Company registration number 14791636 (England and Wales)
REEVES BUTCHERS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
REEVES BUTCHERS GROUP LIMITED
COMPANY INFORMATION
Directors
H L Reeves
(Appointed 11 April 2023)
P M C Reeves
(Appointed 14 October 2024)
S Dunlop
(Appointed 14 October 2024)
Company number
14791636
Registered office
11 - 12 Brickfields
Kiln Lane
Bracknell
Berkshire
England
RG12 1NQ
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
REEVES BUTCHERS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
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 - 30
REEVES BUTCHERS GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

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

Review of the business

The Group has delivered a solid set of maiden financial results following the acquisition of the Reeves Butchers Holdings Limited Group on 23 May 2023.

 

The primary focus of the business is the supply of quality meat, poultry and game produce to a wide range of commercial customers. The business centres itself around excellent levels of customer service and industry leading accreditations.

 

The Group prides itself on providing a wide range of products with a customer first mentality, whilst offering scale and wholly controlled delivery infrastructure which helps to provide value and reliability to customers. It is also dedicated to developing innovative working practices, leveraging technology wherever feasible to ensure customers receive value for money.

 

Underlying trading for the period was strong, even as the Group helped its customers navigate a turbulent period in the sector. Cost of living and inflationary pressures in both the industry and the wider economy have created challenges for all levels of the food supply chain.

 

Intelligent product sourcing, robust quality checks and efficient processing techniques which are underpinned by excellent customer support has created value for clients. This customer centric approach and mindset for growth has enabled strong customer retention and new prospect wins. This has ensured the Group retains strong core business, which in turn, has allowed the Group to invest in growth initiatives, primarily the expansion of the facility and systems upgrades.

Principal risks and uncertainties

Key risks to the Group are predominantly external in nature. Economic uncertainty and cost of living pressures in the UK have put strain on the hospitality sector. Inflationary pressures continue to impact both the supply chain and end customers.

 

Investment in new equipment and facility upgrades, which help to create efficiencies, are central to the Group’s strategy for addressing these uncertainties. As a result of this commitment to continued development, the Group is well placed to meet these challenges and support customers.

Key performance indicators
The Group's key financial and other performance indicators during the year were as follows:
Unit
2024
Turnover
£
17,194,159
Operating profit
£
663,147

Turnover: Despite pressures in the wider marketplace, turnover is robust. This comes from a strong market position due to strategic positioning as a highly reliable, customer focused supplier with strong accreditations.

 

Operating profit: Despite inflationary pressures creating a highly competitive marketplace, operating profit is strong. This is driven by the Group’s strong revenue and investment in technology, which helps maintain scalable operations as demand for the Group’s services have grown.

 

The directors continue to monitor performance indicators and will annually determine those defined as key.

REEVES BUTCHERS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -

On behalf of the board

H L Reeves
Director
9 April 2025
REEVES BUTCHERS GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -

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

Principal activities

The principal activity of the Group continued to be that of supplier of meat, poultry and game produce.

Results and dividends

The results for the period 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 period and up to the date of signature of the financial statements were as follows:

H L Reeves
(Appointed 11 April 2023)
P M C Reeves
(Appointed 14 October 2024)
S Dunlop
(Appointed 14 October 2024)
Statement of directors' responsibilities

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

REEVES BUTCHERS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
On behalf of the board
H L Reeves
Director
9 April 2025
REEVES BUTCHERS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REEVES BUTCHERS GROUP LIMITED
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

REEVES BUTCHERS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REEVES BUTCHERS GROUP 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 within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and revenue recognition. Our audit procedures to respond to management override risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Our audit procedures to respond to revenue recognition risks included sample testing a sample of income across the year to agree to supporting documentation, and reviewing income received either side of the year end to ensure this has been recognised correctly.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

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.

REEVES BUTCHERS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REEVES BUTCHERS GROUP LIMITED
- 7 -

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.

