Continued)
- 18 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,537,266
13,989,837
Europe
1,398,936
1,487,284
Rest of the World
5,375,160
6,108,688
20,311,362
21,585,809
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(86,000)
(98,447)
Depreciation of owned tangible fixed assets
70,802
172,339
Depreciation of tangible fixed assets held under finance leases
79,075
76,124
Profit on disposal of tangible fixed assets
(20,294)
(2,200)
Amortisation of intangible assets
354,817
401,160
Operating lease charges
2,083,127
1,944,350
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
3,000
3,000
Audit of the financial statements of the company's subsidiaries
20,500
20,000
23,500
23,000
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
239,224
160,198
Company pension contributions to defined contribution schemes
6,605
22,280
245,829
182,478
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
85,999
-
Company pension contributions to defined contribution schemes
1,321
-

As total directors' remuneration was less than £200,000 in the comparative year, no disclosure is provided for that year.

7
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
Directors
5
5
5
5
Administration
103
112
2
2
Total
108
117
7
7

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,257,486
4,665,056
103,066
101,586
Social security costs
427,349
475,973
9,077
7,948
Pension costs
108,270
204,187
-
0
-
0
4,793,105
5,345,216
112,143
109,534
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
473,607
324,271
Interest on finance leases and hire purchase contracts
17,058
16,401
Other interest
3,978
23,941
Total finance costs
494,643
364,613
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
935,000
787,661
Adjustments in respect of prior periods
2,408
722
Total UK current tax
937,408
788,383
Foreign current tax on profits for the current period
(49,895)
-
Total current tax
887,513
788,383
Deferred tax
Origination and reversal of timing differences
15,200
15,170
Total tax charge
902,713
803,553

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,251,985
3,523,018
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
812,996
722,074
Tax effect of expenses that are not deductible in determining taxable profit
1,172
8,322
Change in unrecognised deferred tax assets
-
326
Adjustments in respect of prior years
2,408
722
Group relief
(1,252)
-
Permanent capital allowances in excess of depreciation
-
(4,186)
Depreciation on assets not qualifying for tax allowances
11,482
-
Amortisation on assets not qualifying for tax allowances
88,704
72,723
Other permanent differences
(15,999)
-
Deferred tax adjustments in respect of prior years
-
804
Differences between current and deferred tax rates
-
2,744
Roundings
(2,705)
24
Effective of different tax rates within the group
5,907
-
Taxation charge
902,713
803,553

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 20.5% rate used above reflects 2 months of this new rate and 10 months of the previous rate of 19%.

WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,005,838
914,186
11
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 July 2023
3,857,147
25,581
3,882,728
Disposals
(366,020)
-
(366,020)
At 30 June 2024
3,491,127
25,581
3,516,708
Amortisation and impairment
At 1 July 2023
2,881,406
25,581
2,906,987
Amortisation charged for the year
354,817
-
354,817
Disposals
(366,020)
-
(366,020)
At 30 June 2024
2,870,203
25,581
2,895,784
Carrying amount
At 30 June 2024
620,924
-
620,924
At 30 June 2023
975,741
-
975,741
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
344,846
752,515
906,265
1,772,463
3,776,089
Additions
-
960
22,410
76,417
99,787
Disposals
-
-
(817)
(36,089)
(36,906)
At 30 June 2024
344,846
753,475
927,858
1,812,791
3,838,970
Depreciation and impairment
At 1 July 2023
344,846
747,674
723,740
1,648,773
3,465,033
Depreciation charged in the year
-
4,235
88,571
57,071
149,877
Eliminated in respect of disposals
-
-
(6,056)
(50,177)
(56,233)
At 30 June 2024
344,846
751,909
806,255
1,655,667
3,558,677
Carrying amount
At 30 June 2024
-
1,566
121,603
157,124
280,293
At 30 June 2023
-
4,841
182,525
123,690
311,056
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Fixtures and fittings
33,003
55,008
-
0
-
0
Motor vehicles
157,126
137,780
-
0
-
0
190,129
192,788
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
-
6,345,772
6,445,772
Other investments
30,305
-
30,305
-
0
30,305
-
6,376,077
6,445,772
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Group
Other
£
Cost or valuation
At 1 July 2023
-
Additions
30,305
At 30 June 2024
30,305
Carrying amount
At 30 June 2024
30,305
At 30 June 2023
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
Other
Total
£
£
£
Cost or valuation
At 1 July 2023
6,445,772
-
6,445,772
Additions
-
30,305
30,305
At 30 June 2024
6,445,772
30,305
6,476,077
Impairment
At 1 July 2023
-
-
-
Impairment losses
100,000
-
100,000
At 30 June 2024
100,000
-
100,000
Carrying amount
At 30 June 2024
6,345,772
30,305
6,376,077
At 30 June 2023
6,445,772
-
6,445,772
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Williams and Hill Forwarding Limited
1)
Ordinary
100.00
Williams and Hill Storage & Distribution Limited
1)
Ordinary
100.00
Williams and Hill USA Limited
2)
Ordinary
100.00
Casemaker (Heathrow) Limited
3)
Ordinary
100.00
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Subsidiaries
(Continued)
- 24 -

