Nockolds Solicitors Limited
Annual Report and Financial Statements
For the year ended 31 May 2024
Company Registration No. 07991146 (England and Wales)
Nockolds Solicitors Limited
Company Information
Directors
D M Hayward
J Coatsworth
J N Brunton
L Cowley-Lozano
P E Dodd
J Griffiths
M Panayiotou
(Appointed 31 May 2024)
G Smith
(Appointed 19 November 2024)
Secretary
D Hayward
Company number
07991146
Registered office
6 Market Square
Bishop's Stortford
Hertfordshire
United Kingdom
CM23 3UZ
Auditor
Price Bailey LLP
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Nockolds Solicitors Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 34
Nockolds Solicitors Limited
Strategic Report
For the year ended 31 May 2024
Page 1

The directors present the strategic report for the year ended 31 May 2024.

 

Principal activity

Nockolds Solicitors Limited is a multi-disciplined practice providing individuals with legal advice on residential property purchase and sales, probate and trust administration, estate planning, family law, contested probate, dispute resolution and employment law, personal injury and clinical negligence claims. The firm also offers commercial services advising and assisting clients on company purchases and sales, business restructures, commercial property purchases and sales, disputes, commercial leases and employment law.

Nockolds Solicitors Limited also has a number of subsidiaries: Nockolds Consulting Limited, Nockolds Trust Corporation Limited, Nockolds Lawyers Spain Sociedad Limiteda and EmployAssist HR Limited, and one Joint Venture, Nockolds Wealth Limited, all of which provide services complementary to the main practice.

The Group has three offices in Bishop’s Stortford, the City of London and Estepona, Spain.

Fair review of the business

The year ending 31 May 2024 was a strong performing year for the Group with an increase in revenue of 7.6%. The Group continued to focus on driving fee income growth in the year with the continued expansion of the London office.

The table below sets out the Key Performance Indicators (KPIs) for Nockolds Solicitors Limited for the year ended 31 May 2024. Full year KPIs for the year ended 31 May 2023 have also been presented for comparison:

KPI

 

2024

2023

Fee income

£m

11.8

10.9

Staff costs as a % of fee income

%

67.0

64.4

Operating profit

£m

0.9

1.2

Debtor lock-up

Days

47

52

WIP lock-up

Days

74

65

Matter related hours recorded

Hours

77,814

73,225

 

Nockolds Solicitors Limited
Strategic Report (Continued)
For the year ended 31 May 2024
Page 2
Principal risks and uncertainties

The Management Board and Operational Board monitor both existing and emerging risks, and regularly assess their status. Due to the nature of the business and the markets in which it operates, many of the risks it faces are ongoing over longer than any single year.

The principal risks and uncertainties are detailed below:

Risk of Cybercrime/fraud

As for most firms in the legal market, being a targeted sector, one of the biggest challenges facing us is the increased risk of cybercrime, fraud and money laundering which requires continued vigilance. The Group places significant reliance on its IT systems, and as such any loss of these facilities would have a serious impact on the Group’s operations. To mitigate these risks, the firm has implemented robust cybersecurity measures, including regular staff training, advanced encryption technologies and continuous monitoring of our IT infrastructure.

Technology/AI

In a world of continued advancements in AI and technology, there are increased demands to invest further in technology and systems in order to increase efficiency and innovation. However, this also introduces risks such as data privacy concerns, potential biases in AI algorithms and the need for continuous updates to stay ahead of the competition. Our firm is committed to responsible AI use, ensuring compliance with regulatory standards and client confidentiality at all times.

Staff retention

With continued wage inflation and being in a competitive employee-driven legal market, the need to recruit and retain high performing employees is critical to the firm’s continued growth and success. The forthcoming increase in employer national insurance contributions will naturally impact the firm’s cost base. We regularly review our compensation packages to ensure they are competitive and fair, fostering a supportive and motivating work environment to enhance staff retention.