Daniel Wesolowski
For and on behalf of
10 April 2025
FLB Audit LLP
Chartered Accountants
Statutory Auditor
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
REEVES BUTCHERS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
Period
ended
30 June
2024
Notes
£
Turnover
3
17,194,159
Cost of sales
(14,361,053)
Gross profit
2,833,106
Administrative expenses
(2,169,959)
Operating profit
4
663,147
Interest receivable and similar income
7
9,629
Interest payable and similar expenses
8
(182,756)
Profit before taxation
490,020
Tax on profit
9
(194,096)
Profit and total comprehensive income for the year
295,924
The profit and total comprehensive income for the financial year is all attributable to the owners of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

REEVES BUTCHERS GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
Notes
£
£
Fixed assets
Goodwill
10
1,659,194
Tangible assets
11
190,295
1,849,489
Current assets
Stocks
14
353,429
Debtors
15
1,538,162
Cash at bank and in hand
835,915
2,727,506
Creditors: amounts falling due within one year
16
(4,096,546)
Net current liabilities
(1,369,040)
Total assets less current liabilities
480,449
Creditors: amounts falling due after more than one year
17
(167,157)
Provisions for liabilities
Deferred tax liability
21
17,367
(17,367)
Net assets
295,925
Capital and reserves
Called up share capital
23
2
Profit and loss reserves
295,923
Total equity
295,925

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 9 April 2025 and are signed on its behalf by:
09 April 2025
H L Reeves
Director
Company registration number 14791636 (England and Wales)
REEVES BUTCHERS GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
Notes
£
£
Fixed assets
Investments
12
4,000,000
Current assets
Debtors
15
2
Creditors: amounts falling due within one year
16
(4,119,583)
Net current liabilities
(4,119,581)
Net liabilities
(119,581)
Capital and reserves
Called up share capital
23
2
Profit and loss reserves
(119,583)
Total equity
(119,581)

As permitted by S408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £119,583.

The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
09 April 2025
H L Reeves
Director
Company registration number 14791636 (England and Wales)
REEVES BUTCHERS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 April 2023
-
-
-
Period ended 30 June 2024:
Loss and total comprehensive expense
-
295,924
295,924
Issue of share capital
23
2
-
2
Balance at 30 June 2024
2
295,924
295,926
REEVES BUTCHERS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 April 2023
-
-
-
Period ended 30 June 2024:
Loss and total comprehensive expense
-
(119,583)
(119,583)
Issue of share capital
23
2
-
2
Balance at 30 June 2024
2
(119,583)
(119,581)
REEVES BUTCHERS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
- 13 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
28
2,852,889
Interest paid
(63,173)
Income taxes paid
(346,935)
Net cash inflow from operating activities
2,442,781
Investing activities
Purchase of business (net of cash acquired)
24
(1,569,148)
Purchase of tangible fixed assets
11
(47,349)
Interest received
9,629
Net cash used in investing activities
(1,606,868)
Financing activities
Proceeds from issue of shares
2
Net cash generated from financing activities
2
Net increase in cash and cash equivalents
835,915
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
835,915
REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Reeves Butchers Group Limited (“the Company”) is a private company limited by shares incorporated in England and Wales. The registered office is 11 - 12 Brickfields, Kiln Lane, Bracknell, Berkshire, England, RG12 1NQ. The Group's principal activities and nature of its operations are disclosed in the directors' report.

 

The Group consists of Reeves Butchers Group Limited and all of its subsidiaries.

1.1
Reporting period

This set of financial statements is for the period from incorporation on 11 April 2023 until 30 June 2024.

1.2
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 £.

Reeves Butchers Group Limited has extended its accounting reference date from 30 April 2024 to 30 June 2024.The financial statements have been prepared from the date of incorporation, 11 April 2023 to 30 June 2024.

 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

The parent company has taken advantage of the exemption from preparing a statement of cash flows, on the basis that it is a qualifying entity and the group statement of cash flows, included in these financial statements, includes the company's cash flows.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

 

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

 

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

 

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

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Reeves Butchers Group 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.

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

1.5
Going concern

In preparing the financial statements, the directors are required to assess the Group’s ability to continue to trade as a 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.

 

Furthermore, the directors have prepared detailed cash flow forecasts which extend at least 12 months from the date of signing these financial statements. The directors have applied a severe but plausible stress test to these forecasts which demonstrate they maintain sufficient funds to discharge their liabilities under this severe scenario. For these reasons, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
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.

1.7
Intangible fixed assets - goodwill

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

 

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

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.8
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
20% straight line
1.9
Tangible fixed assets

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

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

Leasehold improvements
20% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
20% straight line

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.

1.10
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.

1.11
Impairment of fixed assets

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

 

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

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -

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

 

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

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

1.12
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.

1.13
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.

1.14
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 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.

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD 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 and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.15
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.

1.16
Taxation

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

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
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.

1.17
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.

1.18
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.19
Leases

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

 

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

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD 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.

