Company registration number SC546503 (Scotland)
THE FURNISHING SERVICE HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 AUGUST 2023 TO 30 NOVEMBER 2024
THE FURNISHING SERVICE HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr R Wilson
Mr A Wilson
Mrs G Wilson
(Appointed 15 December 2023)
Company number
SC546503
Registered office
1 Glenburn Road
College Milton Industrial Estate
East Kilbride
G74 5BA
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Business address
1 Glenburn Road
College Milton Industrial Estate
East Kilbride
G74 5BA
Bankers
Royal Bank of Scotland
Cartsdyke Avenue
Cartsburn East
Greenock
PA15 1EF
THE FURNISHING SERVICE HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
THE FURNISHING SERVICE HOLDINGS LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the Period ended 30 November 2024.

Review of the business

The trading subsidiary, The Furnishing Service Limited, earned a profit of £353k for the 16-month period to 30 November 2024 in comparison to a loss of £451k for the 12-month period to 31 July 2023, representing an increase in profits of £804k. The profit was earned after a significant restructuring exercise was undertaken in the early 2024 to stem ongoing losses.

 

Restructuring was necessary as the business returned an EBITDA loss of £514k for the 8-month period to 31 March 2024, at which time senior management undertook a detailed review of all costs and operating processes to turnaround performance. This was successfully achieved, by removing both overhead and direct costs through a streamlining of operations, and a review of procurement.

 

The result of this exercise was that despite revenues dropping by £1.25m in the second 8-month period of the extended financial year, an EBITDA profit of £858k was earned, a profit improvement of £1.4m.

 

The directors will continue to monitor expenditure to maintain current margins, and believe that following the restructuring the business is now on a sound financial footing.

 

The directors chose to extend the financial year to align the trading period with the expected renewal of the Scotland XL tender which was due to end in November 2024. However, we have subsequently learned that it has been extended by a further six months.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are:

Tender Renewals – The majority of revenues are earned through the successful award of contracts via framework agreements. The company works with its suppliers to achieve competitive pricing. and manages other costs to deliver best value to its customers while ensuring it remains profitable.

Stock prices – Stock price fluctuations, particularly where imports are affected by currency exchange rates are recognised as a risk, and the company continually reviews the marketplace for alternative supply lines to mitigate this risk;

Economic risk - As the company works closely with Local Authorities and the Scottish Government, it is potentially vulnerable to any changes that would have a negative impact on Local Authority spending. Local Authorities are required by statute to provide the services in question and therefore mitigates this risk.

Key performance indicators

 

16 Months to             12 Months to

2024               2023

 

Turnover             £48,174,435            £38,047,966

 

Gross Profit             £12,671,514 (26.3%)        £9,212,186 (26.2%)

 

Profit/(Loss) before Taxation    £245,148            £(532,224)

Other information and explanations

Looking ahead we are confident of the continued growth of the group in the coming financial year and look forward to the challenges ahead.

THE FURNISHING SERVICE HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 2 -

On behalf of the board

R Wilson
Director
7 March 2025
THE FURNISHING SERVICE HOLDINGS LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 3 -

The directors present their annual report and financial statements for the Period ended 30 November 2024.

Principal activities

The principal activity of the group is that of contract furnishers.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

R Wilson
Mr A Wilson
Mrs G Wilson
(Appointed 15 December 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the group 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.

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.

THE FURNISHING SERVICE HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 4 -
On behalf of the board
R Wilson
Director
7 March 2025
THE FURNISHING SERVICE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE FURNISHING SERVICE HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of The Furnishing Service Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the Period ended 30 November 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

THE FURNISHING SERVICE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE FURNISHING SERVICE HOLDINGS LTD
- 6 -
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.

