Company Registration No. 02261235 (England and Wales)
BUXTON BUILDING CONTRACTORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
BUXTON BUILDING CONTRACTORS LIMITED
COMPANY INFORMATION
Directors
G W Lynn
D J Norman
S Clark
Secretary
S Clark
Company number
02261235
Registered office
Cedar House
91 High Street
Caterham
Surrey
CR3 5UX
England
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
BUXTON BUILDING CONTRACTORS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
BUXTON BUILDING CONTRACTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Fair review of the business
The principal activity of the company is that of a building contractor.
The business operates in two key areas, Construction and Partnership Housing, and undertakes projects ranging from £1m to £17m.
Construction projects contribute £21m turnover across a wide range of sectors including education, health, cathedrals and churches, leisure and conservation and restoration works.
In addition to the Construction arm of the business, Partnership housing provides a package deal turnkey service to Housing Associations and Developers and delivers £11.4m contribution to the turnover of the business.
Due to the varied nature and type of work we do, the Client base is very wide ranging. This has been a deliberate strategy which has continued to pay dividend in the uncertain times we have seen over recent years. Our strategy has meant that we are well placed to diversify and be flexible across a variety of sectors. Although 2023/2024 was a further challenging year following the Brexit and Covid legacies, war and high inflation, the outlook for 2024/2025 is more positive. Our forward order workbook means that we have increased our turnover budget for the year to £58m with £52m secured for the current financial year and a further £19m for 2025/2026. We have a good cash balance with zero debt.
We have a management team with expertise and a proven track record of delivery, and we will continue to adopt the ethos of promoting within. There has also been a focus on Social Value, by embarking on the social value journey the business not only contributes to social progress but also enhances employee and client engagement.
Principal risks and uncertainties
The business is well financed, and the Directors are confident that it is well placed to deal with internal and external risk factors.
Economic and Workload Uncertainties
We recognise the main uncertainties and risks to our forward workload and profit margins are dictated by market conditions which continue to be challenging.
We continue to monitor the situation in these areas to protect and mitigate the potential impact on the business and where necessary we have reduced our overhead to align with turnover whist maintaining the capabilities of the business.
Financial Risk Management
The Company monitors cash flow continuously to maintain a good level of liquidity and strict credit control policies are in place. It is our policy to pay all suppliers on time or before, wherever possible.
The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash balances is limited. Credit risk in debtors is managed through the application of credit control procedures including measures such as setting credit limits. The company has no borrowings so no interest rate risk.
Financial performance is closely monitored through the combination of monthly reporting both at individual contract level and overall profitability. The Board of Directors review all key financial data monthly.
Other Risks
We continue to review security across our IT systems and have Cyber Essentials accreditation.
BUXTON BUILDING CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Development and performance
Health Safety and the Environment
Health and Safety is integral to our business activities, and we recognise and understand our responsibilities. We adhere to legislation including the Health and Safety at Work Act 1974, are compliant with ISO 45001, 14001, 9001 and registered with CHAS.
We strive for continuous improvement in our standards and aim to achieve a safe, risk-free working environment. We have produced a comprehensive Health and Safety Policy, and all management and site staff receive full training, which is constantly monitored and updated, and refresher courses undertaken. Our policy is reviewed annually and revised to reflect any changes in legislation.
As a business we expect our employees, subcontractors, and suppliers to comply with our Health and Safety Policy and to take individual responsibility to ensure that work is carried out to a high standard, without risk to themselves or others. Consultation with employees, clients and our external consultants is an important part of our practices, and it is through this process that we set targets to monitor our methods and performance. RoSPA Gold was once again awarded in 2022 in recognition of our continued success and improvement for our Health and Safety performance.
The statement of financial position shows that the group’s financial position at the period end is strong in terms of net assets and liquidity.
