Company registration number 06989818 (England and Wales)
JAYMEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
JAYMEL LIMITED
COMPANY INFORMATION
Directors
J R Pilley
M J Pilley
Company number
06989818
Registered office
Poolfoot Farm
Butts Road
Thornton-Cleveleys
FY5 4HX
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Bankers
Lloyds Bank Plc
2-12 Lord Street
Liverpool Law Courts
Merchants Court
Liverpool
Merseyside
L2 1TS
JAYMEL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9 - 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
Notes to the financial statements
16 - 39
JAYMEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Business review - Group

The group included 3 trading entities, namely Commercial Power Limited (a commission aggregator associated with the energy market), Fleetwood Wanderers Limited (a professional football club) and Poolfoot Sports Complex Limited (an operator of an elite sports and leisure complex).

 

During the year, the parent of the group, Jaymel Limited, sold its shareholding in Commercial Power Limited at fair value to Ruby Energy Holdings Ltd, a related company by way of common control and directors. Jaymel Limited also sold its shareholding in Fleetwood Wanderers Limited at deemed fair value to The Willows 96 Holdings Limited, a related company by way of common control and directors. Both sales were made in accordance with professional valuations obtained from Gulf Tax Accounting Group. Further details are provided in the Disposals note 28.

 

At the balance sheet date, Jaymel Limited retains its 100% shareholding in Poolfoot Sports Complex Limited only.

Business review - Jaymel Limited

The company has built an elite sports and leisure complex, located a short distance from Fleetwood Town football club. The complex is mainly used by the football club for training but also a venue for local grassroots clubs to train and participate in local youth leagues. The emphasis on this complex is for community use. The operation of this complex is undertaken by Poolfoot Sports Complex Limited.

 

Business review - Poolfoot Sports Complex Limited

Poolfoot Farm is home to a number of professionally prepared grass pitches, two full size artificial grass pitches, four artificial grass 5-a-side pitches, gymnasium, classrooms, physiotherapy suite, changing rooms and offices. A new Air Dome was opened during 2023, housing another gymnasium area and a further three quarter size artificial grass pitch. A full public bar, restaurant and retail facility services the entire site.

 

During the year ended 30 June 2024, the site continues to trade its bar, restaurant, retail outlet and hire of its football pitches and runs internationally focussed commercial football programmes and is the central training base for Fleetwood Town Football Club's First Team and Academy teams.

 

Post balance sheet event and going concern - Poolfoot Sports Complex Limited

Post year end, during August 2024, the operational trade of the sports and leisure complex previously managed by Poolfoot Sports Complex Limited has been transferred to the former group company (now a related company), Fleetwood Wanderers Limited. This includes income and associated costs related to the operation of the sports complex, together with the associated football experiences and services offered. Poolfoot Sports Complex Limited will remain in existence as it retains its fixed assets and continues to receive rental income and pay associated rent under existing lease agreement. It is expected that Poolfoot Sports Complex Limited will return to profitability following the planned strategic changes, with much reduced costs and committed rental income. As such the accounts of Poolfoot Sports Complex Limited continue to be prepared on a going concern basis. Poolfoot Sports Complex Limited will continue to receive financial support from both group and related companies while the financial benefits of the strategic changes take effect.

JAYMEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

The group seeks to manage risk through a combination of Board oversight, operational routines, and policies and the principal risks are aggregated as follows:

 

Liquidity risk - Group

The group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. For short to medium term flexibility, from time to time the other related party trading companies provide cash loans.

Industry specific risks- Group

The directors' consider the greatest risk to be the threat of increased regulation in the energy market affecting related companies ability to continue to financially support the group and to repay outstanding loan balances. The related energy companies and associated companies are managed and controlled by common individuals and systems, controls and procedures are in place to ensure those businesses have the right skills and capabilities to monitor and maintain compliance with any arising regulatory requirements.

Credit risk- Poolfoot Sports Complex Limited

The principal credit risk arises from the company's trade debtors.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

From time to time the business will issue its brokers with cash advances to support their cash flow, the use of these advances is monitored closely by the board so that the business does not take on undue risk.

Key performance indicators - Group

The board reviews the Company’s KPIs at the monthly board meetings. These include operational and financial measurements.

 

 

 

 

 

2024

 

2023

Turnover

 

 

 

£10.8m

 

£19.5m

Gross profit margin

 

 

29.4%

 

57.8%

Profit before tax

£61.3m

 

(£31.2)m

Net current assets/ (liabilities)

 

£11.5m

 

(£53.3)m

Shareholder/ (deficit) funds:

 

£21.4m

 

(£39.6)m

 

 

 

 

 

 

 

Group turnover for the year has reduced as expected due to the sale of the two trading subsidiaries during October 2023 and May 2024 and the consolidation only up to the point of disposal.

 

Group profit before tax includes a profit on disposal of £70.5m arising on the sale of the two trading subsidiaries at fair value. The group's profitability also benefits from the removal of the professional football club which was loss making.

