Company registration number 00481830 (England and Wales)
SCOT YOUNG RESEARCH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
SCOT YOUNG RESEARCH LIMITED
COMPANY INFORMATION
Directors
Ms. L A Young
Mrs S Stokes
(Appointed 2 January 2024)
Company number
00481830
Registered office
Lye By Pass
Lye
Stourbridge
West Midlands
United Kingdom
DY9 8HG
Auditor
Azets Audit Services
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
SCOT YOUNG RESEARCH LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 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 - 41
SCOT YOUNG RESEARCH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

Principal activities

The group's principal activity during the year was the manufacture and distribution of professional cleaning equipment and associated products, including microfibre and wet mopping systems, traditional and non-woven cloths.

Review of the business

During the year there was a significant change of personnel with a new management structure put in place ahead of Sally Stokes being appointed Group Managing Director in July.

 

This approach was deemed necessary following the downturn in profitability of the business from 2020 onwards following the initial impact of COVID-19 and subsequent ongoing increases in product and freight costs.

 

Throughout this transformation, the business has maintained its normal level of turnover and has seen an improved level of profitability.

Key performance indicators

The performance of the group is measured through the following KPI's:

 

 

2024

2023

Turnover

£21.1m

£21.8m

Gross Profit

£4.6m

£4.2m

Gross Margin

21.65%

19.07%

Net Current Assets

£7.7m

£6.2m

 

The directors consider turnover and gross profit to be critical key performance indicators in managing the business and this year saw a strengthening in gross margin following the changes in the business model.

 

The increase in net profit resulted in a further strengthening of the balance sheet.

 

Strategy

The group’s overriding objective is to operate profitably while delivering quality products and the best service for our customers. The group will continue to work with suppliers to achieve efficiencies in costs and reduce stock levels.

 

Work is ongoing to ensure a successful implementation of a new ERP system which will allow further enhancement of business processes and good financial control.

 

Where possible the group will continue to monitor overheads, reducing costs where appropriate.

Principal risks and uncertainties

The management of the business and the execution of the group’s strategy are subject to a number of risks. The principal risks identified are global factors which impact the price of goods purchased which include freight cost, labour costs and foreign exchange rate movements.

 

The group seeks to mitigate these risks through strong relationships with our freight forwarders and suppliers, foreign currency hedging, and managing stock levels efficiently.

SCOT YOUNG RESEARCH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Future Developments

The ongoing effects of the global economy, including trade agreement discussions worldwide by the US, continue to increase uncertainty in future product costs. Furthermore, fluctuating freight charges pose further challenges to liquidity and profitability.

 

Management will continue to monitor these outcomes and look to make appropriate changes as deemed necessary.

 

The directors anticipate that the current level of turnover will continue to be achieved throughout this period.

On behalf of the board

Mrs S Stokes
Director
19 May 2025
SCOT YOUNG RESEARCH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 8 with relevant KPIs found in the strategic report.

No ordinary dividends were paid in the year however a final dividend has been proposed of £475,000.

Directors

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

Ms. L A Young
Mr. G David
(Resigned 19 July 2024)
Mrs. S Stokes
(Appointed 2 January 2024)
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of the business, details of results, performance and future developments, as included on pages 1 & 2.

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 group 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 group is aware of that information.

On behalf of the board
Mrs. S Stokes
Director
19 May 2025
SCOT YOUNG RESEARCH LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

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

 

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

 

 

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.

SCOT YOUNG RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCOT YOUNG RESEARCH LIMITED
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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:

SCOT YOUNG RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOT YOUNG RESEARCH LIMITED
- 6 -
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.

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.

SCOT YOUNG RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOT YOUNG RESEARCH LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Lee Meredith BFP ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
22 May 2025
Chartered Accountants
Statutory Auditor
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
SCOT YOUNG RESEARCH LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
21,148,736
21,791,049
Cost of sales
(16,567,699)
(17,634,827)
Gross profit
4,581,037
4,156,222
Distribution costs
(243,351)
(248,034)
Administrative expenses
(4,354,506)
(4,921,296)
Other operating income
963,313
911,051
Operating profit/(loss)
4
946,493
(102,057)
Share of profits of associates
321,493
459,330
Interest receivable and similar income
8
9,712
5,511
Interest payable and similar expenses
9
(68,821)
(117,508)
Profit before taxation
1,208,877
245,276
Tax on profit
10
(81,442)
(27,377)
Profit for the financial year
26
1,127,435
217,899
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 41 form part of these financial statements.