Outlook for 2025

The Group’s strategy is to continue growth in each of it’s three offices, Bishop’s Stortford, London and Spain and with recent key recruits in each of the three offices, the firm has already seen growth on 2023/24 in terms of both revenue and headcount. As a result, notwithstanding continued challenges in the current economic climate, fee income is on track to hit target by 31 May 2025.

On behalf of the board

D M Hayward
Director
27 February 2025
Nockolds Solicitors Limited
Directors' Report
For the year ended 31 May 2024
Page 3

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company and group continued to be that of providing legal services.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D M Hayward
J Coatsworth
J N Brunton
M J Talbot
(Resigned 21 December 2023)
L Cowley-Lozano
P E Dodd
J Griffiths
M Panayiotou
(Appointed 31 May 2024)
G Smith
(Appointed 19 November 2024)
Results and dividends

Ordinary dividends were paid amounting to £1,271,470 (2023: £966,980). The directors do not recommend payment of a further dividend.

Auditor

Price Bailey LLP 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 directors' responsibilities

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

 

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

 

 

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.

Nockolds Solicitors Limited
Directors' Report (Continued)
For the year ended 31 May 2024
Page 4
Statement of disclosure to auditor

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

On behalf of the board
D M Hayward
Director
27 February 2025
Nockolds Solicitors Limited
Independent Auditor's Report
To the Members of Nockolds Solicitors Limited
Page 5
Opinion

We have audited the financial statements of Nockolds Solicitors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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.

Nockolds Solicitors Limited
Independent Auditor's Report (Continued)
To the Members of Nockolds Solicitors Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 group's and 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Nockolds Solicitors Limited
Independent Auditor's Report (Continued)
To the Members of Nockolds Solicitors Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Nockolds Solicitors Limited
Independent Auditor's Report (Continued)
To the Members of Nockolds Solicitors Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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

including fraud is detailed below.

 

The objectives of our audit in respect of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Other matters

The financial statements of Nockolds Solicitors Limited for the year ended 31 May 2023 were not audited.

 

Nockolds Solicitors Limited
Independent Auditor's Report (Continued)
To the Members of Nockolds Solicitors Limited
Page 9

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Shaun Jordan ACA
for and on behalf of Price Bailey LLP
27 February 2025
Chartered Accountants
Statutory Auditor
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
Nockolds Solicitors Limited
Group Profit and Loss Account
For the year ended 31 May 2024
Page 10
2024
2023
Notes
£
£
Turnover
3
11,817,358
10,985,103
Administrative expenses
(10,954,018)
(9,761,561)
Other operating income
48,087
52,736
Operating profit
4
911,427
1,276,278
Interest receivable and similar income
8
901,626
673,351
Interest payable and similar expenses
9
(84,150)
(51,129)
Profit before taxation
1,728,903
1,898,500
Tax on profit
10
(486,833)
(411,565)
Profit for the financial year
1,242,070
1,486,935
Profit for the financial year is attributable to:
- Owners of the parent company
1,245,608
1,466,933
- Non-controlling interests
(3,538)
20,002
1,242,070
1,486,935
Nockolds Solicitors Limited
Group Statement of Comprehensive Income
For the year ended 31 May 2024
Page 11
2024
2023
£
£
Profit for the year
1,242,070
1,486,935
Other comprehensive income
-
-
Total comprehensive income for the year
1,242,070
1,486,935
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,245,608
1,466,933
- Non-controlling interests
(3,538)
20,002
1,242,070
1,486,935
Nockolds Solicitors Limited
Group Balance Sheet
As at 31 May 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
265,272
319,831
Investments
13
46,665
51,327
311,937
371,158
Current assets
Debtors
16
4,816,380
4,380,987
Cash at bank and in hand
677,601
928,960
5,493,981
5,309,947
Creditors: amounts falling due within one year
17
(3,604,384)
(2,867,336)
Net current assets
1,889,597
2,442,611
Total assets less current liabilities
2,201,534
2,813,769
Creditors: amounts falling due after more than one year
18
(54,212)
(272,394)
Provisions for liabilities
Deferred tax liability
20
(29,551)
(41,044)
(29,551)
(41,044)
Net assets
2,117,771
2,500,331
Capital and reserves
Called up share capital
22
465,000
818,160
Capital redemption reserve
-
0
116,880
Profit and loss reserves
1,646,281
1,545,263
Equity attributable to owners of the parent company
2,111,281
2,480,303
Non-controlling interests
6,490
20,028
2,117,771
2,500,331
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
27 February 2025
D M Hayward
Director
Nockolds Solicitors Limited
Company Balance Sheet
As at 31 May 2024
31 May 2024
Page 13
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
263,603
318,425
Investments
13
252,725
252,725
516,328
571,150
Current assets
Debtors
16
4,989,476
4,456,224
Cash at bank and in hand
523,941
715,887
5,513,417
5,172,111
Creditors: amounts falling due within one year
17
(3,724,494)
(2,976,456)
Net current assets
1,788,923
2,195,655
Total assets less current liabilities
2,305,251
2,766,805
Creditors: amounts falling due after more than one year
18
(54,212)
(272,394)
Provisions for liabilities
Deferred tax liability
20
(29,551)
(41,044)
(29,551)
(41,044)
Net assets
2,221,488
2,453,367
Capital and reserves
Called up share capital
22
465,000
818,160
Capital redemption reserve
-
0
116,880
Profit and loss reserves
1,756,488
1,518,327
Total equity
2,221,488
2,453,367

