Company registration number 00814361 (England and Wales)
VANGUARD HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
VANGUARD HOLDINGS LIMITED
COMPANY INFORMATION
Directors
W McCullagh
C McCullagh
Secretary
D McCullagh
Company number
00814361
Registered office
The Vanguard Business Centre
Alperton Lane
Greenford
Middlesex
UB6 8AA
Auditor
Begbies
9 Bonhill Street
London
EC2A 4DJ
VANGUARD HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group and company balance sheets
8 - 9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 27
VANGUARD HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Fair review of the business and future activities
The group enjoyed a successful year, with a material increase in revenue, principally in respect of its core trading activity of storage services.
The construction of a new document storage and self storage centre at Staples Corner, London, completed at the end of 2022 and opened in early 2023. The current financial period saw its first full year of trading.
In January 2022 the group acquired a site in Bath to develop a new self storage facility. This development commenced in 2023 and the site is scheduled to open in late 2024.
The group has submitted a planning application to develop a new self-storage facility on an existing site in Portsmouth. It is anticipated the development will commence in late 2024.
During the year, the group completed on the sale of surplus land at its Staples Corner site, and sale proceeds have been used to pay down the company's debt facility and finance ongoing development costs. It also sold a non-core investment property in Coventry after the year end.
The group intends to invest actively in its storage related trading business and continues to look for suitable locations. In order to support this activity, the group took out a loan facility of £10m in early 2022, of which £4.5m had been drawn down at the year end.
Key financial performance indicators
The key information that management monitor relates to income, profitability and cash flows:
2024
2023
£
£
Storage services income
6,443,394
5,827,130
Rental income
3,552,520
3,140,945
Operating profit, before depreciation, amortisation and exceptionals
3,626,702
3,696,949
Net cash
1,077,310
1,225,828
Principal risks and uncertainties
The group intends to expand its storage services business, with significant capital expenditure forecast in the next few years. There is a risk that there will be a short term impact on the level of profitability during the development phase of new sites.
Summary
The group continues to expand its storage services activities, and has the benefit of a solid financial base with net assets totalling approximately £50 million.
W McCullagh
Director
20 December 2024
VANGUARD HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company and group continued to be that of providers of storage services.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £1,460,000. 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:
W McCullagh
C McCullagh
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.
VANGUARD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
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.
Matters covered in the strategic report
The review of the business and future activities is shown in the strategic report.
On behalf of the board
W McCullagh
Director
20 December 2024
VANGUARD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VANGUARD HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Vanguard Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group 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 30 June 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.
VANGUARD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANGUARD HOLDINGS LIMITED
- 5 -
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.
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. These procedures include:
- Assessing the susceptibility of the company to material misstatement, including how fraud might occur, by considering the key risks impacting the financial statements;
- Agreement of the financial statements to underlying supporting documentation;
- Enquiries and confirmation of the management as to their identification of any non-compliance with laws and regulations, or any actual or potential claims;
- Evaluation of the selection and application of accounting policies chosen by the company;
- In relation to the risk of management override of control, by undertaking procedures to review journal entries, accounting estimates and exceptional transactions, and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud. As regards accounting estimates, key areas of scrutiny are investment property valuation, depreciation and bad debts;
- In respect of our audit of the group's trading subsidiaries, by visiting the company's trading premises and carrying out transaction testing, on a sampling basis, to test the existence and completeness of revenue, and it's accurate recording in the company's accounting system.
- Incorporating unpredictability into the nature, timing and extent of testing;
- Carrying out extensive analytical review work to identify and verify large or unusual transactions or balances;
VANGUARD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANGUARD HOLDINGS LIMITED
- 6 -
Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of material misstatements due to fraud is higher than the risk of material misstatement due to error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.
