Company registration number 10253093 (England and Wales)
MECHLINE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
MECHLINE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
P Galliford
A Farrell
Secretary
A Farrell
Company number
10253093
Registered office
One Brudenell Drive
Brinklow
Milton Keynes
Buckinghamshire
MK10 0DE
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
MECHLINE HOLDINGS LIMITED
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 - 27
MECHLINE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Review of the business
The financial year ending 31st July 2024, saw a small increase in revenue of 1.7% (2023 - 8%), a result of continued emphasis on high standards of quality and customer service.
Following the significant efforts we have made in cost management and continuous improvement, 2024 sees us a step closer to the historical average profitability achieved prior to the Covid-19 pandemic.
Principal risks and uncertainties
The group maintains a comprehensive risk register, which is reviewed periodically by the senior management team and suitable mitigating strategies are actioned where appropriate. A summary of the principal risks, are detailed below.
A downturn in economic conditions and increased employment costs could lead to the closure of end user customer sites which will limit our customer market and delay possible projects.
The group's sales pipeline is across a diversified range of sectors and is further diversifying in other countries. The group also has cash reserves and lending facilities to support it through downturns should they occur.
Significant changes in foreign exchange rates could lead to unstable pricing of imported components. Primary exposure is limited by reasonable levels of inventory with additional products and components and sustainability driving new product development being sourced from more local manufacturers.
Market risk
Market risk encompasses two types of risk, being currency risk and interest rate risk. The group does not ordinarily enter into derivative transactions such as currency or interest rate swaps, as the directors consider the risk is adequately managed without the use of such instruments. The currency rate is further mitigated by the increasing volume of international business and selling and receiving funds in Euros and US dollars. However, the directors will continue to monitor these risks and the appropriateness of such instruments.
Credit risk
The group continues to trade with reputable companies with long term trading relationships and trading history. Risk is further mitigated by a stringent credit control process.
Despite the difficult economic conditions the group has suffered limited exposure to bad debts. The directors are confident that the procedures in place and the constant vigilance of the credit control team will ensure that the company’s exposure is minimised.
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Key performance indicators
The group reviews and monitors business performance through a number of KPI’s, such as financial performance, customer satisfaction, quality performance, operational efficiency and sustainability. Principal among these are the measures of sales and profitability.
MECHLINE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Key performance indicators (continued)
Sales at £11.0m were up from £10.8m in the prior year. The group made an operating profit in the current year as a result of cost management and continuous improvement.
2024 2023 Change
£’000 £’000 %
Turnover 11,007 10,825 1.7%
Gross profit 4,416 4,086 8.1%
Operating profit 1,198 848 41.3%
Another key performance indicator is considered to be employee productivity and efficiency, where performance against Revenue, Gross Profit and Profit before Tax per employee are reviewed:
2024 2023 Change Pre-Covid
£’000 £’000 % £’000
Turnover 229 216 6% 200
Gross Profit 92 82 12% 95
Profit before tax 26 17 53% 39
A Farrell
Director
7 March 2025
MECHLINE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £283,350. 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:
P Galliford
A Farrell
Auditor
The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
MECHLINE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
A Farrell
Director
7 March 2025
MECHLINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MECHLINE HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Mechline Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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 information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MECHLINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MECHLINE HOLDINGS LIMITED
- 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
gaining an understanding of management's controls designed to prevent and detect irregularities; and
identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.
MECHLINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MECHLINE HOLDINGS LIMITED
- 7 -
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.
Andrew Lawes MA MSc FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP
11 March 2025
Chartered Accountants
Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
MECHLINE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
11,007,030
10,824,531
Cost of sales
(6,591,094)
(6,738,983)
Gross profit
4,415,936
4,085,548
Administrative expenses
(3,217,536)
(3,237,273)
Operating profit
3
1,198,400
848,275
Interest receivable and similar income
7
43,540
10,634
Interest payable and similar expenses
8
(15,564)
(16,337)
Profit before taxation
1,226,376
842,572
Tax on profit
9
(291,564)
(143,255)
Profit for the financial year
934,812
699,317
Total comprehensive income for the year is all attributable to the owners of the parent company.
