Company registration number SC064945 (Scotland)
Lawson Trailer Rentals Limited
Annual report and consolidated financial statements
for the year ended 31 May 2024
Lawson Trailer Rentals Limited
Company information
Directors
HS Lawson
CM Lawson
MS Lawson
Secretary
CM Lawson
Company number
SC064945
Registered office
Balunie Drive
Broughty Ferry
Dundee
DD4 8UU
Auditor
Henderson Loggie LLP
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Solicitors
Thorntons Law LLP
Whitehall House
33 Yeaman Shore
Dundee
DD1 4BJ
Lawson Trailer Rentals Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 32
Lawson Trailer Rentals Limited
Strategic report
for the year ended 31 May 2024
- 1 -

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

Review of the business

The group has had another positive year with turnover of £13.68m (2023 - £14.81m) and operating profit of £1.18m (2023 - £1.59m). The group has continued to reinvest past profits in its fleet of vehicles, providing more flexibility and an opportunity to accept additional work where capacity was previously an issue. This has contributed positively to the continued profitable performance of the business noted above.

 

Despite the levels of turnover and operating profit the group has continued to encounter the well publicised issues facing the industry around the attraction of new drivers and significant efforts continue to be made to ensure existing staff are retained along with trying to attract new drivers to match the fleet size and work demands.

 

The group continues to face external cost pressures (predominantly fuel) which it cannot always pass on to the customer and the directors continue to monitor costs closely to ensure appropriate margins are maintained. The balance sheet and most importantly cash reserves remains strong at £20.74m (2023 - £19.20m) and £8.31m (2023 - £8.27m) respectively.

 

The directors remain cautiously optimistic for the future, and are fully aware of the external pressures the group is facing on margins, overheads and staffing. The directors continue to engage pro-actively with customers and wider stakeholders to help ensure recent successes can be maintained and any growth opportunities can be capitalised on.

Principal risks and uncertainties

The group operates in a highly competitive market. Many costs are influenced by factors out with the group's control and the challenge continues to be the ability of the group to remain competitively priced whilst providing the same level of service the group has been founded on.

 

Whilst the group does not deliver goods to/from continental Europe, customs from Europe are impacting the UK haulage industry and cannot be ignored, particularly when coupled with the uncertain political landscape which surrounds the UK and Europe and the implications for the haulage industry in terms of fuel costs and other associated overheads and taxes. Thus far the impact has been minimal, however, the directors continue to monitor the situation and plan accordingly, with the focus continuing to be on managing costs effectively and ensuring the group remains suitably flexible in order to respond to any impacts as and when they arise.

Development and performance

The group's ongoing success has been dependent on the provision of a high quality service and this is something the directors continually focus on to ensure high customer retention. This focus on quality also surrounds the group's compliance with health, safety and transport regulations which the directors believe contributes to the level of service provided to customers.

 

The directors believe that the group is well placed to meet available opportunities for growth within its target markets as and when they arise.

Lawson Trailer Rentals Limited
Strategic report (continued)
for the year ended 31 May 2024
- 2 -
Key performance indicators

The directors consider the group's key performance indicators to be those that communicate the financial performance of the group as a whole, being turnover, gross margin and net profit.

 

In addition to the following financial measures the directors continue to monitor a number of additional metrics on a regular basis, which are used to manage the business.

KPI’s

Measure

2024

2023

 

 

 

 

Turnover

£

£13.68m

£14.81m

 

 

 

 

Gross profit

£

£1.60m

£2.10m

 

 

 

 

Current ratio

1 to 1

8.0:1

8.0:1

 

 

 

 

Net assets

£

£20.74m

£19.20m

On behalf of the board

HS Lawson
Director
9 December 2024
Lawson Trailer Rentals Limited
Directors' report
for the year ended 31 May 2024
- 3 -

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

Principal activities

The principal activity of the group comprised the operation as a haulage contractor.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £139,750. The Directors do not recommend payment of a further dividend.

Directors

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

HS Lawson
CM Lawson
MS Lawson
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.

Strategic report

Included within the strategic report is an indication of the principal risks and uncertainties including the risks associated with the market conditions, competition, foreign currency risk, and legislative and compliance risks.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
HS Lawson
Director
9 December 2024
Lawson Trailer Rentals Limited
Directors' responsibilities statement
for the year ended 31 May 2024
- 4 -

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

 

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

 

 

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.

Lawson Trailer Rentals Limited
Independent auditor's report
to the members of Lawson Trailer Rentals Limited
- 5 -
Opinion

We have audited the financial statements of Lawson Trailer Rentals Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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.

