Company registration number 05121987 (England and Wales)
SUFFOLK SAUCERY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
SUFFOLK SAUCERY LIMITED
COMPANY INFORMATION
Directors
Mr R J Sheepshanks
Mr C Reeve
Mr P Kerr
Mrs B Whatley
Secretary
Mr C Reeve
Company number
05121987
Registered office
Garden House
Rendlesham Hall
Rendlesham
Woodbridge
IP12 2RG
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
SUFFOLK SAUCERY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
SUFFOLK SAUCERY 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 Group continued its principle activities of food manufacture throughout the current year.
As reported in the statement of comprehensive income. Turnover has shown a strong increase of 19.7% from £10.2m to £12.2m in the current period. Profit after tax has increased from £0.38m to £0.88m the increase in the results is due to continued growth combined with a slowdown of the high inflation experienced in the prior year. This has allowed the Group to realise improvements in efficiency and regain some previously lost margin.
The balance sheet shows that the Group’s net assets at the year-end has increased from £0.88m to £1.15m. The Group generated cash from operations of £1.34m and invested in £0.14m fixed assets. The Group did not require additional borrowings for the year.
Principal risks and uncertainities
Management continually monitor the key risks facing the Group together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.
The principal risks and uncertainties facing the Group are as follows:
Economic downturn – The Group acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining,
Competitor pressure - The market in which the Group operates is considered to be relatively competitive, and therefore competitor pressure could result in losing sales to key competitors. The Group manages this risk by providing quality products and maintaining strong relationships with its key customers.
Reliance on key suppliers – The Group’s purchasing activities could expose it to over reliance on certain suppliers and inflationary pricing pressure. The Group manages this risk by ensuring there is enough breadth in its supplier base and by constantly seeking to find potential alternative suppliers that may be used, if necessary.
Loss of key personnel – This would present operational difficulties for the Group. Management seek to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.
Key financial performance indicators
The key performance indicators are discussed in the review of the business section of this report.
.............................................
Mr C Reeve
Secretary
25 March 2025
SUFFOLK SAUCERY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company and group continued to be that of food manufacture.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £601,600. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R J Sheepshanks
Mr C Reeve
Mr P Kerr
Mrs B Whatley
Financial instruments
The Group operates a centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the Group’s’ activities. The Group’s principal financial instruments include bank loans and facilities secured as appropriate, the main purpose of which is to raise finance for the Group’s operations. In addition, the Group has various other financial assets and liabilities such as trade receivables and trade payables arising directly from its operations. Derivatives transactions within the Group enters into principally comprise forward exchange contracts and interest rate swaps. In accordance with the Group’s treasury policy, derivative instruments are not entered into for speculative purposes.
Future developments
The directors consider that the forthcoming financial year will be another year of difficult trading conditions. Their aim is to continue to implement the management policies which have been introduced in recent years in relation to price increases and cost ratio monitoring, which have assisted in successfully overcoming the difficulties and uncertainties in the marketplace in 2023/24. Overall, the directors believe that the Group is well placed in terms of strategic and market position to maximise its ability to generate sales and satisfy customer demand, despite the difficult economic conditions currently facing the business.
Auditor
Ensors Accountants LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
SUFFOLK SAUCERY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
By order of the board
..............................................
Mr C Reeve
Secretary
25 March 2025
SUFFOLK SAUCERY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SUFFOLK SAUCERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUFFOLK SAUCERY LIMITED
- 5 -
Opinion
We have audited the financial statements of Suffolk Saucery 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Other matters which we are required to address
In the year ended 30 June 2023 the Company did not meet the requirements to obtain audited financial statements or to prepare group financial statements, therefore the comparative figures within these financial statements have not been audited.
SUFFOLK SAUCERY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUFFOLK SAUCERY LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our audit was designed to include tests of detail together with an assessment of the control environment to enable
us to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including
transactions with related parties, revenue recognition, accounting estimates and management override of systems and controls
SUFFOLK SAUCERY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUFFOLK SAUCERY LIMITED
- 7 -
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit
engagement team:
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws or regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to
ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for
the prevention and detection of 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.