There are inherent limitations to the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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 Brooker FCA
For and on behalf of Begbies
20 December 2024
Chartered Accountants
Statutory Auditor
9 Bonhill Street
London
EC2A 4DJ
VANGUARD HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
9,995,913
8,968,075
Cost of sales
(591,285)
(621,302)
Gross profit
9,404,628
8,346,773
Administrative expenses
(7,443,792)
(5,461,409)
Other operating income
124,526
479
Exceptional item
4
(530,000)
Operating profit
5
2,085,362
2,355,843
Interest receivable and similar income
20,725
2,036
Interest payable and similar expenses
(217,471)
(457,285)
Profit on sale of freehold property
5,948,726
-
Fair value gains / (losses) on investment properties
12
972,619
(79,286)
Profit before taxation
8,809,961
1,821,308
Tax on profit
9
(2,321,058)
(711,849)
Profit for the financial year
6,488,903
1,109,459
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
VANGUARD HOLDINGS LIMITED
GROUP AND COMPANY BALANCE SHEETS
- 8 -
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
254,518
305,422
254,518
305,422
Tangible assets
11
47,455,245
45,035,536
47,401,477
44,977,242
Investment properties
12
12,938,333
11,965,714
12,938,333
11,965,714
Investments
13
571,702
297,771
2,390,640
2,116,709
61,219,798
57,604,443
62,984,968
59,365,087
Current assets
Debtors
15
1,423,930
2,090,515
762,207
1,621,213
Cash at bank and in hand
1,077,310
1,225,829
627,763
417,958
2,501,240
3,316,344
1,389,970
2,039,171
Creditors: amounts falling due within one year
16
(4,613,558)
(3,030,270)
(5,150,196)
(3,175,895)
Net current liabilities
(2,112,318)
286,074
(3,760,226)
(1,136,724)
Total assets less current liabilities
59,107,480
57,890,517
59,224,742
58,228,363
Creditors: amounts falling due after more than one year
17
(4,500,000)
(9,000,000)
(4,500,000)
(8,750,000)
Deferred tax provision
19
(5,233,365)
(4,545,305)
(5,233,365)
(4,545,305)
Net assets
49,374,115
44,345,212
49,491,377
44,933,058
Capital and reserves
Called up share capital
20
1,000
1,000
1,000
1,000
Capital redemption reserve
21
2,000
2,000
2,000
2,000
Revaluation reserve
22
12,433,485
11,726,023
12,433,485
11,726,023
Distributable profit and loss reserves
36,937,630
32,616,189
37,054,892
33,204,035
Total equity
49,374,115
44,345,212
49,491,377
44,933,058
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 £6,018,319 (2023 - £839,651 profit).
VANGUARD HOLDINGS LIMITED
GROUP AND COMPANY BALANCE SHEETS (CONTINUED)
- 9 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
W McCullagh
Director
Company Registration No. 00814361
VANGUARD HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Capital redemption reserve
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
1,000
2,000
11,805,703
32,609,650
44,418,353
Year ended 30 June 2023:
Profit for the year
-
-
-
1,109,459
1,109,459
Dividends
-
-
-
(1,182,600)
(1,182,600)
Transfer in respect of unrealised profit
-
-
(79,680)
79,680
-
Balance at 30 June 2023
1,000
2,000
11,726,023
32,616,189
44,345,212
Year ended 30 June 2024:
Profit for the year
-
-
-
6,488,903
6,488,903
Dividends
-
-
-
(1,460,000)
(1,460,000)
Tansfer in respect of unrealised profit
-
-
707,462
(707,462)
-
Balance at 30 June 2024
1,000
2,000
12,433,485
36,937,630
49,374,115
VANGUARD HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Capital redemption reserve
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
1,000
2,000
11,805,703
33,467,304
45,276,007
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
839,651
839,651
Dividends
-
-
-
(1,182,600)
(1,182,600)
Transfer in respect of unrealised profits
-
-
(79,680)
79,680
-
Balance at 30 June 2023
1,000
2,000
11,726,023
33,204,035
44,933,058
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
-
6,018,319
6,018,319
Dividends
-
-
-
(1,460,000)
(1,460,000)
Transfer in respect of unrealised profits
-
-
707,462
(707,462)
-
Balance at 30 June 2024
1,000
2,000
12,433,485
37,054,892
49,491,377
VANGUARD HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
4,313,230
3,459,136
Interest paid
(217,471)
(457,285)
Income taxes paid
(320,043)
(360,436)
Net cash inflow from operating activities
3,775,716
2,641,415
Investing activities
Purchase of tangible fixed assets
(5,461,029)
(3,393,947)
Proceeds on disposal of tangible fixed assets
7,500,000
4,984
Purchase of investments
(273,931)
(38,800)
Interest received
20,725
2,036
Net cash generated from/(used in) investing activities
1,785,765
(3,425,727)
Financing activities
Drawdown / (repayment) of bank loan
(4,250,000)
1,750,000
Dividends paid to equity shareholders
(1,460,000)
(1,182,600)
Net cash (used in)/generated from financing activities
(5,710,000)
567,400
Net decrease in cash and cash equivalents
(148,519)
(216,912)
Cash and cash equivalents at beginning of year
1,225,829
1,442,741
Cash and cash equivalents at end of year
1,077,310
1,225,829
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information
Vanguard Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Vanguard Business Centre, Alperton Lane, Greenford, Middlesex, UB6 8AA.