Critical judgements

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

Amortisation and depreciation of intangible and tangible fixed assets

Fixed assets are amortised or depreciated over their estimated useful economic lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover and other revenue
Period
ended
30 June
2024
£
Turnover analysed by class of business
Supply of meat, poultry and game produce
17,194,159
2024
£
Turnover analysed by geographical market
United Kingdom
17,194,159
2024
£
Other revenue
Interest income
9,629
REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 21 -
4
Operating profit
Period
ended
30 June
2024
£
Operating profit for the period is stated after charging:
Fees payable to the Group's auditor for the audit of the parent company and Group's financial statements
3,000
Fees payable to the Company's auditor for the audit of the subsidiaries' financial statements
17,600
Depreciation of owned tangible fixed assets
172,638
Loss on disposal of tangible fixed assets
14,000
Amortisation of intangible assets
206,010
5
Employees

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

Group
Company
2024
2024
Number
Number
Production
35
-
Distribution
18
-
Administration
10
-
Total
63
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
2,935,461
-
0
Social security costs
253,062
-
Pension costs
45,442
-
0
3,233,965
-
0
REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 22 -
6
Directors' remuneration
2024
£
Remuneration for qualifying services
75,710
Company pension contributions to defined contribution schemes
1,456
77,166
7
Interest receivable and similar income
Period
ended
30 June
2024
£
Interest income
Interest on bank deposits
1,131
Other interest income
8,498
Total income
9,629
2024
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
1,131
8
Interest payable and similar expenses
Period
ended
30 June
2024
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
38,462
Other interest on financial liabilities
119,583
158,045
Other finance costs:
Interest on finance leases and hire purchase contracts
15,191
Other interest
9,520
Total finance costs
182,756
REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 23 -
9
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
223,509
Deferred tax
Origination and reversal of timing differences
(29,413)
Total tax charge
194,096

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

2024
£
Profit before taxation
490,020
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
122,505
Tax effect of expenses that are not deductible in determining taxable profit
21,350
Depreciation on assets not qualifying for tax allowances
(155)
Amortisation on assets not qualifying for tax allowances
50,396
Taxation charge
194,096

The Group has tax adjusted losses of £1,134 available for carry forward against future trading profits, for which a deferred tax asset of £284 has not been recognised due to uncertainty around the timing and probability of future taxable profits against which to utilise the tax losses.

 

The tax losses do not have an expiry date.

10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 11 April 2023
-
0
-
0
-
0
Additions - business combinations
1,860,778
4,426
1,865,204
At 30 June 2024
1,860,778
4,426
1,865,204
Amortisation and impairment
At 11 April 2023
-
0
-
0
-
0
Amortisation charged for the period
201,584
4,426
206,010
At 30 June 2024
201,584
4,426
206,010
REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
10
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 30 June 2024
1,659,194
-
0
1,659,194
The company had no intangible fixed assets at 30 June 2024.
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 11 April 2023
-
0
-
0
-
0
-
0
-
0
-
0
Additions
23,051
16,712
7,586
-
0
-
0
47,349
Business combinations
62,809
41,026
13,653
47,554
164,542
329,584
Disposals
-
0
-
0
-
0
-
0
(19,200)
(19,200)
At 30 June 2024
85,860
57,738
21,239
47,554
145,342
357,733
Depreciation and impairment
At 11 April 2023
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
30,528
23,073
8,868
13,771
96,398
172,638
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(5,200)
(5,200)
At 30 June 2024
30,528
23,073
8,868
13,771
91,198
167,438
Carrying amount
At 30 June 2024
55,332
34,665
12,371
33,783
54,144
190,295
The company had no tangible fixed assets at 30 June 2024.
12
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
13
-
0
4,000,000
REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
12
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 11 April 2023
-
Additions
4,000,000
At 30 June 2024
4,000,000
Carrying amount
At 30 June 2024
4,000,000
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Reeves Butchers Holdings Ltd
11 - 12 Brickfields Kiln Lane, Bracknell, Berkshire, RG12 1NQ
Ordinary
100.00
Reeves Butchers Ltd
11 - 12 Brickfields Kiln Lane, Bracknell, Berkshire, RG12 1NQ
Ordinary
100.00
14
Stocks
Group
Company
2024
2024
£
£
Raw materials and consumables
353,429
-
15
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
1,300,770
-
0
Other debtors
130,575
2
Prepayments and accrued income
106,817
-
0
1,538,162
2
REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2024
Notes
£
£
Bank loans
18
176,232
-
0
Obligations under finance leases
19
85,819
-
0
Trade creditors
1,298,246
-
0
Amounts owed to group undertakings
-
0
2,000,000
Corporation tax payable
81,241
-
0
Other taxation and social security
58,405
-
Other creditors
2,129,310
2,119,583
Accruals and deferred income
267,293
-
0
4,096,546
4,119,583
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
Notes
£
£
Bank loans and overdrafts
18
167,157
-
0
18
Loans and overdrafts
Group
Company
2024
2024
£
£
Bank loans
343,389
-
0
Payable within one year
176,232
-
0
Payable after one year
167,157
-
0

