Company registration number 03851892 (England and Wales)
EUROSAFE SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
EUROSAFE SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
G M Ellis
J P Boyle
I M Mallett
M J Van Buiten
R A Dolan
P E Powell
W Reid
N Wood
D W Capper
Secretary
G M Ellis
Company number
03851892
Registered office
Unit 51b
Orgreave Drive
Sheffield
S13 9NR
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
EUROSAFE SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
EUROSAFE SOLUTIONS 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
Eurosafe Solutions remains a market leader in providing specialist safety and access solutions, primarily serving the construction and facilities management sectors. Our services include fall protection systems, façade access, compliance services, training, and specialist PPE. Revenue is generated through the design, installation, and maintenance of these systems, alongside consultancy and training services.
Despite challenging conditions, particularly within the construction industry, the company delivered a strong financial performance. Pre-tax profits rose to £849k (2023: £318k), with turnover increasing by 34% to £16.9m (2023: £12.6m). The gross profit margin has remained stable at 38% with gross profits increasing to £6.4m (2023: £4.8m).
The balance sheet remains robust, with net assets increasing from £1.8m to £2m. Although cash flow remains a challenge due to the pace of growth, investments in financial controls have reduced average debtor days to 77 (2023: 89). Additionally, our strengthened relationship with our long-term banking partner has further bolstered financial stability.
Our commitment to safety, innovation, and client satisfaction has enabled us to secure long-term contracts with key industry partners, positioning us strongly for the upcoming year with a solid forward order book.
The directors extend their sincere gratitude to all employees for their dedication and resilience over the past year.
Principal risks and uncertainties
The industry remains highly competitive, with pricing pressures continuing to challenge margins. However, Eurosafe Solutions' strong reputation for quality, safety, and reliability provides a significant competitive advantage.
Key operational risks include potential losses due to inaccurate project estimations, unforeseen delays, and management challenges. The company remains focused on delivering projects efficiently, on time, and within budget to ensure continued client satisfaction.
The introduction of the new British Standard BS7883:2019 has posed challenges for our compliance business, requiring significant time and investment to implement. However, we are now on track with its adoption and expect no long-term disruption to overall business efficiency.
EUROSAFE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Future Developments
Despite ongoing economic uncertainties, Eurosafe Solutions continues to pursue growth opportunities in line with its five-year strategic plan. The company is actively expanding service offerings, strengthening client relationships, and investing in technology to enhance operational efficiency.
Our geographic expansion, with satellite offices in the North East, South West, and London, alongside our investment in mobile training facilities, is creating new opportunities and operational efficiencies. These developments enable us to better serve clients across the UK.
Strategic Restructuring and Rebranding of Eurosafe Solutions UK
In July 2025, Eurosafe Solutions UK implemented a strategic restructuring to establish a consolidated group of companies. This initiative was designed to enhance service delivery, optimise operational efficiency, and drive sustainable growth. As part of this transformation, subsidiary entities were created under a unified corporate structure, facilitating a more streamlined approach to governance, resource allocation, and market expansion.
The formation of the group was driven by a strategic objective to strengthen our capabilities in delivering specialist safety solutions across multiple sectors, including working at height, fall protection, training and compliance services. This structure enables greater diversification and expansion into new markets while mitigating long-term business risks. Additionally, it provides enhanced financial transparency, allowing for clearer analysis of each division’s profitability.
By integrating expertise across the newly established entities, Eurosafe has strengthened operational synergies, improved risk management, and positioned itself for sustained growth both within the UK and internationally. In alignment with this evolution, the group has undergone a rebranding initiative, now operating under the name Eurosafe.
This corporate transformation underscores our commitment to industry leadership, adaptability to evolving market dynamics, and adherence to stringent regulatory standards. The Eurosafe Solutions Group of companies remains dedicated to delivering high-quality safety solutions while maintaining excellence in customer service and compliance.
