Company Registration No. 04762419 (England and Wales)
Neal's Yard Dairy Limited
Annual report and financial statements
for the period ended 30 June 2024
Neal's Yard Dairy Limited
Company information
Directors
D A Lockwood
R E Coleman
J J Hinds
R A Hodgson
A J Le Roy
S J Stewart
J I Tasch
Secretary
D A Lockwood
Company number
04762419
Registered office
Arch 6 Apollo Business Park
St James's Road
London
SE16 4ET
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Neal's Yard Dairy Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 30
Neal's Yard Dairy Limited
Strategic report
For the period ended 30 June 2024
1
The directors present the strategic report for the period ended 30 June 2024.
Review of the business
The group has continued to trade successfully in the wholesale market, serving customers primarily in the UK, Europe and the United States. The company also continued to trade through its four retail stores in Central London and online. The company's results for the period to 30 June 2024 were in line with management expectations. Turnover increased to £12,781,328 in the period to 30 June 2024 from £12,246,753 which is an iincrease of 4.4%. Gross profit increased from 32.1% to 34.7% in the current period and profit after tax decreased to £597,764 from £911,533. Net assets increased from £1,019,078 as at 2 July 2023 to £1,165,026 as at 30 June 2024.
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the availability of key cheeses, currency fluctuations and macro-economic factors such as the demand for cheese from our customers. These risks are partly mitigated. The business works very closely with its suppliers to ensure the availability of key cheeses, and have in place contingent arrangements where necessary. The company has a policy of selling forward dollars and euros to manage any foreign exchange exposure.
Future development and Performance
The external commercial environment is expected to remain competitive, however the directors remain confident that the company will maintain the current level of performance in the future and maintain its profit before tax at least at the current level. As of today, the results are in line with management's expectations.
Key performance indicators
The company's directors closely monitor the performance, development and position of the company and they do this through monitoring certain KPIs on a monthly basis. The principal KPIs that the directors focus on are the gross profit both in absolute and percentage terms, the percentage of product shrinkage and salary and overhead costs as a percentage of turnover:
J I Tasch
Director
12 June 2025
Neal's Yard Dairy Limited
Directors' report
For the period ended 30 June 2024
2
The directors present their annual report and financial statements for the period ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of retailers, wholesalers and exporters of cheese.
Results and dividends
The results for the period are set out on page 8.
Ordinary dividends were paid amounting to £451,816. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
D A Lockwood
R E Coleman
J J Hinds
R A Hodgson
A J Le Roy
S J Stewart
J I Tasch
Auditor
Saffery LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Neal's Yard Dairy Limited
Directors' report (continued)
For the period ended 30 June 2024
3
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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
J I Tasch
Director
12 June 2025
Neal's Yard Dairy Limited
Independent auditor's report
To the members of Neal's Yard Dairy Limited
4
Opinion
We have audited the financial statements of Neal's Yard Dairy Limited (the 'company') for the period ended 30 June 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Neal's Yard Dairy Limited
Independent auditor's report (continued)
To the members of Neal's Yard Dairy Limited
5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 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.
Neal's Yard Dairy Limited
Independent auditor's report (continued)
To the members of Neal's Yard Dairy Limited
6
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation. The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to food safety.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.
Neal's Yard Dairy Limited
Independent auditor's report (continued)
To the members of Neal's Yard Dairy Limited
7
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.
Peter Harker
Senior Statutory Auditor
For and on behalf of Saffery LLP
13 June 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Neal's Yard Dairy Limited
Statement of comprehensive income
For the period ended 30 June 2024
8
Period
Period
ended
ended
30 June
2 July
2024
2023
as restated
Notes
£
£
Turnover
3
12,781,328
12,246,753
Cost of sales
(8,349,862)
(8,316,922)
Gross profit
4,431,466
3,929,831
Distribution costs
(3,058,027)
(2,836,667)
Administrative expenses
(2,001,903)
(1,942,083)
Other operating income
1,292,332
1,644,312
Operating profit
4
663,868
795,393
Interest receivable and similar income
7
109,800
104,000
Interest payable and similar expenses
8
(2,899)
(1,736)
Other gains and losses
9
881
221,603
Profit before taxation
771,650
1,119,260
Tax on profit
10
(173,886)
(207,727)
Profit for the financial period
597,764
911,533
The income statement has been prepared on the basis that all operations are continuing operations.