 

Group liquidity and net assets has significantly improved as a result of the strategic restructuring of the group, principally the sale of two trading subsidiaries to related companies at fair value. The remaining group entities have minimal costs and committed rental income based per property leases in place, and as such the group is expected to be profitable going forward.

JAYMEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

On behalf of the board

J R Pilley
Director
17 June 2025
JAYMEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continues to be that of a parent investment holding company.

 

The principal activities of the group's subsidiaries was that of a commercial aggregator to the energy sector, a professional football club and a sports and leisure facility operator. During the year shares held in the commercial aggregator and the professional football club were sold to related companies at deemed fair value.

 

As at the balance sheet date, the group only consists of Jaymel Limited (parent company) and its 100% subsidiary, Poolfoot Sports Complex Limited.

Results and dividends

The results for the year are set out on pages 9 to 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

 

Going concern

Following the sale of two trading subsidiaries, the group has restored its balance sheet and net assets position. As a direct result of strategic restructuring the remaining entities in the group have minimal costs and committed rental income and as such are expected to be both profitable and self-sufficient going forward. Continued financial support remains available from related companies as required. As such the financial statements have been prepared on a going concern basis as detailed in note 1.4.

Directors

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

J R Pilley
M J Pilley
Future developments

Following strategic group restructures implemented during the year ended 30 June 2024, the group at the balance sheet date owns significant fixed assets, which provided committed property income from related companies, with minimal on-going costs. As such the group is expected to maintain a reasonable profitability, albeit at a lower level than that achieved in 2024.

Auditor

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

JAYMEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
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 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.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
J R Pilley
Director
17 June 2025
JAYMEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAYMEL LIMITED
- 6 -
Opinion

We have audited the financial statements of Jaymel Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

JAYMEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAYMEL LIMITED
- 7 -
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.

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.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to regulations concerning property rental, health and safety and data protection. The trading subsidiaries also include laws related to the regulatory nature of brokerage, employment law and the operation of a football team.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

JAYMEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAYMEL LIMITED
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Caroline Snape (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
17 June 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
JAYMEL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Continuing
Discontinued
30 June
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
as restated
Notes
£
£
£
£
£
£
Turnover
4
1,465,347
9,378,587
10,843,934
1,012,669
18,462,059
19,474,728
Cost of sales
(978,341)
(6,675,653)
(7,653,994)
(762,541)
(7,453,767)
(8,216,308)
Gross profit
487,006
2,702,934
3,189,940
250,128
11,008,292
11,258,420
Administrative expenses
(801,184)
(6,044,030)
(6,845,214)
(578,385)
(8,485,640)
(9,064,025)
Other operating income
97,332
199,818
297,150
313,157
362,769
675,926
Exceptional item
5
(349,450)
(5,977,628)
(6,327,078)
-
(4,092,106)
(4,092,106)
Exceptional items
5
-
-
-
-
(29,644,067)
(29,644,067)
Operating loss
6
(566,296)
(9,118,906)
(9,685,202)
(15,100)
(30,850,752)
(30,865,852)
Interest receivable and similar income
11
538,139
1,112
539,251
-
5,456
5,456
Interest payable and similar expenses
9
2,000
(16,548)
(14,548)
-
(147,737)
(147,737)
Amounts written off investments
10
-
-
-
-
(171,500)
(171,500)
Profit/(loss) on disposal of operations
28
- Subsidiaries sold
-
70,519,048
70,519,048
-
-
-
Profit/(loss) before taxation
(26,157)
61,384,706
61,358,549
(15,100)
(31,164,533)
(31,179,633)
Tax on profit/(loss)
12
(206,715)
(112,653)
(319,368)
(21,643)
138,391
116,748
Profit/(loss) for the financial year
(232,872)
61,272,053
61,039,181
(36,743)
(31,026,142)
(31,062,885)
Profit/(loss) for the financial year is all attributable to the owner of the parent company.
JAYMEL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Continuing
Discontinued
30 June
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
as restated
Notes
£
£
£
£
£
£
- 10 -
Total comprehensive income for the year is attributable to:
- Owner of the parent company
59,364,756
(29,128,798)
- Non-controlling interests - Loss attributable to NCI
(240,659)
(1,934,087)
- Non-controlling interests - Release of NCI due to sale of subsidiaries
13
1,915,084
-
61,039,181
(31,062,885)
JAYMEL LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
14
-
316,117
Tangible assets
16
10,144,054
13,468,746
10,144,054
13,784,863
Current assets
Stocks
19
15,766
38,776
Debtors
20
13,715,455
4,154,152
Cash at bank and in hand
29,248
180,710
13,760,469
4,373,638
Creditors: amounts falling due within one year
21
(2,242,235)
(57,698,235)
Net current assets/(liabilities)
11,518,234
(53,324,597)
Total assets less current liabilities
21,662,288
(39,539,734)
Creditors: amounts falling due after more than one year
22
-
(43,874)
Provisions for liabilities
Deferred tax liability
24
228,358
21,643
(228,358)
(21,643)
Net assets/(liabilities)
21,433,930
(39,605,251)
Capital and reserves
Called up share capital
27
188
188
Revaluation reserve
1,301,723
1,301,723
Other reserves
873
873
Profit and loss reserves
20,131,146
(39,233,610)
Equity attributable to owner of the parent company
21,433,930
(37,930,826)
Non-controlling interests
-
0
(1,674,425)
21,433,930
(39,605,251)

