Boi Trading Company Limited
Group annual report and consolidated financial statements
For the year ended 31 July 2024
Boi Trading Company Limited
Company information
Director
A Singh
Company number
02905066
Registered office
Units 1-6 Euro Centre
116-118 Bury New Road
Manchester
M8 8EB
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Boi Trading Company Limited
Contents
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10 - 11
Company statement of financial position
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 - 32
Boi Trading Company Limited
Strategic report
For the year ended 31 July 2024
- 1 -

The director presents the strategic report for the year ended 31 July 2024.

Review of the business

The Group's trading revenue decreased to £19,775,679 (2023: £24,329,032) in a challenging environment in which the 'High Street' is also facing difficult times.

 

At the year end the Group had shareholder funds of £19,220,292 (2023: £18,585,929) including retained earnings of £19,220,290 (2023: £18,585,927). The director therefore believes the Group's position to be satisfactory, especially as the current assets exceed current liabilities by £13,680,525 (2023: £16,014,910).

 

The director is pleased with the results of the Group in a year of economic uncertainty

Principal risks and uncertainties

The director has assessed the main market risks facing the Group to be the current economic climate and also competition in the marketplace.

 

In the previous year we reported the below:

 

‘A decision was made to streamline the warehousing activities & the company has recently acquired a new warehousing facility in Knutsford. This facility will house all of the stock of the company in one location unlike currently whereby the company’s stock is located in 4 or 5 different third-party locations. We believe that this will save costs, transportation, consolidation etc. & result in the better control of stock all round. The new facility will be bonded for HMRC purposes.’

 

We are pleased to report that we managed to get bonded status from HMRC in respect of the above premises and we are currently transferring stock from third party locations into our own warehouse.

 

Additionally, we can report that we have sold our current office premises located on Bury New Road in Manchester & will soon move into leased premises in Knutsford which are located in the same industrial estate as our new warehouse facility. The lease will be from a sister company who purchased the property in that estate.

 

We believe having the two facilities close by will create synergies and further improve the Group's operational efficiency.

 

The director has considered the current working capital requirements of the business during the current challenging times and believes that it is well placed to manage the risks going forward and therefore continues to adopt a going concern basis in accounting in preparing these financial statements.

 

Our bankers have continued to support the Group.

 

Volatility in foreign currency exchange rates continues to remain a key risk especially since the introductions of Tariffs by the USA which has created market volatility across the world

 

In order to alleviate this risk the Group have hedging programmes in place which ensure that margins are maintained.

 

Boi Trading Company Limited
Strategic report (continued)
For the year ended 31 July 2024
- 2 -

Other key risks and uncertainties affecting the Group continue to relate to competition, employee retention and customer and supplier retention.

 

However, the director and his management team actively monitor trading trends and make strategic decisions to mitigate any material threat to the long-term stability of the Group.

 

In relation to competition the Group is actively watching fashion trends and reacting to changes in the marketplace.

 

In relation to employee retention the Group ensures that key staff are rewarded with financial incentives that keeps them motivated. In fact, we are pleased to report that the current office move has resulted in a 95% retention of staff who are expected to move into the companies new office & warehouse premises

 

In relation to customer retention the Group tries to ensure that its products are of the highest quality for the segment of the market that it supplies.

 

In relation to supplier retention the Group tries to ensure that the database of suppliers is large enough to cover any situations where a loss of supplier becomes a threat.

Key performance indicators

Key financial indicators are revenue, net profitability, cash flow and working capital, the results of which can be obtained from the financial statements.

Future Developments

The director believes that the quality of the Group's products will continue to help mitigate the competition in the market and hope to see satisfactory trading results in the coming year.

 

The Group aims to streamline its portfolio of brands and concentrate on developing products where the brand name is in demand in the current marketplace.

 

The Group is constantly looking into increasing its customer base and continues to explore areas of opportunity that it can exploit.

On behalf of the board

A Singh
Director
12 May 2025
Boi Trading Company Limited
Director's report
For the year ended 31 July 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company and group continued to be that of a clothing wholesaler.

Results and dividends

No dividends will be distributed for the year ended 31 July 2024.

