Company Registration No. 09947858 (England and Wales)
DALEACRE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
DALEACRE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D R Evans
Mrs J A W Evans
Company number
09947858
Registered office
11 Wilsthorpe Road
Breaston
Derby
Derbyshire
DE72 3EA
Auditor
Xeinadin Audit Ltd
i2 Mansfield, Office Suite 0.3
Hamilton Court
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5FB
DALEACRE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 29
DALEACRE HOLDINGS 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 group did not acquire any pharmacies during the financial year.
The period has been a satisfactory one showing significant organic growth in both Turnover and NHS activity, and the directors expect this to continue in the coming year despite ongoing changes in the regulatory framework affecting pharmacies, and the NHS in general.
Continuing growth is dependent upon the overall market for health services within this country and the level of government funding to pharmacy and the NHS.
Throughout the FYE July 2024, the company has been impacted by the failure of the NHS to properly fund community pharmacy’s core supply role.
There has been no uplift in the NHS pharmacy contract in England since 2017, yet community pharmacy is operating in a different financial environment since then, with rising national minimum wage, inflation, higher interest rates and increased utility costs. Trade bodies have calculated that community pharmacy in England has experienced a 35% real terms cut in funding since 2017 meaning the sector is under funded by some £1.2bn. This lack of funding can be seen in the company’s results.
The recent announcement in April 2025 by the Department of Health & Social Care of a new increased funding package for community pharmacy should see NHS revenues increase by approximately 13.5% and will be reflected in part in the next set of accounts.
The company’s borrowings remain low so the impact of the current level of interest rates has had minimal impact.
In 2022 the company’s bankers discontinued the covenants on the term loans the company has due to the low level of the outstanding loans and the strength of the company balance sheet. In addition, in April 2025 the company’s bankers agreed to extend the current facilities which were due to expire in May 2025.
The company has continued to see significant increases in both prescription turnover (6.3%) and retail & professional sales of medicines (13.2%) compared to the previous year. NHS Service income growth remains very strong (44.1%) driven by the new nationally commissioned advanced services.
The company is still participating in the covid vaccination service, and has had a number of pharmacies included in national prescribing pilot's schemes which will drive growth in 2025.
The provision of non NHS private services has also increased and there is renewed demand for travel vaccines. The company is diversifying its offering to include weight management, ear wax micro-suction and aesthetics, this is shown by the 13.2% increase in non NHS related income and is increasing further during the current financial year.
DALEACRE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Principal risks and uncertainties
Business risks
The main risks to the business are namely the reliance on the government and NHS which provide both the majority of business and control the drug tariff prices paid, and activities of the major competitors within the locality.
The aim is to mitigate the risks of the business as much as possible through active involvement in policy making processes, and by ensuring good relations with the doctors' surgeries, proximity to the doctors' surgeries, developing and maintaining good customer relations and by monitoring purchasing costs constantly.
Financial risks
The group's principal financial instruments comprise bank balances, bank loans and overdrafts, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations.
The company also has the option to finance business expansion by using related funding from trust fund and family investors, to minimise the risk of exposure to traditional methods of finance in uncertain times.
Due to the value and nature of the financial instruments used by the company there is little exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility, through the use of overdrafts at floating rates of interest.
The majority of trade debtors represent amounts owed by the NHS. Other trade debtors are managed closely in respect of credit and cash flow risk.
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Future developments
The group continues to look for expansion by acquisition, internal means, by increasingly providing services to other health professionals within the NHS and direct to the public.
The group is dependent on the continued expansion of the UK market in health services and products.
A freehold building plot acquired and developed and showing as investment property in the accounts. This was sold during the financial year and the proceeds used to reduce the overdraft facility and to repay a small temporary family loan.
DALEACRE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Key performance indicators
The key performance indicators for the group are as follows:
| | | | | | | |
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| | | | | | |
NHS Prescriptions Dispensed | | | | | |
| | | | | |
| | | | | |
| | | | | | |
| | | | | | | |
| | | | | | |
Number of Pharmacy Freeholds | | | | | |
| | | | | | |
| | | | | | | |
EBITDA * Earnings before interest, tax, depreciation and amortisation. |
Mr D R Evans
Mrs J A W Evans
Director
Director
28 April 2025
28 April 2025
DALEACRE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company and group continued to be that of pharmacies.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final 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 D R Evans
Mrs J A W Evans
Auditor
In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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.