Key performance indicators
The company’s key financial performance indicators during the year can be summarised as follows:
Engagement with Suppliers, Customers and Other Relationships
Strong relationships with suppliers, customers, and operational partners remain integral to Eurosafe Solutions' success. We prioritise collaboration and ensure that all stakeholders adhere to the highest standards of safety, quality, and ethical business practices.
The directors actively engage with key stakeholders to align with the company’s values and objectives. Regular reviews of stakeholder engagement, performance metrics, and strategic initiatives inform decision-making and long-term planning.
EUROSAFE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
G M Ellis
Director
28 March 2025
EUROSAFE SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of the provision of access and fall protection systems.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £494,820. 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:
G M Ellis
J P Boyle
I M Mallett
M J Van Buiten
R A Dolan
P E Powell
W Reid
N Wood
D W Capper
Research and development
The company engages in research and development activities with the main activities being process improvement.
Auditor
The auditor, BHP LLP was appointed in the year and is deemed to be reaapointed 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
EUROSAFE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
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. It has done so in respect of future developments and important events occurring since the year end.
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.
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 M Ellis
Director
28 March 2025
EUROSAFE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROSAFE SOLUTIONS LIMITED
- 6 -
We have audited the financial statements of Eurosafe Solutions Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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, except for the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were not appointed as auditor of the company until after 30 June 2023 and as such did not observe the counting of physical stock at the end of that year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 30 June 2023, which are included in the balance sheet at £578,960, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
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.
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.
As described in the Basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £578,960 held at 30 June 2023. We have concluded that where the other information refers to the stock balances or related balances such as costs of sales or gross margin , it may be materially misstated for the same reason.
EUROSAFE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROSAFE SOLUTIONS LIMITED (CONTINUED)
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
Except for the matter described in the Basis for qualified opinion section of this report, in our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matter described in the Basis for qualified opinion section of our report, 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 and the directors' report.
Arising solely from the limitation on the scope of our work relating to the matter referred to above:
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made.
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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the trade;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
EUROSAFE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROSAFE SOLUTIONS LIMITED (CONTINUED)
- 8 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risks of fraud through management bias and override controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.
As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of 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
In the previous accounting period the directors of the company took advantage of the audit exemption under s. 477 of the Companies Act 2006. Therefore, the prior period financial statements were not audited.
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.
EUROSAFE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROSAFE SOLUTIONS LIMITED (CONTINUED)
- 9 -
Terri Pierpoint
Senior Statutory Auditor
For and on behalf of BHP LLP
28 March 2025
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
EUROSAFE SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
16,914,799
12,649,881
Cost of sales
(10,546,282)
(7,869,921)
Gross profit
6,368,517
4,779,960
Administrative expenses
(5,473,811)
(4,428,007)
Other operating income
70,708
78,888
Operating profit
4
965,414
430,841
Interest receivable and similar income
7
2,163
Interest payable and similar expenses
8
(116,335)
(114,532)
Profit before taxation
849,079
318,472
Tax on profit
9
(113,736)
55,263
Profit for the financial year
735,343
373,735
The profit and loss account has been prepared on the basis that all operations are continuing operations.