Director

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

A Singh
Auditor

DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

Statement of disclosure to auditor

So far as the director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the director has taken all the necessary steps that they ought to have taken as director 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
A Singh
Director
12 May 2025
Boi Trading Company Limited
Director's responsibilities statement
For the year ended 31 July 2024
- 4 -

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

 

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

 

 

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

Boi Trading Company Limited
Independent auditor's report
To the members of Boi Trading Company Limited
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

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

 

We have nothing to report in this regard.

Boi Trading Company Limited
Independent auditor's report (continued)
To the members of Boi Trading Company Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has 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.

-We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management did not inform us of any known, suspected or alleged fraud.

-We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, Sale of Goods Act 1979 and general employment and health & safety regulations.

-We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

-Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

Boi Trading Company Limited
Independent auditor's report (continued)
To the members of Boi Trading Company Limited
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

-Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

-Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to inventory valuation, asset amortisation and depreciation rates and recoverability of receivables.

-Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

-Testing key revenue lines, in particular cut-off, for evidence of management bias.

-Performing a physical verification of key assets, including inventories.

-Obtaining third-party confirmation of material bank and loan balances.

-Documenting and verifying all significant related party balances and transactions.

-Reviewing documentation such as the company board minutes for discussions of irregularities including fraud.

-Reviewing all consolidation adjustments

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the director.

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.

Richard Taylor FCA (Senior Statutory Auditor)
For and on behalf of
12 May 2025
DJH Audit Limited
Accountants
Statutory Auditor
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Boi Trading Company Limited
Group income statement
For the year ended 31 July 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
19,775,679
24,329,032
Cost of sales
(14,849,268)
(19,150,660)
Gross profit
4,926,411
5,178,372
Distribution costs
(705,194)
(734,186)
Administrative expenses
(3,946,128)
(3,059,391)
Other operating income
523,941
977,394
Operating profit
4
799,030
2,362,189
Interest receivable and similar income
208,693
115,431
Interest payable and similar expenses
8
(283,129)
(576,777)
Profit before taxation
724,594
1,900,843
Tax on profit
9
(90,231)
(451,369)
Profit for the financial year
634,363
1,449,474
Profit for the financial year is all attributable to the owners of the parent company.
Boi Trading Company Limited
Group statement of comprehensive income
For the year ended 31 July 2024
- 9 -
2024
2023
£
£
Profit for the year
634,363
1,449,474
Other comprehensive income
-
-
Total comprehensive income for the year
634,363
1,449,474
Total comprehensive income for the year is all attributable to the owner of the parent company.
Boi Trading Company Limited
Group statement of financial position
As at 31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
332,358
378,466
Other intangible assets
11
255,798
291,306
Total intangible assets
588,156
669,772
Tangible assets
12
11,768,266
3,883,954
12,356,422
4,553,726
Current assets
Stocks
15
10,015,114
11,501,448
Debtors
16
14,452,913
13,761,125
Cash at bank and in hand
3,770,765
401,785
28,238,792
25,664,358
Creditors: amounts falling due within one year
17
(14,558,267)
(9,649,448)
Net current assets
13,680,525
16,014,910
Total assets less current liabilities
26,036,947
20,568,636
Creditors: amounts falling due after more than one year
18
(6,599,914)
(1,890,625)
Provisions for liabilities
Deferred tax liability
20
216,741
92,082
(216,741)
(92,082)
Net assets
19,220,292
18,585,929
Capital and reserves
Called up share capital
22
1
1
Capital redemption reserve
1
1
Profit and loss reserves
19,220,290
18,585,927
Total equity
19,220,292
18,585,929
Boi Trading Company Limited
Group statement of financial position (continued)
As at 31 July 2024
- 11 -

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

The financial statements were approved and signed by the director and authorised for issue on 12 May 2025
12 May 2025
A Singh
Director
Company registration number 02905066 (England and Wales)
Boi Trading Company Limited
Company statement of financial position
As at 31 July 2024
31 July 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
255,798
291,306
Tangible assets
12
11,714,829
3,809,483
Investments
13
1,155,755
1,155,755
13,126,382
5,256,544
Current assets
Stocks
15
8,712,018
10,006,044
Debtors
16
14,006,621
13,363,167
Cash at bank and in hand
3,652,338
384,473
26,370,977
23,753,684
Creditors: amounts falling due within one year
17
(13,391,432)
(8,457,426)
Net current assets
12,979,545
15,296,258
Total assets less current liabilities
26,105,927
20,552,802
Creditors: amounts falling due after more than one year
18
(6,599,914)
(1,869,929)
Provisions for liabilities
Deferred tax liability
20
210,670
81,637
(210,670)
(81,637)
Net assets
19,295,343
18,601,236
Capital and reserves
Called up share capital
22
1
1
Capital redemption reserve
1
1
Profit and loss reserves
19,295,341
18,601,234
Total equity
19,295,343
18,601,236

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 £694,107 (2023 - £1,126,328 profit).