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

The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
17 June 2025
J R Pilley
Director
Company registration number 06989818 (England and Wales)
JAYMEL LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
16
9,151,385
9,207,508
Investments
17
1
188
9,151,386
9,207,696
Current assets
Debtors
20
14,232,408
877,000
Cash at bank and in hand
40
687
14,232,448
877,687
Creditors: amounts falling due within one year
21
(1,077,846)
(9,310,230)
Net current assets/(liabilities)
13,154,602
(8,432,543)
Total assets less current liabilities
22,305,988
775,153
Provisions for liabilities
Deferred tax liability
24
228,358
21,643
(228,358)
(21,643)
Net assets
22,077,630
753,510
Capital and reserves
Called up share capital
27
188
188
Revaluation reserve
1,301,723
1,301,723
Profit and loss reserves
20,775,719
(548,401)
Total equity
22,077,630
753,510

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 £21,324,120 (2023 - £1,312,398 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
17 June 2025
J R Pilley
Director
Company registration number 06989818 (England and Wales)
JAYMEL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
as restated
as restated
as restated
£
£
£
£
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
188
1,301,723
873
(10,104,812)
(8,802,028)
259,662
(8,542,366)
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
-
(29,128,798)
(29,128,798)
(1,934,087)
(31,062,885)
Balance at 30 June 2023
188
1,301,723
873
(39,233,610)
(37,930,826)
(1,674,425)
(39,605,251)
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
59,364,756
59,364,756
1,674,425
61,039,181
Balance at 30 June 2024
188
1,301,723
873
20,131,146
21,433,930
-
0
21,433,930
JAYMEL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
188
1,301,723
763,997
2,065,908
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(1,312,398)
(1,312,398)
Balance at 30 June 2023
188
1,301,723
(548,401)
753,510
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
21,324,120
21,324,120
Balance at 30 June 2024
188
1,301,723
20,775,719
22,077,630
JAYMEL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
33
(20,906,250)
2,728,519
Interest paid
(14,548)
(147,737)
Income taxes refunded
39,969
52,169
Net cash (outflow)/inflow from operating activities
(20,880,829)
2,632,951
Investing activities
Purchase of intangible assets
-
(332,500)
Proceeds from disposal of intangibles
150,000
-
Purchase of tangible fixed assets
(88,495)
(1,467,403)
Proceeds from disposal of subsidiaries, net of cash disposed
20,846,327
-
Purchase of investments
-
(20,000)
Repayment of loans
-
(224,390)
Interest received
539,251
5,456
Net cash generated from/(used in) investing activities
21,447,083
(2,038,837)
Financing activities
Repayment of borrowings
(717,716)
(710,054)
Net cash used in financing activities
(717,716)
(710,054)
Net decrease in cash and cash equivalents
(151,462)
(115,940)
Cash and cash equivalents at beginning of year
180,710
296,650
Cash and cash equivalents at end of year
29,248
180,710
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
1
Accounting policies
Company information

Jaymel Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Poolfoot Farm, Butts Road, Thornton-Cleveleys, FY5 4HX.

 

The group consists of Jaymel Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purpose of FRS102 and has elected to take exemption under FRS102 paragraph 1.12 (b) not to present the company statement of cashflows.

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Jaymel Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

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

 

The group has previously reported trading losses directly attributable to two subsidiaries which were sold to related companies at deemed fair value. This has resulted in a cessation of attributable subsidiary losses from the date of disposal for both subsidiaries sold, together with a significant gain on disposal. Consequently the group's balance sheet has been restored from a net liabilities position to net assets.

 

Going forward the two remaining companies within the group, namely Jaymel Limited (parent) and Poolfoot Sports Complex Limited (subsidiary), will be profitable and in due course will become self-sufficient, with less reliance placed on continued financial support from related companies.

 

As at 30 June 2024, liabilities owed to related companies totalled £1,923,292. These balances are included within other creditors: amounts falling due with one year, on the basis that there are no formal loan agreements and therefore by default are deemed to be repayable upon demand, from a statutory financial statement’s presentation perspective. This is despite the practical assurances received that these related company balances will not be sought for repayment until cash flow permits.

