Company registration number 11369465 (England and Wales)
BENTWORTH HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
BENTWORTH HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S R Park
Mr R Park
Secretary
Mrs L P Arnot
Company number
11369465
Registered office
Bentworth
Lees Lane
Newton Adlington
Macclesfield
Cheshire
SK10 4LL
Auditor
Josolyne LLP
Merchant Exchange
Waters Green
Macclesfield
Cheshire
SK11 6JX
BENTWORTH HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of income and retained earnings
8
Group statement of financial position
9
Company statement of financial position
11
Group statement of cash flows
10
Notes to the financial statements
12 - 28
BENTWORTH HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

 

The Group has prepared consolidated accounts for the year ended 30th June 2024.

Review of the business

The Group’s principal activity is the supply of fresh potatoes to retailers, wholesalers, processing customers and food service companies. In addition, the Group undertakes related activities such as the supply of seed potatoes, washing and grading of potatoes, as well as haulage services.

In the financial year, the Group undertook a major new investment at its packing facility at Epworth. The disruption caused by the works undertaken at Epworth, coupled with a difficult season, led to an extremely challenging financial year.

The 2023 harvesting season was dramatically affected by the vagaries of the climate. Heavy rainfall and flooding during the harvesting season meant that crops were either lost or were not suitable for the Group’s retail customers. This had a detrimental effect on the free buy market.

The Group has invested heavily in its future. As mentioned above, this led to some disruption at the Group’s packing facility at Epworth. Those works were finally completed in March 2024 and the Group is already seeing some excellent results in relation to increased productivity and efficiencies.

The Group is confident that whilst it has suffered some short-term losses, the increased productivity and efficiencies at Epworth will pay dividends in the years to come.

The Group’s investments have grown in value during the financial year due to interest rates being favourable.

The Group undertook a large automation project during the financial year. This was funded partly between group companies on commercial terms.

The Directors are confident that this growth will continue to be achieved during the next financial year.

Principal risks and uncertainties

A number of key risks affect the business of the Group and these include the following:

  1. Inflation – Whilst inflation has fallen to near the Bank of England’s 2% target, rising costs, in a tight and competitive market, affects the Group’s profitability.

  2. Climate – The Group is exposed to the vagaries of the climate. A poor harvest can increase the costs of raw materials in the marketplace, leading to a reduction in profitability. This was seen during the current financial year, where extreme flooding and wet weather affected the potato harvest. The Group uses a variety of tools to mitigate such exposure. These include contracting with a higher percentage of growers to set prices for the following year and by continually reviewing the Group’s internal costs.

  3. Raw materials- The fluctuation of raw material costs can have a detrimental effect on the profitability of the Group. The Group continues to work very closely with its grower base to ensure that all parties are able to support each other and grow their respective businesses.

  4. Customers- The Group continues to work closely with all of its customers to ensure that a professional and excellent service is provided to all. The business continues to monitor consumer trends in order to continue to develop its core business and attract new profitable opportunities.

  5. Brexit – Brexit has led to many challenges and uncertainties. Despite the Brexit challenges, during the financial year, the Group imported a large volume of potatoes from a number of EU countries.

Development and performance

The results for the year are set out in the attached financial statements.

Whilst the Directors are disappointed by the loss in the financial year, the continuing pressures affecting the Group, the potato industry and the economy in general, shows that the Group continues to operate in unprecedented times.

The Directors are confident that the Group will return to profitability.

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

The key performance indicators used by the Group to evaluate its trading results are as follows: sales; gross profit percentage; overhead per tonne of production; and return on capital employed.

Sales have increased by 112% in the year to 30 June 2024 compared to 30 June 2023.

The Group’s gross profit percentage was 20.18% compared to 31.93% in 2023.

Other information and explanations

Health & Safety and the Environment

The Group continues to invest in external training programs for employees in all aspects of Health & Safety and the Environment. The Group is committed to ensure that all standards are maintained and continually improved upon.

