Company registration number 08786814 (England and Wales)
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Affinia
19th Floor
1 Westfield Avenue
London
E20 1HZ
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr B S Reames
Ms C T Fowler
Company number
08786814
Registered office
Peartree House
1 Britannia Road
Brentwood
Essex
UK
CM14 5LD
Auditor
Affinia (Stratford)
19th Floor
1 Westfield Avenue
London
E20 1HZ
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group profit and loss
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 31
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

 

Background

The group provides Sustainable commercial cleaning and support services to client locations across the UK. A customer centric business that delivers a sustainable service, social impact and employee benefits. Focussing on the recruitment, training, and retention of rewarded, motivated and ethically employed staff in a well-resourced management structure which provide outstanding levels of client service.

Goals and objectives

We are focussed on producing environments that are sustainable, safe, clean and hygienic for our clients, their staff, customers and visitors. We achieve our goals of enhancing the quality of daily working life by delivering outstanding standards through our highly experienced management team and through ethical employment, a sustainable supply chain and investment in social value.

We re-invest a significant proportion of our profits back into our business, both in terms of innovation and people, which are Peartree core values. We embrace new technologies and strive to be at the forefront of all new developments evident in our proprietary Management system Peartree 360.

We have grown our business organically to date and constantly review our service, our marketplace and our client’s marketplace to ensure that we are offering the a service that aligns to the changing business environment.

Principal risks

The principal short-term risks are:

 

 

In terms of negating the shortages in recruitment pool, we have altered our operating model to offer longer shifts to our existing staff, with improved benefits such as more staff being paid Citizens/Real Living Wage pay rates, an Employee Support Programme and a bespoke staff bonus scheme.

The board actively pursues a policy to ensure that no single client revenue represents more than 10% of our total revenues, and the way we are growing, and the market is changing, this may also slow our growth down, but the board is certain that this remains the correct strategy.

Review of the Year

The Board of Directors are satisfied with the year-end position, given that the company maintains a high level of liquidity with minimum borrowings and an excellent sales pipeline.

Sales Revenue has increased by 9% in the year, which has benefited from increases in Real Living Wage & National Living Wage increases combined with a client portfolio that funded these statutory and non-statutory wage increases 100%.

New client wins, and staff retention, were above target. Client Retention was a little below target this year, due to 3 Tier One clients retendering their cleaning services and selecting an alternative provider based on price. We have reviewed our processes for competitive tendering for existing clients and increased the involvement of our bid team to ensure we offer the most competitive solution.

We have invested in the Marketing team by adding a specialist graphic designer. Importantly, and in the field of ESG we have recruited an ESG manager, who is leading our commitments to the Science Based Targets Initiative (SBTi). To support SBTi we have installed Solar panels at Peartree HQ and continue to purchase All-Electric fleet vehicles. We maintain our accreditations to NCZ and EcoVadis, both recording improvements for year 2023.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Key performance indicators

The Board regularly reviews key operational financial performance targets against actuals, as well as gross margin, debtors’ days and cash at bank. Gross margin is assessed on a contract-by-contract basis. These financial indicators are shared and discussed by the senior management team throughout the year.

The board also tracks and monitors client and staff retention, vital health and safety measures, HR performance issues as well as a wide range of ESG deliverables. All statistics show that we performed above our KPl's target for the year.

A summary of the key financial measures the board reports on are shown in the table below:

Again, we have been able to maintain gross margin cash values

2023                                                 2024

Gross Profit Margin                       21.61%                                            21.43%

EBITDA             £1,993,163         £2,268,271        

Future outlook

In the coming financial year, we forecast a low double digit increase in sales revenue, due to a healthy order book and increases (circa 6-8%) in both Foundation Real Living Wage (70% of our client agreements) and National Living Wage (30% of our client agreements). For the Year 2024/25 we do have a number of Tier One & Tier Two clients that will tender or benchmark their cleaning services which (based on our success) will impact the year end revenues.

The Board are conservatively optimistic about the future, and believe as the economy enters a stable period, premium cleaning services will remain critical for all businesses in the UK and that Peartree is well placed to take advantage of the ongoing need for clean places of work.

The Board sees the investment and growth of our services across the UK as the glide path to our future revenue and profit targets. With our vision of being the leading Independently owned and operated commercial cleaning company in the UK. The Board believes that consistent low double digit organic growth is a realistic goal over the coming years.

On behalf of the board

Mr B S Reames
Director
28 May 2025
PEARTREE CLEANING SERVICES HOLDINGS 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.