Neal's Yard Dairy Limited
Statement of financial position
As at 30 June 2024
9
30 June 2024
2 July 2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,437
Other intangible assets
12
11,299
Total intangible assets
13,736
Tangible assets
13
378,378
510,267
Investments
14
266,335
63,335
644,713
587,338
Current assets
Stocks
18
854,392
833,129
Debtors
19
1,648,392
2,453,320
Cash at bank and in hand
37,967
60,366
2,540,751
3,346,815
Creditors: amounts falling due within one year
20
(1,846,866)
(2,857,228)
Net current assets
693,885
489,587
Total assets less current liabilities
1,338,598
1,076,925
Creditors: amounts falling due after more than one year
21
(143,873)
(7,458)
Provisions for liabilities
Deferred tax liability
24
29,699
50,389
(29,699)
(50,389)
Net assets
1,165,026
1,019,078
Capital and reserves
Called up share capital
26
125
125
Share premium account
99,975
99,975
Profit and loss reserves
1,064,926
918,978
Total equity
1,165,026
1,019,078
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
J I Tasch
Director
Company Registration No. 04762419
Neal's Yard Dairy Limited
Statement of changes in equity
For the period ended 30 June 2024
10
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 2 July 2023:
Balance at 4 July 2022
125
99,975
551,797
651,897
Period ended 2 July 2023:
Profit and total comprehensive income
-
-
911,533
911,533
Dividends
11
-
-
(544,352)
(544,352)
Balance at 2 July 2023
125
99,975
918,978
1,019,078
Period ended 30 June 2024:
Profit and total comprehensive income
-
-
597,764
597,764
Dividends
11
-
-
(451,816)
(451,816)
Balance at 30 June 2024
125
99,975
1,064,926
1,165,026
Neal's Yard Dairy Limited
Notes to the financial statements
For the period ended 30 June 2024
11
1
Accounting policies
Company information
Neal's Yard Dairy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Arch 6 Apollo Business Park, St James's Road, London, SE16 4ET.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Neal's Yard Dairy Limited is a wholly owned subsidiary of NYD Holdings Limited and the results of Neal's Yard Dairy Limited are included in the consolidated financial statements of NYD Holdings Limited which can be obtained from Companies House.
The company follows a 4-4-5 accounting calendar, as such the financial statements are prepared from 3 July 2023 to 30 June 2024.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
1
Accounting policies (continued)
12
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Income from management charges received from subsidiaries is recognised when costs incurred or to be incurred by the company for the benefit of the group can be measured reliably.
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
1.4
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of a subsidiary undertaking in 2003 represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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
33% on a straight line basis
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
1
Accounting policies (continued)
13
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
over the term of the lease
Plant and equipment
25% on a straight line basis
Computers
33% on a straight line basis
Motor vehicles
25% on a straight line basis
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 credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
1
Accounting policies (continued)
14
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 sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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, 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.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
1
Accounting policies (continued)
15
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 company 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 company 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.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
1
Accounting policies (continued)
16
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company 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 company.
1.13
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
1
Accounting policies (continued)
17
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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 statement of financial position 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 leases asset are consumed.
1.18
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.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
18
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’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.
Stock provision
The level of stocks included in the financial statements are net of the stock provision. For each line of stock, a provision is made against the cost of the stock, where the net realisable value is less than cost. Net realisable value is the estimated selling price for stocks less all estimated cost of completion and costs necessary to make the sale. The estimated selling price for each stock fine is a judgement based mainly on recent selling patterns for that product.