Employee and staff welfare

One of the greatest assets of the business continues to be its staff and the continuity of key colleagues. The Group recognises this contribution in terms of staff welfare, training and benefits.

The Group is working together with its suppliers and their supply chains to ensure that all policies on human trafficking, modern slavery, debt induced forced labour and human rights are complied with.

 

By order of the board

Mrs L P Arnot
Secretary
24 March 2025
BENTWORTH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The group was formed on 15th June 2018 when Bentworth Holdings Limited acquired 100% of the share capital in E Park and Sons Limited. The principle activities of the group are the packaging and wholesale of potatoes.

Results and dividends

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

No ordinary dividends were paid. 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 S R Park
Mr R Park
Future developments

At the Group’s site at Epworth, the Group has undertaken a large automation project. This project will significantly increase the productivity and efficiency of the facility.

Following a difficult 2022 growing and harvesting season, the 2023 harvesting season was also dramatically affected by the vagaries of the climate. Heavy rainfall and flooding during the harvesting season have meant that crops have either been lost or are of poor quality. This has had a detrimental effect on the free buy market.

It is likely that towards the end of the season, there will be a shortage of potatoes. Accordingly, the Group is exploring opportunities to import potato crops from the EU and from further afield.

Through successful marketing, the Group has acquired further business from an existing customer.

Auditor

Josolyne 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.

By order of the board
Mrs L P Arnot
Secretary
24 March 2025
BENTWORTH HOLDINGS 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:

 

 

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.

BENTWORTH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BENTWORTH HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Bentworth Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and its industry, and determined that the most significant are those that relate to breaches of health and safety regulations, data protection, employment laws and tax legislation. We also considered those laws and regulations that have a direct effect on the financial statements such as FRS102 accounting principles and the Companies Act 2006. We have considered the extent to which non-compliance might have a material effect on the financial statements and also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements.

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

We established that the principal risks related to revenue recognition, management bias in accounting estimates and management override. Audit procedures performed included:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Bostock ACA (Senior Statutory Auditor)
For and on behalf of Josolyne LLP
24 March 2025
Chartered Accountants
Statutory Auditor
Merchant Exchange
Waters Green
Macclesfield
Cheshire
SK11 6JX
BENTWORTH HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
57,938,710
27,234,366
Cost of sales
(46,248,451)
(18,538,987)
Gross profit
11,690,259
8,695,379
Distribution costs
(2,967,149)
(2,619,217)
Administrative expenses
(12,270,401)
(6,945,344)
Other operating income
411,469
475,268
Operating loss
5
(3,135,822)
(393,914)
Share of profits of associates
269,067
196,771
Investment income
6
643,613
533,638
Other gains and losses
7
645,543
260,412
(Loss)/profit before taxation
(1,577,599)
596,907
Tax on (loss)/profit
8
471,111
(167,681)
(Loss)/profit for the financial year
(1,106,488)
429,226
Retained earnings brought forward
32,098,382
31,669,156
Retained earnings carried forward
30,991,894
32,098,382
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BENTWORTH HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
9
10,744,579
4,684,640
Investments
10
7,583,330
9,031,016
18,327,909
13,715,656
Current assets
Inventories
13
2,050,205
1,757,380
Trade and other receivables
15
7,006,526
8,186,195
Cash and cash equivalents
12,080,688
14,340,290
21,137,419
24,283,865
Current liabilities
16
(8,228,208)
(5,272,970)
Net current assets
12,909,211
19,010,895
Total assets less current liabilities
31,237,120
32,726,551
Provisions for liabilities
Deferred tax liability
18
121,617
504,560
(121,617)
(504,560)
Net assets
31,115,503
32,221,991
Equity
Called up share capital
19
43,638
43,638
Revaluation reserve
70,277
70,277
Capital redemption reserve
9,694
9,694
Retained earnings
30,991,894
32,098,382
Total equity
31,115,503
32,221,991