EUROSAFE SOLUTIONS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,398,490
1,390,438
Investments
12
3
1,398,493
1,390,438
Current assets
Stocks
14
787,959
578,960
Debtors
15
4,218,941
3,730,088
Cash at bank and in hand
74
65
5,006,974
4,309,113
Creditors: amounts falling due within one year
16
(3,775,518)
(3,266,601)
Net current assets
1,231,456
1,042,512
Total assets less current liabilities
2,629,949
2,432,950
Creditors: amounts falling due after more than one year
17
(567,729)
(617,049)
Provisions for liabilities
Deferred tax liability
21
23,000
17,300
(23,000)
(17,300)
Net assets
2,039,220
1,798,601
Capital and reserves
Called up share capital
20
816
720
Capital redemption reserve
80
80
Profit and loss reserves
2,038,324
1,797,801
Total equity
2,039,220
1,798,601
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 28 March 2025 and are signed on its behalf by:
I M Mallett
Director
Company registration number 03851892 (England and Wales)
EUROSAFE SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
720
80
1,349,123
1,349,923
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
373,735
373,735
Dividends
10
-
-
(225,057)
(225,057)
Share option fair value movement
-
-
300,000
300,000
Balance at 30 June 2023
720
80
1,797,801
1,798,601
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
735,343
735,343
Issue of share capital
20
96
-
-
96
Dividends
10
-
-
(494,820)
(494,820)
Balance at 30 June 2024
816
80
2,038,324
2,039,220
EUROSAFE SOLUTIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
786,474
246,956
Interest paid
(116,335)
(114,532)
Income taxes (paid)/refunded
(52,287)
77,817
Net cash inflow from operating activities
617,852
210,241
Investing activities
Purchase of tangible fixed assets
(74,629)
(35,402)
Proceeds from disposal of tangible fixed assets
7,000
Purchase of subsidiaries
(3)
Repayment of loans
20,000
Interest received
2,163
Net cash used in investing activities
(74,632)
(6,239)
Financing activities
Proceeds from issue of shares
96
Repayment of bank loans
(48,805)
(53,766)
Payment of finance leases obligations
(4,849)
(5,685)
Dividends paid
(494,820)
(225,057)
Net cash used in financing activities
(548,378)
(284,508)
Net decrease in cash and cash equivalents
(5,158)
(80,506)
Cash and cash equivalents at beginning of year
(117,554)
(37,048)
Cash and cash equivalents at end of year
(122,712)
(117,554)
Relating to:
Cash at bank and in hand
74
65
Bank overdrafts included in creditors payable within one year
(122,786)
(117,619)
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information
Eurosafe Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 51b, Orgreave Drive, Sheffield, S13 9NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Contract revenue recognition
The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be seen with reasonable certainty. Turnover represents the amounts (excluding VAT) derived from the provision of goods and services to third party customers. Turnover is recognised on an application basis. Provision is made for any losses as soon as they are foreseen.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Plant and machinery
20% reducing balance
Motor vehicles
20% 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 credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
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 at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand.
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.
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.
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
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 company’s contractual obligations expire or are discharged or cancelled.
1.10
Share capital
Share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on share capital 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.
EUROSAFE SOLUTIONS 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.
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. For these share options, the difference between exercise price and current unrestricted market value is so substantial that no option pricing model has been used to measure the equity-settled share-based payment at fair value on the grounds that the use of such as model would approximate to this difference. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. The credit entry is recognised in the profit and loss reserve. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the 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.
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
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 assets
The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the group's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Installations
8,291,819
5,775,028
Test & Inspection
7,380,328
5,829,612
Training & PPE
1,242,652
1,045,241
16,914,799
12,649,881
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,914,799
12,649,881
2024
2023
£
£
Other revenue
Interest income
-
2,163
Grants received
-
7,118
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(7,118)
Fees payable to the company's auditor for the audit of the company's financial statements
22,500
Depreciation of owned tangible fixed assets
87,372
92,223
Depreciation of tangible fixed assets held under finance leases
7,628
5,320
Loss/(profit) on disposal of tangible fixed assets
837
(1,467)
Share-based payments
-
300,000
Operating lease charges
132,847
80,049
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
166
133
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,282,893
4,195,028
Social security costs
557,025
408,783
Pension costs
413,763
305,179
6,253,681
4,908,990
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
220,493
378,967
Company pension contributions to defined contribution schemes
34,981
34,861
255,474
413,828
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (2023 - 8).
The number of directors who exercised share options during the year was 6 (2023 - 0).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
75,416
77,389
Company pension contributions to defined contribution schemes
5,772
5,813
The highest paid director has exercised share options during the year.
