Company Registration No. 07407301 (England and Wales)
UNITY AUTOMOTIVE GROUP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
UNITY AUTOMOTIVE GROUP LTD
CONTENTS
Page
Company information
1
Strategic report
2 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12 - 13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 30
UNITY AUTOMOTIVE GROUP LTD
COMPANY INFORMATION
- 1 -
Directors
Mr J Mathers
Mr R Davis
Mr M Hensher
Mr T Huxley
Mr J Holiday
(Appointed 2 February 2024)
Company number
07407301
Registered office
Cross Roads Garage
Tredington
Warwickshire
CV36 4NN
Auditor
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
Business address
Cross Roads Garage
Tredington
Warwickshire
CV36 4NN
UNITY AUTOMOTIVE GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
The directors present the strategic report for the year ended 31 May 2024.
Fair review of the business
Unity Automotive Group Limited is an automotive dealership and servicing company based in the Midlands with five locations across Leicestershire, Oxfordshire and Warwickshire. The business continues to see growth with being one of the best performing Subaru dealers in the UK and continues to see growth as a result of trade in other brands such as MG, Isuzu and SsangYong.
The company can as a result, cater for a variety of tastes along with a policy of seeking to enhance the experience and service provided to its customers. This has resulted in a growing reputation across the Midlands with high retention rates and as a result, repeat custom.
Despite the challenging economic conditions brought above by the cost-of-living crisis, leading to financial pressure on consumers, the business has demonstrated resilience, achieving continued growth in terms of overall turnover (2024: £58.9m 2023: £46.4m) of the business whilst also ensuring that the business has remained on stable ground when it comes to gross profit (2024: £2.2m 2023: £2.3m).
The business has seen directly the impacts of the cost-of-living crisis with continued increased costs for the trade with increased direct costs (2024: £56.6m 2023: £44m). However, whilst seeing increased costs, the business has remained very resilient as seen by the business avoiding high losses in the period.
Principal risks and uncertainties
Increased inflationary pressure on costs for the business | Due to finance costs associated with the automotive trade, the Bank of England interest rates has an impact on the costs relating to the purchasing of stock along with general borrowings when needed. |
Cashflow availability in the business | The company keeps strong controls in place in regard to spending. The business is conscious of the impact that cashflow has to the trade and has managed this well to date, as seen in the improved cash position for the business. |
Vehicle valuations and second-hand market values | The business regularly looks to assess the valuation of the stock held in the business, ensuring that margins are kept in place and that trends of the market are regularly reviewed to ensure that the business isn’t holding assets that are overvalued. |
| The automotive industry is currently seeing an area of significant change in that the environmental impacts are now being considered. This has led to the increased market share being achieved by electric cars. The business trades in the EV market and is therefore looking to ensure that they are planning for the future of the business. |
| The business seeks to ensure that employees in the business are rewarded for the performance of the company. There are regular reviews of the business structure along with ensuring that there are incentives in place to keep key personnel in the business. |
UNITY AUTOMOTIVE GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Development and performance
Throughout the financial year, Unity Automotive achieved continued growth in terms of absolute vehicle sales in the year, showcasing the business’ continued ability to trade in a difficult environment.
The business’s continued ability to offer value for money to consumers through a range of services has allowed the business to continue growing with vehicle sales and aftersales product sales such as car servicing.
Development and performance during the year
The business typically trades with low margins being achieved with a high focus on that of overall volume of trade. The business is regularly assessing the market, looking for the next product to invest in. This either being that of alternative vehicle choices such as electric vehicles or seeking out possible new locations for which the business could benefit from trading in.
Overall, the performance of the business is deemed to be satisfactory given the difficult market conditions and there are no concerns relating to the business as we believe there to be significant liquid assets to call upon if needed.
Financial Performance
The financial performance of Unity Automotive Limited remained strong during the year. Despite the challenging economic climate, our revenue increased by 27% compared to the previous year. This growth can be attributed to continued strong relationships with existing customers and relationships built with manufacturers, which allows for a great range of products to be put on offer.
Key performance indicators
The business has seen good growth in terms of turnover, whilst the level of gross profit margin and profit before taxation margins have seen a reduction due to the increased costs of the business. There is a high bonus on volume of trade and the continued growth allows for more stability to the trade as a whole.
Future outlook
Looking ahead, Unity Automotive Group Limited is well positioned for continued success, particularly due to the strong presence being built in the Midlands, allowing for good networking ability and strong expertise within the region.