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 24 March 2025 and are signed on its behalf by:
24 March 2025
Mr R Park
Director
Company registration number 11369465 (England and Wales)
BENTWORTH HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
21
2,939,233
(2,549,531)
Income taxes refunded/(paid)
88,168
(16,236)
Net cash inflow/(outflow) from operating activities
3,027,401
(2,565,767)
Investing activities
Purchase of property, plant and equipment
(8,344,913)
(852,340)
Proceeds from disposal of property, plant and equipment
52,001
135,803
Purchase of investments
(1,823,544)
(1,998,832)
Proceeds from disposal of investments
4,185,840
1,820,663
Interest received
549,007
415,990
Dividends received
94,606
117,648
Net cash used in investing activities
(5,287,003)
(361,068)
Net decrease in cash and cash equivalents
(2,259,602)
(2,926,835)
Cash and cash equivalents at beginning of year
14,340,290
17,267,125
Cash and cash equivalents at end of year
12,080,688
14,340,290
BENTWORTH HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
9
2,707,128
2,171,155
Investments
10
6,349,490
8,066,243
9,056,618
10,237,398
Current assets
Trade and other receivables
15
2,942,967
156,907
Cash and cash equivalents
4,899,914
5,444,216
7,842,881
5,601,123
Current liabilities
16
(8,768)
(10,143)
Net current assets
7,834,113
5,590,980
Total assets less current liabilities
16,890,731
15,828,378
Provisions for liabilities
18
(446,665)
(266,293)
Net assets
16,444,066
15,562,085
Equity
Called up share capital
19
43,638
43,638
Retained earnings
16,400,428
15,518,447
Total equity
16,444,066
15,562,085

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £881,981 (2023 - £369,906 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
24 March 2025
Mr R Park
Director
Company Registration No. 11369465
BENTWORTH HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 12 -
1
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.

2
Accounting policies
Company information

Bentworth Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bentworth, Lees Lane, Newton Adlington, Macclesfield, Cheshire, SK10 4LL.

 

The group consists of Bentworth Holdings Limited and all of its subsidiaries.

2.1
Accounting convention

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

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

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

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

 

BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 13 -
2.2
Basis of consolidation

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

 

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

 

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

2.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.4
Revenue

Revenue 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

2.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 14 -

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

Freehold land and buildings
2% Reducing Balance
Plant and equipment
20% Reducing Balance
Fixtures and fittings
20% Reducing Balance
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 income statement.

2.6
Non-current investments

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

 

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

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.7
Impairment of non-current assets

At each reporting period end date, the group 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.

 

BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 15 -

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.

2.8
Inventories

Inventories 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 inventories to their present location and condition.

 

Inventories 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 inventories 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.

2.9
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.

2.10
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 statement of financial position 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 trade and other receivables 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.

BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
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 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 trade and other payables, 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 payables 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 payables 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.

BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

2.11
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.

2.12
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 income statement 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 income statement, 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.

2.13
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 non-current 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.

BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Accounting policies
(Continued)
- 18 -
2.14
Retirement benefits

The company operates a number of funded pension schemes. The assets of which are held seperately from those of the company in independently administered funds. These schemes fall within the following categories:

 

Defined contribution scheme

Contributions payable for the year are charged in the profit and loss account as incurred.

 

Directors and executives scheme

Contributions are charged to the profit and loss account as incurred.

2.15
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.