Lawson Trailer Rentals Limited
Independent auditor's report (continued)
to the members of Lawson Trailer Rentals Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

Responsibilities of Directors

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

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

Lawson Trailer Rentals Limited
Independent auditor's report (continued)
to the members of Lawson Trailer Rentals Limited
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Blair Davidson (Senior Statutory Auditor)
For and on behalf of Henderson Loggie LLP
9 December 2024
Chartered Accountants
Statutory Auditor
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Lawson Trailer Rentals Limited
Group statement of comprehensive income
for the year ended 31 May 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,676,133
14,806,998
Cost of sales
(12,074,462)
(12,705,480)
Gross profit
1,601,671
2,101,518
Administrative expenses
(497,542)
(591,486)
Other operating income
76,016
75,425
Operating profit
4
1,180,145
1,585,457
Interest receivable and similar income
7
413,237
267,693
Gains/(losses) on investments
8
439,381
(165,229)
Profit before taxation
2,032,763
1,687,921
Tax on profit
9
(446,966)
(295,800)
Profit for the financial year
23
1,585,797
1,392,121
Other comprehensive income
Revaluation of tangible fixed assets
101,379
-
0
Total comprehensive income for the year
1,687,176
1,392,121
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Lawson Trailer Rentals Limited
Group balance sheet
as at 31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
6,699,359
5,625,947
Investment property
12
1,454,452
1,309,452
Investments
13
3,867,665
3,368,366
12,021,476
10,303,765
Current assets
Stocks
15
140,446
76,986
Debtors
16
3,092,497
2,873,469
Cash at bank and in hand
8,310,858
8,269,806
11,543,801
11,220,261
Creditors: amounts falling due within one year
17
(1,444,276)
(1,397,417)
Net current assets
10,099,525
9,822,844
Total assets less current liabilities
22,121,001
20,126,609
Provisions for liabilities
Deferred tax liability
18
(1,377,805)
(930,839)
(1,377,805)
(930,839)
Net assets
20,743,196
19,195,770
Capital and reserves
Called up share capital
20
13,975
13,975
Share premium account
21
920,212
920,212
Revaluation reserve
22
1,456,422
985,419
Profit and loss reserves
23
18,352,587
17,276,164
Total equity
20,743,196
19,195,770

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 9 December 2024 and are signed on its behalf by:
09 December 2024
HS Lawson
Director
Company registration number SC064945 (Scotland)
Lawson Trailer Rentals Limited
Company balance sheet
as at 31 May 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
4,894,152
4,394,853
Current assets
Debtors
16
4,673,000
4,963,861
Cash at bank and in hand
3,186,224
2,648,487
7,859,224
7,612,348
Creditors: amounts falling due within one year
17
(135,253)
(135,041)
Net current assets
7,723,971
7,477,307
Total assets less current liabilities
12,618,123
11,872,160
Provisions for liabilities
Deferred tax liability
18
(121,774)
(50,678)
(121,774)
(50,678)
Net assets
12,496,349
11,821,482
Capital and reserves
Called up share capital
20
13,975
13,975
Share premium account
21
920,212
920,212
Revaluation reserve
22
590,169
361,170
Profit and loss reserves
23
10,971,993
10,526,125
Total equity
12,496,349
11,821,482