Key performance indicators
Our Financial key performance indicators are:
Revenue measure – The strength of revenue is important and is constantly monitored by the Directors but profit is valued ahead of revenue:
• Revenue £31,798,291 (2023: £33,384,928)
Profit measure – both gross margin and operating margin and important measures
• Gross profit £3,611,119 (2023: £3,404,680)
• Operating profit £181,163 (2023: -£204,358)
Cash measure – Cash and cash equivalents balance of the business is a measure of the strength of the balance sheet and confirms that the business has the funds required to return to increased levels of turnover.
• Net Cash balance £2,328,085 (2023: £2,535,110)
Cash has held at the previous years level, but following then end of the financial year we have had positive movement in our final account positions so the cash balance post year-end has increased to £4.1m which excludes £1m of cash invested in property for future development.
D J Norman
Director
28 April 2025
BUXTON BUILDING CONTRACTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company continues to be that of contracting within the construction industry.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G W Lynn
D J Norman
S Clark
Results and dividends
The results for the year are set out on page 8.
Interim dividends of £2,250,000 were paid during the year. £2,200,000 of the interim dividend related to the group structure occurred during the year, the transaction was intra group and no cash left the group. The directors do not recommend payment of a final dividend.
Research and development
The company continues to be actively engaged in the research and development of new systems, processes and techniques in the construction industry.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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.
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 company’s auditor 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 company’s auditor is aware of that information.
Financial risk management
For details please refer to the strategic report.
On behalf of the board
D J Norman
Director
28 April 2025
BUXTON BUILDING CONTRACTORS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BUXTON BUILDING CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUXTON BUILDING CONTRACTORS LIMITED
- 5 -
Opinion
We have audited the financial statements of Buxton Building Contractors Limited (the 'company') for the year ended 31 July 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 company's affairs as at 31 July 2024 and of its 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BUXTON BUILDING CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUXTON BUILDING CONTRACTORS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and Health and Safety Act.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
BUXTON BUILDING CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUXTON BUILDING CONTRACTORS LIMITED
- 7 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to aftercare and defect provisions, legal provisions, revenue recognition including accrued and deferred income and recoverable values of recognised receivables.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing revenue, in particular cut-off, for evidence of management bias.
Obtaining third-party confirmation of material bank balances.
Carrying out physical verification of key assets items.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Tanya Craft (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
28 April 2025
BUXTON BUILDING CONTRACTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
31,798,291
33,384,928
Cost of sales
(28,187,172)
(29,980,248)
Gross profit
3,611,119
3,404,680
Administrative expenses
(3,472,027)
(3,619,416)
Other operating income
42,071
10,378
Operating profit/(loss)
4
181,163
(204,358)
Interest receivable and similar income
8
44,356
113,751
Interest payable and similar expenses
9
(85)
(18,986)
Loan waiver
10
2,200,000
-
Profit/(loss) before taxation
2,425,434
(109,593)
Tax on profit/(loss)
11
22,935
130,457
Profit for the financial year
2,448,369
20,864
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BUXTON BUILDING CONTRACTORS LIMITED
BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
447,630
915,368
Investments
14
2
2
447,632
915,370
Current assets
Stocks
16
2,015,116
1,329,677
Debtors falling due after one year
17
452,168
524,989
Debtors falling due within one year
17
12,435,745
10,748,941
Cash and cash equivalent
2,328,085
2,535,110
17,231,114
15,138,717
Creditors: amounts falling due within one year
18
(10,300,444)
(8,353,071)
Net current assets
6,930,670
6,785,646
Total assets less current liabilities
7,378,302
7,701,016
Creditors: amounts falling due after more than one year
19
(154,921)
(339,610)
Provisions for liabilities
20
(185,856)
(522,250)
Net assets
7,037,525
6,839,156
Capital and reserves
Called up share capital
24
25,000
25,000
Profit and loss reserves
7,012,525
6,814,156
Total equity
7,037,525
6,839,156
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
D J Norman
Director
Company Registration No. 02261235
BUXTON BUILDING CONTRACTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
25,000
6,801,292
6,826,292
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
20,864
20,864
Dividends
12
-
(8,000)
(8,000)
Balance at 31 July 2023
25,000
6,814,156
6,839,156
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
2,448,369
2,448,369
Dividends
12
-
(2,250,000)
(2,250,000)
Balance at 31 July 2024
25,000
7,012,525
7,037,525
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
1
Accounting policies
Company information
Buxton Building Contractors Limited is a company limited by shares incorporated in England and Wales. The registered office is Cedar House, 91 High Street, Caterham, Surrey, CR3 5UX, England.