The group consists of Vanguard Holdings Limited and all of its trading 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 investment properties and certain freehold properties at fair value]. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Vanguard Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 June 2024. All of the subsidiaries adopt FRS 102 and no adjustment is required to bring the accounting policies used in line with those used by other members of the group.
All intra-group transactions and balances between group companies are eliminated on consolidation.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases. All of the company's subsidiaries were under the control of the parent company throughout the current and prior year.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised as the fair value of consideration received or receivable for services provided and rents due in the normal course of business, and is shown net of VAT and other sales related taxes
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.
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.
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
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
Over 50 years (excluding land)
Leasehold improvements
Over the lease term
Fixtures and fittings
20% per annum
Assets in the course of construction are not depreciated.
During the year the company carried out a review of historic expenditure, and following this costs at one site previously treated as capital expenditure were depreciated to nil on the basis they are properly treated as repair costs.
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
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.
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).
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.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and all company bank accounts.
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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 transaction price subject to impairment. Financial assets classified as receivable within one year are not amortised. In the current and prior year, there were no financial assets receivable in over one year.
Impairment of financial assets
Financial assets 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.
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 and subsequently measured at amortised cost using the effective interest method. Financial liabilities payable in under one year are not amortised.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
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.
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.
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.17
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
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. 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuations
Investment properties are carried at a valuation. Valuations are carried out by the directors, focusing on rental yield and the specific circumstances of each property. There is an active market for the company's investment properties, and in the opinion of the directors the valuations are sound.
Depreciation
Depreciation is booked in line with the accounting policy set out at Note 1.7. The most material depreciation charge is in respect of freehold property. During the year the company carried out a review of historic expenditure, and following this costs at one site previously treated as capital expenditure were depreciated to nil on the basis they are properly treated as repair costs. The directors are satisfied that the policy accurately reflects the useful economic life of freehold property.
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rents and other income
3,552,519
3,140,945
Storage services
6,443,394
5,827,130
9,995,913
8,968,075
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,995,913
8,968,075
2024
2023
£
£
Other revenue
Interest income
20,725
2,036
Insurance receipt
123,205
-
4
Exceptional item
2024
2023
£
£
Expenditure
Deferred consideration on acqusition of trade
-
530,000
-
530,000
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,490,436
760,202
Amortisation of intangible assets
50,904
50,904
Operating lease charges
585,867
642,687
6
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
14,000
14,000
Audit of the financial statements of the company's subsidiaries
16,000
16,000