Registered office addresses (all UK unless otherwise indicated):

1)
Unit 9 Space Waye, Feltham, Middlesex, TW14 0TH
2)
47-14 32nd Place, Long Island City, NY 11101, USA
3)
Unit 2 Space Waye, Feltham, Middlesex, TW14 0TH

All the above subsidiaries are included in the consolidated accounts. Williams and Hill USA Limited's accounts are unaudited.

 

Casemaker (Heathrow) Limited went into administration on the 28 June 2024. The group accounts reflect the disposal of the company, and the impact of this is results of the group is nil, as the company was non-trading during the year.

15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,459,518
2,367,079
-
0
-
0
Amounts owed by group undertakings
11,739,174
11,465,923
11,938,481
11,695,152
Other debtors
312,191
359,126
58,194
42,004
Prepayments and accrued income
1,126,546
1,023,453
-
0
-
0
15,637,429
15,215,581
11,996,675
11,737,156
Deferred tax asset (note 20)
34,800
50,000
-
0
-
0
15,672,229
15,265,581
11,996,675
11,737,156

Amounts owed by group undertakings have no terms and are therefore repayable on demand. Whilst the classification as amounts falling due within one year reflects the contractual nature of the loans, the company will not seek repayment of these loans until Jaso Holdings Ltd is financially able to do so. This may be more than 12 months from the reporting date, as part of the ongoing financial support companies of the group provide each other.

16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
1,300,000
1,300,000
-
0
-
0
Obligations under finance leases
19
65,868
72,726
-
0
-
0
Trade creditors
1,553,247
1,552,442
-
0
-
0
Amounts owed to group undertakings
-
-
9,729,149
9,221,283
Corporation tax payable
273,684
256,040
-
0
-
0
Other taxation and social security
292,042
280,763
2,040
2,091
Other creditors
44,519
2,585
30,000
-
0
Accruals and deferred income
1,174,221
1,497,821
5,448
4,440
4,703,581
4,962,377
9,766,637
9,227,814
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
3,147,613
4,459,809
-
0
-
0
Obligations under finance leases
19
177,318
180,131
-
0
-
0
Accruals and deferred income
306,726
414,913
-
0
-
0
3,631,657
5,054,853
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,447,613
5,759,809
-
0
-
0
Payable within one year
1,300,000
1,300,000
-
0
-
0
Payable after one year
3,147,613
4,459,809
-
0
-
0