MECHLINE HOLDINGS LIMITED
GROUP BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
560,555
800,792
Other intangible assets
11
19,673
25,163
Total intangible assets
580,228
825,955
Tangible assets
12
283,521
358,009
863,749
1,183,964
Current assets
Stocks
15
2,060,198
3,030,313
Debtors
16
2,377,623
2,208,422
Cash at bank and in hand
3,797,597
1,762,044
8,235,418
7,000,779
Creditors: amounts falling due within one year
17
(1,726,958)
(1,466,530)
Net current assets
6,508,460
5,534,249
Total assets less current liabilities
7,372,209
6,718,213
Provisions for liabilities
Provisions
18
189,300
175,800
Deferred tax liability
19
24,529
35,495
(213,829)
(211,295)
Net assets
7,158,380
6,506,918
Capital and reserves
Called up share capital
21
91,054
91,054
Share premium account
1,110,614
1,110,614
Profit and loss reserves
5,956,712
5,305,250
Total equity
7,158,380
6,506,918
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 7 March 2025 and are signed on its behalf by:
07 March 2025
A Farrell
Director
Company registration number 10253093 (England and Wales)
MECHLINE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
7,376,871
7,376,871
Current assets
Cash at bank and in hand
322,260
165,070
Creditors: amounts falling due within one year
17
(5,254,650)
(5,443,562)
Net current liabilities
(4,932,390)
(5,278,492)
Total assets less current liabilities
2,444,481
2,098,379
Capital and reserves
Called up share capital
21
91,054
91,054
Share premium account
1,110,614
1,110,614
Profit and loss reserves
1,242,813
896,711
Total equity
2,444,481
2,098,379
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 £629,452 (2023 - £804,265 profit).
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
A Farrell
Director
Company Registration No. 10253093
MECHLINE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
91,054
1,110,614
4,967,733
6,169,401
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
699,317
699,317
Dividends
10
-
-
(361,800)
(361,800)
Balance at 31 July 2023
91,054
1,110,614
5,305,250
6,506,918
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
934,812
934,812
Dividends
10
-
-
(283,350)
(283,350)
Balance at 31 July 2024
91,054
1,110,614
5,956,712
7,158,380
MECHLINE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
91,054
1,110,614
454,246
1,655,914
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
804,265
804,265
Dividends
10
-
-
(361,800)
(361,800)
Balance at 31 July 2023
91,054
1,110,614
896,711
2,098,379
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
629,452
629,452
Dividends
10
-
-
(283,350)
(283,350)
Balance at 31 July 2024
91,054
1,110,614
1,242,813
2,444,481
MECHLINE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,526,279
568,141
Interest paid
(15,564)
(16,337)
Income taxes paid
(157,296)
(104,807)
Net cash inflow from operating activities
2,353,419
446,997
Investing activities
Purchase of intangible assets
-
(27,450)
Purchase of tangible fixed assets
(13,406)
(26,948)
Proceeds from disposal of tangible fixed assets
-
33,687
Interest received
43,540
10,634
Net cash generated from/(used in) investing activities
30,134
(10,077)
Financing activities
Dividends paid to equity shareholders
(283,350)
(361,800)
Net cash used in financing activities
(283,350)
(361,800)
Net increase in cash and cash equivalents
2,100,203
75,120
Cash and cash equivalents at beginning of year
1,697,394
1,622,274
Cash and cash equivalents at end of year
3,797,597
1,697,394
Relating to:
Cash at bank and in hand
3,797,597
1,762,044
Bank overdrafts included in creditors payable within one year
-
(64,650)
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
1
Accounting policies
Company information
Mechline Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is One Brudenell Drive, Brinklow, Milton Keynes, Buckinghamshire, MK10 0DE.
The group consists of Mechline Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company Mechline Holdings Limited 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 31 July 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. In making this assessment, the directors have prepared detailed trading and cash flow forecasts to 31 July 2026. The directors have a reasonable expectation that the group has adequate resources to continue in operational existence over this period and have therefore adopted the going concern basis of accounting in preparing the financial statements.
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover
Revenue is recognised to the extent that the group obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration receivable, excluding discounts, rebates and value added tax. 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 delivery of the goods.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
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.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
Over the estimates useful life of 5 years
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:
Leasehold improvements
Straight line over the life of the lease
Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
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.
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
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.
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.
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.
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.13
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.
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
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.