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.
Zoe Plowman (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
26 March 2025
SUFFOLK SAUCERY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
unaudited
Notes
£
£
Turnover
3
12,213,583
10,205,652
Cost of sales
(7,997,747)
(6,993,222)
Gross profit
4,215,836
3,212,430
Administrative expenses
(2,992,700)
(2,723,221)
Operating profit
4
1,223,136
489,209
Interest receivable and similar income
27
Interest payable and similar expenses
7
(92,955)
(94,568)
Profit before taxation
1,130,181
394,668
Tax on profit
8
(251,323)
(15,837)
Profit for the financial year
878,858
378,831
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
SUFFOLK SAUCERY LIMITED
GROUP BALANCE SHEET
- 9 -
2024
2023
unaudited
Notes
£
£
£
£
Fixed assets
Intangible assets
10
8,458
23,079
Tangible assets
11
822,911
938,361
831,369
961,440
Current assets
Stocks
14
1,257,804
1,235,643
Debtors
15
1,939,877
1,737,871
Cash at bank and in hand
233,852
6,560
3,431,533
2,980,074
Creditors: amounts falling due within one year
16
(2,674,754)
(2,461,821)
Net current assets
756,779
518,253
Total assets less current liabilities
1,588,148
1,479,693
Creditors: amounts falling due after more than one year
17
(265,762)
(401,872)
Provisions for liabilities
Deferred tax liability
19
169,270
201,963
(169,270)
(201,963)
Net assets
1,153,116
875,858
Capital and reserves
Called up share capital
21
940
940
Other reserves
(699,908)
(699,908)
Profit and loss reserves
1,852,084
1,574,826
Total equity
1,153,116
875,858
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 25 March 2025 and are signed on its behalf by:
25 March 2025
..............................................
..............................................
Mr R J Sheepshanks
Mr C Reeve
Director
Director
Company registration number 05121987 (England and Wales)
SUFFOLK SAUCERY LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
unaudited
Notes
£
£
£
£
Fixed assets
Investments
12
900,001
900,001
Current assets
Cash at bank and in hand
500
600
Creditors: amounts falling due within one year
16
(273,928)
(269,678)
Net current liabilities
(273,428)
(269,078)
Net assets
626,573
630,923
Capital and reserves
Called up share capital
21
940
940
Other reserves
92
92
Profit and loss reserves
625,541
629,891
Total equity
626,573
630,923
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 £597,250 (2023 - £487,155 profit).
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 25 March 2025 and are signed on its behalf by:
25 March 2025
..............................................
..............................................
Mr R J Sheepshanks
Mr C Reeve
Director
Director
Company registration number 05121987 (England and Wales)
SUFFOLK SAUCERY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Other reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022 (unaudited)
940
92
(700,000)
1,684,795
985,827
Year ended 30 June 2023 (unaudited):
Profit and total comprehensive income
-
-
-
378,831
378,831
Dividends
9
-
-
-
(488,800)
(488,800)
Balance at 30 June 2023 (unaudited)
940
92
(700,000)
1,574,826
875,858
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
878,858
878,858
Dividends
9
-
-
-
(601,600)
(601,600)
Balance at 30 June 2024
940
92
(700,000)
1,852,084
1,153,116
SUFFOLK SAUCERY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022 (unaudited)
940
92
631,536
632,568
Year ended 30 June 2023 (unaudited):
Profit and total comprehensive income for the year
-
-
487,155
487,155
Dividends
9
-
-
(488,800)
(488,800)
Balance at 30 June 2023 (unaudited)
940
92
629,891
630,923
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
597,250
597,250
Dividends
9
-
-
(601,600)
(601,600)
Balance at 30 June 2024
940
92
625,541
626,573
SUFFOLK SAUCERY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
unaudited
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,339,794
905,770
Interest paid
(92,955)
(94,568)
Income taxes (paid)/refunded
(50,804)
13,735
Net cash inflow from operating activities
1,196,035
824,937
Investing activities
Purchase of intangible assets
-
(5,470)
Purchase of tangible fixed assets
(143,438)
(143,418)
Proceeds from disposal of tangible fixed assets
-
9,000
Interest received
27
Net cash used in investing activities
(143,438)
(139,861)
Financing activities
Proceeds from new bank loans
-
203,000
Repayment of bank loans
(164,909)
(143,587)
Payment of finance leases obligations
(58,796)
(55,987)
Dividends paid to equity shareholders
(601,600)
(488,800)
Net cash used in financing activities
(825,305)
(485,374)
Net increase in cash and cash equivalents
227,292
199,702
Cash and cash equivalents at beginning of year
6,560
(193,142)
Cash and cash equivalents at end of year
233,852
6,560
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information
Suffolk Saucery Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Garden House, Rendlesham Hall, Rendlesham, Woodbridge.