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,163
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
63,579
55,943
Interest on invoice finance arrangements
51,042
58,052
114,621
113,995
Other finance costs:
Interest on finance leases and hire purchase contracts
1,374
537
Other interest
340
116,335
114,532
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
108,036
59,037
Deferred tax
Origination and reversal of timing differences
5,700
(114,300)
Total tax charge/(credit)
113,736
(55,263)
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 21 -
The actual charge/(credit) 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
849,079
318,472
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
212,270
65,287
Tax effect of expenses that are not deductible in determining taxable profit
4,189
63,434
Change in unrecognised deferred tax assets
294
(259)
Effect of change in deferred tax rate
(20,548)
Permanent capital allowances in excess of depreciation
3,899
2,329
Research and development tax credit
4,777
Share based payment charge
(81,984)
Additional deduction for R & D expenditure
(106,916)
(88,299)
Taxation charge/(credit) for the year
113,736
(55,263)
10
Dividends
2024
2023
£
£
Final paid
494,820
225,057
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
11
Tangible fixed assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
1,201,409
531,971
70,000
1,803,380
Additions
64,389
39,500
103,889
Disposals
(1,620)
(1,620)
At 30 June 2024
1,201,409
596,360
107,880
1,905,649
Depreciation and impairment
At 1 July 2023
119,018
268,356
25,568
412,942
Depreciation charged in the year
24,028
58,185
12,787
95,000
Eliminated in respect of disposals
(783)
(783)
At 30 June 2024
143,046
326,541
37,572
507,159
Carrying amount
At 30 June 2024
1,058,363
269,819
70,308
1,398,490
At 30 June 2023
1,082,391
263,615
44,432
1,390,438
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
£
£
Motor vehicles
47,374
21,276
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
3
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
-
Additions
3
At 30 June 2024
3
Carrying amount
At 30 June 2024
3
At 30 June 2023
-
13
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Eurosafe Contracting Limited
United Kingdom
Dormant
Ordinary
100.00
Eurosafe Compliance Limited
United Kingdom
Dormant
Ordinary
100.00
Eurosafe Training & PPE Limited
United Kingdom
Dormant
Ordinary
100.00
14
Stocks
2024
2023
£
£
Raw materials and consumables
332,905
302,584
Work in progress
455,054
276,376
787,959
578,960
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,883,638
3,507,054
Corporation tax recoverable
6,750
Other debtors
600
Prepayments and accrued income
335,303
215,684
4,218,941
3,730,088
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
190,455
167,619
Obligations under finance leases
19
12,942
5,685
Trade creditors
2,213,605
1,865,408
Amounts owed to group undertakings
3
Corporation tax
108,036
59,037
Other taxation and social security
342,129
360,150
Other creditors
684,298
618,996
Accruals and deferred income
224,050
189,706
3,775,518
3,266,601
Other creditors include £609,470 (2023: £593,864) in respect of a credit facility advanced against eligible trade debtors, it is secured against the debts to which it relates.
Bank loans and overdrafts see note 18 for security details.
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
537,782
604,256
Obligations under finance leases
19
29,947
12,793
567,729
617,049
Bank loans and overdrafts see note 18 for security details.
Amounts included above which fall due after five years are as follows:
Payable by instalments
388,254
-
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
18
Loans and overdrafts
2024
2023
£
£
Bank loans
605,451
654,256
Bank overdrafts
122,786
117,619
728,237
771,875
Payable within one year
190,455
167,619
Payable after one year
537,782
604,256
The bank overdraft is secured by way of a legal charge against the freehold property held by the company and an all assets debenture.
Included above are two bank loans, the business term loan is secured by way of a legal charge against the freehold property held by the company and an all assets debenture. There is also a personal guarantee for £185,000 given by three directors of the company.
The second loan is a CBILS loan and is secured by way of a legal charge against the freehold property held by the company and an all assets debenture.
The business term loan is repayable over a period of 15 years and interest is charged at 3.5% above base rate.