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,382,751 (2023 - £1,505,930 profit).

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Nockolds Solicitors Limited
Company Balance Sheet (Continued)
As at 31 May 2024
31 May 2024
Page 14
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
27 February 2025
D M Hayward
Director
Company Registration No. 07991146 (England and Wales)
Nockolds Solicitors Limited
Group Statement of Changes in Equity
For the year ended 31 May 2024
Page 15
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 June 2022
701,280
116,880
1,045,310
1,863,470
26
1,863,496
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
1,466,933
1,466,933
20,002
1,486,935
Issue of share capital
22
116,880
-
-
116,880
-
116,880
Dividends
11
-
-
(966,980)
(966,980)
-
(966,980)
Balance at 31 May 2023
818,160
116,880
1,545,263
2,480,303
20,028
2,500,331
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
1,245,608
1,245,608
(3,538)
1,242,070
Issue of share capital
22
15,000
-
-
15,000
-
15,000
Dividends
11
-
-
(1,261,470)
(1,261,470)
(10,000)
(1,271,470)
Redemption of shares
22
(116,880)
116,880
(116,880)
(116,880)
-
(116,880)
Reduction of shares
22
(251,280)
-
-
(251,280)
-
(251,280)
Transfers
-
(233,760)
233,760
-
-
-
Balance at 31 May 2024
465,000
-
0
1,646,281
2,111,281
6,490
2,117,771
Nockolds Solicitors Limited
Company Statement of Changes in Equity
For the year ended 31 May 2024
Page 16
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
701,280
116,880
979,377
1,797,537
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
1,505,930
1,505,930
Issue of share capital
22
116,880
-
-
116,880
Dividends
11
-
-
(966,980)
(966,980)
Balance at 31 May 2023
818,160
116,880
1,518,327
2,453,367
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
1,382,751
1,382,751
Issue of share capital
22
15,000
-
-
15,000
Dividends
11
-
-
(1,261,470)
(1,261,470)
Redemption of shares
22
(116,880)
116,880
(116,880)
(116,880)
Reduction of shares
22
(251,280)
-
-
(251,280)
Transfers
-
(233,760)
233,760
-
Balance at 31 May 2024
465,000
-
0
1,756,488
2,221,488
Nockolds Solicitors Limited
Group Statement of Cash Flows
For the year ended 31 May 2024
Page 17
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
779,126
688,021
Interest paid
(84,150)
(51,129)
Income taxes paid
(439,204)
(189,056)
Net cash inflow from operating activities
255,772
447,836
Investing activities
Purchase of tangible fixed assets
(48,352)
(52,521)
Proceeds from disposal of tangible fixed assets
228
-
Interest received
901,626
673,351
Net cash generated from investing activities
853,502
620,830
Financing activities
Proceeds from issue of shares
15,000
116,880
Redemption of shares
(116,880)
-
0
Net movement in bank loans
12,717
(31,653)
Dividends paid to equity shareholders
(1,271,470)
(966,980)
Net cash used in financing activities
(1,360,633)
(881,753)
Net (decrease)/increase in cash and cash equivalents
(251,359)
186,913
Cash and cash equivalents at beginning of year
928,960
742,047
Cash and cash equivalents at end of year
677,601
928,960
Nockolds Solicitors Limited
Notes to the Group Financial Statements
For the year ended 31 May 2024
Page 18
1
Accounting policies
Company information