2.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Sale of potatoes
57,938,710
27,234,366
2024
2023
£
£
Revenue analysed by geographical market
UK
57,478,845
26,609,732
Europe
459,865
624,634
57,938,710
27,234,366
2024
2023
£
£
Other revenue
Interest income
549,007
415,990
Dividends received
94,606
117,648
Grants received
-
69,268
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
4
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
Selling and distribution employees
172
126
-
-
Administration employees
40
39
2
2
Total
212
165
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,360,022
4,971,962
-
0
-
0
Social security costs
715,325
545,076
-
-
Pension costs
166,398
106,437
-
0
-
0
9,241,745
5,623,475
-
0
-
0
5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
(2,880)
(1,894)
Government grants
-
(69,268)
Depreciation of owned property, plant and equipment
2,157,702
756,200
Loss/(profit) on disposal of property, plant and equipment
75,271
(70,818)
6
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
549,007
415,990
Other income from investments
Dividends received
94,606
117,648
Total income
643,613
533,638
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Investment income
(Continued)
- 20 -
2024
2023
Investment income includes the following:
£
£
Dividends from financial assets measured at fair value through profit or loss
94,606
117,648
7
Other gains and losses
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
577,019
256,187
Other gains/(losses)
Gain on disposal of financial assets held at fair value through profit or loss
68,524
4,225
645,543
260,412
8
Taxation
2024
2023
£
£
Current tax
Group tax relief
(88,168)
-
0
Deferred tax
Origination and reversal of timing differences
(382,943)
167,681
Total tax (credit)/charge
(471,111)
167,681

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

2024
2023
£
£
(Loss)/profit before taxation
(1,577,599)
596,907
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(394,400)
122,366
Tax effect of expenses that are not deductible in determining taxable profit
13,314
16,238
Effect of change in corporation tax rate
-
10,408
Depreciation on assets not qualifying for tax allowances
5,894
4,737
Other permanent differences
(5,000)
(31,480)
Deferred tax adjustments in respect of prior years
-
0
109,868
Dividend income
(90,919)
(64,456)
Taxation (credit)/charge
(471,111)
167,681
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
9
Property, plant and equipment
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
2,289,403
13,020,685
472,395
4,019,227
19,801,710
Additions
571,923
7,174,017
13,399
585,574
8,344,913
Disposals
-
0
(3,346,793)
-
0
(168,132)
(3,514,925)
At 30 June 2024
2,861,326
16,847,909
485,794
4,436,669
24,631,698
Depreciation and impairment
At 1 July 2023
118,248
11,825,859
393,543
2,779,420
15,117,070
Depreciation charged in the year
35,950
1,653,743
18,450
449,559
2,157,702
Eliminated in respect of disposals
-
0
(3,246,662)
-
0
(140,991)
(3,387,653)
At 30 June 2024
154,198
10,232,940
411,993
3,087,988
13,887,119
Carrying amount
At 30 June 2024
2,707,128
6,614,969
73,801
1,348,681
10,744,579
At 30 June 2023
2,171,155
1,194,826
78,852
1,239,807
4,684,640
Company
Freehold land and buildings
£
Cost
At 1 July 2023
2,289,403
Additions
571,923
At 30 June 2024
2,861,326
Depreciation and impairment
At 1 July 2023
118,248
Depreciation charged in the year
35,950
At 30 June 2024
154,198
Carrying amount
At 30 June 2024
2,707,128
At 30 June 2023
2,171,155
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
43,638
43,638
Listed investments
6,305,852
8,022,605
6,305,852
8,022,605
Unlisted investments
1,277,478
1,008,411
-
0
-
0
7,583,330
9,031,016
6,349,490
8,066,243

Listed investments included above:

Listed investments carrying amount
6,305,852
8,022,605
6,305,852
8,022,605
Movements in non-current investments
Group
Investments other than loans
£
Cost or valuation
At 30 June 2023
9,031,016
Additions
1,823,544
Valuation changes
577,019
Share of associates profit
269,067
Disposals
(4,117,316)
At 30 June 2024
7,583,330
Carrying amount
At 30 June 2024
7,583,330
At 30 June 2023
9,031,016
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Fixed asset investments
(Continued)
- 23 -
Movements in non-current investments
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 July 2023
43,638
8,022,605
8,066,243
Additions
-
1,823,544
1,823,544
Valuation changes
-
577,019
577,019
Disposals
-
(4,117,316)
(4,117,316)
At 30 June 2024
43,638
6,305,852
6,349,490
Carrying amount
At 30 June 2024
43,638
6,305,852
6,349,490
At 30 June 2023
43,638
8,022,605
8,066,243
11
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
E Park & Sons Limited
Bentworth, Lees Lane, Newton, Adlington, Macclesfield, Cheshire, SK10 4LL
Supplier of potatoes
Ordinary
100
Rayners of Stalybridge (Produce Merchants) Limited
As above
Dormant company
Ordinary
98
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
12
Joint ventures