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
12,942
5,685
In two to five years
29,947
12,793
42,889
18,478
Finance lease obligations are secured on the assets to which they relate. Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
219
219
219
219
B Ordinary shares of £1 each
216
216
216
216
C Ordinary shares of £1 each
113
113
113
113
D Ordinary shares of £1 each
136
136
136
136
F Ordinary shares of £1 each
36
36
36
36
G Ordinary shares of £1 each
96
36
96
-
816
756
816
720
Ordinary share classes A, B, C, D and F
The above shares have the following rights:
voting rights - rights to attend and participate in general meetings and vote on any resolutions.
dividend rights - rights to participate in a distribution.
capital rights - rights to participate in a distribution, including on winding up.
the shares are non redeemable.
Ordinary share class G
The above shares have the following rights:
voting rights - none.
dividend rights - rights to participate in a distribution.
capital rights - rights to participate in a distribution, above a market value of £4,000,000.
21
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
132,000
124,300
Short term timing differences
(109,000)
(107,000)
23,000
17,300
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Deferred taxation
(Continued)
- 27 -
2024
Movements in the year:
£
Liability at 1 July 2023
17,300
Charge to profit or loss
5,700
Liability at 30 June 2024
23,000
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
413,763
305,179
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.
Accrued pension contributions at the year end in respect of defined contribution schemes amounted to £20,650 (2023: £27,969)
23
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023
96
96
1.00
Exercised
(96)
Outstanding at 30 June 2024
96
Exercisable at 30 June 2024
96
1.00
The 96 share options noted above were exercised on 7 July 2023.
During the prior year, the company recognised total share-based payment expense of £300,000. which related to equity settled share based payment transactions.
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
24
Directors' transactions
Dividends totalling £494,820 (2023 - £225,057) were paid in the year in respect of shares held by the company's directors.
Included in creditors are amounts owed to directors of £27,047 (2023: £23,374). The amount is unsecured, repayable on demand and no interest is charged on the account.
Three directors have given a personal guarantee totalling £185,000 in respect of a bank loan included in the financial statements of Eurosafe Solutions Limited.
25
Operating lease commitments
Lessee
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
210,994
80,175
Between two and five years
296,367
29,233
507,361
109,408
26
Events after the reporting date
On 1 July 2024 the trading activities of Eurosafe Solutions Limited were split and segregated into three separate operating entities; Eurosafe Contracting Limited, Eurosafe Compliance Limited and Eurosafe Training and PPE Limited. These companies, are subsidiaries of Eurosafe Solutions Limited.
27
Related party transactions
Safety Fabrications Limited is a company jointly controlled by three directors and shareholders of Eurosafe Solutions Limited.
During the year sales were made to Safety Fabrications Limited totalling £115,064 (2023: £97,154) and purchases were made from Safety Fabrications Limited totalling £827,997 (2023: £718,944). At the year end amounts due from Safety Fabrications Limited total £19,886 (2023: £35,756) and is included within trade debtors. At the year end amounts due to Safety Fabrications Limited total £357,923 (2023: £200,072) and is included within trade creditors.
EUROSAFE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
735,343
373,735
Adjustments for:
Taxation charged/(credited)
113,736
(55,263)
Finance costs
116,335
114,532
Investment income
(2,163)
Loss/(gain) on disposal of tangible fixed assets
837
(1,467)
Depreciation and impairment of tangible fixed assets
95,000
97,543
Equity settled share based payment expense
-
300,000
Movements in working capital:
Increase in stocks
(208,999)
(69,685)
Increase in debtors
(495,603)
(1,244,623)
Increase in creditors
429,825
734,347
Cash generated from operations
786,474
246,956
29
Analysis of changes in net debt
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
65
9
-
74
Bank overdrafts
(117,619)
(5,167)
-
(122,786)
(117,554)
(5,158)
(122,712)
Borrowings excluding overdrafts
(654,256)
48,805
-
(605,451)
Obligations under finance leases
(18,478)
4,849
(29,260)
(42,889)
(790,288)
48,496
(29,260)
(771,052)
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