Company registration number 03151586 (England and Wales)
BULLDOG PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
BULLDOG PRODUCTS LIMITED
COMPANY INFORMATION
Directors
A Graham (Senior)
G Howard
Secretary
G Howard
Company number
03151586
Registered office
Grosvenor House
1 Crowland Close
Southport
Merseyside
PR9 7RR
Auditor
Mitchell Charlesworth (Audit) Limited
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
England
L3 9QJ
BULLDOG PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 28
BULLDOG PRODUCTS 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 continued to be that of the manufacturing and sale of food for wild birds, caged birds, fish and small animals.

Review of the business

The company has had a successful year despite a £808,282 (2.1%) reduction in revenues with overall revenues generated for the year ended 30 June 2024 of £36,968,320 (2023: £37,776,602). The revenues produced a gross profit of £9,029,586 for the year ended 30 June 2024 (2023: £7,307,726) and operating profits of £2,762,062 for the same year (2023: 1,472,110). The company’s gross profit margin has increased from 19.35% (2023) to 24.4% (2024) primarily from investment in prior year production processes and efficiencies delivered.

 

The prevailing combination of inflationary pressures and interest rates remaining high have impacted many businesses throughout 2023/24. Throughout the year ended 30 June 2024, these factors have similarly impacted upon the operations of the businesses to some degree. However, despite these negative influences that continue to make trading demanding, the directors of the company are overall pleased with the company’s operating revenues and profits. The company operates in a highly competitive market and trading conditions are anticipated to remain difficult in the forthcoming year. Customer and supplier relationships remain strong.

Principal risks and uncertainties

The directors consider the principal risks and uncertainties to be as follows:

 

Operational risk - Rising commodity prices, continuity of supply taking into account global influences, together with ongoing inflationary pressure. The company's primary raw materials and commodities are impacted by global markets and trading which means the business can be exposed to volatility in prices due to fluctuations in supply and demand. However, a combination of widely sourcing raw materials and forging close relationships with suppliers will continue to balance this risk, but not negate it entirely. In unavoidable circumstances in which core purchase supply chain costs have systematically and/or inflationary risen, long standing customer relationships and closely working with customers should assist in passing on these unavoidable costs.

 

Financial risk management - Foreign exchange risk arises when the company enters into transactions denominated in a currency other than its functional currency. The company is predominantly exposed to currency risk on purchases made in US dollar and Euro and sales in Sterling. The company buys the currency at the time of payment rather than contracting forward as their exposure is low due to lower dealings in foreign currency.

 

Credit risk - The company works hard to maintain close relationships with both customers and suppliers such that all parties can agree on credit terms enabling successful liquidity management. The company has also fully insured the vast majority of its debtor balance to minimise the risk of non recoverability.

 

Finance risk - The company has a number of outstanding loans at the year end. Interest is paid on a variable rate on the loans based on the current base interest rate. Given the recent increase in interest rates, the directors would look to fix the rate of interest paid through a suitable hedging arrangement if considered to pose a significant long term risk to the company.

 

Interest risk - The company is exposed to interest rate risk on its long term borrowing which is at floating interest rates. The company has a policy of actively managing the interest rate exposure by having borrowings of cash and cash equivalents as low as possible.

 

BULLDOG PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Key performance indicators

The key company performance indicators utilised by the company are sales and cash flows which are regularly monitored throughout the year against budgeted targets.

 

Revenue: year ended 30 June 2024 £36,968,320 (2023: £37,776,602).

 

Profit after tax: year ended 30 June 2024 £1,851,577 (2023: £861,439).

 

Cash at bank and in hand: 30 June 2024 £355,687 (2023: £870,184).

 

The company directors are pleased with the results for the year and consider that the company has sufficient working capital to ensure its continued trading in the foreseeable future.

On behalf of the board

G Howard
Director
26 February 2025
BULLDOG PRODUCTS 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 9.

Interim ordinary dividends were paid amounting to £2,895,000. The directors do not recommend payment of a final dividend.

Directors

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

A Graham (Senior)
G Howard
Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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 company’s auditor 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 company’s auditor is aware of that information.

BULLDOG PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Medium-sized companies exemption

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

On behalf of the board
G Howard
Director
26 February 2025
BULLDOG PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BULLDOG PRODUCTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Bulldog Products Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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:

BULLDOG PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BULLDOG PRODUCTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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.