Nockolds Solicitors Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6 Market Square, Bishops Stortford, Hertfordshire, CM23 3UZ.

 

The group consists of Nockolds Solicitors Limited 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

 

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Nockolds Solicitors Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures.

Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 19
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;

1.6
Tangible fixed assets

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

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

Leasehold land and buildings
10% straight line or length of the lease
Plant and machinery
20% straight line
Fixtures and fittings
10% straight line
Computers
33% 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.

1.7
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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 20
1.8
Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.9
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, 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.

Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 21
1.11
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 22
1.12
Equity instruments

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

1.13
Taxation

The tax expense represents the tax due on the current year's taxable profits and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 if, and only if, there is 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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 23

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Gross amounts owed by contract customers

Amounts recoverable on client contracts to provide services is assessed on an individual basis with revenue earned based on the stage of completion of the contract which is estimated using a combination of milestones stated per the contract and the time spent to date compared to the total time expected to completion. Management review on a line-by-line basis to arrive at an appropriate valuation. This estimate may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

Trade debtors

The group makes an estimate of the recoverable value of client debtors. When assessing impairment of these balances, management considers factors including the current credit rating of the debtor, the ageing profile and historic experience. See note 14 for the net carrying amount of the company's debtors and associated impairment provision.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Legal services
11,817,358
10,985,103
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
3
Turnover and other revenue
(Continued)
Page 24
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,598,450
10,713,510
Europe
210,551
262,454
Rest of world
8,357
9,139
11,817,358
10,985,103
2024
2023
£
£
Other revenue
Interest income
856,287
622,124
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(16,760)
5,944
Depreciation of owned tangible fixed assets
102,683
79,982
Operating lease charges
477,185
432,887
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
25,000
-
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 25
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Fee earners
89
88
85
84
Support staff
76
71
76
71
Total
165
159
161
155

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,021,972
6,321,770
6,774,708
6,167,665
Social security costs
647,198
546,253
635,579
540,642
Pension costs
252,727
206,612
249,727
204,612
7,921,897
7,074,635
7,660,014
6,912,919
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
319,960
228,439
Company pension contributions to defined contribution schemes
48,373
44,625
368,333
273,064

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
52,742
40,000
Company pension contributions to defined contribution schemes
26,117
5,000
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 26
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
856,287
622,071
Other interest income
-
53
Total interest revenue
856,287
622,124
Income from fixed asset investments
Income from participating interests - joint ventures
45,339
51,227
Total income
901,626
673,351

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
856,287
622,071
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
30,505
29,387
Other interest on financial liabilities
53,645
21,747
84,150
51,134
Other finance costs:
Other interest
-
(5)
Total finance costs
84,150
51,129
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
498,326
417,557
Adjustments in respect of prior periods
-
0
(2,866)
Total current tax
498,326
414,691
Deferred tax
Origination and reversal of timing differences
(11,493)
(3,126)
Total tax charge
486,833
411,565
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
10
Taxation
(Continued)
Page 27

