Company registration number 05373718 (England and Wales)
SWS (CROSS HILLS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
SWS (CROSS HILLS) LIMITED
COMPANY INFORMATION
Directors
Mr S W Smith
Mrs H Smith
Mr S S Smith
Secretary
Mr S W Smith
Company number
05373718
Registered office
Victoria Works
Skipton Road
Cross Hills
Keighley
BD20 7DS
Auditor
MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
SWS (CROSS HILLS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
SWS (CROSS HILLS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Review of the business

The group deals in vehicle body shop repairs and vehicle recovery. The group operations are split geographically with body shops based in Ledes, Bradford and Keighley.

 

The financial statements show a leap in turnover compared to 2023, however overall profits have fallen, with economic conditions considered to be tough as a result of record high interest rates and inflation.

 

The group are happy to show that net assets have again increased and continue to be in a strong position. The group have also maintained a strong cash position during the period.

Principal risks and uncertainties

It is always possible that work could be reduced as it is in any industry. If this happens the profitability of the business will be reduced.

 

The directors have identified the following principal risks and uncertainties affecting the company:

 

Competition risk

It is always possible that custom may fall with the nature of the business or that they may look to other suppliers. The risk is mitigated by building a strong reputation and ensuring that the company remains competitive and meets customer expectations.

 

Economy

The UK economy is forecast to grow much more slowly that expected in the next 12 months as inflation takes longer to fall. The cost of living crisis has driven costs up so this could hit profitability going forwards.

Key performance indicators

The group monitors its performance using a number of measures. These include:

 

Measure                    2024            2023

Turnover                        £9.2m            £7.7m

Gross profit                    £5.3m            £4.6m

On behalf of the board

Mr S W Smith
Director
18 April 2025
SWS (CROSS HILLS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £221,200. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S W Smith
Mrs H Smith
Mr S S Smith
Future developments

Factors impacting the future development of the group are included within the strategic report.

Auditor

MHA were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, and they have indicated their willingness to accept reappointment for the coming year.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and future developments.

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.

On behalf of the board
Mr S W Smith
Mr S S Smith
Director
Director
18 April 2025
SWS (CROSS HILLS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

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.

SWS (CROSS HILLS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWS (CROSS HILLS) LIMITED
- 4 -
Opinion

We have audited the financial statements of SWS (Cross Hills) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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 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.

SWS (CROSS HILLS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SWS (CROSS HILLS) LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

 

In the light of the knowledge and understanding of the group and 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.

Matters on which we are required to report by exception

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 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

SWS (CROSS HILLS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SWS (CROSS HILLS) LIMITED
- 6 -

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Other matters

In the previous accounting period, the directors of the Company took advantage of the audit exemption under s477 of the Companies Act. Therefore, the prior period financial statements were not subject to audit.

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.

Jack Steer BA(Hons) ACA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Lancaster, United Kingdom
23 April 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
SWS (CROSS HILLS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
2024
2023
unaudited
Notes
£
£
Turnover
3
9,170,614
7,732,283
Cost of sales
(3,890,612)
(3,104,127)
Gross profit
5,280,002
4,628,156
Administrative expenses
(4,858,113)
(4,113,698)
Other operating income
121,311
28,834
Operating profit
4
543,200
543,292
Interest receivable and similar income
7
4,378
529
Interest payable and similar expenses
8
(125,614)
(62,448)
Profit before taxation
421,964
481,373
Tax on profit
9
(33,140)
100,972
Profit for the financial year
388,824
582,345
Profit for the financial year is all attributable to the owners of the parent company.
SWS (CROSS HILLS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
unaudited
£
£
Profit for the year
388,824
582,345
Other comprehensive income
-
-
Total comprehensive income for the year
388,824
582,345
Total comprehensive income for the year is all attributable to the owners of the parent company.
SWS (CROSS HILLS) LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 9 -
2024
2023
unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,987,552
2,844,771
Investment property
11
1,158,269
1,158,269
4,145,821
4,003,040
Current assets
Stocks
-
28,290
Debtors
15
351,970
645,770
Cash at bank and in hand
1,110,851
979,191
1,462,821
1,653,251
Creditors: amounts falling due within one year
16
(926,067)
(1,220,246)
Net current assets
536,754
433,005
Total assets less current liabilities
4,682,575
4,436,045
Creditors: amounts falling due after more than one year
17
(1,727,335)
(1,705,320)
Provisions for liabilities
Deferred tax liability
20
125,254
68,363
(125,254)
(68,363)
Net assets
2,829,986
2,662,362
Capital and reserves
Called up share capital
22
162,000
162,000
Profit and loss reserves
2,667,986
2,500,362
Total equity
2,829,986
2,662,362