SCOT YOUNG RESEARCH LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
as restated
£
£
Profit for the year
1,127,435
217,899
Other comprehensive income
Revaluation of tangible fixed assets
1,183,500
-
0
Currency translation loss taken to retained earnings
(10,918)
(191,276)
Other comprehensive income for the year
1,172,582
(191,276)
Total comprehensive income for the year
2,300,017
26,623
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 16 to 41 form part of these financial statements.

SCOT YOUNG RESEARCH LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
229,454
-
0
Tangible assets
13
5,708,780
5,534,577
Investments
14
3,766,224
3,444,731
9,704,458
8,979,308
Current assets
Stocks
17
4,517,042
3,937,161
Debtors
19
3,874,554
5,091,536
Cash at bank and in hand
3,814,826
2,880,230
12,206,422
11,908,927
Creditors: amounts falling due within one year
20
(4,525,162)
(5,752,238)
Net current assets
7,681,260
6,156,689
Total assets less current liabilities
17,385,718
15,135,997
Creditors: amounts falling due after more than one year
21
(416,733)
(534,509)
Provisions for liabilities
Deferred tax liability
23
67,480
-
0
(67,480)
-
Net assets
16,901,505
14,601,488
Capital and reserves
Called up share capital
25
55,100
55,100
Revaluation reserve
26
4,078,430
3,106,947
Other reserves
26
168,811
168,811
Profit and loss reserves
26
12,599,164
11,270,630
Total equity
16,901,505
14,601,488

The notes on pages 16 to 41 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 19 May 2025 and are signed on its behalf by:
19 May 2025
Mrs S Stokes
Director
Company registration number 00481830 (England and Wales)
SCOT YOUNG RESEARCH LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
229,454
-
0
Tangible assets
13
5,693,331
5,514,642
Investments
14
867,137
867,137
6,789,922
6,381,779
Current assets
Stocks
17
3,928,722
3,363,611
Debtors
19
3,821,966
5,123,197
Cash at bank and in hand
2,841,800
2,092,560
10,592,488
10,579,368
Creditors: amounts falling due within one year
20
(4,132,410)
(5,493,198)
Net current assets
6,460,078
5,086,170
Total assets less current liabilities
13,250,000
11,467,949
Creditors: amounts falling due after more than one year
21
(416,733)
(534,509)
Provisions for liabilities
Deferred tax liability
23
67,480
-
0
(67,480)
-
Net assets
12,765,787
10,933,440
Capital and reserves
Called up share capital
25
55,100
55,100
Revaluation reserve
26
4,078,430
3,106,947
Profit and loss reserves
26
8,632,257
7,771,393
Total equity
12,765,787
10,933,440

The notes on pages 16 to 41 form part of these financial statements.

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 £648,847 (2023 - £414,379 loss).

SCOT YOUNG RESEARCH LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 19 May 2025 and are signed on its behalf by:
19 May 2025
Mrs S Stokes
Director
Company registration number 00481830 (England and Wales)
SCOT YOUNG RESEARCH LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Share capital
Revaluation reserve
Public welfare reserve
Capital surplus reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
As restated for the period ended 31 August 2023:
Balance at 1 September 2022
55,100
3,275,355
75,232
27,771
11,653,821
15,087,279
Year ended 31 August 2023:
Profit for the year
-
-
-
-
217,899
217,899
Other comprehensive income:
Currency translation differences
-
-
-
-
0
(191,276)
(191,276)
Total comprehensive income
-
-
-
-
26,623
26,623
Dividends
11
-
-
-
-
(512,414)
(512,414)
Transfers
-
(168,408)
65,808
-
102,600
-
Balance at 31 August 2023
55,100
3,106,947
141,040
27,771
11,270,630
14,601,488
Year ended 31 August 2024:
Profit for the year
-
-
-
-
1,127,435
1,127,435
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,183,500
-
-
-
1,183,500
Currency translation differences
-
-
-
-
0
(10,918)
(10,918)
Total comprehensive income
-
1,183,500
-
-
1,116,517
2,300,017
Transfers
-
(212,017)
-
-
212,017
-
Balance at 31 August 2024
55,100
4,078,430
141,040
27,771
12,599,164
16,901,505

The notes on pages 16 to 41 form part of these financial statements.