Extent to which the audit was capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the Group's key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

THE FURNISHING SERVICE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE FURNISHING SERVICE HOLDINGS LTD
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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

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

Alan Mitchell (Senior Statutory Auditor)
For and on behlaf of Thomson Cooper, Statutory Auditors
Dunfermline
7 March 2025
THE FURNISHING SERVICE HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 8 -
Period
Year
ended
ended
30 November
31 July
2024
2023
Notes
£
£
Turnover
3
48,174,435
38,047,966
Cost of sales
(35,502,920)
(28,835,780)
Gross profit
12,671,515
9,212,186
Administrative expenses
(12,150,990)
(9,553,088)
Operating profit/(loss)
4
520,525
(340,902)
Interest receivable and similar income
7
836
-
0
Interest payable and similar expenses
8
(276,213)
(191,322)
Profit/(loss) before taxation
245,148
(532,224)
Tax on profit/(loss)
9
2,059
13,579
Profit/(loss) for the financial Period
247,207
(518,645)
Profit/(loss) for the financial Period is all attributable to the owners of the parent company.
THE FURNISHING SERVICE HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
30 November 2024
31 July 2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
967,138
1,075,349
Tangible assets
12
329,547
417,020
1,296,685
1,492,369
Current assets
Stocks
15
1,336,733
1,538,172
Debtors
16
5,136,556
6,536,736
Cash at bank and in hand
160,195
704,326
6,633,484
8,779,234
Creditors: amounts falling due within one year
17
(7,207,262)
(9,641,160)
Net current liabilities
(573,778)
(861,926)
Total assets less current liabilities
722,907
630,443
Creditors: amounts falling due after more than one year
18
(83,333)
(216,667)
Provisions for liabilities
Deferred tax liability
20
82,847
104,256
(82,847)
(104,256)
Net assets
556,727
309,520
Capital and reserves
Called up share capital
22
200
200
Profit and loss reserves
556,527
309,320
Total equity
556,727
309,520
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
07 March 2025
R Wilson
Director
Company registration number SC546503 (Scotland)
THE FURNISHING SERVICE HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 10 -
30 November 2024
31 July 2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,067,771
3,067,771
Current assets
Cash at bank and in hand
43
91
Creditors: amounts falling due within one year
17
(2,689,237)
(2,689,285)
Net current liabilities
(2,689,194)
(2,689,194)
Net assets
378,577
378,577
Capital and reserves
Called up share capital
22
200
200
Profit and loss reserves
378,377
378,377
Total equity
378,577
378,577

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 £nil (2023 - £nil)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
07 March 2025
R Wilson
Director
Company registration number SC546503 (Scotland)
THE FURNISHING SERVICE HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
200
877,965
878,165
Year ended 31 July 2023:
Loss and total comprehensive income
-
(518,645)
(518,645)
Dividends
10
-
(50,000)
(50,000)
Balance at 31 July 2023
200
309,320
309,520
Period ended 30 November 2024:
Profit and total comprehensive income
-
247,207
247,207
Balance at 30 November 2024
200
556,527
556,727
THE FURNISHING SERVICE HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
200
428,377
428,577
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
0
Dividends
10
-
(50,000)
(50,000)
Balance at 31 July 2023
200
378,377
378,577
Period ended 30 November 2024:
Profit and total comprehensive income
-
-
-
0
Balance at 30 November 2024
200
378,377
378,577
THE FURNISHING SERVICE HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
34,927
1,818,895
Interest paid
(276,213)
(191,322)
Income taxes refunded/(paid)
17,972
(153,481)
Net cash (outflow)/inflow from operating activities
(223,314)
1,474,092
Investing activities
Purchase of tangible fixed assets
(156,162)
(145,895)
Interest received
836
-
0
Net cash used in investing activities
(155,326)
(145,895)
Financing activities
Repayment of bank loans
(133,334)
(104,827)
Dividends paid to equity shareholders
-
0
(50,000)
Net cash used in financing activities
(133,334)
(154,827)
Net (decrease)/increase in cash and cash equivalents
(511,974)
1,173,370
Cash and cash equivalents at beginning of Period
(2,326,545)
(3,499,915)
Cash and cash equivalents at end of Period
(2,838,519)
(2,326,545)
Relating to:
Cash at bank and in hand
160,195
704,326
Bank overdrafts included in creditors payable within one year
(2,998,714)
(3,030,871)
THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 14 -
1
Accounting policies
Company information

The Furnishing Service Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 1 Glenburn Road, College Milton Industrial Estate, East Kilbride, G74 5BA.

