Company registration number 01274270 (England and Wales)
FEEDWATER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
FEEDWATER LIMITED
COMPANY INFORMATION
Directors
J Devenny
Y McCoy
M Revans
P Revans
D Norman
A Bennett
(Appointed 3 April 2024)
Secretary
M Revans
Company number
01274270
Registered office
Unit 15 Tarran Way West
Tarran Industrial Estate
Wirral
Merseyside
CH46 4TU
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
FEEDWATER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 38
FEEDWATER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Review of the business

The principal activities of the group continue to be that of specialists in water treatment and water hygiene compliance services, laboratory analysis, water treatment equipment and acid descaling services.

The year ended 30 June 2024 reported turnover of £11.351m compared with £11.528m in 2023, an slight decrease of £0.177m. Gross profit increased to 76.2% as a result of decreased chemical and material input prices. The balance sheet remains strong with net assets of £3.128m.

Principal risks and uncertainties

Supply chain disruption

The Directors consider that a key risk facing the business is disruption to the supply of goods for resale. There has been significant disruption over recent times which has been caused by a number of factors – the COVID pandemic; the changes brought about by Brexit and also the conflicts in Ukraine and the Middle East. The Directors consider that they have planned as much as possible to mitigate the effect of this disruption, and are confident that the group is well positioned to maintain its levels of trade and profitability.

Financial risk management

The group's policy is to ensure that adequate and cost effective arrangements are maintained to finance current and future activities and that exposure to financial risk is minimised.

Liquidity and funding

The group is financed by agreed bank facilities and makes efforts to manage the financial risk by the monitoring of cash flow to ensure that the group is able to meet foreseeable debts as they fall due.

Interest rate risk

The group is subject to the risk of increases in the base rate of interest which would impact its borrowing costs. As at the date of signing the accounts, the Directors are aware of the relatively high rates of interest at present but they do not anticipate this will have a material impact on the business.

Credit risk

The group is subject to control credit risk from trade debtors. Credit limits are set based on a combination of trade history and third party credit references and are reviewed regularly by the directors.

Development and performance

The business is investing significantly in its people and IT systems in order to sustain future growth. In addition, the recruitment of our new Sales Director is another step to further develop our offering and enhance revenues.

 

Key performance indicators

2024 2023 Change

£'000 £'000 %

Turnover        11,351    11,528    16%

Gross profit        8,649    8,352      4%

Operating profit         200    587     (66%)

Profit before taxation     185    573     (68%)

Shareholders' funds     3,128    3,298     (5%)

Number of employees     123    113     9%

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

On behalf of the board

M Revans
Director
27 March 2025
FEEDWATER 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.

Principal activities

The principal activity of the group continued to be that of specialists in water treatments, softeners and acid descaling services and wholesale of chemical products.

Results and dividends

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

Ordinary dividends were paid amounting to £339,748 (2023: £560,575). 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:

J Devenny
Y McCoy
T Parkinson
(Resigned 31 August 2023)
M Revans
P Revans
D Norman
A Bennett
(Appointed 3 April 2024)
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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

 

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

 

 

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.

FEEDWATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M Revans
Director
27 March 2025
FEEDWATER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FEEDWATER LIMITED
- 5 -
Opinion

We have audited the financial statements of Feedwater 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 company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to employment laws, Companies Act 2006 and Health and Safety at Work Act.

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

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to

fraud:

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.

Other matters which we are required to address

The financial statements for the year ended 30 June 2022 are unaudited.

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.