SCOT YOUNG RESEARCH LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 August 2023:
Balance at 1 September 2022
55,100
3,275,355
8,529,778
11,860,233
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
-
(414,379)
(414,379)
Dividends
11
-
-
(512,414)
(512,414)
Transfers
-
(168,408)
168,408
-
Balance at 31 August 2023
55,100
3,106,947
7,771,393
10,933,440
Year ended 31 August 2024:
Profit for the year
-
-
648,847
648,847
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,183,500
-
1,183,500
Total comprehensive income for the year
-
1,183,500
648,847
1,832,347
Transfers
-
(212,017)
212,017
-
Balance at 31 August 2024
55,100
4,078,430
8,632,257
12,765,787

The notes on pages 16 to 41 form part of these financial statements.

SCOT YOUNG RESEARCH LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
807,470
1,278,829
Interest paid
(68,821)
(117,508)
Income taxes (paid)/refunded
(37,164)
296,001
Net cash inflow from operating activities
701,485
1,457,322
Investing activities
Purchase of tangible fixed assets
(60,381)
(69,937)
Proceeds from disposal of tangible fixed assets
414,875
5,717
Repayment of loans
-
30,860
Interest received
9,712
5,511
Net cash generated from/(used in) investing activities
364,206
(27,849)
Financing activities
Repayment of bank loans
(120,177)
(126,927)
Dividends paid to equity shareholders
-
0
(512,414)
Net cash used in financing activities
(120,177)
(639,341)
Net increase in cash and cash equivalents
945,514
790,132
Cash and cash equivalents at beginning of year
2,880,230
2,281,374
Effect of foreign exchange rates
(10,918)
(191,276)
Cash and cash equivalents at end of year
3,814,826
2,880,230

The notes on pages 16 to 41 form part of these financial statements.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
1
Accounting policies
Company information

Scot Young Research Limited (“the company”) is a private limited company domiciled in England and incorporated in England and Wales. The registered office is Lye By Pass, Lye, Stourbridge, West Midlands, United Kingdom, DY9 8HG.

 

The group consists of Scot Young Research 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 group. 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.

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
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.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Scot Young Research 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 August 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.

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.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
10% - Straight Line
1.8
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
25% & 5% - Straight Line
Plant and equipment
20%, 33% & 45% - Straight Line
Motor vehicles
25% & 30% - Straight Line

Freehold land is not depreciated.

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.

Assets included in capital work in progress comprise of tooling work in progress. Tooling is transferred to plant and machinery and depreciated upon commissioning.

1.9
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.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -

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.

1.10
Impairment of fixed assets

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

 

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.

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.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
1.11
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.

1.12
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.

1.13
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.

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.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 21 -
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.

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.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

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

1.14
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.

1.15
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

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.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 23 -
1.19
Government grants

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

 

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

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Key sources of estimation uncertainty

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

Stock provisions

The company considers it necessary to evaluate the recoverability of the cost of stock. The stock levels are constantly reviewed and, should there be an indication of obsolescence, the stock is written down to its assessed net realisable value. The provision in the group accounts was £369,301 (2023 £415,228). The provision in the company accounts was £369,301 (2023 £415,228).

Accruals

The company recognises accruals in respect of goods / services received pre year end which were invoiced post year end. The provision in the group accounts was £768,659 (2023 £1,373,927). The provision in the company accounts was £689,940 (2023 £1,372,484).