Overprovision in prior year
-
(1,717)
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
7
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
54
57
22
25
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,819,758
1,904,220
816,408
888,929
Social security costs
173,390
197,622
78,278
92,283
Pension costs
55,935
43,582
1,158
13,822
2,049,083
2,145,424
895,844
995,034
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
263,843
309,077
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
215,620
133,930
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,527,998
Adjustments in respect of prior periods
(230,956)
Total current tax
1,527,998
(230,956)
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
793,060
942,805
Total tax charge
2,321,058
711,849
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
8,809,961
1,821,308
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
2,202,490
373,368
Tax effect of expenses that are not deductible in determining taxable profit
11,824
110,902
Effect of change in corporation tax rate
-
169,105
Under/(over) provided in prior years
53,431
(230,956)
Deferred tax adjustments in respect of prior years
289,142
Tax at marginal rate
(311)
Depreciation in excess of capital allowances
53,624
288
Taxation charge
2,321,058
711,849
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
509,038
Amortisation and impairment
At 1 July 2023
203,616
Amortisation charged for the year
50,904
At 30 June 2024
254,520
Carrying amount
At 30 June 2024
254,518
At 30 June 2023
305,422
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Intangible fixed assets
(Continued)
- 20 -
Company
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
509,038
Amortisation and impairment
At 1 July 2023
203,616
Amortisation charged for the year
50,904
At 30 June 2024
254,520
Carrying amount
At 30 June 2024
254,518
At 30 June 2023
305,422
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Assets under construction
Fixtures and fittings
Total
£
£
£
£
£
Cost or Valuation
At 1 July 2023
46,888,736
1,657,322
5,769,446
1,990,425
56,305,929
Additions
1,029,015
30,734
4,230,372
170,908
5,461,029
Disposals
(1,551,274)
(1,551,274)
At 30 June 2024
46,366,477
1,688,056
9,999,818
2,161,333
60,215,684
Depreciation and impairment
At 1 July 2023
9,249,473
304,672
1,715,858
11,270,003
Depreciation charged in the year
1,218,520
115,545
156,371
1,490,436
At 30 June 2024
10,467,993
420,217
1,872,229
12,760,439
Carrying amount
At 30 June 2024
35,898,484
1,267,839
9,999,818
289,104
47,455,245
At 30 June 2023
37,638,873
1,352,650
5,769,446
274,567
45,035,536
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Tangible fixed assets
(Continued)
- 21 -
Company
Freehold land and buildings
Leasehold improvements
Assets under construction
Fixtures and fittings
Total
£
£
£
£
£
Cost or Valuation
At 1 July 2023
46,888,736
1,590,704
5,769,446
1,834,783
56,083,669
Additions
1,029,015
30,734
4,230,372
165,260
5,455,381
Disposals
(1,551,274)
(1,551,274)
At 30 June 2024
46,366,477
1,621,438
9,999,818
2,000,043
59,987,776
Depreciation and impairment
At 1 July 2023
9,249,473
272,802
1,583,762
11,106,037
Depreciation charged in the year
1,218,520
112,386
149,356
1,480,262
At 30 June 2024
10,467,993
385,188
1,733,118
12,586,299
Carrying amount
At 30 June 2024
35,898,484
1,236,250
9,999,818
266,925
47,401,477
At 30 June 2023
37,638,873
1,317,902
5,769,446
251,021
44,977,242
Assets under construction relates to the development of a new storage facilities as outlined in the Strategic Report.
Land and buildings includes a property in West London carried at deemed cost, based on a valuation of £6m carried out by external valuers in 1989, with subsequent additions of £1,301,477. The historical cost of this property is £2,184,333 and accumulated depreciation is £1,550,519. It also includes a property in Portsmouth carried at a deemed cost of £1m based on a director's valuation in 2015, plus subsequent additions of £66,754. The historical cost of this property is £528,686 and accumulated depreciation is £417,264.
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023
11,965,714
11,965,714
Net gains or losses through fair value adjustments
972,619
972,619
At 30 June 2024
12,938,333
12,938,333
The investment properties were valued by the directors on an open market value basis. The historical cost of investment properties at 30 June 2024 and 30 June 2023 was £4,936,289 and accumulated depreciation was £465,785.