Principal activities

The principal activity of the company and group continued to be that of commercial contract cleaning.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £583,088. The directors do not recommend payment of a further dividend.

Directors

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

Mr B S Reames
Ms C T Fowler
Auditor

The auditor, Affinia (Stratford), is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

On behalf of the board
Mr B S Reames
Director
28 May 2025
PEARTREE CLEANING SERVICES HOLDINGS 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.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PEARTREE CLEANING SERVICES HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Peartree Cleaning Services Holdings 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEARTREE CLEANING SERVICES HOLDINGS 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.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEARTREE CLEANING SERVICES HOLDINGS LIMITED
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEARTREE CLEANING SERVICES HOLDINGS LIMITED
- 8 -

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.

Andrew Runicles (Senior Statutory Auditor)
For and on behalf of Affinia (Stratford)
28 May 2025
Chartered Accountants
Statutory Auditor
19th Floor
1 Westfield Avenue
London
E20 1HZ
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
28,379,471
26,108,245
Cost of sales
(22,298,550)
(20,465,573)
Gross profit
6,080,921
5,642,672
Administrative expenses
(3,644,597)
(3,643,420)
Other operating income
100,000
-
Operating profit
4
2,536,324
1,999,252
Interest receivable and similar income
8
141,539
48,381
Interest payable and similar expenses
9
(25,317)
(4,838)
Profit before taxation
2,652,546
2,042,795
Tax on profit
10
(675,742)
(475,262)
Profit for the financial year
1,976,804
1,567,533
Profit for the financial year is attributable to:
- Owners of the parent company
1,608,066
1,244,092
- Non-controlling interests
368,738
323,441
1,976,804
1,567,533

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

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2024
2023
£
£
Profit for the year
1,976,804
1,567,533
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,976,804
1,567,533
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,608,066
1,244,092
- Non-controlling interests
368,738
323,441
1,976,804
1,567,533
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
71,742
Tangible assets
13
964,773
744,487
964,773
816,229
Current assets
Stocks
16
26,004
47,386
Debtors
17
4,786,196
4,722,152
Cash at bank and in hand
6,168,758
5,030,298
10,980,958
9,799,836
Creditors: amounts falling due within one year
18
(3,811,610)
(3,730,992)
Net current assets
7,169,348
6,068,844
Total assets less current liabilities
8,134,121
6,885,073
Creditors: amounts falling due after more than one year
19
(165,818)
(40,269)
Provisions for liabilities
Deferred tax liability
21
77,895
77,895
(77,895)
(77,895)
Net assets
7,890,408
6,766,909
Capital and reserves
Called up share capital
23
28,500
28,500
Profit and loss reserves
7,335,319
6,310,341
Equity attributable to owners of the parent company
7,363,819
6,338,841
Non-controlling interests
526,589
428,068
7,890,408
6,766,909
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
28 May 2025
Mr B S Reames
Director
Company registration number 08786814 (England and Wales)
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
3,490,391
3,490,391
Capital and reserves
Called up share capital
23
28,500
28,500
Other reserves
3,461,891
3,461,891
Total equity
3,490,391
3,490,391

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 £583,088 (2023 - £568,088 profit).

The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
28 May 2025
Mr B S Reames
Director
Company registration number 08786814 (England and Wales)
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
28,500
5,686,761
5,715,261
477,663
6,192,924
Year ended 31 August 2023:
Profit and total comprehensive income
-
1,244,092
1,244,092
323,441
1,567,533
Dividends
11
-
(568,088)
(568,088)
(425,460)
(993,548)
Transfer of reserves
-
(52,424)
(52,424)
52,424
-
Balance at 31 August 2023
28,500
6,310,341
6,338,841
428,068
6,766,909
Year ended 31 August 2024:
Profit and total comprehensive income
-
1,608,066
1,608,066
368,738
1,976,804
Dividends
11
-
(583,088)
(583,088)
(270,217)
(853,305)
Balance at 31 August 2024
28,500
7,335,319
7,363,819
526,589
7,890,408
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
28,500
3,461,891
-
0
3,490,391
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
568,088
568,088
Dividends
11
-
-
(568,088)
(568,088)
Balance at 31 August 2023
28,500
3,461,891
-
0
3,490,391
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
583,088
583,088
Dividends
11
-
-
(583,088)
(583,088)
Balance at 31 August 2024
28,500
3,461,891
-
0
3,490,391
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,692,883
2,133,359
Interest paid
(25,317)
(4,838)
Income taxes paid
(482,855)
(487,193)
Net cash inflow from operating activities
2,184,711
1,641,328
Investing activities
Purchase of tangible fixed assets
(535,047)
(394,538)
Proceeds from disposal of tangible fixed assets
59,682
3,332
Interest received
141,539
48,381
Net cash used in investing activities
(333,826)
(342,825)
Financing activities
Payment of finance leases obligations
140,880
(10,008)
Dividends paid to equity shareholders
(583,088)
(568,088)
Dividends paid to non-controlling interests
(270,217)
(425,460)
Net cash used in financing activities
(712,425)
(1,003,556)
Net increase in cash and cash equivalents
1,138,460
294,947
Cash and cash equivalents at beginning of year
5,030,298
4,735,351
Cash and cash equivalents at end of year
6,168,758
5,030,298
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
583,088
568,088
Net cash generated from investing activities
583,088
568,088
Financing activities
Dividends paid to equity shareholders
(583,088)
(568,088)
Net cash used in financing activities
(583,088)
(568,088)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
1
Accounting policies
Company information

