Company registration number 04007543 (England and Wales)
MCCARTHY SHANKS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
MCCARTHY SHANKS LIMITED
COMPANY INFORMATION
Director
C.M. McCarthy
Secretary
C.M. McCarthy
Company number
04007543
Registered office
Oldham Central Trading Park
Coulton Close
Off Cromford Street
Oldham
OL1 4EB
Auditor
Chadwick and Company (Manchester) Limited
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
Business address
Oldham Central Trading Park
Coulton Close
Off Cromford Street
Oldham
OL1 4EB
Bankers
Barclays Bank plc
Commercial Street
Sheffield
S1 2AT
MCCARTHY SHANKS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 35
MCCARTHY SHANKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The director presents his strategic report for the year ended 31 July 2024.
Review of the business
The director is pleased to announce that the group has continued to perform to its owners’ expectations during the year.
The turnover of the group has increased during the year to £24.69 million (2023: £22.17 million) due to increasing demand from existing customers as well as taking on new customers in the period. The director continues to review the impact of the current economic and political climate at the local, national, and global levels on the business and then take the appropriate measures to mitigate any such impact.
In a time of increasing raw material and labour cost charges, the group's gross profit margin has remained relatively consistent with the previous year. The director continues to monitor and tightly control the cost of purchases of direct supplies. Administrative overheads remain stable and are consistent with the previous year. The group continues to operate well within its agreed banking facilities. The group benefits from low staff turnover and continues to promote new skills where necessary, at the same time investing in Health and Safety with a resultant excellent record on accidents.
At the year end, the group had shareholders’ funds of £6,790,021 including distributable reserves of £6,567,020. The director considers the results for the year and the financial position at the year end to be satisfactory and expects continued growth in the foreseeable future.
Principal risks and uncertainties
The director perceives inflationary pressures on the costs of the merchandise it supplies and a rising cost base in general as the key risk facing the group. To mitigate this risk, the director continues to monitor and control costs whilst continuing to source products at competitive prices.
The group believes that the key risk to the business is the general economic climate. However, the director sees this risk is mitigated to a certain extent by its excellent reputation and the quality of the products it supplies.
The group in general operates in a competitive market. By continuing to focus on customer service, the director believes they will not only mitigate any such risks, but achieve continuing growth going forward.
Interest rate risk
The group's funding is principally via invoice discounting which attracts interest at a variable rate. Thus debt costs and cash flow can be affected by the movements in interest rates.
Liquidity risk
The group manages its cash and borrowing requirements in order to minimise interest expense, and ensure there are sufficient liquid resources to meet day to day business needs.
Credit risk
Trade debtors are monitored on an ongoing basis to manage credit risk.
MCCARTHY SHANKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Development and performance
The group continues to exploit its reputation in the market and looks to the future with confidence.
C.M. McCarthy
Director
2 April 2025
MCCARTHY SHANKS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The director presents his annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company in the year under review was that of a holding company. The principal activity of its trading subsidiary undertaking continued to be that of wholesaling automotive refinishing products to the trade.
Results and dividends
The results for the year are set out on page 9.
Dividends totalling £278,794 have been paid by the group during the year (company: £150,000). The director does not recommend the payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
C.M. McCarthy
Auditor
The auditors, Chadwick & Company (Manchester) Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of director's responsibilities
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is 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. He is 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.
MCCARTHY SHANKS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the director individually has taken all the necessary steps that he ought to have taken as a director in order to make himself 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.
On behalf of the board
C.M. McCarthy
Director
2 April 2025
MCCARTHY SHANKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MCCARTHY SHANKS LIMITED
- 5 -
Opinion
We have audited the financial statements of McCarthy Shanks Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Group Statement of Comprehensive Income, the Group balance sheet, the Company balance sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
MCCARTHY SHANKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCARTHY SHANKS LIMITED
- 6 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the group and parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the group and parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
MCCARTHY SHANKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCARTHY SHANKS LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Our objectives are also are to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the group financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We considered and updated our knowledge of the group's and company's specific industry and its regulatory environment, and reviewed the group's and company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks.
We identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, the most significant of these are The Hazardous Waste (England and Wales) Regulations 2005, Health and Safety At Work Act 1974 and the UK Companies Act 2006. We also gained knowledge of the legal and regulatory frameworks which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
Audit response to risks identified
The audit engagement team were made aware of the potential opportunities and incentives that may exist within the company for fraudulent activity and how and where fraud might occur or be concealed within the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other manual adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
MCCARTHY SHANKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCARTHY SHANKS LIMITED
- 8 -
In addition to the above, we designed procedures which included:
enquiring of management and those charged with governance concerning actual and potential litigation and claims and any known instances of non-compliance with laws and regulations;
reviewing minutes of meetings of those charged with governance;
assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry or inspection;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
performing detailed audit work on areas identified as being susceptible to management bias and override of controls, such as provisions, estimates and journal entries, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of bias;
performing analytical procedures to identify any unusual relationships that may indicate a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Michael Chadwick FCA, FCCA (Senior Statutory Auditor)
For and on behalf of Chadwick and Company (Manchester) Limited
Chartered Accountants and Statutory Auditor
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
3 April 2025
MCCARTHY SHANKS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
24,689,947
22,168,990
Cost of sales
(17,437,403)
(15,408,103)
Gross profit
7,252,544
6,760,887
Administrative expenses
(4,910,660)
(4,301,209)
Operating profit
4
2,341,884
2,459,678
Interest receivable and similar income
8
93,460
35,628
Interest payable and similar expenses
9
(14,273)
Profit before taxation
2,421,071
2,495,306
Tax on profit
10
(626,915)
(540,307)
Profit for the financial year
22
1,794,156
1,954,999
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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MCCARTHY SHANKS LIMITED
GROUP BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
19,883
22,783
Tangible assets
13
948,384
969,540
Investments
14
1
1
968,268
992,324
Current assets
Stocks
16
2,358,827
2,078,860
Debtors falling due after one year
17
279,367
301,069
Debtors falling due within one year
17
4,836,197
4,647,651
Cash at bank and in hand
3,357,846
2,137,313
10,832,237
9,164,893
Creditors: amounts falling due within one year
18
(4,819,836)
(4,685,711)
Net current assets
6,012,401
4,479,182
Total assets less current liabilities
6,980,669
5,471,506
Provisions for liabilities
19
(190,648)
(196,847)
Net assets
6,790,021
5,274,659
Capital and reserves
Called up share capital
21
111,500
111,500
Capital redemption reserve
22
111,501
111,501
Profit and loss reserves
22
6,567,020
5,051,658
Total equity
6,790,021
5,274,659
The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
02 April 2025
C.M. McCarthy
Director
MCCARTHY SHANKS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
2,703,090
2,703,090
Current assets
Cash at bank and in hand
81
81
Creditors: amounts falling due within one year
18
(2,455,834)
(2,455,834)
Net current liabilities
(2,455,753)
(2,455,753)
Net assets
247,337
247,337
Capital and reserves
Called up share capital
21
111,500
111,500
Capital redemption reserve
22
111,500
111,500
Profit and loss reserves
22
24,337
24,337
Total equity
247,337
247,337
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £150,000 (2023 - £611,500 profit).
The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
02 April 2025
C.M. McCarthy
Director
Company registration number 04007543 (England and Wales)
MCCARTHY SHANKS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
117,369
105,632
3,883,297
4,106,298
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
1,954,999
1,954,999
Dividends
11
-
-
(336,638)
(336,638)
Own shares acquired
-
-
(450,000)
(450,000)
Redemption of shares
-
5,869
-
5,869
Reduction of shares
(5,869)
-
-
(5,869)
Balance at 31 July 2023
111,500
111,501
5,051,658
5,274,659
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
1,794,156
1,794,156
Dividends
11
-
-
(278,794)
(278,794)
Balance at 31 July 2024
111,500
111,501
6,567,020
6,790,021
MCCARTHY SHANKS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
117,369
105,631
24,337
247,337
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
611,500
611,500
Dividends
11
-
-
(161,500)
(161,500)
Own shares acquired
-
-
(450,000)
(450,000)
Redemption of shares
-
5,869
-
5,869
Reduction of shares
(5,869)
-
-
(5,869)
Balance at 31 July 2023
111,500
111,500
24,337
247,337
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
150,000
150,000
Dividends
11
-
-
(150,000)
(150,000)
Balance at 31 July 2024
111,500
111,500
24,337
247,337
MCCARTHY SHANKS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,510,696
3,000,282
Interest paid
(14,273)
Income taxes paid
(841,430)
(386,048)
Net cash inflow from operating activities
1,654,993
2,614,234
Investing activities
Purchase of tangible fixed assets
(442,999)
(622,149)
Proceeds on disposal of tangible fixed assets
146,484
173,129
Receipts arising from loans made
47,389
4,135
Interest received
93,460
35,628
Net cash used in investing activities
(155,666)
(409,257)
Financing activities
Purchase of issued share capital
(450,000)
Repayment of borrowings
-
(166,668)
Dividends paid to equity shareholders
(278,794)
(336,638)
Net cash used in financing activities
(278,794)
(953,306)
Net increase in cash and cash equivalents
1,220,533
1,251,671
Cash and cash equivalents at beginning of year
2,137,313
885,642
Cash and cash equivalents at end of year
3,357,846
2,137,313
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
1
Accounting policies
Company information
McCarthy Shanks Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Oldham Central Trading Park, Coulton Close, Off Cromford Street, Oldham, OL1 4EB.