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 18 April 2025 and are signed on its behalf by:
18 April 2025
Mr S W Smith
Mr S S Smith
Director
Director
Company registration number 05373718 (England and Wales)
SWS (CROSS HILLS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,978,124
1,968,124
Investment property
11
1,158,269
1,158,269
Investments
14
324,000
324,000
3,460,393
3,450,393
Current assets
Debtors
15
224,595
12,000
Cash at bank and in hand
22,273
226,982
246,868
238,982
Creditors: amounts falling due within one year
16
(20,948)
(46,044)
Net current assets
225,920
192,938
Total assets less current liabilities
3,686,313
3,643,331
Creditors: amounts falling due after more than one year
17
(1,560,000)
(1,560,000)
Net assets
2,126,313
2,083,331
Capital and reserves
Called up share capital
22
162,000
162,000
Profit and loss reserves
1,964,313
1,921,331
Total equity
2,126,313
2,083,331

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 £264,183 (2023 - £1,168,100 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 April 2025 and are signed on its behalf by:
18 April 2025
Mr S W Smith
Mr S S Smith
Director
Director
Company registration number 05373718 (England and Wales)
SWS (CROSS HILLS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022 (unaudited)
162,000
2,099,017
2,261,017
Year ended 31 July 2023 (unaudited):
Profit and total comprehensive income
-
582,345
582,345
Dividends
10
-
(181,000)
(181,000)
Balance at 31 July 2023 (unaudited)
162,000
2,500,362
2,662,362
Year ended 31 July 2024:
Profit and total comprehensive income
-
388,824
388,824
Dividends
10
-
(221,200)
(221,200)
Balance at 31 July 2024
162,000
2,667,986
2,829,986
SWS (CROSS HILLS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022 (unaudited)
162,000
934,231
1,096,231
Year ended 31 July 2023 (unaudited):
Profit and total comprehensive income for the year
-
1,168,100
1,168,100
Dividends
10
-
(181,000)
(181,000)
Balance at 31 July 2023 (unaudited)
162,000
1,921,331
2,083,331
Year ended 31 July 2024:
Profit and total comprehensive income
-
264,182
264,182
Dividends
10
-
(221,200)
(221,200)
Balance at 31 July 2024
162,000
1,964,313
2,126,313
SWS (CROSS HILLS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2024
2023
unaudited
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
774,594
1,082,069
Interest paid
(125,614)
(62,448)
Income taxes refunded
-
0
22,263
Net cash inflow from operating activities
648,980
1,041,884
Investing activities
Purchase of tangible fixed assets
(213,901)
(587,550)
Proceeds from disposal of tangible fixed assets
27,017
31,526
Purchase of investment property
-
(1,158,269)
Interest received
4,378
529
Net cash used in investing activities
(182,506)
(1,713,764)
Financing activities
Proceeds from new bank loans
-
900,000
Payment of finance leases obligations
(113,614)
(35,003)
Dividends paid to equity shareholders
(221,200)
(181,000)
Net cash (used in)/generated from financing activities
(334,814)
683,997
Net increase in cash and cash equivalents
131,660
12,117
Cash and cash equivalents at beginning of year
979,191
967,074
Cash and cash equivalents at end of year
1,110,851
979,191
SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
1
Accounting policies
Company information

SWS (Cross Hills) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Victoria Works, Skipton Road, Cross Hills, Keighley, BD20 7DS.

 

The group consists of SWS (Cross Hills) Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The company, as an individual entity, is a qualifying entity for the purposes of FRS 102, being the parent of a group 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, as an individual entity, has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
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, 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.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company SWS (Cross Hills) 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.

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

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from bodyshop sales is recognised on completion of the work been carried out for the respective customer. Revenue from recovery sales is recognised at the point the recovery is carried out as a one-off event.

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.

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

Freehold land and buildings
No depreciation
Leasehold improvements
No depreciation / 25% Straight line
Plant and equipment
25% Straight line
Fixtures and fittings
25% Straight line
Computers
25% Straight line
Motor vehicles
33% 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.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, 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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock held by the company are consumables used in the bodyshop and are only held for the short term.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
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.

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.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

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 balance sheet 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.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the 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.

Valuation of investment property

Investment property held in the financial statements are held at a directors' valuation in the accounts. The directors have used their judgement that this valuation is currently the most appropriate valuation for the property to equate to fair value at the balance sheet date.