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

2024
2023
£
£
Profit before taxation
1,728,903
1,898,500
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
432,226
474,625
Tax effect of expenses that are not deductible in determining taxable profit
103,613
90,455
Effect of change in corporation tax rate
-
(94,804)
Permanent capital allowances in excess of depreciation
(49,006)
(58,711)
Taxation charge
486,833
411,565
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,261,470
966,980
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 28
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 June 2023
434,410
146,472
301,186
825,211
1,707,279
Additions
-
0
292
15,495
32,565
48,352
Disposals
-
0
(228)
-
0
-
0
(228)
At 31 May 2024
434,410
146,536
316,681
857,776
1,755,403
Depreciation and impairment
At 1 June 2023
285,534
140,811
232,176
728,927
1,387,448
Depreciation charged in the year
39,429
2,711
11,525
49,018
102,683
At 31 May 2024
324,963
143,522
243,701
777,945
1,490,131
Carrying amount
At 31 May 2024
109,447
3,014
72,980
79,831
265,272
At 31 May 2023
148,876
5,661
69,010
96,284
319,831
Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 June 2023
434,410
146,184
301,186
823,948
1,705,728
Additions
-
0
292
15,495
32,074
47,861
At 31 May 2024
434,410
146,476
316,681
856,022
1,753,589
Depreciation and impairment
At 1 June 2023
285,534
140,811
232,176
728,782
1,387,303
Depreciation charged in the year
39,429
2,711
11,525
49,018
102,683
At 31 May 2024
324,963
143,522
243,701
777,800
1,489,986
Carrying amount
At 31 May 2024
109,447
2,954
72,980
78,222
263,603
At 31 May 2023
148,876
5,373
69,010
95,166
318,425
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 29
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
252,725
252,725
Investments in joint ventures
15
46,665
51,327
-
0
-
0
46,665
51,327
252,725
252,725
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 June 2023
51,327
Valuation changes
(4,662)
At 31 May 2024
46,665
Carrying amount
At 31 May 2024
46,665
At 31 May 2023
51,327
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
252,725
Carrying amount
At 31 May 2024
252,725
At 31 May 2023
252,725
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 30
14
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Address
Class of shares held
% Held direct
Nockolds Consulting Limited*
1
Ordinary
75.00
Nockolds Lawyers Spain Sociedad Limitada
2
Ordinary
100.00
Nockolds Trust Corporation Limited*
1
Ordinary
100.00
EmployAssist HR Limited*
1
Ordinary
100.00

Registered office addresses:

1
6 Market Square, Bishop's Stortford, Hertfordshire, CM23 3UZ.
2
Calle Goya 11, Estepona, 29680, Málaga, España.

* denotes subsidiaries which have claimed exemption from the requirements of the Companies Act relating to the audit of the individual financial statements by virtue of s479A of the Companies Act 2006.

15
Joint ventures

Details of joint ventures at 31 May 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Nockolds Wealth Limited
6 Market Square, Bishop's Stortford, Hertfordshire, CM23 3UZ.
Ordinary
50.00
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,524,029
1,554,454
1,504,504
1,527,713
Gross amounts owed by contract customers
2,393,677
1,963,950
2,393,677
1,963,950
Amounts owed by group undertakings
-
-
273,044
136,949
Amounts owed by undertakings in which the company has a participating interest
180
-
180
-
Other debtors
94,153
63,320
22,622
28,349
Prepayments and accrued income
804,341
799,263
795,449
799,263
4,816,380
4,380,987
4,989,476
4,456,224
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 31
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
515,828
218,182
515,828
218,182
Other borrowings
19
119,782
186,529
119,782
186,529
Trade creditors
235,187
344,026
229,907
343,070
Amounts owed to group undertakings
-
0
-
0
150,000
150,000
Corporation tax payable
286,190
227,068
286,190
227,068
Other taxation and social security
721,672
650,344
706,162
616,410
Other creditors
1,155,106
770,229
1,152,728
768,670
Accruals and deferred income
570,619
470,958
563,897
466,527
3,604,384
2,867,336
3,724,494
2,976,456
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
54,212
272,394
54,212
272,394
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
570,040
490,576
570,040
490,576
Other loans
119,782
186,529
119,782
186,529
689,822
677,105
689,822
677,105
Payable within one year
635,610
404,711
635,610
404,711
Payable after one year
54,212
272,394
54,212
272,394