 

The group consists of The Furnishing Service Holdings 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. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

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. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

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

 

All financial statements are made up to 30 November 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

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

 

The directors have reviewed the cashflow requirements and projections and are satisfied that at the time of approving the financial statements the company has adequate resources to continue in operational existence for a period of not less than twelve months.  This included a comprehensive review of the financial projections and cash-flow requirements, covering a period beyond one year from the date of approval of the financial statements. These forecasts were prepared using assumptions which the directors consider appropriate to the financial position of the company and its future anticipated revenues and costs. On the basis of the above, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

 

THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Reporting period

The current financial statements have a longer period than the previous financial statements. The current period's financial statements cover a 16 month trading period following the restructuring exercise in The Furnishing Service Limited. The extended reporting period was to address operating processes and performance. Due to the comparatives having a shorter period, then amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised as a sale, at the point of delivery.

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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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:

Tenant improvements
14.29% to 50% straight line
Computer equipment
33.3% straight line
Fixtures, fittings & equipment
25% reducing balance

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

1.8
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.

THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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
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.

1.11
Cash at bank and in hand

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.

THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost 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.

THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.

1.15
Employee benefits

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

 

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

 

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.

1.16
Retirement benefits

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

1.17
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.

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.

Income recognition on incomplete orders

Where sales orders are fulfilled by a series of deliveries, income is recognised only to the extent the order has been fulfilled and when delivery has occurred.

THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Goodwill

The directors believe an amortisation policy of 20 years to be a reliable estimate of the useful life of goodwill arising on consolidation. This estimate is based on a variety of factors and the directors regularly monitor the underlying performance of the trading subsidiary to satisfy themselves that the 20 year write-off policy remains appropriate.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Domestic furniture
48,174,435
38,047,966
2024
2023
£
£
Turnover analysed by geographical market
Wholly within the UK
48,174,435
38,047,966
2024
2023
£
£
Other revenue
Interest income
836
-
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the period is stated after charging:
Depreciation of owned tangible fixed assets
243,635
127,473
Amortisation of intangible assets
108,211
81,159
Operating lease charges
582,942
473,506
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,250
3,000
Audit of the financial statements of the company's subsidiaries
26,021
22,509
29,271
25,509
THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 21 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Distribution
167
203
-
-
Administration
32
30
-
-
Total
199
233
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,271,333
5,159,190
-
0
-
0
Social security costs
507,562
391,992
-
-
Pension costs
120,350
83,471
-
0
-
0
6,899,245
5,634,653
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
836
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
274,100
181,208
Other finance costs:
Other interest
2,113
10,114
Total finance costs
276,213
191,322
THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 22 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
19,351
(18,185)
Deferred tax
Origination and reversal of timing differences
(21,410)
4,606
Total tax credit
(2,059)
(13,579)

The actual credit for the Period can be reconciled to the expected charge/(credit) for the Period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
245,148
(532,224)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
61,287
(111,767)
Tax effect of expenses that are not deductible in determining taxable profit
966
697
Unutilised tax losses carried forward
-
0
78,196
Permanent capital allowances in excess of depreciation
(37,776)
(34,033)
Amortisation on assets not qualifying for tax allowances
27,053
17,043
Utilisation of tax losses
(93,088)
-
0
Other adjustments
-
0
4,909
Depreciation added back
60,909
26,770
Deferred tax charge
(21,410)
4,606
Taxation credit
(2,059)
(13,579)
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
50,000
THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 23 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 August 2023 and 30 November 2024
1,623,172
Amortisation and impairment
At 1 August 2023
547,823
Amortisation charged for the Period
108,211
At 30 November 2024
656,034
Carrying amount
At 30 November 2024
967,138
At 31 July 2023
1,075,349
12
Tangible fixed assets
Group
Tenant improvements
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 August 2023
75,859
499,310
191,249
766,418
Additions
17,945
60,429
77,788
156,162
At 30 November 2024
93,804
559,739
269,037
922,580
Depreciation and impairment
At 1 August 2023
53,076
183,862
112,460
349,398
Depreciation charged in the Period
19,168
154,509
69,958
243,635
At 30 November 2024
72,244
338,371
182,418
593,033
Carrying amount
At 30 November 2024
21,560
221,368
86,619
329,547
At 31 July 2023
22,783
315,448
78,789
417,020
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,067,771
3,067,771
THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
13
Fixed asset investments
(Continued)
- 24 -