 

The directors have considered the future profitability of certain profitable, trading related companies and are satisfied that adequate resources are available, enabling this group to continue as a going concern. Based on financial forecasts and budgets set for 2024/25, the directors are satisfied that, for the foreseeable future, the group can meet its projected working capital requirements. Consequently, the financial statements have been prepared on a going concern basis.

1.5
Turnover

Turnover from commissions represents the value of commissions receivable from third parties in respect of sales contracts signed up during the accounting period, excluding value added tax. Turnover from commissions is recognised by reference to the date the contract with the end user is confirmed as being approved by the energy provider.

Turnover from Fleetwood Wanderers Limited and Poolfoot Sports Complex Limited is recognised as services and events are provided. Income generated from football matches is recognised as matches are played, this includes seasonal packages which are split equally between league home games. Sponsorship and similar commercial income is recognised over the duration of the football season whilst additional facility fee for live coverage or highlights are taken when earned. Merit awards, where applicable, are accounted for only when known at the end of the season.

 

Where turnover represents prize money it is recognised in the accounting period in which the prize money is determined.

 

Merchandise sales are recognised at the fair value of the consideration received for goods sold and is shown net of VAT and other sales related taxes.

Property rental income is recognised equally over the period it relates, in accordance with the property lease in place.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Intangible fixed assets other than goodwill

In accordance with FRS102 "Goodwill and Intangible Assets", fees payable on the transfer of players' registrations are capitalised at cost and written off over the length of the players' contracts. Profit or loss on the sale of players' registrations is based on transfer fees receivable and amortised cost of the players and is recognised in the period in which the transfers are made. Players' registrations are written down for impairment when the carrying amount exceeds the amount recoverable through use or sale. Future payments for the acquisition of a player's registration, which may become due dependent on the performance of the team and/or the individual player, are recognised within the original cost of acquisition if, in the opinion of the Directors, it is probable that these payments will eventually be made. Similar terms may exist in contracts for the sale of players' registrations but such payments are not recognised as part of the proceeds of disposal until the event upon which the payment is dependent is known to have occurred. Provision is made for any impairment.

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

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
15% p.a. straight line basis
1.7
Tangible fixed assets

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

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

Freehold land and buildings
2% p.a. straight line basis
Leasehold land and buildings
5% p.a. straight line basis
Leasehold improvements
3.33% p.a. straight line basis and over lease term
Plant and equipment
15% p.a. reducing balance basis
Fixtures and fittings
15% p.a. straight line and 15 % p.a. reducing balance basis
Computers
15% p.a. straight line basis
Motor vehicles
33% p.a. straight line and 25% p.a. reducing balance 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 recognised in the profit and loss account.

1.8
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries 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.

Other fixed asset investments 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 or .

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Impairment of fixed assets

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

 

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

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

 

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

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

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

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

 

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

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

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

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

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

1.16
Leases

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

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

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
1.17
Government grants

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

 

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

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

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

Turnover and cost of sales

Turnover derived from commission on a pence per unit basis includes an estimate of the amount of utility supplied to end users. This estimate is constantly revised throughout the length of the end users contact and is based on meter readings and industry data. Estimation of the number of units consumed and therefore commissions receivable are revised throughout the contact until final reconciliation data is received.

 

Similarly commissions paid may also subject to the same degree of estimation, with associated costs dependent on the receipt of final reconciliation data.

Tangible fixed assets

The useful economic life of tangible fixed assets has to be estimated by the directors of the company to ensure an appropriate depreciation charge is recognised in the year. The value of the assets ultimately depends on the condition of the assets and whether economic income can be derived from the asset. The directors undertake a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements.

 

Depreciation charged during the year totalled £444,223 (2023: £515,544).

 

Refer to note 15 for the carrying value of tangible fixed assets impacted by this key accounting estimate.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
3
Prior period adjustment

Various prior year adjustments have been included in the consolidated financial statements due adjustments processed within an individual subsidiary's financial statements after the group consolidated financial statements were prepared in respect of the year ended 30 June 2023.

 

These include an adjustment of £579,500 to reduce the management charges charged from related companies which has reduced administrative expenses and increased amounts due from related parties, both by £579,500.

 

A subsequent adjustment was also made to represent an RDEC corporation tax claim, crediting other income by £66,328 and increasing the corporation tax charge by £66,328 respectively.

 

A increase in deferred tax charge has been processed for £2,612, which has also increased the deferred tax provision by £2,612.

 

A further representation adjustment has been processed to reallocate £83,493 from corporation tax recoverable in other debtors and reduced the corporation tax liability by £83,492 to £Nil.

 

Finally a representation adjustment of £9,324 was processed, reducing amounts due to related parties and increasing amounts due from related parties, both by £9,324.

 

Overall the prior year adjustment increases both retained profit for the year and net assets by £582,112.