Bad debt provision
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including ageing profile of the debtors and historical experience. See note 19 for the net carrying amount of the debtors including bad debt provisions.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of cheese and associated produce
12,781,328
12,246,753
2024
2023
£
£
Turnover analysed by geographical market
UK
10,717,638
10,026,014
North America
1,087,711
1,214,925
Europe
975,979
1,005,814
12,781,328
12,246,753
2024
2023
£
£
Other revenue
Dividends received
-
4,000
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
19
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(18,875)
22,555
Fees payable to the company's auditor for the audit of the company's financial statements
37,250
27,750
Depreciation of owned tangible fixed assets
149,702
144,853
Profit on disposal of tangible fixed assets
-
(1,650)
Amortisation of intangible assets
13,736
34,991
Operating lease charges
558,901
536,858
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
98
93
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,765,962
2,558,277
Social security costs
254,098
239,623
Pension costs
102,986
85,870
3,123,046
2,883,770
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
73,748
75,514
Company pension contributions to defined contribution schemes
30,000
17,500
103,748
93,014
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
20
7
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
4,000
Income from participating interests
109,800
100,000
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
2,397
-
Interest on finance leases and hire purchase contracts
502
1,736
2,899
1,736
9
Other gains and losses
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
881
221,603
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
201,540
221,338
Deferred tax
Origination and reversal of timing differences
(27,654)
(13,611)
Total tax charge
173,886
207,727
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
10
Taxation (continued)
21
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
771,650
1,119,260
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.53%)
192,913
229,784
Tax effect of expenses that are not deductible in determining taxable profit
2,155
2,866
Tax effect of income not taxable in determining taxable profit
(501)
(412)
Change in unrecognised deferred tax assets
(468)
(7,500)
Adjustments in respect of prior years
(1)
33
Effect of change in corporation tax rate
(1,125)
Double tax relief
(46)
Deferred tax adjustments in respect of prior years
185
Dividend income
(27,450)
(21,354)
Fixed asset differences
7,284
5,250
Taxation charge for the period
173,886
207,727
11
Dividends
2024
2023
£
£
Interim paid
451,816
544,352
12
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 3 July 2023 and 30 June 2024
200,000
450,087
650,087
Amortisation and impairment
At 3 July 2023
197,563
438,788
636,351
Amortisation charged for the period
2,437
11,299
13,736
At 30 June 2024
200,000
450,087
650,087
Carrying amount
At 30 June 2024
At 2 July 2023
2,437
11,299
13,736
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
22
13
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 3 July 2023
1,272,752
710,070
234,134
147,396
2,364,352
Additions
13,483
4,330
17,813
At 30 June 2024
1,272,752
723,553
238,464
147,396
2,382,165
Depreciation and impairment
At 3 July 2023
888,037
642,930
175,722
147,396
1,854,085
Depreciation charged in the period
90,900
35,244
23,558
149,702
At 30 June 2024
978,937
678,174
199,280
147,396
2,003,787
Carrying amount
At 30 June 2024
293,815
45,379
39,184
378,378
At 2 July 2023
384,715
67,140
58,412
510,267
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
30,002
30,002
Investments in associates
16
236,333
33,333
266,335
63,335
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 3 July 2023
63,335
Additions
203,000
At 30 June 2024
266,335
Carrying amount
At 30 June 2024
266,335
At 2 July 2023
63,335
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
23
15
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Jericho Cheese Company Limited
25 Little Clarendon Street, Oxford, OX1 2HU
Ordinary
50
-
Chorlton Cheesemongers Limited
488 Wilbraham Road, Manchester, M21 9AS
Ordinary
50
-
Magdalen Cheese & Provisions Limited
71 Magdalen Road, Exeter, EX2 4TA
Ordinary
50
-
Jericho Cheese Company Limited, Chorlton Cheesemongers Limited and Magdalen Cheese & Provisions Limited are deemed to be subsidiary undertakings, despite the company only holding 50% of the share capital, as the company has significant influence over the entities and consequently is able to govern the financial and operating policies of Jericho Cheese Company Limited, Chorlton Cheesemongers Limited and Magdalen Cheese & Provisions Limited.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
24
16
Associates
Details of the company's associates at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Spa Terminus Limited
1 Pickle Mews, London, SW9 OFJ
Ordinary B
33.33
-
Stichelton Dairy Limited
Stichelton Dairy, Collingthwaite Farm, Cuckney Mansfield, Nottinghamshire, NG20 9NP
Ordinary A
24.50
-
On 25 March 2024, the company's acquired shares in the associate, Stichelton Dairy Limited.