Helen Mills (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
28 March 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
FEEDWATER LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,351,126
11,528,360
Cost of sales
(2,702,003)
(3,176,191)
Gross profit
8,649,123
8,352,169
Administrative expenses
(8,470,065)
(7,780,629)
Other operating income
20,541
15,906
Operating profit
4
199,599
587,446
Interest receivable and similar income
7
15,005
10,765
Interest payable and similar expenses
8
(29,817)
(24,769)
Profit before taxation
184,787
573,442
Tax on profit
9
(81,682)
(113,077)
Profit for the financial year
103,105
460,365
Other comprehensive income
Valuation changes in fixed asset investments
79,058
-
0
Tax relating to other comprehensive income
(12,359)
-
0
Total comprehensive income for the year
169,804
460,365
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.
FEEDWATER LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
74,863
104,808
Other intangible assets
11
159,121
138,319
Total intangible assets
233,984
243,127
Tangible assets
12
2,068,535
1,779,805
Investments
13
459,827
762,559
2,762,346
2,785,491
Current assets
Stocks
15
464,911
436,230
Debtors
16
2,449,023
2,362,289
Cash at bank and in hand
155,243
381,408
3,069,177
3,179,927
Creditors: amounts falling due within one year
17
(2,081,416)
(2,253,637)
Net current assets
987,761
926,290
Total assets less current liabilities
3,750,107
3,711,781
Creditors: amounts falling due after more than one year
18
(298,799)
(173,591)
Provisions for liabilities
Deferred tax liability
21
323,393
240,331
(323,393)
(240,331)
Net assets
3,127,915
3,297,859
Capital and reserves
Called up share capital
23
11,100
11,100
Share premium account
4
4
Revaluation reserve
207,490
144,391
Capital redemption reserve
4,902
4,902
Profit and loss reserves
2,904,419
3,137,462
Total equity
3,127,915
3,297,859
FEEDWATER LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 10 -

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

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
M Revans
Director
Company registration number 01274270 (England and Wales)
FEEDWATER LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
159,121
138,319
Tangible assets
12
2,068,009
1,779,104
Investments
13
749,023
1,051,755
2,976,153
2,969,178
Current assets
Stocks
15
459,057
423,367
Debtors
16
2,391,381
2,277,750
Cash at bank and in hand
123,180
304,733
2,973,618
3,005,850
Creditors: amounts falling due within one year
17
(2,122,658)
(2,225,654)
Net current assets
850,960
780,196
Total assets less current liabilities
3,827,113
3,749,374
Creditors: amounts falling due after more than one year
18
(298,799)
(173,591)
Provisions for liabilities
Deferred tax liability
21
323,262
240,156
(323,262)
(240,156)
Net assets
3,205,052
3,335,627
Capital and reserves
Called up share capital
23
11,100
11,100
Share premium account
4
4
Revaluation reserve
207,490
144,391
Capital redemption reserve
4,902
4,902
Profit and loss reserves
2,981,556
3,175,230
Total equity
3,205,052
3,335,627

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 £142,474 (2023 - £774,430 profit).

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

FEEDWATER LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
M Revans
Director
Company registration number 01274270 (England and Wales)
FEEDWATER LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
11,100
4
174,913
4,902
3,234,072
3,424,991
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
-
460,365
460,365
Dividends
10
-
-
-
-
(560,575)
(560,575)
Transfers
-
-
(3,600)
-
3,600
-
Other movements
-
-
(26,922)
-
-
(26,922)
Balance at 30 June 2023
11,100
4
144,391
4,902
3,137,462
3,297,859
Year ended 30 June 2024:
Profit for the year
-
-
-
-
103,105
103,105
Other comprehensive income:
Valuation changes in fixed asset investments
-
-
79,058
-
-
79,058
Tax relating to other comprehensive income
-
-
(12,359)
-
-
0
(12,359)
Total comprehensive income
-
-
66,699
-
103,105
169,804
Dividends
10
-
-
-
-
(339,748)
(339,748)
Transfers
-
-
(3,600)
-
3,600
-
Balance at 30 June 2024
11,100
4
207,490
4,902
2,904,419
3,127,915
FEEDWATER LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
11,100
4
174,913
4,902
2,957,775
3,148,694
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
-
774,430
774,430
Dividends
10
-
-
-
-
(560,575)
(560,575)
Transfers
-
-
(3,600)
-
3,600
-
Other movements
-
-
(26,922)
-
-
(26,922)
Balance at 30 June 2023
11,100
4
144,391
4,902
3,175,230
3,335,627
Year ended 30 June 2024:
Profit for the year
-
-
-
-
142,474
142,474
Other comprehensive income:
Valuation changes in fixed asset investments
-
-
79,058
-
-
79,058
Tax relating to other comprehensive income
-
-
(12,359)
-
-
0
(12,359)
Total comprehensive income
-
-
66,699
-
142,474
209,173
Dividends
10
-
-
-
-
(339,748)
(339,748)
Transfers
-
-
(3,600)
-
3,600
-
Balance at 30 June 2024
11,100
4
207,490
4,902
2,981,556
3,205,052
FEEDWATER LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
117,495
1,066,387
Interest paid
(29,817)
(24,769)
Income taxes refunded/(paid)
6,201
(210,321)
Net cash inflow from operating activities
93,879
831,297
Investing activities
Purchase of intangible assets
(22,685)
(137,734)
Purchase of tangible fixed assets
(551,142)
(383,209)
Proceeds from disposal of tangible fixed assets
22,303
5,416
Purchase of investments
-
(499,940)
Proceeds from disposal of investments
381,790
26,922
Repayment of loans
(39,762)
16,978
Interest received
15,005
10,765
Net cash used in investing activities
(194,491)
(960,802)
Financing activities
Repayment of bank loans
(79,577)
(76,675)
Payment of finance leases obligations
293,772
(9,235)
Dividends paid to equity shareholders
(339,748)
(560,575)
Net cash used in financing activities
(125,553)
(646,485)
Net decrease in cash and cash equivalents
(226,165)
(775,990)
Cash and cash equivalents at beginning of year
381,408
1,157,398
Cash and cash equivalents at end of year
155,243
381,408
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
1
Accounting policies
Company information