The financial statements were approved and signed by the director and authorised for issue on 12 May 2025
12 May 2025
A Singh
Director
Company registration number 02905066 (England and Wales)
Boi Trading Company Limited
Group statement of changes in equity
For the year ended 31 July 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
1
1
17,136,453
17,136,455
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
1,449,474
1,449,474
Balance at 31 July 2023
1
1
18,585,927
18,585,929
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
634,363
634,363
Balance at 31 July 2024
1
1
19,220,290
19,220,292
Boi Trading Company Limited
Company statement of changes in equity
For the year ended 31 July 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
1
1
17,474,906
17,474,908
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
1,126,328
1,126,328
Balance at 31 July 2023
1
1
18,601,234
18,601,236
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
694,107
694,107
Balance at 31 July 2024
1
1
19,295,341
19,295,343
Boi Trading Company Limited
Group statement of cash flows
For the year ended 31 July 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
4,117,194
1,259,813
Interest paid
(283,129)
(576,777)
Tax paid
(589,906)
(935,727)
Net cash inflow/(outflow) from operating activities
3,244,159
(252,691)
Investing activities
Purchase of tangible fixed assets
(8,031,283)
(255,393)
Proceeds from disposal of tangible fixed assets
-
3,824,560
Interest received
208,693
115,431
Net cash (used in)/generated from investing activities
(7,822,590)
3,684,598
Financing activities
Proceeds from borrowings
6,187,500
-
Proceeds from new bank loans
5,062,500
-
Repayment of bank loans
(209,671)
(1,409,039)
Payment of finance leases obligations
-
(44,094)
Net cash generated from/(used in) financing activities
11,040,329
(1,453,133)
Net increase in cash and cash equivalents
6,461,898
1,978,774
Cash and cash equivalents at beginning of year
(4,735,010)
(6,713,784)
Cash and cash equivalents at end of year
1,726,888
(4,735,010)
Relating to:
Cash at bank and in hand
3,770,765
401,785
Bank overdrafts included in creditors payable within one year
(2,043,877)
(5,136,795)

The notes on pages 16 to 32 form part of these financial statements.

Boi Trading Company Limited
Notes to the group financial statements
For the year ended 31 July 2024
- 16 -
1
Accounting policies
Company information

Boi Trading Company Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Units 1-6 Euro Centre, 116-118 Bury New Road, Manchester, M8 8EB.

 

The group consists of Boi Trading Company 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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Boi Trading Company 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.

Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

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

1.4
Turnover

The revenue shown in the income statement represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Revenue is recognised at the point at which the group has fulfilled its contractual obligations and the risks and rewards attached to the product, such as obsolescence, have been transferred to the customer.

1.5
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

1.6
Intangible fixed assets other than goodwill

Trademarks are stated at cost less amortisation and impairment. Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated useful economic life of that asset, equal to the period to renewal of the trademark.

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 property
- 2% on cost
Freehold land
- 25% on cost
Leasehold improvements
- 25% on cost
Fixtures and fittings
- 33% on cost, 20% on reducing balance and 12.5% on cost
Computers
- 33% on cost
Motor vehicles
- 33% on cost and 25% on cost

Freehold land is not depreciated.

Leasehold property improvements are depreciated over the period of the lease.

 

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

1.8
Fixed asset investments

Fixed asset investments are stated at cost less any permanent diminution in value.

Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.10
Cash 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.

1.11
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position 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.

1.12
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 income statement 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 income statement, 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.

Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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

1.14
Retirement benefits

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

1.15
Leases

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

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

1.16
Foreign exchange

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. The resulting exchange rate differences are charged to the income statement.

Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

 

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

 

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below.

 

The director uses judgement, using external evidence when available, in order to determine the length of life of the trademarks and the level of provision for impairment that is required when applicable.

 

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

 

Estimating the recoverability of trade receivables is considered key in calculating the bad debt provision at the year end.