Investment valuation

The group makes an estimate of the realisable value of its investments. When assessing impairment of investment, management considers current and predicted future probability of the investments and future cash flows from the investment.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
21,148,736
21,791,049
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
17,504,029
17,781,902
Europe
1,788,218
1,711,529
United States of America
283,761
448,009
Asia
901,460
1,096,847
Rest of the World
671,268
752,762
21,148,736
21,791,049
2024
2023
£
£
Other revenue
Interest income
9,712
5,511
Commissions received
107,875
40,651
Grants received
-
747
Management charges
846,887
858,606
Sundry income
8,551
11,047
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
2,045
(149,860)
Research and development costs
32,066
43,171
Government grants
-
(747)
Depreciation of owned tangible fixed assets
345,695
323,324
Loss on disposal of tangible fixed assets
79,652
816
Operating lease charges
107,471
100,066
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
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
38,500
27,200
Audit of the financial statements of the company's subsidiaries
6,036
11,305
44,536
38,505
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
60
62
53
55
Administration
43
46
39
41
Sales and marketing
13
14
11
14
Total
116
122
103
110

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,389,562
3,453,110
2,992,896
3,144,829
Social security costs
301,060
315,880
272,135
287,643
Pension costs
72,069
71,269
52,340
50,804
3,762,691
3,840,259
3,317,371
3,483,276
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
346,376
291,848
Company pension contributions to defined contribution schemes
4,211
5,231
350,587
297,079

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

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
7
Directors' remuneration
(Continued)
- 26 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
143,788
173,030
Company pension contributions to defined contribution schemes
3,000
2,259
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,712
5,511
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
9,712
5,511
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
68,821
118,228
Other finance costs:
Other interest
-
(720)
Total finance costs
68,821
117,508
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
167
-
0
Foreign current tax on profits for the current period
1,043
40,129
Total current tax
1,210
40,129
Deferred tax
Origination and reversal of timing differences
80,232
(12,752)
Total tax charge
81,442
27,377
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10
Taxation
(Continued)
- 27 -

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
1,208,877
245,276
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
302,219
52,771
Tax effect of expenses that are not deductible in determining taxable profit
5,064
(24,325)
Gains not taxable
120,175
-
0
Adjustments in respect of prior years
167
-
0
Depreciation on assets not qualifying for tax allowances
82,487
55,025
Other permanent differences
220
-
0
Effect of overseas tax rates
(118,864)
(104,540)
Superdeductions
-
0
(212)
Movement in deferred tax not recognised
(310,026)
48,658
Taxation charge
81,442
27,377
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
512,414

The proposed final dividend for the year ended 31 August 2024 is:

2024
2023
Per share
Total
Total
£
£
£
Ordinary
4,750.00
475,000
-

The proposed final dividend is subject to approval by shareholders and has not been included as a liability in these financial statements.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
12
Intangible fixed assets
Group
Software
£
Cost
At 1 September 2023
-
0
Transfers
229,454
At 31 August 2024
229,454
Amortisation and impairment
At 1 September 2023 and 31 August 2024
-
0
Carrying amount
At 31 August 2024
229,454
At 31 August 2023
-
0
Company
Software
£
Cost
At 1 September 2023
-
0
Transfers
229,454
At 31 August 2024
229,454
Amortisation and impairment
At 1 September 2023 and 31 August 2024
-
0
Carrying amount
At 31 August 2024
229,454
At 31 August 2023
-
0
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Motor vehicles
Capital work in progress
Total
£
£
£
£
£
Cost or valuation
At 1 September 2023
4,898,252
5,907,389
206,141
313,705
11,325,487
Additions
-
0
9,926
-
0
50,455
60,381
Disposals
(428,252)
(3,378,400)
(134,721)
(17,817)
(3,959,190)
Revaluation
960,000
-
0
-
0
-
0
960,000
Transfers
-
0
115,283
-
0
(344,737)
(229,454)
At 31 August 2024
5,430,000
2,654,198
71,420
1,606
8,157,224
Depreciation and impairment
At 1 September 2023
130,863
5,539,422
120,625
-
0
5,790,910
Depreciation charged in the year
118,000
212,228
15,467
-
0
345,695
Eliminated in respect of disposals
(25,363)
(3,360,711)
(78,587)
-
0
(3,464,661)
Revaluation
(223,500)
-
0
-
0
-
0
(223,500)
At 31 August 2024
-
0
2,390,939
57,505
-
0
2,448,444
Carrying amount
At 31 August 2024
5,430,000
263,259
13,915
1,606
5,708,780
At 31 August 2023
4,767,389
367,967
85,516
313,705
5,534,577
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Tangible fixed assets
(Continued)
- 30 -
Company
Freehold land and buildings
Plant and equipment
Motor vehicles
Capital work in progress
Total
£
£
£
£
£
Cost or valuation
At 1 September 2023
4,898,252
5,847,332
134,721
313,705
11,194,010
Additions
-
0
9,926
-
0
50,455
60,381
Disposals
(428,252)
(3,378,400)
(134,721)
(17,817)
(3,959,190)
Revaluation
960,000
-
0
-
0
-
0
960,000
Transfers
-
0
115,283
-
0
(344,737)
(229,454)
At 31 August 2024
5,430,000
2,594,141
-
0
1,606
8,025,747
Depreciation and impairment
At 1 September 2023
130,863
5,481,145
67,360
-
0
5,679,368
Depreciation charged in the year
118,000
211,982
11,227
-
0
341,209
Eliminated in respect of disposals
(25,363)
(3,360,711)
(78,587)
-
0
(3,464,661)
Revaluation
(223,500)
-
0
-
0
-
0
(223,500)
At 31 August 2024
-
0
2,332,416
-
0
-
0
2,332,416
Carrying amount
At 31 August 2024
5,430,000
261,725
-
0
1,606
5,693,331
At 31 August 2023
4,767,389
366,187
67,361
313,705
5,514,642