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

BULLDOG PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BULLDOG PRODUCTS LIMITED (CONTINUED)
- 7 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the Profit and Loss account, (ii) revenue recognition, (iii) stock existence and valuation, (iv) existence and recoverability of trade receivables, and (v) laws and regulations. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

BULLDOG PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BULLDOG PRODUCTS LIMITED (CONTINUED)
- 8 -

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.

Michael Buxton
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
26 February 2025
Accountants
Statutory Auditor
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
England
L3 9QJ
BULLDOG PRODUCTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
36,968,320
37,776,602
Cost of sales
(27,938,734)
(30,468,876)
Gross profit
9,029,586
7,307,726
Distribution costs
(2,330,969)
(2,346,623)
Administrative expenses
(3,936,555)
(3,488,993)
Operating profit
4
2,762,062
1,472,110
Interest receivable and similar income
7
3,561
2,795
Interest payable and similar expenses
8
(106,667)
(182,566)
Profit before taxation
2,658,956
1,292,339
Tax on profit
9
(807,379)
(430,900)
Profit for the financial year
1,851,577
861,439

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

BULLDOG PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
£
£
Profit for the year
1,851,577
861,439
Other comprehensive income
-
-
Total comprehensive income for the year
1,851,577
861,439
BULLDOG PRODUCTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
998,686
1,091,884
Current assets
Stocks
14
2,442,714
2,307,851
Debtors
15
6,471,205
6,256,039
Cash at bank and in hand
355,687
870,184
9,269,606
9,434,074
Creditors: amounts falling due within one year
16
(7,715,644)
(6,424,721)
Net current assets
1,553,962
3,009,353
Total assets less current liabilities
2,552,648
4,101,237
Creditors: amounts falling due after more than one year
17
(419,490)
(912,388)
Provisions for liabilities
Deferred tax liability
20
212,480
224,748
(212,480)
(224,748)
Net assets
1,920,678
2,964,101
Capital and reserves
Called up share capital
22
600
600
Revaluation reserve
23
126,361
126,361
Capital redemption reserve
24
30,440
30,440
Profit and loss reserves
25
1,763,277
2,806,700
Total equity
1,920,678
2,964,101

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

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
G Howard
Director
Company registration number 03151586 (England and Wales)
BULLDOG PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
600
175,275
30,440
2,182,831
2,389,146
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
861,439
861,439
Dividends
10
-
-
-
(286,484)
(286,484)
Transfers
-
(48,914)
-
48,914
-
Balance at 30 June 2023
600
126,361
30,440
2,806,700
2,964,101
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
1,851,577
1,851,577
Dividends
10
-
-
-
(2,895,000)
(2,895,000)
Balance at 30 June 2024
600
126,361
30,440
1,763,277
1,920,678
BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Bulldog Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grosvenor House, 1 Crowland Close, Southport, Merseyside, PR9 7RR.

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 unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Grosvenor Enterprise Holdings Limited. These consolidated financial statements are available from its registered office, Grosvenor House, 1 Crowland Close, Southport, Merseyside, PR9 7RR.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
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.

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

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Website development costs relate to the development of an online platform to help generate revenue.

 

Amortisation is provided on the following basis:

Website development costs
20% per annum
BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Property improvements
10% per annum
Plant and equipment
10% - 20% per annum
Fixtures and fittings
10% - 20% per annum
Motor vehicles
10% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

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

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.

1.7
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. Work in progress and finished goods include labour and attributable overheads.

 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -

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.

1.8
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.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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 company 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 company 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.

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 company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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 when the company has 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.

1.12
Employee benefits

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

 

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

 

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

1.13
Retirement benefits

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

1.14
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 paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.15

Foreign currency translations

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except where deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in profit and loss within "finance income or costs". All other foreign exchange gains and losses are presented in profit or loss within "other operating income".

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

In preparing the financial statements, the directors have made the following judgements:

 

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lesee on a lease by lease basis.

 

- Determine whether there are indications of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

 

Other key sources of estimation uncertainty:

 

- Tangible fixed assets (note 12).