Adjustments to equity - group
1 July
30 June
2022
2023
£
£
Adjustments to prior year
Current assets
-
489,295
Current liabilities
-
92,817
Total adjustments
-
582,112
Adjustments to loss for the previous financial period
2023
£
Adjustments to prior year
Administrative expenses
(579,500)
Other income
(66,328)
Taxation
63,716
Total adjustments
(582,112)
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Aggregation and debt collection commissions
4,047,476
12,399,236
Football operations
4,852,960
5,421,529
Non-football operations
1,943,498
1,653,963
10,843,934
19,474,728
2024
2023
£
£
Other revenue
Interest income
539,251
5,456
5
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item- related party debt provision for non-recovery
6,327,078
4,092,106
Exceptional item- group debt formally written off
-
29,644,067
6,327,078
33,736,173

Exceptional items in the current year represents a full provision for non-recoverability of several related party debts, including Powergrade Ltd, Fleetwood Wanderers Limited (post disposal from the group), The Leisure Channel Ltd and Fleetwood United Football Club (Dubai).

 

In the prior year, exceptional provisions for non-recovery of related party debts related to Smart Choice Metering Limited, Powergrade Ltd and Utilisearch Limited.

 

 

In the prior year the exceptional group debt formally waived related to a loss incurred on a group debt reassignment to a related company.

 

All the above are considered exceptional due to quantum and one-off nature.

6
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
8,381
-
Depreciation of owned tangible fixed assets
444,223
515,544
Impairment of owned tangible fixed assets
-
101,674
Amortisation of intangible assets
154,092
130,718
Impairment of intangible assets
-
0
33,737
Profit on disposal of intangible assets
(33,031)
-
Operating lease charges
91,265
211,092
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
7
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
6,500
6,500
Audit of the financial statements of the company's subsidiaries
17,000
40,000
23,500
46,500
8
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
Playing staff
61
54
-
-
Non-playing staff
141
138
-
-
Other staff
28
62
-
-
Total
230
254
-
-

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,708,485
7,408,530
-
0
-
0
Social security costs
702,619
849,151
-
-
Pension costs
59,897
73,463
-
0
-
0
7,471,001
8,331,144
-
0
-
0

Remuneration paid to directors during the year was £Nil (2023: £Nil).

9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
12,498
104,409
Other finance costs:
Other interest
2,050
43,328
Total finance costs
14,548
147,737
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
10
Amounts written off investments
2024
2023
£
£
Other gains and losses
-
(171,500)
11
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
17
3,368
Other interest income
539,234
2,088
Total income
539,251
5,456
12
Taxation
2024
2023
as restated
£
£
Current tax
UK corporation tax on profits for the current period
129,398
-
0
Adjustments in respect of prior periods
(18,237)
(96,117)
Total current tax
111,161
(96,117)
Deferred tax
Origination and reversal of timing differences
208,207
(9,528)
Changes in tax rates
-
0
5,194
Adjustment in respect of prior periods
-
0
(16,297)
Total deferred tax
208,207
(20,631)
Total tax charge/(credit)
319,368
(116,748)
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Taxation
(Continued)
- 27 -

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

2024
2023
as restated
£
£
Profit/(loss) before taxation
61,358,549
(31,179,633)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
15,339,637
(5,924,130)
Tax effect of expenses that are not deductible in determining taxable profit
993,104
6,678,933
Tax effect of income not taxable in determining taxable profit
-
0
(20,562)
Gains not taxable
(16,995,835)
-
0
Unutilised tax losses carried forward
919,235
(833,475)
Change in unrecognised deferred tax assets
-
0
32,370
Adjustments in respect of prior years
-
0
(96,117)
Effect of change in corporation tax rate
-
(4,325)
Permanent capital allowances in excess of depreciation
54,222
(675)
Depreciation on assets not qualifying for tax allowances
9,005
51,233
Taxation charge/(credit)
319,368
(116,748)

Deferred tax has been recognised at a rate of 25%. In October 2022, the government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.

13
Discontinued operations
Subsidiaries sold

During the year two trading subsidiaries were sold, which has resulted in discontinued operations being disclosed for both the current year and prior year. Further details of the sale of subsidiaries are provided in note 28.

 

At the date of disposal, the cumulative non-controlling interest of £1,915,084 has been derecognised.

 

 

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
14
Intangible fixed assets
Group
Software
Player Registrations
Total
£
£
£
Cost
At 1 July 2023
51,950
505,000
556,950
Disposals
(51,950)
(505,000)
(556,950)
At 30 June 2024
-
0
-
0
-
0
Amortisation and impairment
At 1 July 2023
18,213
222,620
240,833
Amortisation charged for the year
-
0
154,092
154,092
Disposals
(18,213)
(376,712)
(394,925)
At 30 June 2024
-
0
-
0
-
0
Carrying amount
At 30 June 2024
-
0
-
0
-
0
At 30 June 2023
33,737
282,380
316,117
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.

More information on impairment movements in the year is given in note 15.

