Company registration number 13503660 (England and Wales)
YYZ GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
YYZ GROUP LIMITED
COMPANY INFORMATION
Directors
Mr C J Bloomfield
Mr J M Wilson
Company number
13503660
Registered office
63 Western Road
Hove
BN3 1JD
Auditor
Galloways Accounting (Audit) Limited
15 West Street
Brighton
East Sussex
BN1 2RL
Business address
63 Western Road
Hove
BN3 1JD
YYZ GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
YYZ GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

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

Review of the business

Pre-tax group profit for the year is £1,113,423 compared to £Nil for the previous year.

Principal risks and uncertainties

The principal risks an uncertainties faced by the company are the potential for loss of trade as a result of local competition, the risks presented by wider macro-economic factors, reduced consumer confidence and changes in customer preferences, which effect customer spend.

 

Interest rate risk:

The directors are aware of the inherent risks arising from movements in interest rate. The company's modest borrowing requirements limits its exposure to interest rate risk.

 

Credit risks:

The company has no significant exposure to credit risk.

 

Liquidity risk:

The company has a policy of maintaining sufficient liquid resources to fund it day to day operations, and therefore has little exposure to liquidity risk. The company ensures sufficient financial headroom by the use of a combination of long term and short term finances.

 

Price risk:

The company endeavours to mitigate price risk by passing on price increases wherever possible.

Key performance indicators

The key performance indicators used by the directors are gross profit margin and earnings before interest, tax , depreciation and amortisation (EBITDA).

2024
2023
£
£
Turnover
5,017,559
-
Gross profit margin
66.04%
-
EBITDA
1,402,505
-

On behalf of the board

Mr J M Wilson
Director
25 April 2025
YYZ GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

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

Principal activities

The principal activity of the company and group the operation of public houses.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £550,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr C J Bloomfield
Mr J M Wilson
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J M Wilson
Director
25 April 2025
YYZ GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

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

 

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

 

 

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

YYZ GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YYZ GROUP LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

YYZ GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YYZ GROUP LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

To identify the potential risk of material misstatement due to fraud we assessed the conditions that could provide the opportunity and incentive to commit fraud. As required by auditing standards we performed procedures to address the of risk fraud arising through management override of internal controls, and the potential for bias in accounting estimates. The fraud risks identified were communicated to the audit team and remained alert to any indications of non-compliance throughout the audit. No further fraud risk were identified.

Based on our understanding of the company and industry, and through discussion with management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006, the Licencing Act 2003, health and safety, anti-bribery, anti-money laundering and employment law.

YYZ GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YYZ GROUP LIMITED
- 6 -

The company is subject to laws and regulations which are specific to the industry in which it operates. Non-compliance with these operational regulations have the potential to materially affect amounts or disclosures in the financial statements, either through litigation, the imposition of financial penalties or withdrawal of the company's licence to operate. Auditing standards limit the audit procedures required to identify breaches with these laws and regulations to enquiry of the directors and management and inspection of correspondence, if any. If operational breaches are not disclosed to us or are not evident from a review of correspondence, the audit will not detect those breaches.

 

We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006.

 

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgmental areas.

The audit procedures performed by the company engagement team in response to the identified risk of misstatement arising either through fraud or non-compliance with laws and regulations, included the following:

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. We are not responsible for the prevention of fraud or non-compliance and our audit cannot be expected to identify all non-compliances with laws and regulations.