 

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,515,520
19,230,006
Overseas
3,260,159
5,099,026
19,775,679
24,329,032
2024
2023
£
£
Other revenue
Interest income
208,693
115,431
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
146,971
133,681
Profit on disposal of tangible fixed assets
-
(681,235)
Amortisation of intangible assets
81,616
85,657
Operating lease charges
-
27,926
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
- 21 -
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
22,000
20,000
Audit of the financial statements of the company's subsidiaries
7,000
5,000
29,000
25,000
6
Employees

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

2024
2023
Number
Number
Distribution
13
6
Administration
30
32
Management
6
9
Total
49
47

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,445,854
1,452,116
Social security costs
206,036
216,163
Pension costs
85,854
74,026
1,737,744
1,742,305
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
129,750
170,000
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
- 22 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
235,869
516,132
Other interest on financial liabilities
47,260
60,478
Interest on finance leases and hire purchase contracts
-
167
Total finance costs
283,129
576,777
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
30,625
426,937
Adjustments in respect of prior periods
(65,054)
-
0
Total UK current tax
(34,429)
426,937
Foreign current tax on profits for the current period
-
0
6,521
Total current tax
(34,429)
433,458
Deferred tax
Origination and reversal of timing differences
124,660
17,911
Total tax charge
90,231
451,369
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
9
Taxation
(Continued)
- 23 -

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

2024
2023
£
£
Profit before taxation
724,594
1,900,843
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
181,149
475,211
Tax effect of expenses that are not deductible in determining taxable profit
3,752
11,038
Effect of change in corporation tax rate
-
(71,182)
Double tax relief
-
0
(6,521)
Permanent capital allowances in excess of depreciation
(38,615)
38,113
Effect of overseas tax rates
-
0
6,521
Under/(over) provided in prior years
(65,054)
-
0
FRS 102 derivative adjustment during the year
-
0
(1,811)
Deferred tax asset not provided
8,999
-
0
Taxation charge
90,231
451,369
10
Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

11
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
461,076
727,159
1,188,235
Amortisation and impairment
At 1 August 2023
82,610
435,853
518,463
Amortisation charged for the year
46,108
35,508
81,616
At 31 July 2024
128,718
471,361
600,079
Carrying amount
At 31 July 2024
332,358
255,798
588,156
At 31 July 2023
378,466
291,306
669,772
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
11
Intangible fixed assets
(Continued)
- 24 -
Company
Patents & licences
£
Cost
At 1 August 2023 and 31 July 2024
727,159
Amortisation and impairment
At 1 August 2023
435,853
Amortisation charged for the year
35,508
At 31 July 2024
471,361
Carrying amount
At 31 July 2024
255,798
At 31 July 2023
291,306
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
- 25 -
12
Tangible fixed assets
Group
Freehold property
Freehold land
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 August 2023
2,868,452
575,000
614,461
1,445,939
4,007
205,210
5,713,069
Additions
7,145,000
-
0
22,902
508,238
-
0
355,143
8,031,283
At 31 July 2024
10,013,452
575,000
637,363
1,954,177
4,007
560,353
13,744,352
Depreciation and impairment
At 1 August 2023
88,224
-
0
502,912
1,196,096
2,534
39,349
1,829,115
Depreciation charged in the year
8,700
-
0
34,384
52,705
1,322
49,860
146,971
At 31 July 2024
96,924
-
0
537,296
1,248,801
3,856
89,209
1,976,086
Carrying amount
At 31 July 2024
9,916,528
575,000
100,067
705,376
151
471,144
11,768,266
At 31 July 2023
2,780,228
575,000
111,549
249,843
1,473
165,861
3,883,954
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
- 26 -
Company
Freehold property
Freehold land
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
2,868,452
575,000
614,461
1,380,155
172,216
5,610,284
Additions
7,145,000
-
0
22,902
508,238
355,143
8,031,283
At 31 July 2024
10,013,452
575,000
637,363
1,888,393
527,359
13,641,567
Depreciation and impairment
At 1 August 2023
88,224
-
0
502,912
1,179,389
30,276
1,800,801
Depreciation charged in the year
8,700
-
0
34,384
43,881
38,972
125,937
At 31 July 2024
96,924
-
0
537,296
1,223,270
69,248
1,926,738
Carrying amount
At 31 July 2024
9,916,528
575,000
100,067
665,123
458,111
11,714,829
At 31 July 2023
2,780,228
575,000
111,549
200,766
141,940
3,809,483

At 31 July 2024 the director believed that there was no material difference between the net book value and the residual value of the freehold property.

