Company registration number 02590491 (England and Wales)
PAR PETROLEUM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAR PETROLEUM LIMITED
COMPANY INFORMATION
Directors
Mr P. Roy-Toole
Mrs C. Roy-Toole
Mr S.R. Toole
Mrs L.R. Hardy
Mr S Hardy
Company number
02590491
Registered office
Par House
Woodstone Village Industrial Estate
Fencehouses
Houghton-le-Spring
Co Durham
DH4 6DU
Auditor
CLA Evelyn Partners Ltd
17 Queens Lane
Newcastle Upon Tyne
NE1 1RN
PAR PETROLEUM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
PAR PETROLEUM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group continued to be that of haulage , sale of petroleum , oils and lubricants.

Review of the business

During the year the group grew turnover by 0.44% , the volume of sales remained similar to 2023 , although 2024 did see a general reduction in the price of fuels.

 

Gross Profit % achieved was 12.29% (11.8% 2023)

 

The directors consider this is a satisfactory performance given the volatile petroleum market.

 

Principal risks and uncertainties

The general move to cleaner energy sources is a risk to the group.The directors have decided to mitigate some of this risk by purchasing investment properties to provide an additional income stream.

 

Sales of petroleum products are seasonal , the level of demand can be dictated by the weather, particularly during the winter months.

 

Political Risk and International factors - New government policies could impact future development and also impact the supply chain , the uneven nature of global crude production is part of what makes the price of oil and gas so volatile.

 

Debtors - The group maintains strong relationships with its key customers through it sales team , the risk of bad debts is mitigated by credit insurance.

 

Environmental risk - The group places considerable emphasis on environmental compliance and regularly reviews on-going compliance.

Key performance indicators

The key performance indicators for the group are :

 

Volume of sales , The directors monitor sales volume through its IT systems on a daily basis.

 

Gross Profit Margin , The directors monitor live wholesale prices on a daily basis to ensure gross profit margins are reviewed regularly.

 

2024 GP% 12.29% (2023 GPM 11.8%).

Other information and explanations

Growth in the UK economy is uncertain , it is unclear what impact the increases in inflation and interest rates will have on demand for goods and services.

 

The company continues to invest in it's motor fleet and it's IT systems to drive operational efficiencies and to improve the customer experience.

PAR PETROLEUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

On behalf of the board

Mr P. Roy-Toole
Director
17 March 2025
PAR PETROLEUM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Results and dividends

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

Ordinary dividends were paid amounting to £304,480. 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:

Mr P. Roy-Toole
Mrs C. Roy-Toole
Mr S.R. Toole
Mrs L.R. Hardy
Mr S Hardy
Auditor

The auditor, CLA Evelyn Partners Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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
Mr P. Roy-Toole
Director
17 March 2025
PAR PETROLEUM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PAR PETROLEUM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAR PETROLEUM LIMITED
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

PAR PETROLEUM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAR PETROLEUM 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

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

 

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

 

We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which is operates. 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 and through discussion with the directors and other management. The most significant were identified as employment law, as well as the Companies Act 2006, FRS 102 and relevant tax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements.

PAR PETROLEUM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAR PETROLEUM LIMITED
- 7 -

Our audit procedures included

- enquiring with the directors and management around actual and potential litigation, non-compliance with laws and regulations as well as actual, suspected and alleged fraud;

- obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance

with laws and regulations;

- assessing the risk of management override including identifying and testing a sample of journal entries, including unusual pairings to revenue.

 

Our audit did not identify any significant risks relating to the detection of irregularities including fraud. However,

despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that

material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

 