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

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Griffen FCA FCCA (Senior Statutory Auditor)
For and on behalf of Galloways Accounting (Audit) Limited, Statutory Auditor
Chartered Accountants
15 West Street
Brighton
East Sussex
BN1 2RL
29 April 2025
YYZ GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
5,017,559
-
Cost of sales
(1,703,767)
-
0
Gross profit
3,313,792
-
Administrative expenses
(2,137,075)
-
0
Other operating income
63,194
-
Operating profit
4
1,239,911
-
Interest payable and similar expenses
7
(126,488)
-
0
Profit before taxation
1,113,423
-
Tax on profit
8
(353,713)
-
0
Profit for the financial year
23
759,710
-
0
Profit for the financial year is all attributable to the owners of the parent company.
YYZ GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
£
£
Profit for the year
759,710
-
0
Other comprehensive income
-
-
Total comprehensive income for the year
759,710
-
0
Total comprehensive income for the year is all attributable to the owners of the parent company.
YYZ GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,538,871
-
0
Investment property
11
20,469,521
-
0
26,008,392
-
0
Current assets
Stocks
15
267,337
-
Debtors
16
327,570
2
Cash at bank and in hand
1,418,414
-
0
2,013,321
2
Creditors: amounts falling due within one year
17
(2,696,868)
-
Net current (liabilities)/assets
(683,547)
2
Total assets less current liabilities
25,324,845
2
Creditors: amounts falling due after more than one year
18
(5,735,635)
-
Provisions for liabilities
Deferred tax liability
20
1,443,173
-
0
(1,443,173)
-
Net assets
18,146,037
2
Capital and reserves
Called up share capital
21
10,004
2
Share premium account
22
17,926,323
-
0
Profit and loss reserves
23
209,710
-
0
Total equity
18,146,037
2

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

The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
25 April 2025
Mr J M Wilson
Director
Company registration number 13503660 (England and Wales)
YYZ GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
10,002
-
0
Current assets
Debtors
16
2
2
Net current assets
2
2
Net assets
10,004
2
Capital and reserves
Called up share capital
21
10,004
2

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £550,000 (2023 - £0 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
25 April 2025
Mr J M Wilson
Director
Company registration number 13503660 (England and Wales)
YYZ GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
2
-
0
-
0
2
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
-
Balance at 31 July 2023
2
-
0
-
0
2
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
759,710
759,710
Issue of share capital
21
10,002
17,926,323
-
17,936,325
Dividends
9
-
-
(550,000)
(550,000)
Balance at 31 July 2024
10,004
17,926,323
209,710
18,146,037
YYZ GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
2
-
0
2
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 July 2023
2
-
0
2
Year ended 31 July 2024:
Profit and total comprehensive income
-
550,000
550,000
Issue of share capital
21
10,002
-
10,002
Dividends
9
-
(550,000)
(550,000)
Balance at 31 July 2024
10,004
-
0
10,004
YYZ GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,573,806
-
Interest paid
(126,488)
-
0
Income taxes paid
(187,500)
-
0
Net cash inflow from operating activities
1,259,818
-
Investing activities
Purchase of business
898,875
-
Purchase of tangible fixed assets
(37,749)
-
Net cash generated from investing activities
861,126
-
Financing activities
Repayment of bank loans
(152,530)
-
Dividends paid to equity shareholders
(550,000)
-
0
Net cash used in financing activities
(702,530)
-
Net increase in cash and cash equivalents
1,418,414
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
1,418,414
-
0
YYZ GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
550,000
-
0
Net cash generated from investing activities
550,000
-
Financing activities
Dividends paid to equity shareholders
(550,000)
-
Net cash used in financing activities
(550,000)
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
1
Accounting policies
Company information

YYZ Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of YYZ Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

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

1.3
Basis of consolidation

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

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
Straight line over 50 years
Leasehold land and buildings
Straight line over the life of the lease
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Investment property

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

 

1.8
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

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

 

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

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

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

 

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

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

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

1.11
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

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, 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.

YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 22 -
1.15
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.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

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.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Operation of public houses
5,017,559
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
6,500
-
Depreciation of owned tangible fixed assets
162,594
-
Operating lease charges
142,071
-
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
2
-
2
2
Administration staff
3
-
-
-
Total
5
-
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
32,996
-
0
-
0
-
0
Social security costs
2,132
-
-
-
Pension costs
452
-
0
-
0
-
0
35,580
-
-
-
Managers' franchise fees
1,035,751
-
-
-
1,071,331
-
0
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
18,200
18,200
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
125,276
-
Other finance costs:
Interest on finance leases and hire purchase contracts
165
-
Other interest
1,047
-
Total finance costs
126,488
-
0
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
301,273
-
0
Deferred tax
Origination and reversal of timing differences
52,440
-
0
Total tax charge
353,713
-
0

The rate of corporation tax charged has increased due to an increase in the standard rate of corporation charged in the U.K. since the previous period.