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 £814,617 (2023 - £463,852 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 December 2024 and are signed on its behalf by:
09 December 2024
HS Lawson
Director
Company registration number SC064945 (Scotland)
Lawson Trailer Rentals Limited
Group statement of changes in equity
for the year ended 31 May 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
13,975
920,212
1,090,245
15,891,017
17,915,449
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
1,392,121
1,392,121
Dividends
10
-
-
-
(111,800)
(111,800)
Transfers
-
-
(104,826)
104,826
-
Balance at 31 May 2023
13,975
920,212
985,419
17,276,164
19,195,770
Year ended 31 May 2024:
Profit for the year
-
-
-
1,585,797
1,585,797
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
101,379
-
101,379
Total comprehensive income
-
-
101,379
1,585,797
1,687,176
Dividends
10
-
-
-
(139,750)
(139,750)
Transfers
-
-
369,624
(369,624)
-
Balance at 31 May 2024
13,975
920,212
1,456,422
18,352,587
20,743,196
Lawson Trailer Rentals Limited
Company statement of changes in equity
for the year ended 31 May 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
13,975
920,212
461,621
10,073,622
11,469,430
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
463,852
463,852
Dividends
10
-
-
-
(111,800)
(111,800)
Transfers
-
-
(100,451)
100,451
-
Balance at 31 May 2023
13,975
920,212
361,170
10,526,125
11,821,482
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
814,617
814,617
Dividends
10
-
-
-
(139,750)
(139,750)
Transfers
-
-
228,999
(228,999)
-
Balance at 31 May 2024
13,975
920,212
590,169
10,971,993
12,496,349
Lawson Trailer Rentals Limited
Group statement of cash flows
for the year ended 31 May 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,089,185
2,977,142
Income taxes paid
(84,535)
(125,000)
Net cash inflow from operating activities
2,004,650
2,852,142
Investing activities
Purchase of tangible fixed assets
(2,404,482)
(2,085,751)
Proceeds from disposal of tangible fixed assets
372,315
294,188
Purchase of investments
(325,209)
(259,605)
Proceeds from disposal of investments
120,291
61,077
Interest received
305,026
165,485
Dividends received
108,211
102,208
Net cash used in investing activities
(1,823,848)
(1,722,398)
Financing activities
Dividends paid to equity shareholders
(139,750)
(111,800)
Net cash used in financing activities
(139,750)
(111,800)
Net increase in cash and cash equivalents
41,052
1,017,944
Cash and cash equivalents at beginning of year
8,269,806
7,251,862
Cash and cash equivalents at end of year
8,310,858
8,269,806
Lawson Trailer Rentals Limited
Company statement of cash flows
for the year ended 31 May 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
260,642
(212,808)
Income taxes refunded
845
-
0
Net cash inflow/(outflow) from operating activities
261,487
(212,808)
Investing activities
Purchase of investments
(325,209)
(259,605)
Proceeds from disposal of investments
120,291
61,077
Interest received
12,707
17,732
Dividends received
608,211
602,208
Net cash generated from investing activities
416,000
421,412
Financing activities
Dividends paid to equity shareholders
(139,750)
(111,800)
Net cash used in financing activities
(139,750)
(111,800)
Net increase in cash and cash equivalents
537,737
96,804
Cash and cash equivalents at beginning of year
2,648,487
2,551,683
Cash and cash equivalents at end of year
3,186,224
2,648,487
Lawson Trailer Rentals Limited
Notes to the group financial statements
for the year ended 31 May 2024
- 15 -
1
Accounting policies
Company information

Lawson Trailer Rentals Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Balunie Drive, Broughty Ferry, Dundee, DD4 8UU.

 

The group consists of Lawson Trailer Rentals Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Lawson Trailer Rentals Ltd 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.

1.3
Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the financial projections, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.

 

Based on these assessments and having regard to the resources available to the company, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.4
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 16 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Freehold
20 years straight line
Plant and machinery
4 - 12 years straight line
Fixtures, fittings & equipment
3 - 5 years straight line
Motor vehicles
4 - 6 years 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.

Freehold land is not depreciated.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for as tangible fixed assets.

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.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 17 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

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

 

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

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

1.9
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

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

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 18 -
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.

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 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.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 19 -
Basic financial liabilities

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

 

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

 

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.

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

Deferred tax

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

 

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.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
- 20 -
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

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.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 21 -
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.

Useful life of assets

The nature of the group is such that investment in fixed assets is carried out each year in order to ensure the group maintains a modern fleet of vehicles and trailers which enable them to service their customers and deliver the high standards of service the company prides itself on. As part of this investment the Directors are required to assess the useful lives of these vehicles and trailers to accurately apply depreciation. These estimates are based on comparable depreciation rated applied by others in the same sector and the Directors own knowledge and experience built up over many years.

Investment property valuations

As part of the year end process the Directors have made an assessment as to the fair value of investments properties. Whilst no formal valuations have been carried out in the year the valuations are based on a formal valuation done in recent years. Although there is some degree of estimation involved in arriving at the fair values the Directors are content that any potential differences are immaterial.

Trade debtor recoverability

Credit control is an important function which requires assessment, on an ongoing basis, of the recoverability of amounts due from debtors. Where recovery is in doubt, the directors will adequately provide against this specific debt and will arrive at such conclusions based on the knowledge of the debtor and their “ability to pay”. The directors adopt a prudent approach to credit control.