Freehold land and buildings, comprising Scot's Corner and the offices Hill Road, were revalued upon an open market value basis on 31 August 2024 by Jones Lang LaSalle Limited (JLL), JLL being a global commercial real estate services company with extensive experience in the UK commercial property market. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings
2024
2023
£
£
Group
Cost
2,886,936
3,355,221
Accumulated depreciation
(1,491,843)
(1,756,290)
Carrying value
1,395,093
1,598,931
Company
Cost
2,886,936
3,355,221
Accumulated depreciation
(1,491,843)
(1,756,290)
Carrying value
1,395,093
1,598,931
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in associates
16
3,766,224
3,444,731
867,137
867,137
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 September 2023
3,444,731
Valuation changes
321,493
At 31 August 2024
3,766,224
Carrying amount
At 31 August 2024
3,766,224
At 31 August 2023
3,444,731
Movements in fixed asset investments
Company
Shares in associates
£
Cost or valuation
At 1 September 2023 and 31 August 2024
867,137
Carrying amount
At 31 August 2024
867,137
At 31 August 2023
867,137
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Scot Young Research Limited
18 Automatic Drive, Brampton, Ontario, Canada
Ordinary Share Capital
100.00
Ningbo Scot Young Cleaning Products Co Limited
Sici Road, Lushansi Village, Hemudu Town, Yuyao,  Ningbo,  Zhejiang  315415  China
Ordinary Share Capital
100.00
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
15
Subsidiaries
(Continued)
- 32 -

In the company's accounts the carrying value of investment in subsidiaries is £nil, due to the following impairment provisions against cost:

 

Ningbo Scot Young Cleaning Products Co. Ltd £235,277

 

Scot Young Research Limited £47

16
Associates

Details of associates at 31 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Scot Young Research Inc
5810 Corporate Drive, Saint Joseph, MO, USA
Common & Preferred Stock
49
17
Stocks
Group
Company
2024
2023
2024
2023
£
as restated
£
as restated
£
£
Raw materials and consumables
4,517,042
3,937,161
3,928,722
3,363,611
18
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,354,644
7,643,017
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
4,396,178
5,974,774
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 33 -
19
Debtors
Group
Company
2024
2023
2024
2023
£
as restated
£
as restated
Amounts falling due within one year:
£
£
Trade debtors
3,130,580
3,552,268
2,990,602
3,479,646
Corporation tax recoverable
13,000
13,167
13,000
13,167
Amounts owed by group undertakings
85,224
1,117,759
225,408
1,258,194
Other debtors
324,014
92,760
312,791
86,841
Prepayments and accrued income
321,736
302,830
280,165
272,597
3,874,554
5,078,784
3,821,966
5,110,445
Deferred tax asset (note 23)
-
0
12,752
-
0
12,752
3,874,554
5,091,536
3,821,966
5,123,197
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
as restated
£
as restated
Notes
£
£
Bank loans
22
118,377
120,778
118,377
120,778
Trade creditors
1,599,681
1,698,016
1,303,047
1,512,794
Amounts owed to group undertakings
399,117
384,580
400,853
373,055
Corporation tax payable
9,218
45,339
-
0
-
0
Other taxation and social security
536,499
266,634
529,844
255,157
Other creditors
1,093,611
1,862,964
1,090,349
1,858,930
Accruals and deferred income
768,659
1,373,927
689,940
1,372,484
4,525,162
5,752,238
4,132,410
5,493,198

Included in other creditors is a debt of £nil (2023 £1,852,013) secured against trade debtors, as well as a debenture over all fixed and floating assets of the company, dated 4 May 2001.