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.
DALEACRE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
On behalf of the board
Mr D R Evans
Mrs J A W Evans
Director
Director
28 April 2025
DALEACRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DALEACRE HOLDINGS LIMITED
- 6 -
Opinion
We have audited the financial statements of Daleacre Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2024 and of the group's loss 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
DALEACRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DALEACRE HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were The Companies Act 2006 and relevant taxation compliance regulations.
In addition, we also concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, being those laws relating to health and safety regulations, data protection and GDPR guidelines and also the guidelines of the General Pharmaceutical Council, to which pharmacies are required to be registered.
We understood how the group is complying with these frameworks and regulations by making enquiries of management and those responsible for compliance and corroborated these enquiries with reviews of board minutes and any available correspondence with legal advisors.
We assessed that there were risks of material impact on the financial statements from irregularities, including fraud from the override of controls by management, timing and recognising of income and in the manipulation of the company's key performance indicators to meet targets
DALEACRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DALEACRE HOLDINGS LIMITED
- 8 -
Audit response to risks identified
We carried out procedures to respond to these risks, including enquiries of management about their systems and controls to identify these risks of irregularities, reviewing minutes of directors meetings, testwork to review a sample of journal entries made during the year, reviewing and testing assumptions made on accounting estimates for management biases and testing the timing and recognition of revenue.
Our audit procedures were designed to respond to risks of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve more sophisticated acts, including concealment, collusion or deliberately failing to record transactions through intentional misrepresentation.
There are inherent limitations within an audit, even though it has been properly planned and carried out in accordance with auditing standards and we cannot be responsible for preventing non-compliance and cannot be expected to detect non compliance with all laws and regulations.
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.
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.
Russell Eley FCCA
(Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Ltd
29 April 2025
Accountants &
Statutory Auditor
i2 Mansfield, Office Suite 0.3
Hamilton Court
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5FB
DALEACRE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
16,433,657
15,556,754
Cost of sales
(12,024,485)
(11,786,401)
Gross profit
4,409,172
3,770,353
Administrative expenses
(5,036,019)
(4,368,588)
Other operating income
138,390
129,950
Operating loss
4
(488,457)
(468,285)
Interest receivable and similar income
158,046
126
Interest payable and similar expenses
8
(73,544)
(137,655)
Amounts written off investments
-
(19,574)
Loss before taxation
(403,955)
(625,388)
Tax on loss
9
163
5,407
Loss for the financial year
24
(403,792)
(619,981)
Loss for the financial year is attributable to:
- Owners of the parent company
(449,963)
(656,323)
- Non-controlling interests
46,171
36,342
(403,792)
(619,981)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(449,963)
(656,323)
- Non-controlling interests
46,171
36,342
(403,792)
(619,981)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DALEACRE HOLDINGS LIMITED
GROUP BALANCE SHEET
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,840,282
2,840,282
Negative goodwill
11
(8,433,264)
(8,433,264)
Net goodwill
(5,592,982)
(5,592,982)
Other intangible assets
11
3,950,000
3,950,000
Total intangible assets
(1,642,982)
(1,642,982)
Tangible assets
12
2,570,846
2,651,971
Investment property
13
2,402,803
2,402,803
Investments
14
1
1
3,330,668
3,411,793
Current assets
Stocks
16
603,810
600,165
Debtors
17
1,722,795
1,501,476
Investments
726,954
Cash at bank and in hand
101,396
235,418
2,428,001
3,064,013
Creditors: amounts falling due within one year
18
(3,213,406)
(3,399,721)
Net current liabilities
(785,405)
(335,708)
Total assets less current liabilities
2,545,263
3,076,085
Creditors: amounts falling due after more than one year
19
(3,443,324)
(3,570,191)
Provisions for liabilities
Deferred tax liability
21
19,125
19,288
(19,125)
(19,288)
Net liabilities
(917,186)
(513,394)
Capital and reserves
Called up share capital
23
31
31
Profit and loss reserves
24
(1,393,319)
(943,356)
Equity attributable to owners of the parent company
(1,393,288)
(943,325)
Non-controlling interests
476,102
429,931
(917,186)
(513,394)
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
DALEACRE HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
- 11 -
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:
28 April 2025
Mr D R Evans
Mrs J A W Evans
Director
Director
Company registration number 09947858 (England and Wales)
DALEACRE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
1
1
Current assets
Debtors
17
3,542,488
3,821,566
Cash at bank and in hand
12,329