Peartree Cleaning Services Holdings Limited is a private limited company domiciled and incorporated in England and Wales. The registered office is Peartree House, 1 Britannia Road, Brentwood, Essex, UK, CM14 5LD.

 

The group consists of Peartree Cleaning Services Holdings Limited and its subsidiary.

1.1
Accounting convention

The financial statements are prepared under the historical cost convention, modified to include the revaluation of certain fixed assets.

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

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

1.2
Basis of consolidation

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.

The consolidated group financial statements consist of the financial statements of the parent company Peartree Cleaning Services Holdings Limited together with all entities controlled by the parent company (its subsidiary).

 

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.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company 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.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Turnover

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

 

Turnover is recognised at the fair value of the consideration received or receivable for goods (consumables) 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.

 

Revenue accounting policies as follows for each respective revenue stream:

 

- Office Cleaning - Revenue from contracts for the provision of professional services (Office Cleaning) is a service over time and recognised monthly based on fixed fee arrangements agreed with customers.

 

- Consumables - Revenue recognised when the significant risks and rewards of ownership of the consumables have passed to the buyer (usually on replacement of consumable goods during provision of cleaning services), 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.

 

- Emergency Treatment - Revenue from contracts for the provision of professional services (Emergency Treatment services) are recognised at a point in time based on the date of service(s) taking place.

1.5
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

 

Goodwill                    10 years straight line

1.6
Tangible fixed assets

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

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

Plant and machinery
6 years straight line
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance

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

1.7
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.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.8
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.

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.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
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 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.

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.

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, 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.

1.12
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.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 21 -
1.13
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.14
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.

1.15
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. THe assets of the scheme are held separately from those of the company. Contributions payable are charged to the profit and loss account in the year they are payable.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Group

Bad debt provision

Trade debtors is material at the year end.

Provisions made for bad debts require management's best estimate of receipts anticipated to be collected from customers in the future.

Goodwill impairment

Whilst there have been no indicators of impairment at year end, judgement is required by management in determining the future cash flows anticipated to achieve in supporting the carrying amount of Goodwill at year end.

Company

Investments in Subsidiaries

Investments in Subsidiaries is material at year end.

Whilst there has been no indicators of impairment at year end, judgement is required by management in determining the future cash flows anticipated to achieve in supporting the carrying amount of Investments in Subsidiaries at year end.

 

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Office cleaning
26,091,990
23,926,096
Consumables
1,638,870
1,510,801
Emergency treatment
648,611
671,348
28,379,471
26,108,245
2024
2023
£
£
Turnover analysed by geographical market
United Kingdon
28,379,471
26,108,245
2024
2023
£
£
Other revenue
Interest income
141,539
48,381
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
264,205
199,240
Profit on disposal of tangible fixed assets
(9,126)
(3,332)
Amortisation of intangible assets
71,742
226,360
Operating lease charges
60,000
48,000
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
3,000
3,000
Audit of the financial statements of the company's subsidiaries
17,000
17,000
20,000
20,000
For other services
Taxation compliance services
8,040
8,040
All other non-audit services
5,800
5,800
13,840
13,840
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
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
1,210
1,206
-
2
49
47
-
-
Total
1,259
1,253
-
0
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
19,210,420
17,649,213
-
0
-
0
Social security costs
1,237,609
1,084,237
-
-
Pension costs
364,049
368,925
-
0
-
0
20,812,078
19,102,375
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
433,771
440,136
Company pension contributions to defined contribution schemes
70,788
103,740
504,559
543,876
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
123,434
135,731

The cost of directors services are borne by Peartree Cleaning Services Limited.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
141,539
48,381
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
9,962
4,217
Other interest
15,355
621
Total finance costs
25,317
4,838
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
675,742
479,626
Adjustments in respect of prior periods
-
0
(4,364)
Total current tax
675,742
475,262

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
2,652,546
2,042,795
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
663,137
388,131
Tax effect of expenses that are not deductible in determining taxable profit
114,188
193,847
Permanent capital allowances in excess of depreciation
(119,518)
(149,724)
Effect of consolidation goodwill amortisation
17,935
43,008
Taxation charge
675,742
475,262

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom has increased from 19% to 25%.