 

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
36,968,320
37,776,602
2024
2023
£
£
Other revenue
Interest income
3,561
2,795
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,000
24,600
Depreciation of owned tangible fixed assets
324,114
281,092
Depreciation of tangible fixed assets held under finance leases
53,000
75,633
Loss on disposal of tangible fixed assets
27,002
3,725
Operating lease charges
125,822
148,551
5
Employees

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

2024
2023
Number
Number
Adminstration
22
22
Production & Warehousing
90
97
Transport
4
5
Total
116
124

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,359,454
4,007,224
Social security costs
439,824
404,485
Pension costs
109,664
104,456
4,908,942
4,516,165
BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
223,660
242,871
Company pension contributions to defined contribution schemes
22,020
24,420
245,680
267,291

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
120,120
120,582
Company pension contributions to defined contribution schemes
1,200
2,400
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,561
2,795
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
85,014
106,052
Other interest on financial liabilities
-
0
15,309
Interest on finance leases and hire purchase contracts
15,194
15,481
Factoring interest
6,459
45,724
106,667
182,566
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
819,647
334,815
Adjustments in respect of prior periods
-
0
77,135
Total current tax
819,647
411,950
BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(12,268)
18,950
Total tax charge
807,379
430,900

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,658,956
1,292,339
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
664,739
323,085
Tax effect of expenses that are not deductible in determining taxable profit
140,022
95,757
Adjustments in respect of prior years
-
0
77,135
Group relief
-
0
(51,326)
Tax at marginal rate
-
0
(73,578)
Depreciation in excess of capital allowances
14,886
40,877
Origination and reversal of timing differences
(12,268)
18,950
Taxation charge for the year
807,379
430,900
10
Dividends
2024
2023
£
£
Interim paid
2,895,000
286,484
BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
11
Intangible fixed assets
Website development costs
£
Cost
At 1 July 2023 and 30 June 2024
30,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
30,000
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
12
Tangible fixed assets
Property improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 July 2023
252,367
2,297,916
90,351
129,449
2,770,083
Additions
-
0
284,086
-
0
44,999
329,085
Disposals
-
0
(36,233)
-
0
(59,450)
(95,683)
At 30 June 2024
252,367
2,545,769
90,351
114,998
3,003,485
Depreciation and impairment
At 1 July 2023
237,953
1,276,925
90,292
73,029
1,678,199
Depreciation charged in the year
8,344
359,190
58
9,522
377,114
Eliminated in respect of disposals
-
0
(29,892)
-
0
(20,622)
(50,514)
At 30 June 2024
246,297
1,606,223
90,350
61,929
2,004,799
Carrying amount
At 30 June 2024
6,070
939,546
1
53,069
998,686
At 30 June 2023
14,414
1,020,991
59
56,420
1,091,884
BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
156,492
288,821
Motor vehicles
41,999
36,760
198,491
325,581

Plant and equipment with a carrying amount of £939,546 (2023: £1,020,991) were revalued on 20 May 2019 by Lambert Smith Hampton LLP, independent valuers not connected with the company, on a fair value in its working place basis, collectively in the amount of £1,725,000. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

The company directors consider the value of plant and equipment after additions to have a fair value at 30 June 2024 of £939,546 (2023: £1,020,991).

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Plant and equipment
2024
2023
£
£
Cost
2,764,684
3,337,600
Accumulated depreciation
(2,361,337)
(2,889,476)
Carrying value
403,347
448,124
13
Financial instruments

Financial assets: Financial assets that are equity instruments measured at cost less impairment as at 30 June 2024 amounted to £6,826,891 (2023: £7,016,539). Financial assets measured at amortised cost comprise cash and cash equivalents, trade and other debtors and amounts owed by group/related undertakings.

 

Financial liabilities: Financial liabilities measured at amortised cost as at 30 June 2024 amounted to £6,711,372 (2023: £6,216,236). Financial liabilities measured at amortised cost comprise bank loans, trade and other creditors, accruals, hire purchase contracts and amounts owed to group/unrelated undertakings.

BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
14
Stocks
2024
2023
£
£
Raw materials and consumables
972,529
1,325,173
Finished goods and goods for resale
1,470,185
982,678
2,442,714
2,307,851

Stocks recognised in the company's profit or loss within its cost of sales during the year ended 30 June 2024 as an expense was £27,165,811 (2023: £30,468,876).