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
1,818,938
1,818,938
Listed investments
10,074
10,225
10,074
10,225
Unlisted investments
561,628
287,546
561,628
287,546
571,702
297,771
2,390,640
2,116,709
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2023
297,771
Additions
273,931
At 30 June 2024
571,702
Carrying amount
At 30 June 2024
571,702
At 30 June 2023
297,771
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2023
1,818,938
297,771
2,116,709
Additions
-
273,931
273,931
At 30 June 2024
1,818,938
571,702
2,390,640
Carrying amount
At 30 June 2024
1,818,938
571,702
2,390,640
At 30 June 2023
1,818,938
297,771
2,116,709
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
14
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Vanguard Storage Services Limited
1
Provider of storage services
Ordinary
100.00
Vanguard Storage Central London Limited
1
Provider of storage services
Ordinary
100.00
Vanguard Filebank Limited
1
Provider of storage services
Ordinary
100.00
W1SelfStorage Limited
1
Provider of storage services
Ordinary
100.00
Filebank Limited
1
Dormant
Ordinary
100.00
Removals Limited
1
Dormant
Ordinary
100.00
Skyhook Lifting Limited
1
Dormant
Ordinary
100.00
Vanguard Commercial Removals Limited
1
Dormant
Ordinary
100.00
Vanguard Electrical Services Limited
1
Dormant
Ordinary
100.00
Vanguard Engineering Limited
1
Dormant
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
The Vanguard Business Centre, Alperton Lane, Greenford, Middlesex, UB6 8AA
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
715,214
916,188
403,420
603,104
Corporation tax recoverable
307,740
307,753
Other debtors
244,757
503,210
177,031
484,921
Prepayments and accrued income
463,959
258,377
181,756
120,435
1,423,930
1,985,515
762,207
1,516,213
Deferred tax asset (note 19)
105,000
105,000
1,423,930
2,090,515
762,207
1,621,213
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
292,084
152,906
249,054
126,255
Amounts owed to group undertakings
2,253,039
1,621,816
Corporation tax payable
900,245
741,026
Other taxation and social security
206,636
368,954
106,511
267,888
Deferred income
1,597,030
1,429,042
681,957
572,969
Directors' current accounts
131,724
201,448
131,724
201,448
Other creditors
755,182
408,570
311,493
278,072
Accruals
730,657
469,350
675,392
107,447
4,613,558
3,030,270
5,150,196
3,175,895
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
4,500,000
8,750,000
4,500,000
8,750,000
Other creditors
250,000
4,500,000
9,000,000
4,500,000
8,750,000
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,500,000
8,750,000
4,500,000
8,750,000
Payable after one year
4,500,000
8,750,000
4,500,000
8,750,000
The long-term loan facility is secured by fixed charges over certain investment and freehold property, and is repayable by 2027.
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
1,823,864
1,067,627
-
-
Tax losses
-
-
-
105,000
Property revaluations
1,351,863
1,108,708
-
-
Gains rolled over
2,057,638
2,368,970
-
-
5,233,365
4,545,305
-
105,000
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
1,823,864
1,067,627
-
-
Tax losses
-
-
-
105,000
Property revaluations
1,351,863
1,108,708
-
-
Gains rolled over
2,057,638
2,368,970
-
-
5,233,365
4,545,305
-
105,000
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
4,440,305
4,440,305
Charge to profit or loss
793,060
793,060
Liability at 30 June 2024
5,233,365
5,233,365
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' ordinary shares of £1 each
1,000
1,000
1,000
1,000
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
21
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
2,000
2,000
2,000
2,000
22
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
11,726,023
11,805,703
11,726,023
11,805,703
Transfer gain/(loss) on revaluation of property
972,619
(79,286)
972,619
(79,286)
Transfer in respect of depreciation
(21,556)
(20,216)
(21,556)
(20,216)
Transfer in respect of deferred tax
(243,601)
19,822
(243,601)
19,822
At the end of the year
12,433,485
11,726,023
12,433,485
11,726,023
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
530,000
530,000
-
-
Between two and five years
2,120,000
2,120,000
-
-
In over five years
3,013,000
3,543,333
-
-
5,663,000
6,193,333
-
-
24
Events after the reporting date
In July 2024 the company exchanged and completed on the sale of non core investment property, realising proceeds of £725,000
25
Directors' transactions
Dividends totalling £1,460,000 (2023 - £1,182,600) were paid in the year in respect of shares held by the company's directors.
VANGUARD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
6,488,903
1,109,459
Adjustments for:
Taxation charged
2,321,058
711,849
Finance costs
217,471
457,285
Investment income
(20,725)
(2,036)
Fair value (gain)/loss on investment properties
(972,619)
79,286
Amortisation and impairment of intangible assets
50,904
50,904
Depreciation and impairment of tangible fixed assets
1,490,436
760,202
Profit on sale of freehold property
(5,948,726)
-
Movements in working capital:
Decrease in debtors
253,485
10,690
Increase in creditors
265,055
159,539
Increase in deferred income
167,988
121,958
Cash generated from operations
4,313,230
3,459,136
27
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,225,829
(148,519)
1,077,310
Bank loan
(8,750,000)
4,250,000
(4,500,000)
(7,524,171)
4,101,481
(3,422,690)
2024-06-302023-07-01falseCCH SoftwareCCH Accounts Production 2024.210W McCullaghC McCullaghD 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