Accruals and deferred income

The directors estimate requirements for accruals using post year end information and information available from detailed budgets. This identifies costs and income that are expected to be incurred. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future. Deferred income relates to invoices raised during the year for services which span the year end, The directors estimate the amounts deferred by pro rating the income based upon the period in which the service relates.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 22 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Tankers
8,776,045
10,163,780
Haulage
4,533,572
4,344,192
Other
366,516
299,026
13,676,133
14,806,998
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,676,133
14,806,998
2024
2023
£
£
Other revenue
Interest income
305,026
165,485
Dividends received
108,211
102,208
Rental income arising from investment properties
76,016
75,424
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
1,417,271
1,329,077
Profit on disposal of tangible fixed assets
(357,137)
(236,835)
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
5,750
5,400
Audit of the financial statements of the company's subsidiaries
16,450
15,000
22,200
20,400
Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 23 -
6
Employees

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

2024
2023
Number
Number
Haulage
78
80
Administration, including directors
15
15
Total
93
95

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,244,544
4,191,712
Social security costs
460,175
477,973
Pension costs
112,918
112,753
4,817,637
4,782,438
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
305,026
165,485
Other income from investments
Dividends received
108,211
102,208
Total income
413,237
267,693
8
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
298,641
(163,901)
Other gains/(losses)
Loss on disposal of financial assets held at fair value through profit or loss
(4,260)
(1,328)
Changes in the fair value of investment properties
145,000
-
439,381
(165,229)
Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 24 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
5,981
Adjustments in respect of prior periods
-
0
(259)
Total current tax
-
0
5,722
Deferred tax
Origination and reversal of timing differences
446,966
290,078
Total tax charge
446,966
295,800

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
2,032,763
1,687,921
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 19%)
508,191
320,705
Tax effect of expenses that are not deductible in determining taxable profit
2,773
120
Tax effect of income not taxable in determining taxable profit
(136,898)
12,449
Adjustments in respect of prior years
-
0
(259)
Group relief
271
-
0
Other permanent differences
73,486
(28,065)
Tax at marginal rate
(857)
-
0
Land remediation expenditure
-
0
(306)
Difference between corporation and deferred tax rates
-
0
69,618
Super-deduction expenditure
-
0
(78,462)
Taxation charge
446,966
295,800
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
139,750
111,800
Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 25 -
11
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 June 2023
733,331
15,832,164
78,516
153,265
16,797,276
Additions
-
0
2,353,192
-
0
51,290
2,404,482
Disposals
-
0
(1,880,123)
-
0
(53,890)
(1,934,013)
Revaluation
16,669
-
0
-
0
-
0
16,669
At 31 May 2024
750,000
16,305,233
78,516
150,665
17,284,414
Depreciation and impairment
At 1 June 2023
84,710
10,858,303
78,516
149,800
11,171,329
Depreciation charged in the year
-
0
1,406,033
-
0
11,238
1,417,271
Eliminated in respect of disposals
-
0
(1,864,945)
-
0
(53,890)
(1,918,835)
Revaluation
(84,710)
-
0
-
0
-
0
(84,710)
At 31 May 2024
-
0
10,399,391
78,516
107,148
10,585,055
Carrying amount
At 31 May 2024
750,000
5,905,842
-
0
43,517
6,699,359
At 31 May 2023
648,621
4,973,861
-
0
3,465
5,625,947
Company
Plant and machinery
£
Cost or valuation
At 1 June 2023 and 31 May 2024
1,075,504
Depreciation and impairment
At 1 June 2023 and 31 May 2024
1,075,504
Carrying amount
At 1 June 2023 and 31 May 2024
-
0

The carrying value of land included in land and buildings:

 

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
157,522
136,261
-
0
-
0
Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
11
Tangible fixed assets (continued)
- 26 -

Land and buildings with a carrying amount of £750,000 were revalued in August 2024 by Shepherd Chartered Surveyors, who are independent valuers and not connected with the company. The valuation was made on an open market basis and was based on recent market transactions on arm's length terms for similar properties.

 

The revaluation surplus is disclosed in the statement of changes in equity.

 

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately, as noted below:

2024
2023
£
£
Group
Cost
733,331
733,331
Accumulated depreciation
(84,710)
(84,710)
Carrying value
648,621
648,621
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 June 2023 and 31 May 2024
1,309,452
-
Net gains or losses through fair value adjustments
145,000
-
At 31 May 2024
1,454,452
-