21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
416,733
534,509
416,733
534,509
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 34 -
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
535,110
655,287
535,110
655,287
Payable within one year
118,377
120,778
118,377
120,778
Payable after one year
416,733
534,509
416,733
534,509

The bank loan is due to be repaid in June 2026, which is subject to interest at 3.31% fixed p.a.

The bank loan and overdraft are secured by a first legal mortgage over the company's freehold property at Hill Road, Lye, Stourbridge, dated 2 April 2001; a further legal charge was created on 4 December 2009 over the company's freehold propery at Thorns Road, Lye, Stourbridge. There is also a debenture over all fixed and floating assets of the company, dated 4 May 2001.

23
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
85,629
-
-
(10,780)
Tax losses
(123,196)
-
-
-
Gain on revaluation
120,175
-
-
-
Short term timing differences
(15,128)
-
-
23,532
67,480
-
-
12,752
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
85,629
-
-
(10,780)
Tax losses
(123,196)
-
-
-
Gain on revaluation
120,175
-
-
-
Short term timing differences
(15,128)
-
-
23,532
67,480
-
-
12,752
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
23
Deferred taxation
(Continued)
- 35 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 September 2023
(12,752)
(12,752)
Charge to profit or loss
80,232
80,232
Liability at 31 August 2024
67,480
67,480

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature on asset disposal, as well as uncrystallised capital gains and an asset from trading losses to use in future periods.

 

Deferred tax of £120,175 (2023 £nil) has been recognised on revaluing the properties to their market value. Such tax would only become payable if the properties were sold without it being possible to claim rollover relief. At present, it is not envisaged that this tax will become payable for the foreseeable future.

At the year end, in respect of trading losses, there was an unprovided deferred tax asset of £nil (2023 £393,881).

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,069
71,269

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.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
55,000
55,000
55,000
55,000
Ordinary A of £1 each
100
100
100
100
55,100
55,100
55,100
55,100
26
Reserves
Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Other reserves

Included within other reserves in relation to Ningbo Scot Young Cleaning Products Co. Ltd is a public welfare balance of £141,040 (2023 £141,040) and a capital surplus reserve of £27,771 (2023 £27,771).

SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 36 -
27
Operating lease commitments

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
192,063
159,729
93,112
59,483
Between two and five years
140,921
81,369
38,768
38,610
332,984
241,098
131,880
98,093
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
548,190
501,221
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 over which the group has control, joint control or significant influence
218,504
228,917
2,601
3,716
Company
Entities over which the company has control, joint control or significant influence
231,450
262,332
23,920
62,672
Management charges received
Management charges paid
2024
2023
2024
2023
£
£
£
£
Company
Entities with control, joint control or significant influence over the company
-
-
36,204
38,182
Entities over which the entity has control, joint control or significant influence
846,887
898,606
-
-
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
28
Related party transactions
(Continued)
- 37 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Company
Entities with control, joint control or significant influence over the company
222,985
364,698
Entities over which the company has control, joint control or significant influence
177,868
8,357

Sales and purchases of goods between related parties are at cost plus 5%.

 

The amounts outstanding are unsecured and will be settled in cash.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
85,224
976,046
Company
Entities with control, joint control or significant influence over the company
-
141,713
Entities over which the company has control, joint control or significant influence
225,407
1,116,563

Sales and purchases of goods between related parties are at cost plus 5%.

 

The amounts outstanding are unsecured and will be settled in cash.

Other information

Included in other debtors is a loan made to the estate of Mr S Young of £219,462 (2023 £85,521). This loan is repayable on demand.

29
Controlling party

Scot Young Limited (incorporated in Canada) is regarded by the directors as being the company's ultimate parent company.