3
Turnover and other revenue
2024
2023
unaudited
£
£
Turnover analysed by class of business
Bodyshop sales
7,766,418
6,251,851
Recovery sales
1,404,196
1,480,432
9,170,614
7,732,283
SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
unaudited
£
£
Turnover analysed by geographical market
United Kingdom
9,170,614
7,732,283
2024
2023
unaudited
£
£
Other revenue
Interest income
4,378
529
Grants received
313
10,000
4
Operating profit
2024
2023
unaudited
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(313)
(10,000)
Fees payable to the group's auditor for the audit of the group's financial statements
18,000
-
Depreciation of owned tangible fixed assets
301,940
280,238
Profit on disposal of tangible fixed assets
(7,675)
(22,180)
Operating lease charges
237,207
227,080
5
Employees

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

Group
Company
2024
2023
2024
2023
unaudited
unaudited
Number
Number
Number
Number
Staff
90
79
-
-
Directors
4
4
3
3
Total
94
83
3
3
SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
Wages and salaries
3,145,874
2,537,370
-
0
-
0
Social security costs
301,325
244,953
-
-
Pension costs
61,169
53,016
-
0
-
0
3,508,368
2,835,339
-
0
-
0
6
Directors' remuneration
2024
2023
unaudited
£
£
Remuneration for qualifying services
72,449
39,779
Company pension contributions to defined contribution schemes
362
171
72,811
39,950

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

7
Interest receivable and similar income
2024
2023
unaudited
£
£
Interest income
Interest on bank deposits
-
0
331
Other interest income
4,378
198
Total income
4,378
529
8
Interest payable and similar expenses
2024
2023
unaudited
£
£
Interest on bank overdrafts and loans
121,404
59,368
Interest on finance leases and hire purchase contracts
4,210
3,080
Total finance costs
125,614
62,448
SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
9
Taxation
2024
2023
unaudited
£
£
Current tax
UK corporation tax on profits for the current period
(23,751)
-
0
Deferred tax
Origination and reversal of timing differences
56,891
(100,972)
Total tax charge/(credit)
33,140
(100,972)

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

2024
2023
unaudited
£
£
Profit before taxation
421,964
481,373
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.01%)
105,491
101,115
Tax effect of expenses that are not deductible in determining taxable profit
4,315
116,133
Tax effect of income not taxable in determining taxable profit
-
0
(247,185)
Adjustments in respect of prior years
-
0
(11,932)
Permanent capital allowances in excess of depreciation
15
-
Depreciation on assets not qualifying for tax allowances
-
2,152
Research and development tax credit
(15,836)
-
0
Deferred tax adjustments in respect of prior years
(12,649)
(11,518)
Other tax adjustments
(75)
-
0
Additional deduction for R&D expenditure
(48,121)
-
0
Loss/profit on ineligble assets
-
0
(42,577)
Super deduction expenditure
-
(3,028)
Structures and buildings allowance
-
(4,132)
Taxation charge/(credit)
33,140
(100,972)
10
Dividends
2024
2023
unaudited
Recognised as distributions to equity holders:
£
£
Interim paid
221,200
181,000
SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023 and 31 July 2024
1,158,269
1,158,269

The directors consider this valuation to be a fair indication of the value of the investment properties at 31 July 2024.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 August 2023 (unaudited)
1,988,597
1,846,104
287,339
502,544
112,520
432,294
5,169,398
Additions
10,000
155,558
67,097
5,568
17,892
207,948
464,063
Disposals
-
0
-
0
-
0
-
0
(806)
(50,500)
(51,306)
At 31 July 2024
1,998,597
2,001,662
354,436
508,112
129,606
589,742
5,582,155
Depreciation and impairment
At 1 August 2023 (unaudited)
104,647
1,461,859
31,585
427,334
80,038
219,164
2,324,627
Depreciation charged in the year
-
0
64,118
79,328
54,702
17,207
86,585
301,940
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(392)
(31,572)
(31,964)
At 31 July 2024
104,647
1,525,977
110,913
482,036
96,853
274,177
2,594,603
Carrying amount
At 31 July 2024
1,893,950
475,685
243,523
26,076
32,753
315,565
2,987,552
At 31 July 2023 (unaudited)
1,883,950
384,245
255,754
75,210
32,482
213,130
2,844,771
SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
Company
Freehold land and buildings
£
Cost
At 1 August 2023
1,968,124
Additions
10,000
At 31 July 2024
1,978,124
Depreciation and impairment
At 1 August 2023 and 31 July 2024
-
0
Carrying amount
At 31 July 2024
1,978,124
At 31 July 2023
1,968,124
13
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
T. F. Smiths (UK) Limited
Victoria Works, Skipton Road, Cross Hills, Keighley, West Yorkshire, BD20 7DS
Ordinary
100.00
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
324,000
324,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
324,000
Carrying amount
At 31 July 2024
324,000
At 31 July 2023
324,000
SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
15
Debtors
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Amounts falling due within one year:
£
£
£
£
Trade debtors
237,218
589,197
-
0
12,000
Corporation tax recoverable
23,751
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
200,747
-
Other debtors
25,693
979
23,848
-
0
Prepayments and accrued income
65,308
55,594
-
0
-
0
351,970
645,770
224,595
12,000
16
Creditors: amounts falling due within one year (as restated)
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Notes
£
£
£
£
Obligations under finance leases
19
38,751
20,295
-
0
-
0
Trade creditors
423,935
548,166
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
9,918
Other taxation and social security
315,166
499,912
4,320
4,500
Other creditors
83,796
112,970
-
0
30,666
Accruals and deferred income
64,419
38,903
16,628
960
926,067
1,220,246
20,948
46,044
17
Creditors: amounts falling due after more than one year (as restated)
Group
Company
2024
2023
2024
2023
unaudited
unaudited
Notes
£
£
£
£
Bank loans and overdrafts
18
1,560,000
1,560,000
1,560,000
1,560,000
Obligations under finance leases
19
118,092
-
0
-
0
-
0
Other creditors
49,243
145,320
-
0
-
0
1,727,335
1,705,320
1,560,000
1,560,000