15
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Intangible assets
14
-
33,737
Property, plant and equipment
16
-
101,674
Recognised in:
Administrative expenses
-
135,411

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
16
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 1 July 2023
8,833,355
5,260,842
1,519,601
1,801,858
3,981,769
390,629
387,732
22,175,786
Additions
-
0
-
0
68,389
-
0
15,472
4,634
-
0
88,495
Disposals
-
0
(5,260,842)
(628,071)
(1,756,189)
(2,760,405)
(388,420)
(387,732)
(11,181,659)
At 30 June 2024
8,833,355
-
0
959,919
45,669
1,236,836
6,843
-
0
11,082,622
Depreciation and impairment
At 1 July 2023
-
0
3,295,067
104,771
1,414,758
3,158,870
386,743
346,831
8,707,040
Depreciation charged in the year
-
0
219,202
31,965
56,305
122,537
2,853
11,361
444,223
Eliminated in respect of disposals
-
0
(3,514,269)
(102,295)
(1,452,482)
(2,401,272)
(384,185)
(358,192)
(8,212,695)
At 30 June 2024
-
0
-
0
34,441
18,581
880,135
5,411
-
0
938,568
Carrying amount
At 30 June 2024
8,833,355
-
0
925,478
27,088
356,701
1,432
-
0
10,144,054
At 30 June 2023
8,833,355
1,965,775
1,414,830
387,100
822,899
3,886
40,901
13,468,746
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 July 2023 and 30 June 2024
8,833,355
1,166,645
10,000,000
Depreciation and impairment
At 1 July 2023
-
0
792,492
792,492
Depreciation charged in the year
-
0
56,123
56,123
At 30 June 2024
-
0
848,615
848,615
Carrying amount
At 30 June 2024
8,833,355
318,030
9,151,385
At 30 June 2023
8,833,355
374,153
9,207,508

More information on impairment movements in the year is given in note 15.

Freehold land and buildings comprise of an elite sports and leisure complex, which the directors estimate has a fair value of £10,000,000 as at 30 June 2024 (2023: £10,000,000). This is based on a historic rebuild land and building cost assessment of £8,833,355 plus additional in-built operational facilities included in fixtures and fittings. The rebuild cost valuation was undertaken on 28 April 2022 by RebuildCostASSESSMENT.com, who are not connected with the company.

 

The directors are of the opinion that the historic rebuild cost valuation remains an appropriate basis for the directors fair value assessment as at 30 June 2024.

2024
2023
£
£
Group
Cost
7,285,608
7,285,608
Accumulated depreciation
(2,266,331)
(2,120,619)
Carrying value
5,019,277
5,164,989
Company
Cost
7,285,608
7,285,608
Accumulated depreciation
(2,266,331)
(2,120,619)
Carrying value
5,019,277
5,164,989
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
17
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
18
-
0
-
0
1
188
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
188
Disposals
(187)
At 30 June 2024
1
Carrying amount
At 30 June 2024
1
At 30 June 2023
188

During the year two subsidiaries, namely Commercial Power Limited and Fleetwood Wanderers Limited were sold at fair value to related companies.

18
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Poolfoot Sports Complex Limited
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Poolfoot Farm, Butts Road, Thornton-Cleveleys, FY5 4HX
19
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
15,766
38,776
-
0
-
0
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
20
Debtors
Group
Company
2024
2023
2024
2023
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
133,046
970,772
-
0
-
0
Corporation tax recoverable
-
0
66,328
-
0
-
0
Other debtors
38,936
1,927,578
25,000
25,000
Prepayments and accrued income
140,065
1,121,680
804,000
852,000
312,047
4,086,358
829,000
877,000
Deferred tax asset (note 24)
-
0
67,794
-
0
-
0
312,047
4,154,152
829,000
877,000
Amounts falling due after more than one year:
Amount owed by related parties
13,403,408
-
0
13,403,408
-
0
Total debtors
13,715,455
4,154,152
14,232,408
877,000
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
Notes
£
£
£
£
Other borrowings
23
-
0
717,716
-
0
-
0
Trade creditors
217,337
1,209,731
8,800
1,000
Amounts owed to group undertakings
-
0
-
0
-
0
1,198,428
Other taxation and social security
64,457
904,758
38,604
19,953
Deferred income
25
-
0
532,812
-
0
-
0
Other creditors
1,924,176
53,050,223
1,023,841
8,084,248
Accruals and deferred income
36,265
1,282,995
6,601
6,601
2,242,235
57,698,235
1,077,846
9,310,230
22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Deferred income
25
-
0
43,874
-
0
-
0
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
-
0
717,716
-
0
-
0
Payable within one year
-
0
717,716
-
0
-
0

Other borrowings in absolute terms includes an unsecured, non-interest bearing loan from the EFL of £Nil (2023: £666,667). For accounting purposes an interest rate of 2.5% p.a. has been applied to discount this loan as required by accounting standard for non-market rate loans. Repayments of £333,333 commenced on 13 August 2021, twice yearly with full repayment on 15 January 2024. After discounting the loan balance at year end amounted to £Nil (2023: £656,516).