There is a high focus by the business to further expand our digital footprint in the market with a focus on developing websites to facilitate all arms of the business. An example being the bespoke offering of a parts website with an array of products ranging from classic components through to more recent model vehicles.
The business is regularly reviewing the economic conditions that it trades in, particularly given the high levels of costs and interest rates applicable to the trade and is comfortable with it’s position in the market but also in terms of it’s ability to fund itself into the future. Interest rates are a main risk to the business looking ahead, similar to that of many other businesses in the sector, however the directors are satisfied with the safeguards that they currently have in place to mitigate this risk.
UNITY AUTOMOTIVE GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Mr J Mathers
Director
24 February 2025
UNITY AUTOMOTIVE GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
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 motor engineers and garage proprietors.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a final 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 Mathers
Mr R Davis
Mr M Hensher
Mr T Huxley
Mr J Holiday
(Appointed 2 February 2024)
Auditor
In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.
Disclosures in the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of business, principal risks and uncertainties and future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr J Mathers
Director
24 February 2025
UNITY AUTOMOTIVE GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
UNITY AUTOMOTIVE GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF UNITY AUTOMOTIVE GROUP LTD
- 7 -
Opinion
We have audited the financial statements of Unity Automotive Group Ltd (the 'company') for the year ended 31 May 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
UNITY AUTOMOTIVE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF UNITY AUTOMOTIVE GROUP LTD
- 8 -
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
UNITY AUTOMOTIVE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF UNITY AUTOMOTIVE GROUP LTD
- 9 -
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to FRS2102 and Companies Act 2006.
UNITY AUTOMOTIVE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF UNITY AUTOMOTIVE GROUP LTD
- 10 -
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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Mark Bullock FCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
24 February 2025
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
UNITY AUTOMOTIVE GROUP LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
58,873,224
46,351,898
Cost of sales
(56,632,963)
(44,005,038)
Gross profit
2,240,261
2,346,860
Administrative expenses
(2,026,514)
(2,058,400)
Operating profit
4
213,747
288,460
Interest payable and similar expenses
7
(152,183)
(125,168)
Profit before taxation
61,564
163,292
Tax on profit
8
(28,968)
(70,181)
Profit for the financial year
32,596
93,111
Other comprehensive income
Adjustments to the fair value of financial assets
193,133
Total comprehensive income for the year
225,729
93,111
The profit and loss account has been prepared on the basis that all operations are continuing operations.
UNITY AUTOMOTIVE GROUP LTD
BALANCE SHEET
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
947,747
997,849
Investments
10
153,173
153,173
1,100,920
1,151,022
Current assets
Stocks
12
19,427,422
13,186,118
Debtors
11
2,095,746
1,318,110
Cash at bank and in hand
532,300
671,984
22,055,468
15,176,212
Creditors: amounts falling due within one year
13
(21,618,498)
(14,656,275)
Net current assets
436,970
519,937
Total assets less current liabilities
1,537,890
1,670,959
Creditors: amounts falling due after more than one year
14
(44,570)
(388,033)
Provisions for liabilities
Deferred tax liability
16
109,012
124,347
(109,012)
(124,347)
Net assets
1,384,308
1,158,579
Capital and reserves
Called up share capital
18
1,800
1,800
Revaluation reserve
193,133
Capital redemption reserve
200
200
Profit and loss reserves
1,189,175
1,156,579
Total equity
1,384,308
1,158,579
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
UNITY AUTOMOTIVE GROUP LTD
BALANCE SHEET (CONTINUED)
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
Mr J Mathers
Director
Company registration number 07407301 (England and Wales)
UNITY AUTOMOTIVE GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 June 2022
1,800
486,710
200
576,758
1,065,468
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
-
93,111
93,111
Reduction of shares
18
(486,710)
-
-
486,710
Balance at 31 May 2023
1,800
200
1,156,579
1,158,579
Year ended 31 May 2024:
Profit
-
-
-
-
32,596
32,596
Other comprehensive income:
Adjustments to fair value of financial assets
-
-
193,133
-
-
193,133
Total comprehensive income
-
-
193,133
-
32,596
225,729
Balance at 31 May 2024
1,800
193,133
200
1,189,175
1,384,308
UNITY AUTOMOTIVE GROUP LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
154,615
809,797
Interest paid
(152,183)
(125,168)
Income taxes paid
(34,748)
(33,454)
Net cash (outflow)/inflow from operating activities
(32,316)
651,175
Investing activities
Purchase of tangible fixed assets
(95,435)
(267,179)
Proceeds from disposal of tangible fixed assets
163,976
Proceeds from disposal of subsidiaries
153,505
Purchase of investments
(57,271)
Repayment of loans
6,752
(6,752)
Net cash used in investing activities
(88,683)
(13,721)
Financing activities
Repayment of debentures
(309,761)
230,709
Repayment of borrowings
192,891
90,666
Repayment of bank loans
98,185
(556,364)
Net cash used in financing activities
(18,685)
(234,989)
Net (decrease)/increase in cash and cash equivalents
(139,684)
402,465
Cash and cash equivalents at beginning of year
671,984
269,519
Cash and cash equivalents at end of year
532,300
671,984
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
1
Accounting policies
Company information
Unity Automotive Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cross Roads Garage, Tredington, Warwickshire, CV36 4NN.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under FRS 102 9.9A not to prepare consolidated accounts, on the basis that the combined inclusion is deemed not to be material for the purpose of giving a true and fair view. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In light of the rising cost of living standards, management have reviewed the current business status and have no intentions of ceasing the company or liquidating, nor do they believe that there are any material uncertainties that cast significant doubt on the company’s ability to trade post year end. As such, they have deemed the going concern basis of preparation of the financial statements to be appropriate.