 

Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 to £250,000, the higher 25% will apply but with marginal relief applying as profits increase.

 

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
583,088
568,088
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
2,263,597
Amortisation and impairment
At 1 September 2023
2,191,855
Amortisation charged for the year
71,742
At 31 August 2024
2,263,597
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
71,742
The company had no intangible fixed assets at 31 August 2024 or 31 August 2023.
13
Tangible fixed assets
Group
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
849,506
259,438
711,288
1,820,232
Additions
155,971
26,017
353,059
535,047
Disposals
(128,248)
-
0
(134,934)
(263,182)
At 31 August 2024
877,229
285,455
929,413
2,092,097
Depreciation and impairment
At 1 September 2023
596,264
231,356
248,125
1,075,745
Depreciation charged in the year
98,346
5,146
160,713
264,205
Eliminated in respect of disposals
(129,977)
-
0
(82,649)
(212,626)
At 31 August 2024
564,633
236,502
326,189
1,127,324
Carrying amount
At 31 August 2024
312,596
48,953
603,224
964,773
At 31 August 2023
253,242
28,082
463,163
744,487
The company had no tangible fixed assets at 31 August 2024 or 31 August 2023.
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Tangible fixed assets
(Continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
216,449
65,024
-
0
-
0
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,490,391
3,490,391
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
3,490,391
Carrying amount
At 31 August 2024
3,490,391
At 31 August 2023
3,490,391
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Peartree Cleaning Services Limited
England and Wales
Commercial contract cleaning
Ordinary shares
82.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
26,004
47,386
-
0
-
0
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,707,396
4,500,802
-
0
-
0
Other debtors
973,651
129,749
-
0
-
0
Prepayments and accrued income
105,149
91,601
-
0
-
0
4,786,196
4,722,152
-
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
26,923
11,592
-
0
-
0
Trade creditors
785,638
923,061
-
0
-
0
Corporation tax payable
316,418
123,531
-
0
-
0
Other taxation and social security
962,076
1,036,228
-
-
Other creditors
1,498,532
1,349,336
-
0
-
0
Accruals and deferred income
222,023
287,244
-
0
-
0
3,811,610
3,730,992
-
0
-
0
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
165,818
40,269
-
0
-
0
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
26,923
11,592
-
0
-
0
In two to five years
165,818
40,269
-
0
-
0
192,741
51,861
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
77,895
77,895
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
364,048
368,925

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
16,625
16,625
16,625
16,625
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
Ordinary D of £1 each
11,873
11,873
11,873
11,873
28,500
28,500
28,500
28,500
PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
24
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
60,000
48,000
-
-
60,000
48,000
-
-
25
Controlling party

The ultimate controlling party during the year was Mr Bradley Reames by virtue of his shareholdings.

26
Related party transactions

Group

 

Peartree Asset Management Limited is a related party by virtue of common ownership.

 

During the year the group paid £60,000 (2023: £60,000) to Peartree Asset Management Limited in rent for the year.

 

At the balance sheet date £945,812 (2023: £127,323) was owed by Peartree Asset Management Limited to the Group. This balance was interest free and repayable on demand.

 

At the year end an amount of £7,358 was owing from (2023: £7,358) the directors of the group.

 

PEARTREE CLEANING SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,976,804
1,567,533
Adjustments for:
Taxation charged
675,742
475,262
Finance costs
25,317
4,838
Bank interest
(141,539)
(48,381)
Gain on disposal of tangible fixed assets
(9,126)
(3,332)
Amortisation and impairment of intangible assets
71,742
226,360
Depreciation and impairment of tangible fixed assets
264,205
199,240
Movements in working capital:
Decrease/(increase) in stocks
21,382
(13,475)
(Increase) in debtors
(64,044)
(734,192)
(Decrease)/increase in creditors
(127,600)
459,506
Cash generated from operations
2,692,883
2,133,359
28
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
583,088
568,088
Adjustments for:
Investment income
(583,088)
(568,088)
Cash absorbed by operations
-
-
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