Feedwater Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 15 Tarran Way West, Tarran Industrial Estate, Wirral, Merseyside, CH46 4TU.

 

The group consists of Feedwater Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Feedwater Limited together with all entities controlled by the parent company (its subsidiary) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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 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 dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

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

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Intangible fixed assets other than goodwill

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
25% straight line
Patents
5% Straight line
Development costs
25% Straight line
1.7
Tangible fixed assets

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

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

Freehold land and buildings
2% Straight line
Plant and equipment
15% Reducing balance / 25% Straight line
Fixtures and fittings
10 - 20% Straight line
Computers
25% Straight line
Motor vehicles
25% Reducing balance

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

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Impairment of fixed assets

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

 

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

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

 

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

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

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash 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.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
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.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

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

 

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Goodwill impairment

Goodwill arising from business combinations is measured at cost less accumulated amortisation and any recognised impairment losses. The board conducts annual impairment reviews to assess the recoverability of goodwill, focusing on the current and projected performance of the cash-generating units (CGUs) to which the goodwill is allocated. This assessment takes into account expected future cash flows and profitability indicators. Potential signs of impairment may include reductions in turnover, profit margins, or adverse market changes that could impact the CGU's ability to generate economic benefits.

 

At the balance sheet date, the carrying amount of goodwill was £74,863 (2023: £104,808).

 

Refer to note 11, showing the carrying amount of goodwill impacted by this critical judgement.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
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.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the tangible fixed assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty present in making this assessment.

 

During the period a depreciation charge of £245,806 (2023: £186,461) was calculated based on accounting policies applied.

 

Refer to note 12, showing the tangible fixed assets carrying values impacted by this key accounting estimate.

Carrying value of investments

Investments in subsidiary undertakings are measured at historical cost, which includes the consideration paid, associated acquisition-related professional fees, and any deferred consideration if applicable. The board performs annual impairment reviews to assess the recoverability of these investments, with particular focus on both current and anticipated future profitability, linked to the subsidiary’s EBITDA. Indicators of potential impairment may include a decline in turnover or profitability, which could suggest a diminished value in the investment.

 

At the balance sheet date, the carrying amount of investments in subsidiaries was £289,196 (2023: £289,196).

 

Refer to note 13, showing the carrying amount of investments impacted by this key accounting estimate.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Water treatment, softener and acid descaling products
5,007,277
4,383,942
Water treatment, softener and acid descaling services
6,343,849
7,144,418
11,351,126
11,528,360
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,193,458
10,916,480
Rest of the World
1,157,668
611,880
11,351,126
11,528,360
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Other revenue
Interest income
15,005
10,765
Commissions received
-
331
Grants received
1,000
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(1,828)
(15,865)
Government grants
(1,000)
-
Fees payable to the group's auditor for the audit of the group's financial statements
12,000
10,000
Depreciation of owned tangible fixed assets
200,985
179,056
Depreciation of tangible fixed assets held under finance leases
44,821
7,405
(Profit)/loss on disposal of tangible fixed assets
(5,697)
11,230
Amortisation of intangible assets
31,828
30,140
Operating lease charges
268,618
216,680
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
9
6
7
6
Sales
29
25
29
25
Technical
16
14
16
14
Admin, production and service
69
66
69
66
Total
123
111
121
111
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,622,454
4,398,058
4,622,454
4,398,058
Social security costs
529,981
511,430
529,981
511,430
Pension costs
232,921
233,620
232,921
233,620
5,385,356
5,143,108
5,385,356
5,143,108
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
489,935
563,424
Company pension contributions to defined contribution schemes
48,521
86,077
538,456
649,501