Bank loans consist of the following:

 

 

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 27 -
19
Finance lease obligations
Group
Company
2024
2024
£
£
Future minimum lease payments due under finance leases:
Within one year
85,819
-
0

Finance lease payments represent rentals payable by the company for certain items of motor vehicles and plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

20
Secured debt

Fixed and floating charges have been registered against the company over all the assets, property and undertaking of the company in relation to other borrowings. A charge dated 23 May 2023 was satisfied on 18 October 2024.

 

Charges registered on 14 October 2024 containing fixed and floating charges, were registered post year end. The charges contains a negative pledge.

21
Deferred taxation

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

Liabilities
2024
Group
£
Accelerated capital allowances
20,442
Other temporary timing differences
(3,075)
17,367
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 11 April 2023
-
-
Balance on acquisition
46,780
-
Credit to profit or loss
(29,413)
-
Liability at 30 June 2024
17,367
-

The deferred tax liability set out above is expected to reverse within 5 years of the reporting date, being the corresponding depreciation term on the tangible fixed assets to which the accelerated capital allowances relate.

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 28 -
22
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
45,442

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.

23
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of 1p each
200
2
24
Acquisition of a business

On 23 May 2023 the group acquired 100 percent of the issued capital of Reeves Butchers Holdings Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
334,010
-
334,010
Trade and other receivables
3,658,675
-
3,658,675
Cash and cash equivalents
430,852
-
430,852
Trade and other payables
(2,237,536)
-
(2,237,536)
Provisions
(46,780)
-
(46,780)
Total identifiable net assets
2,139,221
-
2,139,221
Goodwill
1,860,779
Total consideration
4,000,000
The consideration was satisfied by:
£
Cash
2,000,000
Issue of convertible loans
2,000,000
4,000,000
REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
24
Acquisition of a business
(Continued)
- 29 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
17,194,159
Profit after tax
415,507

The goodwill arising on the acquisition of the business is attributable to the assembled workforce and future earnings potential, growth in business and customer loyalty.

Net cash outflow in respect of the acquisition is:
£
Cash
2,000,000
Net cash acquired
(430,852)
1,569,148
25
Operating lease commitments

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
2024
£
£
Within one year
104,244
-
Between two and five years
416,976
-
In over five years
130,519
-
651,739
-
26
Events after the reporting date

On 22 July 2024, an intragroup dividend was received from Reeves Butchers Holdings Limited amounting to £2,119,583.

 

On 14 October 2024, there was a change of ownership making Baobab Topco Limited the new ultimate parent of the Group. Baobab Topco Limited is owned by several shareholders and individually no shareholder can exert control.

REEVES BUTCHERS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 30 -
27
Related party transactions

The company has taken advantage of the exemption conferred by Financial Reporting Standard 102 Section 33 'Related Party Disclosures' paragraph 33.1A not to disclose transactions entered into between two or more members of a group on the grounds that any subsidiaries party to the transactions is wholly owned by such a member.

 

Secured loan notes of £2,000,000 were provided by Reeves Butchers Group Limited to key management personnel and other related parties. The loan notes carry interest at 5% per annum and remain outstanding at the period end.

28
Cash generated from group operations
2024
£
Profit for the period after tax
295,925
Adjustments for:
Taxation charged
194,096
Finance costs
182,756
Investment income
(9,629)
Loss on disposal of tangible fixed assets
14,000
Amortisation of intangible assets
206,010
Depreciation of tangible fixed assets
172,638
Movements in working capital:
Increase in stocks
(353,429)
Decrease in debtors
2,120,513
Increase in creditors
30,009
Cash generated from operations
2,852,889
29
Analysis of changes in net funds - group
11 April 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
-
835,915
835,915
Borrowings excluding overdrafts
-
(343,389)
(343,389)
Obligations under finance leases
-
(85,819)
(85,819)
-
406,707
406,707
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