 

Copies of the Scot Young Limited financial statements can be obtained from the company secretary at: 18 Automatic Road, Units 5 & 6, Brampton, Ontario, L6S 5N5, Canada.

The ultimate controlling party is the estate of Mr S Young.
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 38 -
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,127,435
217,899
Adjustments for:
Share of results of associates and joint ventures
(321,493)
(459,330)
Taxation charged
81,442
27,377
Finance costs
68,821
117,508
Investment income
(9,712)
(5,511)
Loss on disposal of tangible fixed assets
79,652
816
Depreciation and impairment of tangible fixed assets
345,695
323,324
Movements in working capital:
(Increase)/decrease in stocks
(579,881)
286,417
Decrease in debtors
1,204,063
769,442
(Decrease)/increase in creditors
(1,188,552)
887
Cash generated from operations
807,470
1,278,829
31
Analysis of changes in net funds - group
1 September 2023
Cash flows
Exchange rate movements
31 August 2024
£
£
£
£
Cash at bank and in hand
2,880,230
945,514
(10,918)
3,814,826
Borrowings excluding overdrafts
(655,287)
120,177
-
(535,110)
2,224,943
1,065,691
(10,918)
3,279,716
32
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Aug 2023
£
£
£
Fixed assets
Tangible assets
5,361,677
172,900
5,534,577
Current assets
Stocks
3,249,732
687,429
3,937,161
Debtors due within one year
5,217,749
(126,213)
5,091,536
Creditors due within one year
Other creditors
(4,758,271)
(561,216)
(5,319,487)
Net assets
14,428,588
172,900
14,601,488
Capital and reserves
Profit and loss reserves
11,097,730
172,900
11,270,630
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
32
Prior period adjustment
(Continued)
- 39 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 August 2023
£
£
£
Administrative expenses
(5,094,196)
172,900
(4,921,296)
Reconciliation of changes in equity - group
1 September
31 August
2022
2023
£
£
Adjustments to prior year
Stock
-
687,429
Trade debtors
-
(126,213)
Accruals
-
(561,216)
Depreciation to date
-
172,900
Total adjustments
-
172,900
Equity as previously reported
15,087,279
14,428,588
Equity as adjusted
15,087,279
14,601,488
Analysis of the effect upon equity
Profit and loss reserves
-
172,900
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Depreciation for year
172,900
Loss as previously reported
(414,331)
Loss as adjusted
(241,431)
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
32
Prior period adjustment
(Continued)
- 40 -
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Aug 2023
£
£
£
Fixed assets
Tangible assets
5,341,742
172,900
5,514,642
Current assets
Stocks
2,676,182
687,429
3,363,611
Debtors due within one year
5,249,410
(126,213)
5,123,197
Creditors due within one year
Other creditors
(4,556,047)
(561,216)
(5,117,263)
Net assets
10,760,540
172,900
10,933,440
Capital and reserves
Profit and loss reserves
7,598,493
172,900
7,771,393
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 31 August 2023
£
£
£
Administrative expenses
(4,565,447)
172,900
(4,392,547)
Reconciliation of changes in equity - company
1 September
31 August
2022
2023
£
£
Adjustments to prior year
Stock
-
687,429
Trade debtors
-
(126,213)
Accruals
-
(561,216)
Depreciation to date
-
172,900
Total adjustments
-
172,900
Equity as previously reported
11,860,233
10,760,540
Equity as adjusted
11,860,233
10,933,440
Analysis of the effect upon equity
Profit and loss reserves
-
172,900
SCOT YOUNG RESEARCH LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
32
Prior period adjustment
(Continued)
- 41 -
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Depreciation for year
172,900
Loss as previously reported
(587,279)
Loss as adjusted
(414,379)
Notes to reconciliation
Adjustment for stock in transit

The prior year adjustment relates to recognition of stock on the water at 31 August 2023 which was not recognised last year. There is no impact on profit or loss, nor is there any impact on the net assets of the company as a result of the prior year adjustment.

Adjustment for land depreciation

The prior year adjustment relates to the reversal of depreciation in relation to land which had previously been depreciated. The impact of the prior year adjustment, in the year to 31 August 2023, is to increase both profits and net assets of the company, by £172,900.

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