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 and on the going concern basis. The principal accounting policies adopted are set out below.
This 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:
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 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Buxton Building Contractors Limited is a wholly owned indirect subsidiary of Acre 1217 Limited and the results of Buxton Building Contractors Limited are included in the consolidated financial statements of Acre 1217 Limited which are available from Acre House, 11/15 William Road, London NW1 3ER.
1.2
Going concern
The financial statements have been prepared on a going concern basis as despite the challenges to the wider UK economy we maintain a strong balance sheet and cash balance with no borrowings.true
The business meets its day to day working capital requirements with its own cash reserves with a cash balance as of the 28 February 2025 of £5.5m
Despite a downturn in turnover for 2023/2024 we are forecasting this to increase in 2024/2025 and are seeing good opportunities coming through our pipelines with some two stage negotiated works and we also secured places on the Procure Partnership framework. Our current secured workload for 2024/2025 is £54m with a further £25m secured for 2025/2026
In assessing the appropriateness of applying the going concern basis in the preparation of the financial statements, the directors have considered the business liquidity and cashflow forecasts and believe there is sufficient resources to continue in operational existence for the foreseeable future.
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover
Turnover is the amount derived from ordinary activities stated after trade discounts, other sales taxes and net of VAT.
Revenue arises from increases in valuations on contracts and is normally determined by external valuations. It is the gross value of work carried out for the period to the balance sheet date (including retentions) but excludes claims until they are actually certified. Profit on contracts is calculated in accordance with accounting standards and industry practice. Industry practice is to assess the estimated final outcome of each contract and recognise the profit based upon the percentage of completion of the contract at the relevant date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Consistent contract review procedures are in place in respect of contract forecasting.
The general principles for profit recognition are as follows:
• Profits on other contracts are recognised on a percentage of completion basis when the contract’s outcome can be estimated reliably;
• Provision is made for losses incurred or foreseen in bringing the contract to completion as soon as they become apparent;
• Claims receivable are recognised as income when received or certified for payment, except that in preparing contract forecasts to completion, a prudent and reasonable evaluation of claims receivable may be included to mitigate foreseeable losses and only to the extent that there is reasonable certainty of recovery; and
• Variations and compensation events are included in forecasts to completion when it is considered highly probable that they will be recovered. Percentage completion is normally calculated by taking certified value to date as a percentage of estimated final value, unless the internal value is materially different to the certified value, in which case the internal value is used.
Revenue from rental income is measured as the fair value of the consideration received or receivable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
50 years straight line
Plant and machinery
10%-33.33% on cost or reducing balance
Fixtures, fittings & equipment
15% reducing balance
IT & Software
3 year straight line
Motor vehicles
25% reducing balance
Cycles
1 year straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.7
Stocks
Stock are valued at the lower of cost and net realisable value. Work in progress is valued on the basis of cost of materials, labour and direct site expenses plus an appropriate proportion of overhead expenses less progress payments received, adjusted for realised profits where appropriate.
Development property, which is property held for development and future sale, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at the lower of cost and net realisable value.
1.8
Construction contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess payments are included in creditors as payments on account.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
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 company 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities 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 receipts 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 company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the assets. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
1.12
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event and it is probable that the group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or 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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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.
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 leases 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.
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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
Recoverable value of recognised receivables
The recoverability of trade and other receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable. As at the reporting date the balances considered to be irrecoverable were £50,890 (2023: £51,890).
Provisions
Provisions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the amount and timing of liabilities judgement is applied and re-evaluated at each reporting date. As at the reporting date the provisions were £165,881 (2023: 463,065).