The long-term loans are secured by fixed charges over all assets of the company.

Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 32
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
29,551
41,044
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
29,551
41,044
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 June 2023
41,044
41,044
Credit to profit or loss
(11,493)
(11,493)
Liability at 31 May 2024
29,551
29,551
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
252,727
206,612

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.

Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 33
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
375,000
701,280
375,000
701,280
Ordinary B shares of £1 each
75,000
116,880
75,000
116,880
Ordinary C shares of £1 each
15,000
-
15,000
-
465,000
818,160
465,000
818,160

During the year, the Company reduced its share capital by cancelling and extinguishing 209,400 Ordinary shares of £1 each and 41,880 Ordinary B shares of £1 each. The amount by which the share capital was reduced was repaid to the holders of the shares in proportion to the number of their shares cancelled. In December 2023, the Company reduced its share capital by a further 116,880 Ordinary shares of £1 each by way of a share buy back.

 

During the year, the Company reduced its capital redemption reserve by the sum of £233,760 and transferred the amount into the reserves of the Company.

 

During the year, the Directors authorised to allot 15,000 ordinary C shares of £1 each. The shares have equal voting rights and are entitled to varying dividends as declared by the Company.

 

The Ordinary shares, Ordinary B shares and Ordinary C shares rank pari passu in all respects except that the Ordinary B and Ordinary C shares shall not be entitled to a distribution of the 2021 retained reserves as defined in the articles of association.

 

23
Operating lease commitments
Lessee

At the reporting end date the group and company 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
363,941
348,195
363,941
348,195
Between two and five years
495,081
814,063
495,081
814,063
859,022
1,162,258
859,022
1,162,258
Nockolds Solicitors Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 34
24
Related party transactions

During the year dividends of £1,261,470 (2023: £966,980) were paid to the directors.

 

During the year, costs of £166,050 were paid to EP7 Limited (2023: £166,050) for the lease of property owned by directors of the business.

 

During the year, a management recharge of £80,915 (2023: £80,915) was paid to Nockolds Consulting Limited and a management fee of £10,800 (2023: £10,800) was received from Nockolds Consulting Limited. At the year end, £42,086 (2023: £150,000) was owed to Nockolds Consulting Limited.

 

Included in debtors is amount of £180 (2023: £nil) owed by a joint venture. Dividends of £50,000 (2023: £42,068) were received from the joint venture during in the year.

 

In accordance with the provisions of FRS102 paragraph 33.1A, the Group has taken the exemption from disclosing transitions with wholly owned entities.

25
Controlling party

The directors do not consider there to be a controlling party.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,242,070
1,486,935
Adjustments for:
Taxation charged
486,833
411,565
Finance costs
84,150
51,129
Investment income
(901,626)
(673,351)
Depreciation and impairment of tangible fixed assets
102,683
79,982
Profit share from joint venture
4,662
(9,159)
Movements in working capital:
Increase in debtors
(435,393)
(379,792)
Increase/(decrease) in creditors
195,747
(279,288)
Cash generated from operations
779,126
688,021
27
Analysis of changes in net funds/(debt) - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
928,960
(251,359)
677,601
Borrowings excluding overdrafts
(677,105)
(12,717)
(689,822)
251,855
(264,076)
(12,221)
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