Bank loans and overdrafts of £1,560,000 (2023: £1,560,000) are secured by first legal charge over certain properties of the company and by a debenture over all assets of the undertaking.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
18
Loans and overdrafts (as restated)
Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
Bank loans
1,560,000
1,560,000
1,560,000
1,560,000
Payable after one year
1,560,000
1,560,000
1,560,000
1,560,000

Bank loans and overdrafts included above are secured by way of Handelsbanken Plc holding a legal charge over land and buildings at Viaduct Road and Astley Way and a debenture over the assets and undertakings of the group.

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
unaudited
unaudited
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
38,751
20,295
-
0
-
0
In two to five years
118,092
-
0
-
0
-
0
156,843
20,295
-
-

Finance lease payments represent rentals payable by the company or group for certain items of 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. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
unaudited
Group
£
£
Accelerated capital allowances
201,426
179,933
Tax losses
(74,798)
(110,352)
Revaluations
31,227
31,227
Short term timing difference
(1,374)
(1,218)
156,481
99,590
Statutory database figures differ from the trial balance:
Deferred tax balances
125,254
68,363
Difference
31,227
31,227
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
68,363
-
Charge to profit or loss
56,891
-
Liability at 31 July 2024
125,254
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
unaudited
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,169
53,016

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.

SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
22
Share capital
Group and company
2024
2023
2024
2023
unaudited
unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
''A' Ordinary shares of £1 each
97,200
97,200
97,200
97,200
''B' Ordinary shares of £1 each
32,400
32,400
32,400
32,400
''C' Ordinary shares of £1 each
16,200
16,200
16,200
16,200
''D' Ordinary shares of £1 each
16,200
16,200
16,200
16,200
162,000
162,000
162,000
162,000
23
Financial commitments, guarantees and contingent liabilities

The company's bankers hold an unlimited intercompany standard guarantee between the company and its subsidiary, T. F. Smiths (UK) Limited.

 

Any bank finance is secured by a debenture and a fixed and floating charge overing all the property or undertaking of the company.

24
Cash generated from group operations
2024
2023
unaudited
£
£
Profit for the year after tax
388,824
582,345
Adjustments for:
Taxation charged/(credited)
33,140
(100,972)
Finance costs
125,614
62,448
Investment income
(4,378)
(529)
Gain on disposal of tangible fixed assets
(7,675)
(22,180)
Depreciation and impairment of tangible fixed assets
301,939
280,238
Movements in working capital:
Decrease/(increase) in stocks
28,290
(8,201)
Decrease/(increase) in debtors
317,552
(151,772)
(Decrease)/increase in creditors
(408,712)
440,692
Cash generated from operations
774,594
1,082,069
SWS (CROSS HILLS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
25
Analysis of changes in net debt - group (as restated)
1 August 2023
Cash flows
New finance leases
31 July 2024
unaudited
£
£
£
£
Cash at bank and in hand
979,191
131,660
-
1,110,851
Borrowings excluding overdrafts
(1,560,000)
-
-
(1,560,000)
Obligations under finance leases
(20,295)
113,614
(250,162)
(156,843)
(601,104)
245,274
(250,162)
(605,992)
2024-07-312023-08-01falsefalseCCH SoftwareCCH Accounts Production 2024.301Mr S W SmithMrs H SmithMr S S SmithMr S W 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