Revenue recognition
The directors recognise profits on contracts on a percentage of completion basis when the contracts outcome can be reliably estimated, expenditure on contracts is recognised in line with percentage completion.
For loss making projects a provision is made for the full anticipated loss as soon as it is identified by management. Management exercise their judgment in considering when a loss position is identified.
Accrued and deferred income
Income certified at a point not coterminous with the year-end is accrued or deferred on the basis of the amount of work completed over the certified period as estimated by the directors. The directors exercise their judgment in determining the completed work position as at year end based on their work schedule.
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue and profit recognition
In order to assess the appropriateness of the revenue, accrued expenditure and profit recognition in respect of private housing sales, property development and construction contracts the Company is required to make estimations of sales prices, costs and margins expected on long-term contracts. The Directors assess the expected scope of work, contract programmes, maintenance and defects liabilities and expected changes in costs. The revenues and expenditure recognised are highly sensitive to the assumptions used and the Directors therefore also consider whether there has been a sustained change in market conditions and the wider economic environment existing at the balance sheet date.
Aftercare and defect provisions
Aftercare and defect provisions are recognised in the financial statements at the estimated future expenditure required to settle the aftercare obligations. As at the reporting date the aftercare and defect provisions were £195,890 (2023: £629,230).
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event, and where it is probable that an outflow will be required to settle the obligation and the amount can be reliably estimated.
Contract Accruals
The contract accruals are recognised to align the project margins as per the underlying contract budgets, which include the directors best estimates of the work undertaken and required by each subcontractor to project completion. As at the reporting date the contract accruals were £5,657,073 (2023: £3,813,845).
3
Turnover and other revenue
Turnover is wholly derived through the company's construction business in the United Kingdom.
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
31,798,291
33,384,928
2024
2023
£
£
Other significant revenue
Interest income
44,356
113,751
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
31,798,291
33,384,928
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
76,821
192,868
Depreciation of tangible fixed assets held under finance leases
29,527
39,984
Profit on disposal of tangible fixed assets
(19,572)
(5,000)
Operating lease charges
114,873
115,914
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 company
111,002
53,751
For other services
All other non-audit services
11,024
18,720
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration staff
19
20
Construction staff
70
76
Total
89
96
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
6,474,721
6,472,548
Social security costs
703,854
732,408
Pension costs
334,373
325,935
7,512,948
7,530,891
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
435,652
558,140
Company pension contributions to defined contribution schemes
36,019
53,433
471,671
611,573
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
161,554
161,015
Company pension contributions to defined contribution schemes
15,393
26,429
176,947
187,444
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
38,488
113,273
Other interest income
5,868
478
Total income
44,356
113,751
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
43,947
113,273
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
85
1,761
Other finance costs:
Interest on finance leases and hire purchase contracts
-
17,225
85
18,986
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
10
Amounts written off investments
2024
2023
£
£
Other gains and losses
2,200,000
-
11
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
16,275
(70,662)
Deferred tax
Origination and reversal of timing differences
(39,210)
(59,795)
Total tax credit
(22,935)
(130,457)
The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
2,425,434
(109,593)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
606,359
(23,015)
Tax effect of expenses that are not deductible in determining taxable profit
11,248
1,737
Tax effect of income not taxable in determining taxable profit
(550,000)
Change in unrecognised deferred tax assets
(907)
Effect of change in corporation tax rate
(4,728)
Movement in deferred tax adjustments not recognised
(100,022)
Other movements
(6,089)
(32,794)
Chargeable gain/losses
3,674
Fixed asset differences
(4,380)
(88)
Adjustments to tax charge in respect of previous periods
16,275
(70,662)
Taxation credit for the year
(22,935)
(130,457)
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
12
Dividends
2024
2023
£
£
Interim paid
2,250,000
8,000
13
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
442,478
1,221,994
31,597
554,463
2,250,532
Additions
42,118
76,879
118,997
Disposals
(442,478)
(104,724)
(31,597)
(17,940)
(596,739)
At 31 July 2024
1,159,388
613,402
1,772,790
Depreciation and impairment
At 1 August 2023
980,968
31,597
322,599
1,335,164
Depreciation charged in the year
43,261
63,087
106,348
Eliminated in respect of disposals
(70,765)
(31,597)
(13,990)
(116,352)
At 31 July 2024
953,464
371,696
1,325,160
Carrying amount
At 31 July 2024
205,924
241,706
447,630
At 31 July 2023
442,478
241,026
231,864
915,368
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
85,059
118,537
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
2
2
15
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
15
Subsidiaries
(Continued)
- 22 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
301 Green Lane Limited
See below
Dormant company
Ordinary
0
100.00
40 Welcomes Road Limited
See below
Dormant company
Ordinary
0
100.00
60 Offley Road Limited
See below
Dormant company
Ordinary
0
100.00
Buxworth Homes London Limited
See below
Dormant holding company
Ordinary
100.00
-
The registered office of the subsidiaries at 31 July 2024 is Cedar House, 91 High Street, Caterham, Surrey, CR3 5UX.