152,634
3,554,817
3,974,200
Creditors: amounts falling due within one year
18
(107,529)
(356,692)
Net current assets
3,447,288
3,617,508
Total assets less current liabilities
3,447,289
3,617,509
Creditors: amounts falling due after more than one year
19
(3,000,000)
(3,000,000)
Net assets
447,289
617,509
Capital and reserves
Called up share capital
23
31
31
Profit and loss reserves
24
447,258
617,478
Total equity
447,289
617,509
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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:
28 April 2025
Mr D R Evans
Mrs J A W Evans
Director
Director
Company registration number 09947858 (England and Wales)
DALEACRE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
31
(237,033)
(237,002)
393,589
156,587
Year ended 31 July 2023:
Loss and total comprehensive income
-
(656,323)
(656,323)
36,342
(619,981)
Dividends
10
-
(50,000)
(50,000)
-
(50,000)
Balance at 31 July 2023
31
(943,356)
(943,325)
429,931
(513,394)
Year ended 31 July 2024:
Loss and total comprehensive income
-
(449,963)
(449,963)
46,171
(403,792)
Balance at 31 July 2024
31
(1,393,319)
(1,393,288)
476,102
(917,186)
DALEACRE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
31
553,053
553,084
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
194,425
194,425
Dividends
10
-
(130,000)
(130,000)
Balance at 31 July 2023
31
617,478
617,509
Year ended 31 July 2024:
Profit and total comprehensive income
-
(170,220)
(170,220)
Balance at 31 July 2024
31
447,258
447,289
DALEACRE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(478,437)
(512,491)
Interest paid
(73,544)
(137,655)
Income taxes refunded
15,422
Net cash outflow from operating activities
(551,981)
(634,724)
Investing activities
Purchase of tangible fixed assets
(51,826)
(75,371)
Purchase of investment property
-
(43,130)
Proceeds from disposal of investment property
865,000
-
Proceeds from disposal of investments
(16,751)
Interest received
126
Net cash generated from/(used in) investing activities
813,174
(135,126)
Financing activities
Repayment of borrowings
(250,000)
Proceeds from new loans
-
250,000
Repayment of bank loans
(117,809)
(113,985)
Dividends paid to equity shareholders
(50,000)
Net cash (used in)/generated from financing activities
(367,809)
86,015
Net decrease in cash and cash equivalents
(106,616)
(683,835)
Cash and cash equivalents at beginning of year
(736,488)
(52,653)
Cash and cash equivalents at end of year
(843,104)
(736,488)
Relating to:
Cash at bank and in hand
101,396
235,418
Bank overdrafts included in creditors payable within one year
(944,500)
(971,906)
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
1
Accounting policies
Company information
Daleacre Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 11 Wilsthorpe Road, Breaston, Derby, Derbyshire, DE72 3EA.
The group consists of Daleacre Holdings 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. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Daleacre Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 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.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired and is capitalised. Goodwill is negative as one of the subsidiary's acquired in 2017, Daleacre Healthcare Limited, was under a demerger agreement for no consideration so negative goodwill arose on the acquisition. Therefore, no amortisation is charged on goodwill.
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets other than goodwill
When a company acquires a trading pharmacy, an element of the excess fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired relates to the NHS Licence, representing the consideration paid to acquire the right to sell prescribed drugs in those retail outlets. The value of the NHS Licence at the date of acquisition is based on an assessment by the directors of the present value of future cash flows resulting from the NHS turnover for each outlet. The NHS Licence does not attach to a specific Freehold or Leasehold property and exists in perpetuity. The residual value of the Licences are higher than the cost and therefore no amortisation has been charged to these financial statements to show a true and fair view.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
No amortisation charged
1.7
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
2% straight line
Leasehold improvements
10% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance/15% reducing balance/10% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance/25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Investment properties
Investment property, which is property held to earn rentals, 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, with any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
There has been no depreciation charged in accordance with FRS102.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.10
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
Debtors and creditors receivable/payable with a year
Debtors and creditors are recorded at transaction price receivable or payable within one year. Any losses arising from impairment are recognised in the profit and loss account within administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. They are subsequently measured at amortised cost using the effective interest rate method, less impairment.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
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.