Investment property comprises commercial and residential properties let to third parties. The fair value of the commercial investment property was arrived at on the basis of a valuation carried out in August 2024 by Shepherd Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The residential properties are based on Directors valuations using historic third party valuations. The Directors believe this still represents a fair value at 31 May 2024.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,026,487
1,026,487
Listed investments
3,867,665
3,368,366
3,867,665
3,368,366
3,867,665
3,368,366
4,894,152
4,394,853
Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
13
Fixed asset investments (continued)
- 27 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 June 2023
3,368,366
Additions
325,209
Valuation changes
298,641
Disposals
(124,551)
At 31 May 2024
3,867,665
Carrying amount
At 31 May 2024
3,867,665
At 31 May 2023
3,368,366
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023
1,026,487
3,368,366
4,394,853
Additions
-
325,209
325,209
Valuation changes
-
298,641
298,641
Disposals
-
(124,551)
(124,551)
At 31 May 2024
1,026,487
3,867,665
4,894,152
Carrying amount
At 31 May 2024
1,026,487
3,867,665
4,894,152
At 31 May 2023
1,026,487
3,368,366
4,394,853
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Harry Lawson Haulage Ltd
Scotland
Ordinary
100.00
Harry Lawson Ltd
Scotland
Ordinary
100.00
Harry Lawson Tankers Ltd
Scotland
Ordinary
100.00
Harry Lawson Transport Ltd *
Scotland
Ordinary
100.00
Lawson Properties Ltd
Scotland
Ordinary
100.00

* held as a subsidiary of Harry Lawson Limited.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 28 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
140,446
76,986
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,237,718
2,336,265
-
0
-
0
Corporation tax recoverable
203,083
118,548
6,618
2,618
Amounts owed by group undertakings
-
-
4,660,110
4,959,264
Other debtors
6,272
1,979
6,272
1,979
Prepayments and accrued income
645,424
416,677
-
0
-
0
3,092,497
2,873,469
4,673,000
4,963,861
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
846,868
727,954
-
0
3,240
Amounts owed to group undertakings
-
0
-
0
129,502
129,502
Other taxation and social security
349,760
391,671
-
-
Other creditors
10,797
-
0
-
0
-
0
Accruals and deferred income
236,851
277,792
5,751
2,299
1,444,276
1,397,417
135,253
135,041
Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 29 -
18
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Accelerated capital allowances
1,264,842
880,575
Capital losses
(51,792)
(50,728)
Capital gains
173,566
101,406
Provisions
(8,811)
(414)
1,377,805
930,839
Liabilities
Liabilities
2024
2023
Company
£
£
Capital losses
(51,792)
(50,728)
Capital gains
173,566
101,406
121,774
50,678
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 June 2023
930,839
50,678
Charge to profit or loss
446,966
71,096
Liability at 31 May 2024
1,377,805
121,774
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
112,918
112,753

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.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 30 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13,975
13,975
13,975
13,975

Each ordinary share carries one vote and is entitled to participate pari passu with other ordinary shares in any dividend or capital distribution.

21
Share premium account

Share premium reserves represent amounts received over and above the par value of shares on issue.

22
Revaluation reserve

Revaluation reserves represent the revaluation of properties and listed investments less associated deferred tax liabilities and are not distributable to shareholders.

23
Profit and loss reserves

Profit and loss reserves includes all current and prior year retained profit and losses.

24
Financial commitments, guarantees and contingent liabilities

There is a cross guarantee between Lawson Trailer Rentals Limited, Harry Lawson Limited, Lawson Properties Limited and other subsidiaries of Lawson Trailer Rentals Limited and Harry Lawson Limited. The company has also granted a bond and floating charge and a standard security over specific land and buildings to the Clydesdale Bank plc. The amounts owed by these companies to the bank at 31 May 2024 were £Nil (2023 - £Nil).

25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
351,040
339,547
26
Controlling party

The party with the ultimate control of the company and group is HS Lawson.

Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 31 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,585,797
1,392,121
Adjustments for:
Taxation charged
446,966
295,800
Investment income
(413,237)
(267,693)
Gain on disposal of tangible fixed assets
(357,137)
(236,835)
Fair value gain on investment properties
(145,000)
-
0
Depreciation and impairment of tangible fixed assets
1,417,271
1,329,077
Other gains and losses
(294,381)
165,229
Movements in working capital:
(Increase)/decrease in stocks
(63,460)
143,435
(Increase)/decrease in debtors
(134,493)
160,556
Increase/(decrease) in creditors
46,859
(4,548)
Cash generated from operations
2,089,185
2,977,142
28
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
814,617
463,852
Adjustments for:
Taxation charged/(credited)
66,251
(38,700)
Investment income
(620,918)
(619,940)
Other gains and losses
(294,381)
165,229
Movements in working capital:
Decrease/(increase) in debtors
294,861
(180,656)
Increase/(decrease) in creditors
212
(2,593)
Cash generated from/(absorbed by) operations
260,642
(212,808)
29
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
8,269,806
41,052
8,310,858
Lawson Trailer Rentals Limited
Notes to the group financial statements (continued)
for the year ended 31 May 2024
- 32 -
30
Analysis of changes in net funds - company
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
2,648,487
537,737
3,186,224
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