The actual charge 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 before taxation
1,113,423
-
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
278,356
-
Tax effect of expenses that are not deductible in determining taxable profit
1,504
-
0
Permanent capital allowances in excess of depreciation
21,413
-
0
Deferred tax adjustment
52,440
-
0
Taxation charge
353,713
-
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
550,000
-
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
-
0
-
0
-
0
-
0
-
0
Additions
1,300,942
1,774,257
2,504,275
121,991
5,701,465
At 31 July 2024
1,300,942
1,774,257
2,504,275
121,991
5,701,465
Depreciation and impairment
At 1 August 2023
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the year
5,676
45,326
106,438
5,154
162,594
At 31 July 2024
5,676
45,326
106,438
5,154
162,594
Carrying amount
At 31 July 2024
1,295,266
1,728,931
2,397,837
116,837
5,538,871
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
1,295,266
-
0
-
0
-
0
Short leasehold
1,728,931
-
0
-
0
-
0
3,024,197
-
-
-
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023
-
-
Additions through business combinations
20,469,521
-
At 31 July 2024
20,469,521
-

Investment property comprises various sites in the Brighton and Hove area. The fair value of the investment properties has determined by Colin Lambert MRICS and Kevin Marsh MRICS of Savills Chartered Surveyors on 30 January 2024 in accordance with VGPA 2 of the RICS Valuation - Global Standards.

 

Where a professional valuation was not undertaken, the valuation was made by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties.

YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
10,002
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023
-
Additions
10,002
At 31 July 2024
10,002
Carrying amount
At 31 July 2024
10,002
At 31 July 2023
-
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indigo Leisure Limited
England
Pub management
Ordinary
100.00
Indigo Leisure Investments Limited
England
Investment property
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)
£
£
Indigo Leisure Limited
11,441,789
2,845,498
Indigo Leisure Investments Limited
6,704,246
396,007

The registered office address for all of the above subsidiaries is: 63 Western Road, Hove, BN3 1JD.

YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets include:
Debt instruments measured at amortised cost
139,614
2
2
2
Carrying amount of financial liabilities include:
Measured at amortised cost
7,353,007
-
-
-
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
267,337
-
0
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
25,664
-
0
-
0
-
0
Other debtors
113,950
2
2
2
Prepayments and accrued income
187,956
-
0
-
0
-
0
327,570
2
2
2
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
609,120
-
0
-
0
-
0
Trade creditors
683,311
-
0
-
0
-
0
Corporation tax payable
870,876
-
0
-
0
-
0
Other taxation and social security
208,620
-
-
-
Other creditors
2,337
-
0
-
0
-
0
Accruals and deferred income
322,604
-
0
-
0
-
0
2,696,868
-
-
0
-
0
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
5,735,635
-
0
-
0
-
0
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,299,403
-
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
6,344,755
-
0
-
0
-
0
Payable within one year
609,120
-
0
-
0
-
0
Payable after one year
5,735,635
-
0
-
0
-
0

Investment properties with a carrying amount of £20,469,521 (2023 - £20,260,852) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
529,988
-
Investment property
913,185
-
1,443,173
-
The company has no deferred tax assets or liabilities.
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
20
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
-
-
Charge to profit or loss
52,440
-
Other
1,390,733
-
Liability at 31 July 2024
1,443,173
-

Of the deferred tax liability set out above, an amount of £86,511 (2023: £121,956) is expected to reverse within 12 months.

Other movements represent existing deferred tax liabilities at the date of acquisition of subsidiaries during the year.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
2
-
2
Ordinary A shares of £1 each
5,002
-
5,002
-
Ordinary B shares of £1 each
5,002
-
5,002
-
10,004
2
10,004
2

On 3 May 2024, the designation of the two ordinary shares issued was changed into one ordinary A and one ordinary B shares.