Intangible fixed asset valuations
The basis of valuation is shown in the accounting policies.
Investment property valuations
The basis of valuation is shown in the accounting policies and in note 13 below.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Pharmacy
16,433,657
15,556,754
2024
2023
£
£
Other revenue
Interest income
-
126
Gain realised on investment property
158,046
-
158,046
126
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
13,080
11,510
Depreciation of owned tangible fixed assets
132,951
140,253
Loss on disposal of investment property
20,000
Operating lease charges
17,022
16,711
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
13,080
11,510
Audit of the financial statements of the company's subsidiaries
23,900
20,055
36,980
31,565
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Staff
145
150
2
2
Directors
9
8
2
2
Total
154
158
4
4
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,420,889
2,914,478
458,153
298,736
Social security costs
316,467
264,739
59,125
37,897
Pension costs
106,456
94,340
42,000
42,000
3,843,812
3,273,557
559,278
378,633
The amounts above are inclusive of directors remuneration shown in note 7.
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
396,400
286,401
Company pension contributions to defined contribution schemes
36,000
36,000
432,400
322,401
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
198,200
143,200
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
38,596
27,280
Dividends on redeemable preference shares not classified as equity
80,000
Other interest on financial liabilities
34,948
30,373
Other interest
-
2
Total finance costs
73,544
137,655
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(23,741)
Deferred tax
Origination and reversal of timing differences
(163)
18,334
Total tax credit
(163)
(5,407)
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Taxation
(Continued)
- 22 -
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(403,955)
(625,388)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(100,989)
(156,347)
Tax effect of expenses that are not deductible in determining taxable profit
5,000
173,058
Tax effect of utilisation of tax losses not previously recognised
(29,480)
(28,279)
Unutilised tax losses carried forward
141,286
143,654
Adjustments in respect of prior years
(15,422)
Permanent capital allowances in excess of depreciation
23,195
482
Depreciation on assets not qualifying for tax allowances
500
15,596
Adjustments in respect of financial assets
(148,164)
Under/(over) provided in prior years
(8,319)
Deferred tax adjustments in respect of prior years
(163)
18,334
Gain realised
(39,512)
Taxation credit
(163)
(5,407)
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
130,000
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Patents & licences
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
2,840,282
(8,433,264)
3,950,000
(1,642,982)
Amortisation and impairment
At 1 August 2023 and 31 July 2024
Carrying amount
At 31 July 2024
2,840,282
(8,433,264)
3,950,000
(1,642,982)
At 31 July 2023
2,840,282
(8,433,264)
3,950,000
(1,642,982)
The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
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
2,650,765
1
218,082
550,621
126,505
98,703
3,644,677
Additions
22,506
3,741
19,632
5,947
51,826
At 31 July 2024
2,673,271
1
221,823
570,253
132,452
98,703
3,696,503
Depreciation and impairment
At 1 August 2023
320,795
152,356
365,463
115,376
38,716
992,706
Depreciation charged in the year
53,362
16,861
39,183
8,567
14,978
132,951
At 31 July 2024
374,157
169,217
404,646
123,943
53,694
1,125,657
Carrying amount
At 31 July 2024
2,299,114
1
52,606
165,607
8,509
45,009
2,570,846
At 31 July 2023
2,329,970
1
65,726
185,158
11,129
59,987
2,651,971
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023 and 31 July 2024
2,402,803
-
The investment properties are considered to be held at fair value by the directors. The values have been arrived at on the basis of valuations carried out on 7 August 2019 by W A Barnes LLP, who are not connected to the company. The valuations were made on an open market basis by reference to market evidence of transaction prices for similar properties.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
1
1
1
1
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
1
Carrying amount
At 31 July 2024
1
At 31 July 2023
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
1
Carrying amount
At 31 July 2024
1
At 31 July 2023
1
15
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
15
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Daleacre Healthcare Ltd
1 Wilsthorpe Road, Breaston, Derby DE72 3EA
Pharmacies
Ordinary
100.00
-
Daleacre Wholesale Ltd
1 Wilsthorpe Road, Breaton, Derby DE72 3EA