Included in bank loans is a balance of £4,447,613 (2023: £5,759,809) which relates to a loan facility with Barclays. £1,300,000 (2023: £1,300,000) of the total balance is due within 12 months and £3,147,613 (2023: £4,459,809) is due in more than 12 months of the balance sheet date. The loan is secured by a debenture granted by Williams & Hill Forwarding Limited and a cross guarantee and debenture by Williams & Hill Forwarding Limited, Williams & Hill Group Limited, Jaso Holdings Limited and Williams & Hill Storage & Distribution Limited. The loan incurs interest at 3.5% per annum above the Bank of England base rate.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
65,868
72,726
-
0
-
0
In two to five years
177,318
180,131
-
0
-
0
243,186
252,857
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Decelerated capital allowances
30,000
44,000
Retirement benefit obligations
4,800
6,000
34,800
50,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 July 2023
(50,000)
-
Charge to profit or loss
15,200
-
Asset at 30 June 2024
(34,800)
-

The directors have considered the deferred tax assets and liabilities noted above and concluded that it is not possible to state the estimated assets and liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,270
204,187

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.

Contributions totalling £19,279 (2023 - £23,933) were payable to the fund at the reporting date and are included in creditors.

WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
30,000
30,000
30,000
30,000
Ordinary B shares of £1 each
70,000
70,000
70,000
70,000
100,000
100,000
100,000
100,000

Ordinary A shares have full voting and capital distribution (including on winding-up) rights. The shares are a separate class of share for the payment of dividends and have the right to receive £300,000 of dividends per annum. They do not confer any rights of redemption.

 

Ordinary B shares have full voting and capital distribution (including on winding-up) rights. The shares are a separate class of share for the payment of dividends. They do not confer any rights of redemption.

 

The holders of the A Ordinary shares as a class and the holders of the B Ordinary shares as a class are each entitled to appoint 2 directors of the company.

23
Reserves
Share premium

Share premium includes excess amounts received by the company over the par value of its shares.

Other reserves

This represents the foreign currency differences arising on the retranslation of the group's US subsidiary, and is non-distributable.

24
Financial commitments, guarantees and contingent liabilities

A subsidiary of the company, Williams & Hill Forwarding Limited, has provided a customs guarantee to HMRC in respect of the customs duties and taxes of the company and the amount of the guarantee is £640,000 (2023 - £640,000).

25
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
1,735,666
1,682,278
-
-
Between two and five years
4,428,830
5,635,639
-
-
In over five years
1,406,621
1,801,831
-
-
7,571,117
9,119,748
-
-
WILLIAMS AND HILL GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
26
Related party transactions

As at the year end, £20,189 (2023 - £42,000) was owed to the directors. This balance is included within other debtors.

 

Interest of £423 (2023 - £nil) was charged in respect of these loans.

27
Controlling party

The immediate parent company is Jaso Holdings Ltd and the ultimate parent company is JAO Investments Ltd, both companies incorporated in England and Wales. The registered office of the ultimate parent company is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.

 

The results of this company are included within the consolidated financial statements of JAO Investments Ltd, copies of which are available from Companies House.

 

 

 

 

28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,349,272
2,719,465
Adjustments for:
Taxation charged
902,713
803,553
Finance costs
494,643
364,613
Investment income
(61,223)
(11,109)
Gain on disposal of tangible fixed assets
(20,294)
(2,200)
Amortisation and impairment of intangible assets
354,817
401,160
Depreciation and impairment of tangible fixed assets
149,877
248,463
Movements in working capital:
Decrease in stocks
-
11,345
Increase in debtors
(443,659)
(4,848,980)
(Decrease)/increase in creditors
(377,769)
512,544
Cash generated from operations
3,348,377
198,854
29
Analysis of changes in net debt - group
1 July 2023
Cash flows
New finance leases
Exchange rate movements
30 June 2024
£
£
£
£
£
Cash at bank and in hand
3,647,541
(389,931)
-
1,237
3,258,847
Borrowings excluding overdrafts
(5,759,809)
1,312,196
-
-
(4,447,613)
Obligations under finance leases
(252,857)
78,449
(68,778)
-
(243,186)
(2,365,125)
1,000,714
(68,778)
1,237
(1,431,952)
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