13
Fixed asset investments
Company
2024
2023
Notes
£
£
Investments in subsidiaries
14
1,155,755
1,155,755
1,155,755
1,155,755
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
1,155,755
Carrying amount
At 31 July 2024
1,155,755
At 31 July 2023
1,155,755
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
- 27 -
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Tru Trading Company Limited
United Kingdom
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
10,015,114
11,501,448
8,712,018
10,006,044
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,750,954
6,615,854
5,501,276
6,297,933
Corporation tax recoverable
415,141
-
0
415,141
-
0
Other debtors
7,898,607
6,891,714
7,703,956
6,813,992
Prepayments and accrued income
388,211
253,557
386,248
251,242
14,452,913
13,761,125
14,006,621
13,363,167
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
2,315,836
5,265,214
2,315,836
5,350,350
Trade creditors
3,100,626
2,135,719
2,996,032
1,957,431
Corporation tax payable
-
0
209,193
-
0
124,077
Other taxation and social security
116,704
592,941
93,878
584,008
Other creditors
8,759,990
1,176,575
7,729,328
180,419
Accruals and deferred income
265,111
269,806
256,358
261,141
14,558,267
9,649,448
13,391,432
8,457,426
Boi Trading Company 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
6,599,914
1,890,625
6,599,914
1,869,929
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,216,696
1,355,821
1,216,696
1,355,821
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
6,871,873
2,019,044
6,871,873
1,988,348
Bank overdrafts
2,043,877
5,136,795
2,043,877
5,231,931
8,915,750
7,155,839
8,915,750
7,220,279
Payable within one year
2,315,836
5,265,214
2,315,836
5,350,350
Payable after one year
6,599,914
1,890,625
6,599,914
1,869,929

The bank loan and overdraft are secured by way of a fixed charge on the parent company's freehold land and buildings and investment properties, and by a mortgage debenture on the assets of the parent company. The bank holds an unscheduled mortgage debenture incorporating a fixed and floating charge over all current and future assets of the parent company.

 

The parent company's bank loan also includes an additional mortgage of a property of £1,650,000. Interest is charged at 1.75% per annum over the Basic Rate and due for repayment in full in 2034. This is secured by a charge over the property that it is related to.

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
216,741
92,082
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
20
Deferred taxation
(Continued)
- 29 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
210,670
81,637
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
92,082
81,637
Charge to profit or loss
124,659
129,033
Liability at 31 July 2024
216,741
210,670
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,854
74,026

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.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
- 30 -
23
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
214,874
80,000
214,874
80,000
Between two and five years
892,336
-
892,336
-
In over five years
873,776
-
873,776
-
1,980,986
80,000
1,980,986
80,000
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
528,069
391,623
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities subject to common control
2,641,864
3,381,213
-
166,612
Management charges
2024
2023
£
£
Group
Entities subject to common control
366,000
1,138,957
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
24
Related party transactions
(Continued)
- 31 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities subject to common control
7,907
3,007

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities subject to common control
3,164,788
2,921,885
25
Controlling party

The company is under the control of the director.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
634,363
1,449,474
Adjustments for:
Taxation charged
90,231
451,369
Finance costs
283,129
576,777
Investment income
(208,693)
(115,431)
Gain on disposal of tangible fixed assets
-
(681,235)
Amortisation and impairment of intangible assets
81,616
85,657
Depreciation and impairment of tangible fixed assets
146,971
133,681
Movements in working capital:
Decrease in stocks
1,486,334
2,717,968
Increase in debtors
(276,647)
(1,536,327)
Increase/(decrease) in creditors
1,879,890
(1,822,120)
Cash generated from operations
4,117,194
1,259,813
Boi Trading Company Limited
Notes to the group financial statements (continued)
For the year ended 31 July 2024
- 32 -
27
Analysis of changes in net debt - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
401,785
3,368,980
3,770,765
Bank overdrafts
(5,136,795)
3,092,918
(2,043,877)
(4,735,010)
6,461,898
1,726,888
Borrowings excluding overdrafts
(2,019,044)
(4,852,829)
(6,871,873)
(6,754,054)
1,609,069
(5,144,985)
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