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

Use of our report

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

Nicola Scarr ACA (Senior Statutory Auditor)
For and on behalf of CLA Evelyn Partners Ltd
18 March 2025
17 Queens Lane
Newcastle Upon Tyne
NE1 1RN
PAR PETROLEUM LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
50,014,975
49,794,076
Cost of sales
(43,866,833)
(43,896,648)
Gross profit
6,148,142
5,897,428
Administrative expenses
(5,732,917)
(5,369,470)
Other operating income
3,029
800
Operating profit
4
418,254
528,758
Interest receivable and similar income
8
45,341
15,572
Interest payable and similar expenses
9
(57,298)
(39,623)
Profit before taxation
406,297
504,707
Tax on profit
10
(176,789)
(246,165)
Profit for the financial year
229,508
258,542
Profit for the financial year is all attributable to the owners of the parent company.
PAR PETROLEUM LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
£
£
Profit for the year
229,508
258,542
Other comprehensive income
-
-
Total comprehensive income for the year
229,508
258,542
Total comprehensive income for the year is all attributable to the owners of the parent company.
PAR PETROLEUM LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,507,701
2,783,579
Investment property
13
932,896
932,896
3,440,597
3,716,475
Current assets
Stocks
16
370,426
323,215
Debtors
17
4,668,462
4,032,644
Cash at bank and in hand
1,398,502
1,231,357
6,437,390
5,587,216
Creditors: amounts falling due within one year
18
(5,678,941)
(4,742,271)
Net current assets
758,449
844,945
Total assets less current liabilities
4,199,046
4,561,420
Creditors: amounts falling due after more than one year
19
(443,996)
(729,052)
Provisions for liabilities
Deferred tax liability
21
611,209
613,555
(611,209)
(613,555)
Net assets
3,143,841
3,218,813
Capital and reserves
Called up share capital
24
48,000
48,000
Profit and loss reserves
3,095,841
3,170,813
Total equity
3,143,841
3,218,813
The financial statements were approved by the board of directors and authorised for issue on 17 March 2025 and are signed on its behalf by:
17 March 2025
Mr P. Roy-Toole
Director
Company registration number 02590491 (England and Wales)
PAR PETROLEUM LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,467,456
2,730,059
Investments
14
102
102
2,467,558
2,730,161
Current assets
Stocks
16
338,969
295,470
Debtors
17
4,893,342
4,252,626
Cash at bank and in hand
1,022,891
935,082
6,255,202
5,483,178
Creditors: amounts falling due within one year
18
(5,524,764)
(4,617,388)
Net current assets
730,438
865,790
Total assets less current liabilities
3,197,996
3,595,951
Creditors: amounts falling due after more than one year
19
(443,996)
(729,052)
Provisions for liabilities
Deferred tax liability
21
601,597
600,776
(601,597)
(600,776)
Net assets
2,152,403
2,266,123
Capital and reserves
Called up share capital
24
48,000
48,000
Profit and loss reserves
2,104,403
2,218,123
Total equity
2,152,403
2,266,123

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 £190,760 (2023 - £221,556 profit).

The financial statements were approved by the board of directors and authorised for issue on 17 March 2025 and are signed on its behalf by:
17 March 2025
Mr P. Roy-Toole
Director
Company registration number 02590491 (England and Wales)
PAR PETROLEUM LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
48,000
3,216,751
3,264,751
Year ended 30 June 2023:
Profit and total comprehensive income
-
258,542
258,542
Dividends
11
-
(304,480)
(304,480)
Balance at 30 June 2023
48,000
3,170,813
3,218,813
Year ended 30 June 2024:
Profit and total comprehensive income
-
229,508
229,508
Dividends
11
-
(304,480)
(304,480)
Balance at 30 June 2024
48,000
3,095,841
3,143,841
PAR PETROLEUM LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
48,000
2,301,047
2,349,047
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
221,556
221,556
Dividends
11
-
(304,480)
(304,480)
Balance at 30 June 2023
48,000
2,218,123
2,266,123
Year ended 30 June 2024:
Profit and total comprehensive income
-
190,760
190,760
Dividends
11
-
(304,480)
(304,480)
Balance at 30 June 2024
48,000
2,104,403
2,152,403
PAR PETROLEUM LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,069,175
348,605
Interest paid
(57,298)
(39,623)
Income taxes refunded/(paid)
90,538
(218,876)
Net cash inflow from operating activities
1,102,415
90,106
Investing activities
Purchase of tangible fixed assets
(390,704)
(952,047)
Proceeds from disposal of tangible fixed assets
62,500
344,773
Interest received
45,341
15,572
Net cash used in investing activities
(282,863)
(591,702)
Financing activities
Payment of finance leases obligations
(347,927)
364,755
Dividends paid to equity shareholders
(304,480)
(304,480)
Net cash (used in)/generated from financing activities
(652,407)
60,275
Net increase/(decrease) in cash and cash equivalents
167,145
(441,321)
Cash and cash equivalents at beginning of year
1,231,357
1,672,678
Cash and cash equivalents at end of year
1,398,502
1,231,357
PAR PETROLEUM LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
983,041
311,605
Interest paid
(57,298)
(39,623)
Income taxes refunded/(paid)
103,080
(217,125)
Net cash inflow from operating activities
1,028,823
54,857
Investing activities
Purchase of tangible fixed assets
(390,704)
(945,012)
Proceeds from disposal of tangible fixed assets
62,500
344,773
Interest received
39,597
15,572
Net cash used in investing activities
(288,607)
(584,667)
Financing activities
Payment of finance leases obligations
(347,927)
364,755
Dividends paid to equity shareholders
(304,480)
(304,480)
Net cash (used in)/generated from financing activities
(652,407)
60,275
Net increase/(decrease) in cash and cash equivalents
87,809
(469,535)
Cash and cash equivalents at beginning of year
935,082
1,404,617
Cash and cash equivalents at end of year
1,022,891
935,082
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
1
Accounting policies
Company information