 

Other borrowings also includes £Nil (2023: £61,200) total unsecured, non-interest bearing advance from the EFL. On the grounds of immateriality, no discounting has been applied for this loan. Repayments of £30,400 commenced on 1 October 2021, twice yearly with full repayment on 1 April 2024.

24
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
as restated
Group
£
£
£
£
Accelerated capital allowances
65,749
(6,964)
-
25,540
Tax losses
(83,416)
(217,417)
-
-
Revaluations
246,025
246,024
-
-
Retirement benefit obligations
-
-
-
6,118
Short term timing differences
-
-
-
36,136
228,358
21,643
-
67,794
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
65,749
(6,964)
-
-
Tax losses
(83,416)
(217,417)
-
-
Revaluations
246,025
246,024
-
-
228,358
21,643
-
-
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
24
Deferred taxation
(Continued)
- 34 -
Group
Company
2024
2024
as restated
Movements in the year:
£
£
Liability/(Asset) at 1 July 2023
(46,151)
21,643
Charge to profit or loss
206,715
206,715
Transfer on disposal
67,794
-
Liability at 30 June 2024
228,358
228,358

The deferred tax asset, set out above, fundamentally relates to accelerated capital allowances claimed on the purchase of fixed assets, and is expected to release over the useful economic life of the associated fixed asset. The other short term timing differences and pension contributions will affect tax relief when paid.

 

The deferred tax liability, set out above, fundamentally relates to the net expected future tax liability payable after considering unutilised tax losses and the expected gain on a revalued property. Also there are accelerated capital allowances claimed on the purchase of fixed assets, which will release over the useful economic life of the associated asset acquired.

25
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
-
51,561
-
-
Other deferred income
-
525,125
-
-
-
576,686
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
-
0
532,812
-
0
-
0
Non-current liabilities
-
0
43,874
-
0
-
0
-
576,686
-
-

The grants are secured by way of a negative pledge over leasehold property assets of the company.

26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,897
73,463
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
26
Retirement benefit schemes
(Continued)
- 35 -

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.

 

As at the year-end, contributions due to the schemes in respect of the current reporting year were £1,516 (2023: £47,782).

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
188
188
188
188
28
Disposals

On 31 October 2023 the group disposed of its 80% holding in Commercial Power Limitted. Included in these financial statements are losses of £471,318 arising from the company's interests in Commercial Power Limitted up to the date of its disposal.

 

Of the total consideration, £51,020 was paid directly to non-controlling interest shareholders, with the remaining £4,948,980 received by Jaymel Limited.

On 23 May 2024 the group disposed of its 97% holding in Fleetwood Wanderers Limited. Included in these financial statements are losses of £8,391,283 arising from the company's interests in Fleetwood Wanderers Limited up to the date of its disposal.

29
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
400,000
535,955
-
-
Between two and five years
1,600,000
2,001,836
-
-
In over five years
4,700,000
5,100,000
-
-
6,700,000
7,637,791
-
-
JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 36 -
30
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Included within accruals is interest payable to the director at a rate of 10% p.a. (2023: 10%) on any balances owed to them throughout the year. During the year interest of £Nil (2023: £21,089) was incurred. As at the year end accrued interest amounted to £Nil (2023: £41,636).

 

The overdrawn director's loan balance was fully repaid during the year.

Interest free loans have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director loan account
2.25
-
6,526
-
-
6,526
Former Director loan account
2.25
247,385
-
4,148
(251,533)
-
247,385
6,526
4,148
(251,533)
6,526

The overdrawn director's loan account was settled in full on 31 March 2025.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 37 -
31
Related party transactions

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102 Section 33, not to disclose transactions entered into between two or more members of a group, where any subsidiary party to the transaction is wholly owned.

During the year the group has recognised sales of £4,856,045 (2023: £11,173,529) to and recharges of other administrative expenses of £124,247 (2023: £549,055) from Ruby Gas Ltd, a company under common control. At the year-end an amount of £16,441 (2023: £15,775,832) was owed to Ruby Gas Ltd, as included within other creditors.

During the year the group has recognised sales of £150,000 (2023: £1,994,132) to and recharges of other administrative expenses of £118,712 (2023: £139,151) from Ruby Electricity Ltd, a company under common control. At the year-end an amount of £Nil (2023: £6,097,298) was owed to Ruby Electricity Ltd, as included within other creditors.

During the year the group has recognised sales of £39 (2023: £499), purchases of £161,514 (2023: £Nil) and made advances of £535,018 (2023: £269,996) to CX Global Holdings FZCO, a company under common control. Furthermore, during the year an exceptional provision of £198,916 (2023: £Nil) for non-recovery of this related party balance has been recognised. At the year end (after the provision) £Nil (2023: £139,221) was owed by CX Global Holdings FZCO as included in other debtors.