Investments are included at cost.

 

There were no impairment adjustments in the period.

14
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
The Furnishing Service Limited
Scotland
Contract furnishers
Ordinary
100.00
0

The investment in subsidiaries are stated at cost.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,336,733
1,538,172
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,365,999
5,454,641
-
0
-
0
Corporation tax recoverable
73,452
91,423
-
0
-
0
Other debtors
97,960
255,092
-
0
-
0
Prepayments and accrued income
599,145
735,580
-
0
-
0
5,136,556
6,536,736
-
-
THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 25 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
3,098,714
3,130,871
-
0
-
0
Trade creditors
2,968,835
5,713,241
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,689,237
2,689,285
Corporation tax payable
19,351
-
0
-
0
-
0
Other taxation and social security
730,084
512,123
-
-
Other creditors
80,081
39,001
-
0
-
0
Accruals and deferred income
310,197
245,924
-
0
-
0
7,207,262
9,641,160
2,689,237
2,689,285
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
83,333
216,667
-
0
-
0
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
183,333
316,667
-
0
-
0
Bank overdrafts
2,998,714
3,030,871
-
0
-
0
3,182,047
3,347,538
-
-
Payable within one year
3,098,714
3,130,871
-
0
-
0
Payable after one year
83,333
216,667
-
0
-
0

Bank loans and overdrafts are secured by floating charges over the assets of the subsidiary company, The Furnishing Service Limited.

THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 26 -
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
82,847
104,256
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the Period:
£
£
Liability at 1 August 2023
104,256
-
Credit to profit or loss
(21,409)
-
Liability at 30 November 2024
82,847
-

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,350
83,471

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.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Class A shares of £1 each
125
125
125
125
Ordinary Class B shares of £1 each
75
75
75
75
200
200
200
200
THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 27 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,195,702
557,909
-
-
Between two and five years
1,370,599
954,612
-
-
In over five years
116,250
166,348
-
-
2,682,551
1,678,869
-
-
24
Related party transactions
Transactions with related parties

During the year cleaning services were provided to The Furnishing Service Limited by a company controlled by a family member of a company Director. Amounts paid during the year totalled £344,728 (Year to July 2023: £85,017). At 30 November 2024 amounts due to the related party companies totalled £28,445 (Year to July 2023: £8,673).

 

 

25
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the Period after tax
247,207
(518,645)
Adjustments for:
Taxation credited
(2,059)
(13,579)
Finance costs
276,213
191,322
Investment income
(836)
-
0
Amortisation and impairment of intangible assets
108,211
81,159
Depreciation and impairment of tangible fixed assets
243,635
127,473
Movements in working capital:
Decrease/(increase) in stocks
201,439
(216,689)
Decrease in debtors
1,382,209
916,764
(Decrease)/increase in creditors
(2,421,092)
1,251,090
Cash generated from operations
34,927
1,818,895
THE FURNISHING SERVICE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 28 -
26
Analysis of changes in net debt - group
1 August 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
704,326
(544,131)
160,195
Bank overdrafts
(3,030,871)
32,157
(2,998,714)
(2,326,545)
(511,974)
(2,838,519)
Borrowings excluding overdrafts
(316,667)
133,334
(183,333)
(2,643,212)
(378,640)
(3,021,852)
27
Analysis of changes in net funds - company
1 August 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
91
(48)
43
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