A full review of these assumptions by management has been undertaken with particular reference to the company’s ability to continue as a going concern. This review examined the performance of the business after the year end and the forecast figures for the following 12 months from sign off. From this review, it was determined that management’s expectation to continue trading as a going concern is reasonable and that there is no material uncertainty regarding this expectation.
1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover arising from the sale of new and used motor vehicles (including commissions receivable) is recognised when the goods have been supplied to the customer. Aftersales turnover arising from maintenance and repair of motor vehicles is recognised when the work has been completed.
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
Target related income and other manufacturer support:
Vehicle registration bonuses that are specific to a vehicle are offset against the vehicle purchase price and recognised in cost of sales.
Target related bonuses and other similar incomes are recognised in revenue as performance criteria have to be met in order for the bonus to be earned. These incomes are recognised as the performance criteria are met.
Deposits:
In association with the sale of vehicle sales, deposits for car not yet recognised under the revenue recognition policy above are held as a current liability until all criteria are met. Once the sale of a vehicle satisfies the conditions, the deposit amount is also recognised in the period of the sale within sales of goods.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Land and buildings Leasehold
15% reducing balance
Plant and machinery
10-20% reducing balance & 3/5 year straight line
Fixtures, fittings & equipment
10-20% reducing balance & 3/5 year straight line
Computer equipment
10-15% reducing balance & 3/5 year straight line
Motor vehicles
20-25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company 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). 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Vehicles on consignment are included within stock, where there has been a transfer of the significant risks and rewards of ownership, which in substance gives the company control over the consignment vehicles. The corresponding liability is included in trade creditors within creditors.
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.
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
1.9
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. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are classified as debt, are initially recognised at transaction price. 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 21 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
The company contributes towards defined contribution pension schemes operated by third parties. Assets of all schemes are held separately from those of the company in independently administered funds.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Investments
Investments are initially measured at cost. After initial recognition, investments are measured at cost less impairments. Reviews are completed annually by directors of the business to ensure that the values associated are still appropriate.
Stock valuations and provisions
The directors of the company regularly reviews the position of stock items and provides a provision against those where there are indications and knowledge from experience which suggest that items should be provided against.
The business has looked to be prudent in their approach to provide against aged stock items, this being mainly attributable to that of stock parts that the business has seen a change in demand.
Additionally, the business also looks to review the valuations attached to stock items to ensure that the assets are not overinflated on the balance sheet with regular review of prices compared to that of an independent valuation provider.