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 6).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
113,568
141,340
Company pension contributions to defined contribution schemes
11,250
9,831
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
15,005
9,842
Other interest income
-
923
Total income
15,005
10,765
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,005
9,842
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
19,170
13,411
Other interest on financial liabilities
10,647
11,358
29,817
24,769
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
41,431
Adjustments in respect of prior periods
10,979
2,626
Total current tax
10,979
44,057
Deferred tax
Origination and reversal of timing differences
70,703
69,020
Total tax charge
81,682
113,077

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
184,787
573,442
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
46,197
108,954
Tax effect of expenses that are not deductible in determining taxable profit
3,333
8,288
Adjustments in respect of prior years
17,675
2,626
Effect of change in corporation tax rate
-
3,157
Permanent capital allowances in excess of depreciation
-
(16,561)
Depreciation on assets not qualifying for tax allowances
6,991
5,313
Amortisation on assets not qualifying for tax allowances
7,486
-
0
Tax at marginal rate
-
0
1,300
Taxation charge
81,682
113,077
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 27 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Valuation changes in fixed asset investments
12,359
-
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
339,748
560,575
11
Intangible fixed assets
Group
Goodwill
Software
Patents
Development costs
Total
£
£
£
£
£
Cost
At 1 July 2023
299,451
-
0
28,597
137,734
465,782
Additions
-
0
22,685
-
0
-
0
22,685
At 30 June 2024
299,451
22,685
28,597
137,734
488,467
Amortisation and impairment
At 1 July 2023
194,643
-
0
28,012
-
0
222,655
Amortisation charged for the year
29,945
1,688
195
-
0
31,828
At 30 June 2024
224,588
1,688
28,207
-
0
254,483
Carrying amount
At 30 June 2024
74,863
20,997
390
137,734
233,984
At 30 June 2023
104,808
-
0
585
137,734
243,127
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Intangible fixed assets
(Continued)
- 28 -
Company
Software
Patents
Development costs
Total
£
£
£
£
Cost
At 1 July 2023
-
0
28,597
137,734
166,331
Additions
22,685
-
0
-
0
22,685
At 30 June 2024
22,685
28,597
137,734
189,016
Amortisation and impairment
At 1 July 2023
-
0
28,012
-
0
28,012
Amortisation charged for the year
1,688
195
-
0
1,883
At 30 June 2024
1,688
28,207
-
0
29,895
Carrying amount
At 30 June 2024
20,997
390
137,734
159,121
At 30 June 2023
-
0
585
137,734
138,319
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 July 2023
1,595,190
271,600
88,252
156,777
952,140
3,063,959
Additions
-
0
21,213
-
0
3,390
526,539
551,142
Disposals
-
0
-
0
(57,206)
-
0
(22,298)
(79,504)
At 30 June 2024
1,595,190
292,813
31,046
160,167
1,456,381
3,535,597
Depreciation and impairment
At 1 July 2023
536,073
104,411
83,596
93,869
466,205
1,284,154
Depreciation charged in the year
30,221
40,451
2,544
9,605
162,985
245,806
Eliminated in respect of disposals
-
0
-
0
(57,206)
-
0
(5,692)
(62,898)
At 30 June 2024
566,294
144,862
28,934
103,474
623,498
1,467,062
Carrying amount
At 30 June 2024
1,028,896
147,951
2,112
56,693
832,883
2,068,535
At 30 June 2023
1,059,117
167,189
4,656
62,908
485,935
1,779,805
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 29 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 July 2023
1,595,190
264,601
83,448
156,317
952,140
3,051,696
Additions
-
0
21,213
-
0
3,390
526,539
551,142
Disposals
-
0
-
0
(57,206)
-
0
(22,298)
(79,504)
At 30 June 2024
1,595,190
285,814
26,242
159,707
1,456,381
3,523,334
Depreciation and impairment
At 1 July 2023
536,073
98,113
78,792
93,409
466,205
1,272,592
Depreciation charged in the year
30,221
40,276
2,544
9,605
162,985
245,631
Eliminated in respect of disposals
-
0
-
0
(57,206)
-
0
(5,692)
(62,898)
At 30 June 2024
566,294
138,389
24,130
103,014
623,498
1,455,325
Carrying amount
At 30 June 2024
1,028,896
147,425
2,112
56,693
832,883
2,068,009
At 30 June 2023
1,059,117
166,488
4,656
62,908
485,935
1,779,104

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
458,610
87,156
458,610
87,156

Land and buildings included land valued at £84,121 (2023: £84,121) which is not depreciated.