The group consists of McCarthy Shanks Limited and all of its subsidiary undertakings.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company 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:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company McCarthy Shanks 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 31 July 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.
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. In the group financial statements, associates are accounted for using the equity method.
1.3
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.6
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.
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% 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 profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The unlisted investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in or .
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.8
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.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash at bank and in hand
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.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.17
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.
1.18
Amounts due in respect of invoice discounting are separately disclosed as current liabilities where applicable. The group can use these facilities to draw down a percentage of the value of certain sales invoices. The management and collection of trade receivables remains with the group.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
24,689,947
22,168,990
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
24,689,947
22,168,990
2024
2023
£
£
Other revenue
Interest income
93,460
35,628
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(50,831)
(40,833)
Depreciation of owned tangible fixed assets
254,673
176,483
Loss on disposal of tangible fixed assets
62,998
4,511
Amortisation of intangible assets
2,900
2,900
Operating lease charges
275,228
256,724
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,750
2,500
Audit of the subsidiary company's financial statements
22,000
20,500
24,750
23,000
For other services
Taxation compliance services
1,000
1,000
6
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
Management
11
11
-
-
Other
85
78
-
-
Total
96
89
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,825,872
2,526,630
Social security costs
272,771
243,605
-
-
Pension costs
66,212
75,672
3,164,855
2,845,907
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
20,949
18,025
As total directors' remuneration was less than £200,000 in the current year and previous year, no disclosure is provided in respect of the highest paid director.
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
93,060
35,444
Other interest income
400
184
Total income
93,460
35,628
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
14,273
-
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
633,114
501,941
Deferred tax
Origination and reversal of timing differences
(6,199)
38,366
Total tax charge
626,915
540,307
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
2,421,071
2,495,306
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.01%)
605,268
524,151
Tax effect of expenses that are not deductible in determining taxable profit
13,187
9,246
Permanent capital allowances in excess of depreciation
8,460
6,910
Taxation charge
626,915
540,307
The group has capital losses amounting to £49,208 (2023: £49,208) to carry forward and offset against any future capital gains that may arise.
11
Dividends
Group
Company
2024
2023
2024
2023
£
£
£
£
Interim dividends paid
278,794
336,638
150,000
161,500
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
58,000
Amortisation and impairment
At 1 August 2023
35,217
Amortisation charged for the year
2,900
At 31 July 2024
38,117
Carrying amount
At 31 July 2024
19,883
At 31 July 2023
22,783
The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
13
Tangible fixed assets
Group
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
552,843
447,510
863,458
1,863,811
Additions
39,242
32,377
371,380
442,999
Disposals
(392,412)
(392,412)
At 31 July 2024
592,085
479,887
842,426
1,914,398
Depreciation and impairment
At 1 August 2023
438,544
286,050
169,677
894,271
Depreciation charged in the year
40,648
49,401
164,624
254,673
Eliminated in respect of disposals
(182,930)
(182,930)
At 31 July 2024
479,192
335,451
151,371
966,014
Carrying amount
At 31 July 2024
112,893
144,436
691,055
948,384
At 31 July 2023
114,299
161,460
693,781
969,540
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiary undertakings
15
2,703,090
2,703,090
Unlisted investments
1
1
1
1
2,703,090
2,703,090
The group has an investment in an unlisted limited company incorporated in England and Wales. As this shareholding is less than 20% and as the group does not exert significant influence over it, the investment has been treated as an unlisted investment shown at cost.