17
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
34,911
34,030
18
Stocks
2024
2023
£
£
Finished goods and goods for resale
854,392
833,129
19
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
779,810
784,940
Amounts owed by group undertakings
576,764
1,309,547
Amounts owed by undertakings in which the company has a participating interest
3,888
Derivative financial instruments
34,911
34,030
Other debtors
270
15,167
Prepayments and accrued income
234,309
290,123
1,626,064
2,437,695
Deferred tax asset (note 24)
13,996
7,500
1,640,060
2,445,195
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
19
Debtors (continued)
25
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
8,332
8,125
Total debtors
1,648,392
2,453,320
Amounts owed by group undertakings are interest free, payable on demand and unsecured.
Included in other debtors are derivative financial instruments of £34,911 (2023: £34,030), which include forward currency contracts and swaps. The forward currency contracts and swaps are measured at fair value, which are determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for GBP:USD and GBP:EUR.
20
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
23
4,919
21,551
Other borrowings
22
41,366
Trade creditors
728,415
649,759
Amounts owed to group undertakings
41,633
41,632
Amounts owed to undertakings in which the company has a participating interest
56,356
Corporation tax
129,306
221,307
Other taxation and social security
320,268
994,925
Other creditors
368,370
614,477
Accruals and deferred income
212,589
257,221
1,846,866
2,857,228
Amounts due to group undertakings are interest free, repayable on demand and unsecured.
Included in other creditors is an invoice discounting facility balance utilised of £311,120 (2023: £547,096) which is secured through fixed and floating charges and indemnities and undertakings by the Directors. The facility has an interest rate of 2.5%. This is offset by a balance within other debtors of £nil (2023: £5,715) where drawdowns have not been made.
Included in other creditors are obligations under finance leases of £4,919 (2023: £19,276) that are secured against the assets to which they relate.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
26
21
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
23
2,539
7,458
Other borrowings
22
141,334
143,873
7,458
Included in other creditors are obligations under finance leases of £2,539 (2023: £7,458) that are secured against the assets to which they relate.
22
Loans and overdrafts
2024
2023
£
£
Other loans
182,700
Payable within one year
41,366
Payable after one year
141,334
23
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
7,458
21,551
In two to five years
7,458
7,458
29,009
Finance lease payments represent rentals payable by the company for certain motor vehicles and fixtures & fittings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Obligations under finance leases are secured on the assets to which they relate.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
27
24
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
29,699
50,389
-
-
Short term timing differences
-
-
13,996
7,500
29,699
50,389
13,996
7,500
2024
Movements in the period:
£
Liability at 3 July 2023
42,889
Credit to profit and loss
(27,186)
Liability at 30 June 2024
15,703
The deferred tax asset set out above is expected to reverse within 12 months and relates to short term timing differences. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
102,986
85,870
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
28
26
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 50p each
125
125
62.50
62.50
Ordinary B shares of 50p each
25
25
12.50
12.50
Ordinary C shares of 50p each
25
25
12.50
12.50
Ordinary D shares of 50p each
25
25
12.50
12.50
Ordinary E shares of 50p each
25
25
12.50
12.50
Ordinary F shares of 50p each
25
25
12.50
12.50
250
250
125
125
All shares rank pari passu.