The group consists of Suffolk Saucery 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. The principal accounting policies adopted are set out below.
The company financial statements included within these consolidated financial statements for the year ended 30 June 2024 are the first financial statements of Suffolk Saucery Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements for the preceding period were prepared in accordance with FRS 105, The Financial Reporting Standard applicable to the Micro‑entities Regime. The date of transition to FRS 102 was 1 July 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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 these consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of investment in subsidiaries 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 acquisition. Investments in subsidiaries are accounted for at cost less impairment.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Suffolk Saucery Limited together with all entities controlled by the parent company (its subsidiaries).
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.
The group applies the merger accounting principals and therefore the whole of the results, assets, liabilities and shareholders' funds of the merged companies are consolidated. A merger reserve has been recognised on consolidation.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
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
3 years straight line
Website
3 years straight line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
20% straight line
Plant and machinery
25% reducing balance
Fixtures and fittings
20% straight line
Computer equipment
3 years 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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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.
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.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
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.
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
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.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,706,970
9,676,754
Europe
459,750
443,420
Rest of the world
46,863
85,478
12,213,583
10,205,652
2024
2023
£
£
Other revenue
Interest income
-
27
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
69
(83)
Fees payable to the group's auditor for the audit of the group's financial statements
2,813
-
Depreciation of owned tangible fixed assets
257,136
259,071
Loss on disposal of tangible fixed assets
1,752
2,336
Amortisation of intangible assets
14,621
22,980
Operating lease charges
219,909
239,923
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
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
85
79
4
4
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,342,446
2,188,488
Social security costs
224,554
206,107
-
-
Pension costs
207,522
113,967
2,774,522
2,508,562
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
242,196
225,167
Company pension contributions to defined contribution schemes
69,453
38,350
311,649
263,517
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
132,546
113,123
Company pension contributions to defined contribution schemes
56,653
24,950
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
83,042
81,769
Interest on finance leases and hire purchase contracts
9,913
12,722
Other interest
-
77
Total finance costs
92,955
94,568
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
317,068
100,282
Adjustments in respect of prior periods
(35,444)
(54,084)
Total current tax
281,624
46,198
Deferred tax
Origination and reversal of timing differences
(30,301)
(30,361)
Total tax charge
251,323
15,837
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
1,130,181
394,668
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
282,545
80,907
Tax effect of expenses that are not deductible in determining taxable profit
300
665
Adjustments in respect of prior years
(35,444)
(54,387)
Effect of change in corporation tax rate
-
(4,793)
Deferred tax adjustments in respect of prior years
(4,207)
Fixed asset timing differences
2,834
(2,985)
Other
1,088
637
Taxation charge
251,323
15,837
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
601,600
488,800
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
10
Intangible fixed assets
Group
Goodwill
Software
Website
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
32,562
74,892
37,651
145,105
Amortisation and impairment
At 1 July 2023
32,561
60,371
29,094
122,026
Amortisation charged for the year
10,818
3,803
14,621
At 30 June 2024
32,561
71,189
32,897
136,647
Carrying amount
At 30 June 2024
1
3,703
4,754
8,458
At 30 June 2023
1
14,521
8,557
23,079