 

Ordinary A shares and ordinary B shares rank equally pari passu in all respects apart from dividends which may be voted on each class of share independently of any dividend declared on any other class of share.

On 3 May 2024, the company issued and allotted 5,001 ordinary A shares and 5,001 ordinary B shares.

 

These shares were issued as part of a share for share exchange, whereby the company received 100% of the issued ordinary share capital in Indigo Leisure Limited and in Indigo Leisure Investments Limited.

 

The consideration received is described in Note 24 'Acquisition of a business'.

 

YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
22
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
-
0
-
0
-
0
-
0
Issue of new shares
17,926,323
-
-
-
At the end of the year
17,926,323
-
0
-
0
-
0
23
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
-
-
-
-
Profit for the year
759,710
-
550,000
-
0
Dividends
(550,000)
-
(550,000)
-
At the end of the year
209,710
-
-
0
-
24
Acquisition of a business

On 3 May 2024, the group acquired 100 percent of the issued capital of Indigo Leisure Investments Limited, a property investment business, by means of a share for share exchange.

 

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
20,707
-
20,707
Investment property
20,469,521
-
20,469,521
Cash and cash equivalents
103,067
-
103,067
Borrowings
(6,497,285)
-
(6,497,285)
Trade and other payables
(6,437,856)
-
(6,437,856)
Tax liabilities
(101,727)
-
(101,727)
Deferred tax
(900,518)
-
(900,518)
Total identifiable net assets
6,655,909
-
6,655,909
Goodwill
-
Total consideration
6,655,909
The consideration was satisfied by:
£
Issue of shares
6,655,909
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
24
Acquisition of a business
(Continued)
- 31 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Loss after tax
(164,493)

On 3 May 2024, the group also acquired 100 percent of the issued capital of Indigo Leisure Limited, a pub management business, by means of a share for share exchange.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
5,643,009
-
5,643,009
Inventories
230,569
-
230,569
Trade and other receivables
6,963,428
-
6,963,428
Cash and cash equivalents
795,808
-
795,808
Trade and other payables
(1,249,087)
-
(1,249,087)
Tax liabilities
(623,098)
-
(623,098)
Provisions
(490,215)
-
(490,215)
Total identifiable net assets
11,270,414
-
11,270,414
Goodwill
-
Total consideration
11,270,414
The consideration was satisfied by:
£
Issue of shares
11,270,414
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
5,017,555
Profit after tax
924,203
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, in relation to the rental of public houses, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
557,100
-
-
-
Between two and five years
2,168,232
-
-
-
In over five years
3,648,058
-
-
-
6,373,390
-
-
-
26
Related party transactions
Remuneration of key management personnel

The company has taken advantage of the exemption under paragraph 1.12(e) of FRS 102 from the requirement to disclose the total of key management personnel compensation.

Other information

The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 not to disclose transactions entered into between two or more members of a group where the subsidiary which is party to the transaction is wholly owned by the other party.

27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
759,710
-
Adjustments for:
Taxation charged
353,713
-
0
Finance costs
126,488
-
0
Depreciation and impairment of tangible fixed assets
162,594
-
Movements in working capital:
Increase in stocks
(36,768)
-
Decrease in debtors
183,355
-
Increase in creditors
24,714
-
Cash generated from operations
1,573,806
-
YYZ GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 33 -
28
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
550,000
-
Adjustments for:
Investment income
(550,000)
-
0
Cash generated from operations
-
-
29
Analysis of changes in net debt - group
1 August 2023
Cash flows
Other non-cash changes
31 July 2024
£
£
£
£
Cash at bank and in hand
-
1,418,414
-
1,418,414
Borrowings excluding overdrafts
-
152,530
(6,497,285)
(6,344,755)
-
1,570,944
(6,497,285)
(4,926,341)
30
Analysis of changes in net funds - company
1 August 2023
31 July 2024
£
£
Cash at bank and in hand
-
-
-
-
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