15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,329,544
5,742,270
Amounts owed by group undertakings
15,367
399,758
Other debtors
1,097
698
Prepayments and accrued income
125,197
113,313
6,471,205
6,256,039
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
912,917
476,702
Obligations under finance leases
19
109,856
92,893
Trade creditors
4,084,560
4,100,666
Amounts owed to group undertakings
250,000
-
0
Corporation tax
819,647
334,815
Other taxation and social security
977,022
789,687
Other creditors
42,117
34,797
Accruals and deferred income
519,525
595,161
7,715,644
6,424,721
BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Creditors: amounts falling due within one year
(Continued)
- 25 -

Bank loans, which include loans with National Westminster Bank Plc, Funding Circle Focal Point Lending Limited and Lombard, are secured by way of debentures incorporating a fixed and floating charge over the assets of the company, a Department and Industry guarantee and personal guarantees from the directors of the company and A Graham (Junior) which is limited to £62,500 (2023: £62,500).

 

Finance lease and hire purchase creditors are secured on the assets concerned.

 

Included within bank loans and overdrafts as at 30 June 2024 is an amount of £451,919 payable to RBS invoice financing in connection with the company's Invoice Discounting Agreement with RBS. The equivalent balance as at 30 June 2023 is an in hand balance of £484,485 and is included within cash at bank and in hand.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
354,115
813,386
Obligations under finance leases
19
65,375
99,002
419,490
912,388

Details of security and given in note 16.

18
Loans and overdrafts
2024
2023
£
£
Bank loans
815,113
1,290,088
Bank overdrafts
451,919
-
0
1,267,032
1,290,088
Payable within one year
912,917
476,702
Payable after one year
354,115
813,386

Details of security are given in note 16.

BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
109,856
92,893
In two to five years
65,375
99,002
175,231
191,895

Details of security are given in note 16.

20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
212,480
224,748
2024
Movements in the year:
£
Liability at 1 July 2023
224,748
Credit to profit or loss
(12,268)
Liability at 30 June 2024
212,480

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.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,664
104,456

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension payments outstanding at 30 June 2024 amounted to £4,288 (2023: £7,197).

BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
600
600
600
600

The ordinary shares of £1 each rank pari passu. Each share carries the right to one vote to be exercised in accordance with sections 62 to 73A of Table A (as incorporated into the Articles of Association) together with rights to participate in any capital distribution on winding up.

23
Revaluation reserve

The revaluation reserve represents cumulative surpluses/deficits upon revaluation of the company's tangible fixed assets.

24
Capital redemption reserve

The capital redemption reserve contains the nominal value of the company's own shares that have been acquired by the company and cancelled.

25
Profit and loss reserves

The retained earnings reserve represents the cumulative profits or losses, net of dividends paid and other adjustments.

26
Operating lease commitments

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

2024
2023
£
£
Within one year
112,310
125,822
Between two and five years
65,024
177,334
177,334
303,156
BULLDOG PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
27
Related party transactions

Dividends paid by the company to Grosvenor Enterprise Holdings Limited, the company's controlling party, in the year ended 30 June 2024 amounted to £2,895,000 (2023: £286,484).

 

Bulldog Products Limited has cross guaranteed a bank loan of £75,000 for a company whose director is a company director of Bulldog Products Limited and Grosvenor Enterprise Holdings Limited, and a shareholder of Grosvenor Enterprise Holdings Limited. Grosvenor Enterprise Holdings Limited is the company's controlling party. The amount outstanding as at 30 June 2024 amounted to £NIL (2023: £8,750).

 

Chalkbay Services Limited is a company related through common directors. During the year ended 30 June 2024 rent payable to Chalkbay Services Limited of £78,000 (2023: £95,000) was charged to profit or loss. Included within creditors as at 30 June 2024 is an amount of £37,600 (2023: £48,455) payable by Bulldog Products Limited to Chalkbay Services Limited in respect of rents.

 

On 29 October 2024 Chalkbay Services Limited became 100% owned by Grosvenor Enterprise Holdings Limited following a share for share exchange.

 

The directors of the company have granted personal guarantees in respect of the company's loan finance.

 

Bulldog Products Limited has taken advantage of the available exemption not to disclose transactions with group members due to consolidated accounts being publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ. Such transactions with group members are at an arms length basis.

28
Ultimate controlling party

The company is controlled by Grosvenor Enterprises Holdings Limited, a company incorporated in England and Wales.

 

The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is Grosvenor Enterprises Holdings Limited. Consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office address of Grosvenor Enterprises Holdings Limited is 1 Crowland Close, Southport, Merseyside, PR9 7RR.

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