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

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 30 -
2024
2023
£
£
Group
Cost
1,415,190
1,415,190
Accumulated depreciation
(541,095)
(514,474)
Carrying value
874,095
900,716
Company
Cost
1,415,190
1,415,190
Accumulated depreciation
(541,095)
(514,474)
Carrying value
874,095
900,716
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
289,196
289,196
Unlisted investments
459,827
762,559
459,827
762,559
459,827
762,559
749,023
1,051,755
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2023
762,559
Valuation changes
79,058
Disposals
(381,790)
At 30 June 2024
459,827
Carrying amount
At 30 June 2024
459,827
At 30 June 2023
762,559
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2023
289,196
762,559
1,051,755
Valuation changes
-
79,058
79,058
Disposals
-
(381,790)
(381,790)
At 30 June 2024
289,196
459,827
749,023
Carrying amount
At 30 June 2024
289,196
459,827
749,023
At 30 June 2023
289,196
762,559
1,051,755
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
Accepta Ltd
1
Wholesale of chemical products
Ordinary
100.00
White Label Chemicals Ltd
2
Dormant
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 15 Tarran Way West, Tarran Industrial Estate, Wirral, Merseyside, CH46 4TU
2
16 Tarran Road, Tarran Industrial Estate, Wirral, CH46 4TU
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
5,854
12,863
-
-
Finished goods and goods for resale
459,057
423,367
459,057
423,367
464,911
436,230
459,057
423,367
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,050,170
2,076,423
1,993,430
1,992,029
Corporation tax recoverable
-
0
60,430
-
0
60,430
Other debtors
82,312
36,357
81,555
36,357
Prepayments and accrued income
316,541
189,079
316,396
188,934
2,449,023
2,362,289
2,391,381
2,277,750
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
86,077
79,882
86,077
79,882
Obligations under finance leases
20
111,404
28,612
111,404
28,612
Trade creditors
860,522
949,678
826,973
924,100
Amounts owed to group undertakings
-
0
-
0
79,736
46,736
Corporation tax payable
-
0
43,250
-
0
-
0
Other taxation and social security
385,153
381,660
385,153
380,714
Other creditors
222,575
255,425
222,575
255,425
Accruals and deferred income
415,685
515,130
410,740
510,185
2,081,416
2,253,637
2,122,658
2,225,654

The loan is secured by a legal charge over the group's freehold and leasehold land and buildings.

 

Obligations under hire purchase agreements are secured against the assets to which they relate.

 

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
37,748
123,520
37,748
123,520
Obligations under finance leases
20
261,051
50,071
261,051
50,071
298,799
173,591
298,799
173,591

The loan is secured by a legal charge over the group's freehold and leasehold land and buildings.

 

Obligations under hire purchase agreements are secured against the assets to which they relate.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
123,825
203,402
123,825
203,402
Payable within one year
86,077
79,882
86,077
79,882
Payable after one year
37,748
123,520
37,748
123,520

The long-term loans are secured by fixed and floating charges over the group's assets.

The bank loan was initially drawn down in December 2018 and is repayable in monthly installments over a period of seven years. Interest on the outstanding balance is charged at a rate of 2.55% above the base rate.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
111,128
28,612
111,128
28,612
In two to five years
261,327
50,071
261,327
50,071
372,455
78,683
372,455
78,683

Finance lease obligations represent rentals payable by the company for specific items of plant and machinery. These leases provide the option to purchase the asset at the end of the lease term, and there are no restrictions on the usage of the assets during the lease period. The leases have an average term of 4 years and are subject to fixed repayment schedules, with no contingent rental arrangements.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
273,502
191,282
Tax losses
(11,313)
-
Revaluations
65,673
53,314
Retirement benefit obligations
(4,469)
(4,265)
323,393
240,331
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Deferred taxation
(Continued)
- 34 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
273,371
191,107
Tax losses
(11,313)
-
Revaluations
65,673
53,314
Retirement benefit obligations
(4,469)
(4,265)
323,262
240,156
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
240,331
240,156
Charge to profit or loss
70,703
70,747
Charge to other comprehensive income
12,359
12,359
Liability at 30 June 2024
323,393
323,262