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
358,967
1,820,088
32,752
101,308
30,140
2,343,255
Additions
120,434
1,766
21,238
143,438
Disposals
(2,361)
(2,361)
At 30 June 2024
358,967
1,938,161
34,518
122,546
30,140
2,484,332
Depreciation and impairment
At 1 July 2023
273,254
1,002,025
29,322
78,872
21,421
1,404,894
Depreciation charged in the year
23,289
213,592
1,400
16,676
2,179
257,136
Eliminated in respect of disposals
(609)
(609)
At 30 June 2024
296,543
1,215,008
30,722
95,548
23,600
1,661,421
Carrying amount
At 30 June 2024
62,424
723,153
3,796
26,998
6,540
822,911
At 30 June 2023
85,713
818,063
3,430
22,436
8,719
938,361
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Tangible fixed assets
(Continued)
- 24 -
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
£
£
£
£
Plant and machinery
216,419
288,559
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
900,001
900,001
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
900,001
Carrying amount
At 30 June 2024
900,001
At 30 June 2023
900,001
13
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Stokes Sauces Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Garden House, Rendlesham Hall, Rendlesham, Woodbridge,IP12 2RG
Stokes Sauces Limited has been fully included in the consolidation
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
741,989
820,719
-
-
Finished goods and goods for resale
515,815
414,924
1,257,804
1,235,643
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,553,350
1,406,601
Corporation tax recoverable
14,034
Other debtors
226,392
174,113
Prepayments and accrued income
160,135
140,731
1,939,877
1,735,479
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 19)
2,392
Total debtors
1,939,877
1,737,871
-
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
76,900
167,447
Obligations under finance leases
61,748
58,796
Trade creditors
1,251,022
1,068,676
Corporation tax payable
317,068
100,282
Other taxation and social security
70,689
58,186
-
-
Other creditors
734,154
923,050
269,763
268,628
Accruals and deferred income
163,173
85,384
4,165
1,050
2,674,754
2,461,821
273,928
269,678
The bank loans are secured by a fixed and floating charge over all assets of the company.
Hire purchase liabilities are secured against the assets to which they relate.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
158,707
233,069
Obligations under finance leases
107,055
168,803
265,762
401,872
-
-
The bank loans are secured by a fixed and floating charge over all assets of the company.
Hire purchase liabilities are secured against the assets to which they relate.
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
235,607
400,516
Payable within one year
76,900
167,447
Payable after one year
158,707
233,069
The bank loans are secured by a fixed and floating charge over all assets of the company.
A director/shareholder provided guarantees for a combined principal of £440,000 plus interest and costs related to the loans under the guarantee.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
169,270
201,963
-
2,392
The company has no deferred tax assets or liabilities.
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
199,571
-
Credit to profit or loss
(30,301)
-
Liability at 30 June 2024
169,270
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
207,522
113,967
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.
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
940
940
940
940
22
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
154,223
84,760
-
-
Between two and five years
364,822
243,040
-
-
In over five years
146,667
206,250
-
-
665,712
534,050
-
-
SUFFOLK SAUCERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
1,053,795
918,827
24
Controlling party
The ultimate controlling party is Mr R J Sheepshanks by virtue of the shareholding in the company.
25
Cash generated from group operations
2024
2023
£
£
Profit after taxation
878,858
378,831
Adjustments for:
Taxation charged
251,323
15,837
Finance costs
92,955
94,568
Investment income
(27)
Loss on disposal of tangible fixed assets
1,752
2,336
Amortisation and impairment of intangible assets
14,621
22,980
Depreciation and impairment of tangible fixed assets
257,136
259,071
Movements in working capital:
Increase in stocks
(22,161)
(186,922)
Increase in debtors
(218,432)
(138,946)
Increase in creditors
83,742
458,042
Cash generated from operations
1,339,794
905,770
26
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
6,560
227,292
233,852
Borrowings excluding overdrafts
(400,516)
164,909
(235,607)
Obligations under finance leases
(227,599)
58,796
(168,803)
(621,555)
450,997
(170,558)
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr R J SheepshanksMr P KerrMrs B WhatleyMrs B WhatleyMr C 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