Par Petroleum Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Par Petroleum 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, [modified to include the revaluation of freehold properties at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Par Petroleum 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 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

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

 

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

1.6
Tangible fixed assets

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

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

Freehold land and buildings
Straight Line over 50 years
Plant and equipment
10% Reducing balance
Fixtures and fittings
10% Reducing balance
Motor vehicles
25% and 40% 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.

1.7
Investment property

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

 

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.

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.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets

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

 

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

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

 

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

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

1.10
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.

 

 

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 and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
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.

Basic financial liabilities

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

 

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

 

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

PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
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.

1.12
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.

1.13
Employee benefits

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

 

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

 

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

PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.14
Retirement benefits

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

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Petroleum sales
49,611,172
49,411,583
Servicing sales
381,003
355,693
Investment property rents
22,800
26,800
50,014,975
49,794,076
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Turnover analysed by geographical market
UK
50,014,975
49,794,076
2024
2023
£
£
Other revenue
Interest income
45,341
15,572
Grants received
500
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
88
(5)
Government grants
(500)
-
Depreciation of owned tangible fixed assets
627,465
590,170
Profit on disposal of tangible fixed assets
(23,383)
(112,626)
Operating lease charges
19,842
25,201
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
20,000
19,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
38
37
9
10
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,146,526
1,764,708
2,136,466
1,758,231
Social security costs
247,218
216,486
104,298
82,230
Pension costs
218,251
282,476
195,026
261,403
2,611,995
2,263,670
2,435,790
2,101,864
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
735,369
547,644
Company pension contributions to defined contribution schemes
191,194
253,194
926,563
800,838
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
289,309
289,854
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
38,762
15,572
Other interest income
6,579
-
Total income
45,341
15,572
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
38,762
15,572
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
57,242
39,614
Other interest
56
9
Total finance costs
57,298
39,623
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
179,135
47,086
Deferred tax
Origination and reversal of timing differences
(2,346)
199,079
Total tax charge
176,789
246,165

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
406,297
504,707
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
101,574
105,988
Tax effect of expenses that are not deductible in determining taxable profit
7,782
5,264
Unutilised tax losses carried forward
2,856
-
0
Effect of change in corporation tax rate
(492)
859
Permanent capital allowances in excess of depreciation
65,938
(66,433)
Depreciation on assets not qualifying for tax allowances
1,974
1,658
Deferred tax adjustments in respect of prior years
(2,346)
199,079
Marginal relief
(497)
(250)
Taxation charge
176,789
246,165
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
304,480
304,480
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
394,770
384,752
258,026
4,698,516
5,736,064
Additions
-
0
7,600
-
0
383,104
390,704
Disposals
-
0
-
0
-
0
(193,159)
(193,159)
At 30 June 2024
394,770
392,352
258,026
4,888,461
5,933,609
Depreciation and impairment
At 1 July 2023
122,516
267,918
195,174
2,366,877
2,952,485
Depreciation charged in the year
7,895
12,877
6,285
600,408
627,465
Eliminated in respect of disposals
-
0
-
0
-
0
(154,042)
(154,042)
Transfers
-
0
(5,574)
-
0
5,574
-
0
At 30 June 2024
130,411
275,221
201,459
2,818,817
3,425,908
Carrying amount
At 30 June 2024
264,359
117,131
56,567
2,069,644
2,507,701
At 30 June 2023
272,254
116,834
62,852
2,331,639
2,783,579
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
394,770
374,542
229,729
4,550,007
5,549,048
Additions
-
0
7,600
-
0
383,104
390,704
Disposals
-
0
-
0
-
0
(193,159)
(193,159)
At 30 June 2024
394,770
382,142
229,729
4,739,952
5,746,593
Depreciation and impairment
At 1 July 2023
122,516
259,828
166,877
2,269,768
2,818,989
Depreciation charged in the year
7,895
12,453
6,285
587,557
614,190
Eliminated in respect of disposals
-
0
-
0
-
0
(154,042)
(154,042)
Transfers
-
0
(5,574)
-
0
5,574
-
0
At 30 June 2024
130,411
266,707
173,162
2,708,857
3,279,137
Carrying amount
At 30 June 2024
264,359
115,435
56,567
2,031,095
2,467,456
At 30 June 2023
272,254
114,714
62,852
2,280,239
2,730,059
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023 and 30 June 2024
932,896
-