The deferred tax liability set out above predominately relates to accelerated capital allowances which are expected to release over the useful economic life of the associated tangible fixed assets. Other short term timing differences such as retirement benefit obligations attract corporation tax relief when paid.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
232,921
233,620

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 35 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,901
6,901
6,901
6,901
Ordinary A shares of £1 each
800
800
800
800
Ordinary B shares of £1 each
800
800
800
800
Ordinary C shares of £1 each
800
800
800
800
Ordinary D shares of £1 each
599
599
599
599
Ordinary E shares of £1 each
600
600
600
600
Ordinary F shares of £1 each
200
200
200
200
Ordinary G shares of £1 each
200
200
200
200
Ordinary H shares of £1 each
200
200
200
200
11,100
11,100
11,100
11,100

All shares carry no fixed right to income and rank pari passu in every respect.

24

The Group and Company’s reserves are as follows:

 

Called up share capital

Called up share capital represents the nominal value of the shares issued.

 

Share premium

Is the amount of money that the company received for its shares over and above their nominal value.

 

Revaluation reserve

The surplus generated on the revaluation of assets held by the company.

 

Capital redemption reserve

A reserve into which amounts are transferred following the redemption or purchase of a company's own shares out of distributable profits.

 

Profit and loss reserves

The profit and loss account represents cumulative profits and losses net of dividends paid and other

adjustments.

FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 36 -
25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
155,709
112,323
155,709
112,323
Between two and five years
257,099
154,560
257,099
154,560
In over five years
-
785
-
785
412,808
267,668
412,808
267,668
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of intangible assets
-
137,734
-
137,734
27
Related party transactions

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102 Section 33, not to disclose transactions entered into between two or more members of a group, where any subsidiary party to the transaction is wholly owned.

28
Directors' transactions

Dividends totalling £259,019 (2023 - £456,478) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan
2.25
7,915
42,888
394
(38,500)
12,697
Directors loan
2.25
26,809
99,058
438
(64,516)
61,789
34,724
141,946
832
(103,016)
74,486
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 37 -
29
Controlling party

The ultimate controlling party is deemed to be B A Revans and P D Revans by virtue of their majority shareholding.

30
Cash generated from group operations
2024
2023
£
£
Profit after taxation
103,105
460,365
Adjustments for:
Taxation charged
81,682
113,077
Finance costs
29,817
24,769
Investment income
(15,005)
(10,765)
(Gain)/loss on disposal of tangible fixed assets
(5,697)
11,230
Amortisation and impairment of intangible assets
31,828
30,140
Depreciation and impairment of tangible fixed assets
245,806
186,461
Movements in working capital:
Increase in stocks
(28,681)
(8,660)
Increase in debtors
(107,402)
(161,028)
(Decrease)/increase in creditors
(217,958)
420,798
Cash generated from operations
117,495
1,066,387
31
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit after taxation
142,474
774,430
Adjustments for:
Taxation charged
81,726
70,071
Finance costs
29,817
24,769
Investment income
(342,005)
(460,765)
(Gain)/loss on disposal of tangible fixed assets
(5,697)
11,230
Amortisation and impairment of intangible assets
1,883
195
Depreciation and impairment of tangible fixed assets
245,631
185,487
Movements in working capital:
Increase in stocks
(35,690)
(17,934)
Increase in debtors
(134,299)
(151,617)
(Decrease)/increase in creditors
(191,983)
503,669
Cash (absorbed by)/generated from operations
(208,143)
939,535
FEEDWATER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 38 -
32
Analysis of changes in net funds/(debt) - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
381,408
(226,165)
155,243
Borrowings excluding overdrafts
(203,402)
79,577
(123,825)
Obligations under finance leases
(78,683)
(293,772)
(372,455)
99,323
(440,360)
(341,037)
33
Analysis of changes in net funds/(debt) - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
304,733
(181,553)
123,180
Borrowings excluding overdrafts
(203,402)
79,577
(123,825)
Obligations under finance leases
(78,683)
(293,772)
(372,455)
22,648
(395,748)
(373,100)
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