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
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
1.18
Share-based payments
The company participates in a share-based payment arrangement granted to employees of its subsidiary. The equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date in relation to these options is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.19
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.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sales of products
11,007,030
10,824,531
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,001,798
10,117,097
Europe
522,678
495,452
Rest of the world
482,554
211,982
11,007,030
10,824,531
2024
2023
£
£
Other revenue
Interest income
43,540
10,634
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
63,759
25,249
Depreciation of owned tangible fixed assets
82,766
102,642
Loss/(profit) on disposal of tangible fixed assets
5,128
(25,221)
Amortisation of intangible assets
245,727
242,525
Operating lease charges
222,787
212,080
4
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
5,000
5,000
Audit of the financial statements of the company's subsidiaries
20,000
19,500
25,000
24,500
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and administration
48
50
2
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,041,756
2,163,530
Social security costs
221,161
240,811
-
-
Pension costs
109,866
36,907
2,372,783
2,441,248
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
300,872
411,933
Company pension contributions to defined contribution schemes
74,153
2,642
375,025
414,575
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
225,044
216,516
Company pension contributions to defined contribution schemes
1,321
1,321
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
43,540
10,634
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
15,564
16,337
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
292,724
147,497
Adjustments in respect of prior periods
9,806
Total current tax
302,530
147,497
Deferred tax
Origination and reversal of timing differences
(10,966)
(4,242)
Total tax charge
291,564
143,255
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,226,376
842,572
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.01%)
306,594
177,024
Tax effect of expenses that are not deductible in determining taxable profit
68,063
54,192
Effect of change in corporation tax rate
-
(678)
Research and development tax credit
(92,899)
(87,283)
Under/(over) provided in prior years
9,806
Taxation charge
291,564
143,255
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
283,350
361,800
11
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
2,402,373
27,450
2,429,823
Amortisation and impairment
At 1 August 2023
1,601,581
2,287
1,603,868
Amortisation charged for the year
240,237
5,490
245,727
At 31 July 2024
1,841,818
7,777
1,849,595
Carrying amount
At 31 July 2024
560,555
19,673
580,228
At 31 July 2023
800,792
25,163
825,955
The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
324,165
301,933
118,441
208,594
953,133
Additions
13,406
13,406
Disposals
(13,283)
(13,283)
At 31 July 2024
324,165
301,933
118,564
208,594
953,256
Depreciation and impairment
At 1 August 2023
131,910
288,965
73,382
100,867
595,124
Depreciation charged in the year
22,103
11,346
10,656
38,661
82,766
Eliminated in respect of disposals
(8,155)
(8,155)
At 31 July 2024
154,013
300,311
75,883
139,528
669,735
Carrying amount
At 31 July 2024
170,152
1,622
42,681
69,066
283,521
At 31 July 2023
192,255
12,968
45,059
107,727
358,009
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
7,376,871
7,376,871
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
7,376,871
Carrying amount
At 31 July 2024
7,376,871
At 31 July 2023
7,376,871
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
14
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Mechline Developments Limited
Design, manufacture and marketing of innovative products in the catering industry
Ordinary shares
100.00
0
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,060,198
3,030,313
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,151,432
2,031,791
Other debtors
19,608
5,305
Prepayments and accrued income
206,583
171,326
2,377,623
2,208,422
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
64,650
Trade creditors
565,486
481,867
Amounts owed to group undertakings
5,254,650
5,443,500
Corporation tax payable
292,697
147,463
62
Other taxation and social security
456,876
445,451
-
-
Other creditors
300,864
218,985
Accruals and deferred income
111,035
108,114
1,726,958
1,466,530
5,254,650
5,443,562
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
18
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations provision
162,600
145,800
-
-
Warranty provision
26,700
30,000
-
-
189,300
175,800
-
-
Movements on provisions:
Dilapidations provision
Warranty provision
Total
Group
£
£
£
At 1 August 2023
145,800
30,000
175,800
Additional provisions in the year
16,800
-
16,800
Utilisation of provision
-
(3,300)
(3,300)
At 31 July 2024
162,600
26,700
189,300
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
24,529
35,495
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
35,495
-
Credit to profit or loss
(10,966)
-
Liability at 31 July 2024
24,529
-
The deferred tax liability set out above is expected to reverse within 5 years and relates to accelerated capital allowances that are expected to mature within the same period.
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,866
36,907
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.
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
14,668
14,668
14,668
14,668
Ordinary A shares of £1 each
76,386
76,386
76,386
76,386
91,054
91,054
91,054
91,054
During 2019 options over 3,500 Ordinary shares of £1 each and 7 Ordinary B shares of £1 each were granted by the company to certain employees of its subsidiary, Mechline Developments Limited, at an option price of £1 per share. The options can be exercised after 9.5 years or on a sale or flotation of the company if earlier. Based on conditions at 31 July 2023, no material share based payments charge arises in the current year.
22
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
231,428
232,032
-
-
Between two and five years
387,567
615,801
-
-
618,995
847,833
-
-
MECHLINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
23
Cash generated from group operations
2024
2023
£
£
Profit after taxation
934,812
699,317
Adjustments for:
Taxation charged
291,564
143,255
Finance costs
15,564
16,337
Investment income
(43,540)
(10,634)
Loss/(gain) on disposal of tangible fixed assets
5,128
(25,221)
Amortisation and impairment of intangible assets
245,727
242,525
Depreciation and impairment of tangible fixed assets
82,766
102,642
Increase in provisions
13,500
11,800
Movements in working capital:
Decrease/(increase) in stocks
970,115
(553,620)
(Increase)/decrease in debtors
(169,201)
286,160
Increase/(decrease) in creditors
179,844
(344,420)
Cash generated from operations
2,526,279
568,141
24
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
1,762,044
2,035,553
3,797,597
Bank overdrafts
(64,650)
64,650
1,697,394
2,100,203
3,797,597
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