The fair value of the investment properties has been arrived at on a cost basis , which includes the purchase cost and any directly attributable expenditure.

The directors consider this to be the open market value by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
102
102
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
102
Carrying amount
At 30 June 2024
102
At 30 June 2023
102
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
PAR Fuels Limited
England & Wales
Ordinary
100.00
Petroleum Fleet Services limited
England & Wales
Ordinary
100.00
Hawthorn Estates North East Limited
England & Wales
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
370,426
323,215
338,969
295,470
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,250,111
3,566,559
4,186,899
3,501,749
Unpaid share capital
100
100
-
0
-
0
Corporation tax recoverable
-
0
103,080
-
0
103,080
Other debtors
128,096
145,442
145,299
162,646
Prepayments and accrued income
290,155
217,463
282,424
210,251
4,668,462
4,032,644
4,614,622
3,977,726
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
278,720
274,900
Total debtors
4,668,462
4,032,644
4,893,342
4,252,626
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
566,512
630,183
566,512
630,183
Trade creditors
4,345,223
3,682,285
4,353,373
3,713,547
Corporation tax payable
179,135
12,542
160,678
-
0
Other taxation and social security
94,988
217,909
12,735
131,760
Other creditors
2,097
82,011
-
0
80,000
Accruals and deferred income
490,986
117,341
431,466
61,898
5,678,941
4,742,271
5,524,764
4,617,388
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
418,396
702,652
418,396
702,652
Deferred income
22
25,600
26,400
25,600
26,400
443,996
729,052
443,996
729,052
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
566,512
630,183
566,512
630,183
In two to five years
418,396
702,652
418,396
702,652
984,908
1,332,835
984,908
1,332,835

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
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
611,209
613,555
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
601,597
600,776
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
613,555
600,776
(Credit)/charge to profit or loss
(2,346)
821
Liability at 30 June 2024
611,209
601,597

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
25,600
26,400
25,600
26,400
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
218,251
282,476

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.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
48,000
48,000
48,000
48,000
25
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
25,947
45,789
25,947
45,789
25,947
45,789
25,947
45,789
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Quay Energy Solutions Ltd
315,568
-
8,735
-
The Great British Ground Screw Company Ltd
41,841
-
-
-
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
229,508
258,542
Adjustments for:
Taxation charged
176,789
246,165
Finance costs
57,298
39,623
Investment income
(45,341)
(15,572)
Gain on disposal of tangible fixed assets
(23,383)
(112,626)
Depreciation and impairment of tangible fixed assets
627,465
590,170
Movements in working capital:
(Increase)/decrease in stocks
(47,211)
348,074
(Increase)/decrease in debtors
(738,898)
1,824,744
Increase/(decrease) in creditors
833,748
(2,829,715)
Decrease in deferred income
(800)
(800)
Cash generated from operations
1,069,175
348,605
PAR PETROLEUM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
28
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
190,760
221,556
Adjustments for:
Taxation charged
161,499
232,006
Finance costs
57,298
39,623
Investment income
(39,597)
(15,572)
Gain on disposal of tangible fixed assets
(23,383)
(112,626)
Depreciation and impairment of tangible fixed assets
614,190
574,704
Movements in working capital:
(Increase)/decrease in stocks
(43,499)
347,964
(Increase)/decrease in debtors
(743,796)
1,755,164
Increase/(decrease) in creditors
810,369
(2,730,414)
Decrease in deferred income
(800)
(800)
Cash generated from operations
983,041
311,605
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