Movements in fixed asset investments
Group
Investments other than loans
£
Cost or valuation
At 1 August 2023 and 31 July 2024
1
Carrying amount
At 31 July 2024
1
At 31 July 2023
1
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 August 2023 and 31 July 2024
2,703,090
Carrying amount
At 31 July 2024
2,703,090
At 31 July 2023
2,703,090
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
15
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Supertune Automotive Ltd
England & Wales
Wholesale of automotive refinishing products
Ordinary 'A'
100
0
The registered office of the parent company and group member is Oldham Central Trading Park, Coulton Close, Off Cromford Street, Oldham, Lancashire, OL1 4EB.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,358,827
2,078,860
Group
An impairment loss amounting to £129,593 (2023 - £4,503 reversal of impairment loss) was recognised in cost of sales against stock during the year due to slow moving and obsolete stock.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,480,879
4,366,911
Other debtors
75,821
92,130
Prepayments and accrued income
279,497
188,610
4,836,197
4,647,651
-
-
Amounts falling due after more than one year:
Trade debtors
279,367
301,069
Total debtors
5,115,564
4,948,720
-
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
3,531,492
3,177,544
Amounts owed to group undertakings
2,455,334
2,455,334
Corporation tax payable
293,440
501,756
Other taxation and social security
401,076
457,815
-
-
Other creditors
51,135
99,898
Accruals and deferred income
542,693
448,698
500
500
4,819,836
4,685,711
2,455,834
2,455,834
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 31 -
19
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
190,648
196,847
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
196,847
-
Credit to profit or loss
(6,199)
-
Liability at 31 July 2024
190,648
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,212
75,672
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.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
21
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
66,900 Ordinary 'A' shares of £1 each
66,900
66,900
44,600 Ordinary 'C' shares of £1 each
44,600
44,600
111,500
111,500
Group and company
The Ordinary 'A' and Ordinary 'C' shares shall rank pari passu in all respects and are all voting shares, except as otherwise provided in the Articles of Association.
22
Reserves
Capital redemption reserve
Capital redemption reserve is a non-distributable reserve and represents paid up share capital.
Own shares
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss reserves
Profit and loss reserves includes all current and prior period retained profit and losses.
23
Financial commitments, guarantees and contingent liabilities
There is a cross guarantee in place between McCarthy Shanks Limited and its subsidiary company Supertune Automotive Ltd. As at 31 July 2024, the amount guaranteed was £nil (2023 - £nil).
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 33 -
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
264,771
278,736
-
-
Between two and five years
662,077
813,466
-
-
In over five years
219,548
335,663
-
-
1,146,396
1,427,865
-
-
25
Events after the reporting date
On 14 August 2024, the entire share capital of the company was acquired by Supertune Automotive Holdings Limited which became the ultimate parent company of the group.
26
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
559,478
537,633
Transactions with related parties
The group holds an unlisted investment in a company incorporated in England and Wales. During the year, the group made purchases from this company amounting to £254,047 (2023: £241,391) on normal commercial terms. As at 31 July 2024, the group owed the company £nil (2023: £nil) which is included in trade creditors.
During the year, the group made sales to the company amounting to £111,467 (2023: £152,833). The group also made rebates to the company amounting to £36,995 (2023: £93,314) during the year. As at 31 July 2024, a balance of £21,756 (2023: £74,883) was owed to the group.
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 34 -
27
Controlling party
The company is controlled by Mr C. M. McCarthy, by virtue of his majority shareholding in the company.
28
Directors' transactions
Dividends totalling £75,000 (2023 - £75,000) were paid in the year in respect of shares held by the company's director.
Group
Included in other debtors due less than one year is a director's loan account due to the group amounting to £37,516. No interest was paid on this loan during the year. The loan is repayable on demand.
The maximum amount outstanding on the director's loan account during the year was £349,076.
The loan was repaid to the group after the year end.
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,794,156
1,954,999
Adjustments for:
Taxation charged
626,915
540,307
Finance costs
14,273
Investment income
(93,460)
(35,628)
Loss on disposal of tangible fixed assets
62,998
4,511
Amortisation and impairment of intangible assets
2,900
2,900
Depreciation and impairment of tangible fixed assets
254,673
176,483
Movements in working capital:
Increase in stocks
(279,967)
(44,520)
Increase in debtors
(214,233)
(368,961)
Increase in creditors
342,441
770,191
Cash generated from operations
2,510,696
3,000,282
MCCARTHY SHANKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 35 -
30
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
2,137,313
1,220,533
3,357,846
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