Details of joint ventures at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Miles Park Global Limited
Bentworth, Lees Lane, Adlington, Macclesfield, Cheshire, SK10 4LL
Supplier of potatoes
GPS Potatoes Limited
Johnstone House, 52-54 Rose Street, Aberdeen, United Kingdom, AB10 1HA
Dormant
Class of shares
% Held
held
Ordinary
50
Ordinary
40
13
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,014,234
1,709,713
-
-
Finished goods and goods for resale
35,971
47,667
-
0
-
0
2,050,205
1,757,380
-
-
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
6,305,852
8,022,605
6,305,852
8,022,605
15
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
5,262,501
4,409,328
-
0
-
0
Other receivables
660,758
463,209
2,765,736
89,718
Prepayments and accrued income
1,083,267
3,313,658
177,231
67,189
7,006,526
8,186,195
2,942,967
156,907
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
16
Current liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade payables
6,996,340
4,204,561
-
0
-
0
Other taxation and social security
125,236
101,172
-
-
Other payables
36,777
161,589
-
0
-
0
Accruals and deferred income
1,069,855
805,648
8,768
10,143
8,228,208
5,272,970
8,768
10,143
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
166,398
106,437

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.

18
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,699,329
355,572
Tax losses
(1,970,992)
(100,037)
Revaluations
393,280
249,025
121,617
504,560
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
53,385
17,268
Revaluations
393,280
249,025
446,665
266,293
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Deferred taxation
(Continued)
- 26 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 July 2023
504,560
266,293
(Credit)/charge to profit or loss
(382,943)
180,372
Liability at 30 June 2024
121,617
446,665
19
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
24,000 Ordinary A Shares of £1 each
24,000
24,000
19,638 Ordinary B Shares of £1 each
19,638
19,638
43,638
43,638

All 'A' Ordinary shares have attached to them full voting, dividend and capital distribution (including on a winding up) rights; they do not confer any rights of redemption.

 

All 'B' Ordinary shares have attached to them full dividend and capital distribution (including on a winding up) rights; they do not confer any voting rights or rights of redemption.

20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
483,713
665,827
BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
Related party transactions
(Continued)
- 27 -
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Miles park Global Limited - Associate
5,995,584
5,017,773
2,173
968

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
GPS Potatoes Limited - Associate
4
4

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Miles Park Global Limited - Associate
523,375
438,178
Company
E Park & Sons Limited
2,763,642
87,566

All above outstanding amounts are repayable on demand and there is no interest rate applicable.

No guarantees have been given or received.

BENTWORTH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
21
Cash generated from/(absorbed by) group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,106,488)
429,226
Adjustments for:
Share of results of associates and joint ventures
(269,067)
(196,771)
Taxation (credited)/charged
(471,111)
167,681
Investment income
(643,613)
(533,638)
Loss/(gain) on disposal of property, plant and equipment
75,271
(70,818)
Depreciation and impairment of property, plant and equipment
2,157,702
756,200
Other gains and losses
(645,543)
(260,412)
Movements in working capital:
Increase in inventories
(292,825)
(313,302)
Decrease/(increase) in trade and other receivables
1,179,669
(4,294,867)
Increase in trade and other payables
2,955,238
1,767,170
Cash generated from/(absorbed by) operations
2,939,233
(2,549,531)
22
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
14,340,290
(2,259,602)
12,080,688
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