16
Stocks
2024
2023
£
£
Work in progress
140,248
219,858
Development property
1,189,429
796,434
2,015,116
1,329,677
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,514,722
4,155,759
Gross amounts owed by contract customers
3,172,166
2,644,603
Corporation tax recoverable
157,173
Amounts owed by group undertakings
3,611,660
3,636,660
Other debtors
9,879
53,665
Prepayments and accrued income
127,318
101,081
12,435,745
10,748,941
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
452,168
524,989
Total debtors
12,887,913
11,273,930
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
20
3,924
29,242
Trade creditors
3,431,775
3,311,844
Amounts owed to group undertakings
140,352
140,376
Corporation tax
16,275
Other taxation and social security
600,483
241,701
Dividends payable
10,000
Other creditors
56,720
98,829
Accruals and deferred income
6,050,915
4,521,079
10,300,444
8,353,071
19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
20
3,924
Trade creditors
154,921
335,686
154,921
339,610
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
3,924
29,242
In two to five years
3,924
3,924
33,166
Finance lease payments represent rentals payable by the company for certain items of computer equipment and motor vehicles. 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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Provisions for liabilities
2024
2023
£
£
165,881
463,065
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
21
Provisions for liabilities
(Continued)
- 24 -
Movements on provisions:
£
At 1 August 2023
463,065
Additional provisions in the year
161,724
Utilisation of provision
(458,908)
At 31 July 2024
165,881
Provisions in the year relate to on-going projects with disputed sub contractor fees, estimations of costs to complete and other issues causing costs to be uncertain.
Provisions on the face of the balance sheet include deferred taxes of £19,975 (2023: £59,185), please refer note 22.
22
Deferred taxation
Deferred tax assets and liabilities are offset where the 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
Balances:
£
£
Fixed asset timing differences
19,975
59,185
2024
Movements in the year:
£
Liability at 1 August 2023
59,185
Credit to profit or loss
(39,210)
Liability at 31 July 2024
19,975
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
334,373
325,935
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
BUXTON BUILDING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
25
Financial commitments, guarantees and contingent liabilities
There is fixed charge on all freehold, leasehold and book debts and other assets of the company. A bank also has a floating charge over all other assets of the company. The company has unlimited contingent liabilities (2023: unlimited) in respect of composite guarantees of performance bonds entered into in the normal course of business.
26
Operating lease commitments
Lessee
Included within operating lease commitments are rentals payable in respect of the company's head office. The lease runs to September 2024.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
49,802
116,260
Between two and five years
9,434
34,796
59,236
151,056
27
Related party transactions
Transactions with related parties
During the year, there were no expenses (2023: £574) incurred by the company on behalf of its directors. As at 31 July 2024, the company owed £nil (2023: £306) to one of its directors.
28
Ultimate controlling party
The immediate parent undertaking and ultimate controlling party is Acre 1217 Limited, a company registered in England & Wales.
The largest and smallest group in which the results of the company are consolidated is that headed by Acre 1217 Limited, the ultimate parent company. The consolidated accounts of this group are available to the public and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of this company.
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