27
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
570,598
516,676
Between two and five years
1,618,218
1,733,421
In over five years
244,164
398,849
2,432,980
2,648,946
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
29
28
Related party transactions
The company is a wholly owned member of NYD Holdings Limited and as such has taken advantage of the exemption permitted by section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.
In the period under review the company undertook transactions with companies in which the directors have an interest.
The company made sales to, and made purchases from, Monmouth Coffee Company Limited (MCC), a company in which both Anita Le Roy and Randolph Hodgson are directors and shareholders. The value of sales made in the period amounted to £94,269 (2023: £83,208) and purchases made amounted to £6,895 (2023: £6,622). As at 30 June 2024, the net balance owed from MCC to the company was £7,515 (2023: £6,747).
The company made purchases from Stichelton Dairy Limited (SD), an associated company in which David Lockwood is a director. The value of purchases made amounted to £346,172 (2023: £323,296). As at 30 June 2024, £14,206 (2023: £52,468) was owed by the company to SD.
The company made sales to, and made purchases from, Spa Terminus Limited (ST), an associated company in which both Anita Le Roy and David Lockwood are also directors. The value of sales made in the period amounted to £17,238 (2023: £14,904) and purchases made amounted to £285,398 (2023: £284,338). As at 30 June 2024, a net balance of £50,499 (2023: £52,468) was owed to ST.
The company made sales to Jericho Cheese Company Limited (JCC), an entity in which the company has a shareholding and David Lockwood is a director. The value of sales made in the period amounted to £244,916 (2023: £224,583). As at 30 June 2024, the company was owed £42,962 (2023: £20,691) from JCC.
The company made sales to Chorlton Cheesemongers Limited (CC), an entity in which the company has a shareholding and both David Lockwood and Sarah Stewart are directors. The value of sales made in the period amounted to £147,691 (2023: £129,828). As at 30 June 2024, the company was owed £13,607 (2023: £9,377) from CC.
The company made sales to Magdalen Cheese & Provisions Limited (MCP), an entity in which the company has a shareholding and both Jonathan Tasch and Sarah Stewart are directors. The value of sales made in the period amounted to £36,324 (2023: £37,303). As at 30 Jun 2024, the company was owed £18,925 (2023: £30,897) from MCP.
During the year, Neal's Yard Dairy Limited acquired 24.5% of the share capital of Stichelton Dairy Limited from Randolph Hodgson, a director of Neal's Yard Dairy Limited. The total consideration of £203,000 was financed through a loan from Randolph Hodgson. The loan is unsecured, repayable over a period of five years and carries an effective interest rate of 4.5% per annum. As at the 30 June 2024, the outstanding balance of the loan is £182,700.
29
Ultimate controlling party
The immediate and ultimate parent company is NYD Holdings Limited, which is the smallest and largest group for which consolidated accounts are prepared including Neal's Yard Dairy Limited. The consolidated accounts of NYD Holdings Limited are available to the public and can be obtained from Companies House. The registered office of NYD Holdings Limited is Arch 6 Apollo Business Park, St James's Road, London, SE16 4ET.
The ultimate controlling party is NYD Holdings Limited, by virtue of its majority shareholding in Neal's Yard Dairy Limited.
Neal's Yard Dairy Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
30
30
Prior period adjustment
The prior period adjustment relates to understated intercompany sales and respective costs on the sale of stock by Neal's Yard Dairy Limited to two group companies, Neal's Yard Dairy Inc and Neal's Yard Dairy Europe, who are 100% subsidiaries of NYD Holdings Limited. The adjustment has no impact on the profit or equity.
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior period
Intercompany sales
2,220,739
Cost of sales
(2,220,739)
Total adjustments
-
Profit as previously reported
911,533
Profit as adjusted
911,533
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