Dormant company
Ordinary
100.00
-
Blackwell Holdings Ltd
1 Wlsthorpe Road, Breaston, Derby DE72 3EA
Holding company
Ordinary
-
60.00
Daleace Medical Services Ltd
1 Wilsthorpe Road, Breaston, Derby DE2 3EA
Dormant company
Ordinary
-
100.00
Knotfree Ltd
1 Wilsthorpe Road, Breaston, Derby DE72 3EA
Dormant company
Ordinary
-
100.00
Blackwell Medical Services Ltd
1 Wilsthorpe Road, Breaston, Derby DE72 3EA
Pharmacy
Ordinary
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Daleacre Healthcare Ltd
11,452,049
(507,046)
Daleacre Wholesale Ltd
1
-
Blackwell Holdings Ltd
13,392
-
Daleace Medical Services Ltd
8
-
Knotfree Ltd
(48)
-
Blackwell Medical Services Ltd
999,562
115,428
The company's subsidiaries Knotfree Limited and Daleacre Wholesale Limited are being voluntary struck off the register.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
603,810
600,165
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,497,660
1,278,305
1,122
Amounts owed by group undertakings
-
-
3,531,963
3,811,003
Other debtors
200,393
197,728
10,525
9,441
Prepayments and accrued income
24,742
25,443
1,722,795
1,501,476
3,542,488
3,821,566
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
1,070,937
1,089,285
Other borrowings
20
250,000
250,000
Trade creditors
1,633,797
1,551,318
429
600
Amounts owed to group undertakings
1
1
Other taxation and social security
75,640
73,254
15,996
15,493
Other creditors
332,837
345,712
78,473
78,473
Accruals and deferred income
100,195
90,152
12,630
12,125
3,213,406
3,399,721
107,529
356,692
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
443,324
570,191
Other borrowings
20
3,000,000
3,000,000
3,000,000
3,000,000
3,443,324
3,570,191
3,000,000
3,000,000
Amounts included above which fall due after five years are as follows:
Payable by instalments
151,445
176,483
-
-
Payable other than by instalments
3,000,000
3,000,000
3,000,000
3,000,000
3,151,445
3,176,483
3,000,000
3,000,000
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
569,761
687,570
Bank overdrafts
944,500
971,906
Preference shares
3,000,000
3,000,000
3,000,000
3,000,000
Loans from related parties
250,000
250,000
4,514,261
4,909,476
3,000,000
3,250,000
Payable within one year
1,070,937
1,339,285
250,000
Payable after one year
3,443,324
3,570,191
3,000,000
3,000,000
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
20
Loans and overdrafts
(Continued)
- 27 -
The bank loans and overdrafts are secured by a first legal charge over the freehold properties and a debenture over the company's assets.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
19,125
19,288
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
19,288
-
Credit to profit or loss
(163)
-
Liability at 31 July 2024
19,125
-
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.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
106,456
94,340
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.000001p each
313,800
313,800
31
31
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
23
Share capital
(Continued)
- 28 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
3,000,000
3,000,000
3,000,000
3,000,000
Preference shares classified as liabilities
3,000,000
3,000,000
24
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
(943,356)
(237,033)
617,478
553,053
Profit/(loss) for the year
(449,963)
(656,323)
(170,220)
194,425
Dividends
-
(50,000)
-
(130,000)
At the end of the year
(1,393,319)
(943,356)
447,258
617,478
25
Financial commitments, guarantees and contingent liabilities
The group is party to a group cross guarantee agreement in respect of its bank borrowings of £1,514,261.
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
17,000
9,333
-
-
Between two and five years
62,333
-
-
-
79,333
9,333
-
-
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
27
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(403,792)
(619,981)
Adjustments for:
Taxation credited
(163)
(5,407)
Finance costs
73,544
137,655
Investment income
(158,046)
(126)
Loss on disposal of investment property
20,000
Depreciation and impairment of tangible fixed assets
132,951
140,253
Other gains and losses
-
19,574
Movements in working capital:
Increase in stocks
(3,645)
(7,017)
(Increase)/decrease in debtors
(221,319)
42,887
Increase/(decrease) in creditors
82,033
(220,329)
Cash absorbed by operations
(478,437)
(512,491)
28
Analysis of changes in net debt - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
235,418
(134,022)
101,396
Bank overdrafts
(971,906)
27,406
(944,500)
(736,488)
(106,616)
(843,104)
Borrowings excluding overdrafts
(3,937,570)
367,809
(3,569,761)
(4,674,058)
261,193
(4,412,865)
2024-07-312023-08-01falseCCH SoftwareCCH Accounts Production 2024.100Mr D R EvansMrs J A W 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