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
3
Turnover
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Vehicle sales
53,391,911
41,748,515
Servicing
2,164,316
1,957,260
Parts
3,069,504
1,971,099
General
148,825
92,233
Dealer support
80,500
496,451
Commission
18,168
86,340
58,873,224
46,351,898
All trade occurs within the United Kingdom. The company does not disclose its turnover by geographic location to a more granular level as, in the directors' opinion, it would seriously prejudice the company's interests.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,012
23,722
Depreciation of owned tangible fixed assets
145,537
119,010
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
4
4
Admin
7
8
Sales
23
16
Servicing
18
17
Technicians
14
14
Total
66
59
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Employees
(Continued)
- 24 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,512,874
2,240,237
Social security costs
276,078
226,403
Pension costs
45,492
35,999
2,834,444
2,502,639
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
355,400
279,117
Company pension contributions to defined contribution schemes
6,536
4,912
361,936
284,029
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
110,000
110,000
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
151,743
125,168
Other finance costs:
Other interest
440
152,183
125,168
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
27,748
27,189
Adjustments in respect of prior periods
16,555
Total current tax
44,303
27,189
Deferred tax
Origination and reversal of timing differences
(15,335)
42,992
Total tax charge
28,968
70,181
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
61,564
163,292
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
15,391
31,025
Tax effect of expenses that are not deductible in determining taxable profit
(2,143)
941
Permanent capital allowances in excess of depreciation
(1,146)
Depreciation on assets not qualifying for tax allowances
9,742
6,141
Other permanent differences
935
Under/(over) provided in prior years
16,555
Tax at marginal rate
(198)
1,792
Capital allowances in excess of depreciation
(11,314)
31,428
Taxation charge for the year
28,968
70,181
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
9
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
890,497
436,941
211,219
48,270
288,757
1,875,684
Additions
17,025
30,286
10,246
7,699
30,179
95,435
At 31 May 2024
907,522
467,227
221,465
55,969
318,936
1,971,119
Depreciation and impairment
At 1 June 2023
309,549
301,573
155,614
28,539
82,560
877,835
Depreciation charged in the year
42,034
40,195
27,206
10,221
25,881
145,537
At 31 May 2024
351,583
341,768
182,820
38,760
108,441
1,023,372
Carrying amount
At 31 May 2024
555,939
125,459
38,645
17,209
210,495
947,747
At 31 May 2023
580,948
135,368
55,605
19,731
206,197
997,849
10
Fixed asset investments
2024
2023
£
£
Other investments
153,173
153,173
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,926,625
1,128,834
Other debtors
6,752
Prepayments and accrued income
169,121
182,524
2,095,746
1,318,110
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
12
Stocks
2024
2023
£
£
Vehicle parts and other stocks
740,714
1,127,365
New and used vehicles
18,686,708
12,058,753
19,427,422
13,186,118
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
167,751
35,864
Other borrowings
15
363,349
170,458
Trade creditors
20,369,539
14,196,644
Corporation tax
36,744
27,189
Other taxation and social security
628,011
90,923
Other creditors
4,890
60,083
Accruals and deferred income
48,214
75,114
21,618,498
14,656,275
Vehicle stocking loans are secured by a floating charge on vehicle stocks and all company assets.
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other loans
15
309,761
Bank loans and overdrafts
15
44,570
78,272
44,570
388,033
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
15
Loans and overdrafts
2024
2023
£
£
Other loans
309,761
Bank loans
212,321
114,136
Other loans
363,349
170,458
575,670
594,355
Payable within one year
531,100
206,322
Payable after one year
44,570
388,033
The loans outstanding by the company relate to stocking loans for automotive trading purposes. In relation to this, there is a floating charge against all of the company's assets and trade.
The company currently has three outstanding loans maturing in 2026 at 3.8%.
16
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
109,947
127,371
Retirement benefit obligations
(935)
(3,024)
109,012
124,347
2024
Movements in the year:
£
Liability at 1 June 2023
124,347
Credit to profit or loss
(15,335)
Liability at 31 May 2024
109,012
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,492
35,999
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,800
1,800
1,800
1,800
19
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
112,250
112,250
Between two and five years
723,167
365,667
835,417
477,917
20
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
49,632
3,072,380
UNITY AUTOMOTIVE GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
20
Related party transactions
(Continued)
- 30 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
60,083
Purchases were made at market price discounted to reflect the quantity of goods purchased and the relationships between the parties.
The amounts outstanding are unsecured with no provisions in place and will be settled in cash.
21
Analysis of changes in net funds/(debt)
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
671,984
(139,684)
532,300
Borrowings excluding overdrafts
(594,355)
18,685
(575,670)
77,629
(120,999)
(43,370)
22
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
32,596
93,111
Adjustments for:
Taxation charged
28,968
70,181
Finance costs
152,183
125,168
Depreciation and impairment of tangible fixed assets
145,537
119,010
Other gains and losses
193,133
-
Movements in working capital:
Increase in stocks
(6,241,304)
(3,846,464)
Increase in debtors
(784,388)
(260,234)
Increase in creditors
6,627,890
4,509,025
Cash generated from operations
154,615
809,797
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