During the year, the group has made sales of £12,078 (2023: £297,110) and recognised various management services of £156,308 (2023: £1,609,054) to/ from JRP Management Services Limited, a company under common control. Additionally, in the prior year, debt totalling £31,296,141 owed by the group to the following companies, was sold to JRP Management Services Limited:

 

Commercial Power Limited (former group company)        £29,644,067

Ruby Electricity Ltd (related company)                £ 644,115

Ruby Gas Ltd (related company)                £ 1,007,959

 

At the year-end £20,470 (2023: £30,998,898) was owed to JRP Management Services Limited, as included within other creditors.

 

During the year, as a result of the group reconstruction, a balance of £13,403,408 (2023: £Nil) was owed by Ruby Energy Holdings Ltd, a connected company. This balance is included within non-current debtors. The balance is interest bearing, and as such £538,128 (2023: £Nil) has been charged in interest during the year. The loan is unsecured, subject to interest based on SONIA plus 375 basis points per annum and has a maturity date of 31 October 2028.

 

During the year the group recognised sales of £Nil (2023: £63,994), commissions payable of £30,600 (2023: £287,436) to/ from CX International (PTY) Ltd, a company under common control. At the year-end an amount of £Nil (2023: £19,306) was owed to CX International (PTY) Ltd, as included in other creditors.

During the year the group has recognised sales of £Nil (2023: £26,859), purchases of £182 (2023: £6,837) and advanced £Nil (2023: £953,000) to/ from Smart Choice Metering Limited, a company under control. During the prior year a provision for non-recoverability was recognised for £3,192,015 for debt owed by Smart Choice Metering Limited. At the year-end an amount of £Nil (2023: £3,597) was owed by Smart Choice Metering Limited.

During the year, the group has recognised various management services from Davidson Family Limited, a company under common control of £98,068 (2023: £180,376). At the year-end £Nil (2023: £9,324) was owed to Davidson Family Limited, as included within other creditors.

During the year the group has recognised sales of £Nil (2023: £33,085) to and purchases of £Nil (2023: £49,325) from Card Saver Limited, a company under common control. At the year-end an amount of £Nil (2023: £742) was owed to Card Saver Limited, as included within other creditors.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
31
Related party transactions
(Continued)
- 38 -

During the year the group recognised sales of £644 (2023: £1,994) and purchases of £2,972 (2023: £385) to/ from The Leisure Channel Limited, a company under common control. At the year-end an amount of £Nil (2023: £3,879) was owed by The Leisure Channel Limited, as included within other debtors.

During the year the group has recognised sales of £Nil (2023: £995) and accommodation charges of £91,975 (2023: £105,115) to/ from New Primrose Developments LLP, a partnership under common control. At the year-end an amount of £Nil (2023: £665) was owed to New Primrose Developments LLP, as included within other creditors.

During the year the group has recognised purchases from Breck Apartments LLP of £1,303 (2023: £11,258), a partnership under common control. At the year-end an amount of £Nil (2023: £Nil) was owed to Breck Apartments LLP, as included within other creditors.

During the year the group has recognised sales of £Nil (2023: £Nil) and purchases of £Nil (2023: £114,603) to/ from Utilisearch Ltd, a company under common control. During the year a provision has been made for non-recoverability of £Nil (2023: £19,440) for debt owed by Utilisearch Ltd. At the year-end an amount of £Nil (2023: £Nil) was owed by Utilisearch Ltd.

During the year £28,710 (2023: £101,418) was donated by the group to Hout Bay Charitable Trust ZSA, a charity under common control.

During the year the group has recognised sales of £178,299 (2023: £2,252) and advanced £1,603,326 (2023: £880,651) to Power Grade Ltd, a company under control. During the year a provision has been made for non-recoverability of £1,523,046 (2023: £880,651) for the debt owed by Power Grade Ltd. At the year-end an amount of £11,000 (2023: £7) was owed by Power Grade Ltd, as included within other debtors.

All group debts are unsecured, non interest bearing and repayable on demand.

32
Controlling party

The ultimate controlling party is deemed to be A J Pilley by virtue of his majority shareholding.

JAYMEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 39 -
33
Cash (absorbed by)/generated from group operations
2024
2023
as restated
£
£
Profit/(loss) after taxation
61,039,181
(31,062,885)
Adjustments for:
Taxation charged/(credited)
206,715
(116,748)
Finance costs
14,546
147,737
Investment income
(539,251)
(5,456)
Gain on disposal of intangible assets
(33,031)
-
Gain on disposal of business
(67,613,595)
-
Amortisation and impairment of intangible assets
154,092
164,455
Depreciation and impairment of tangible fixed assets
444,223
617,218
Other gains and losses
-
171,500
Movements in working capital:
(Increase)/decrease in stocks
(30,072)
11,755
(Increase)/decrease in debtors
(12,435,514)
873,144
(Decrease)/increase in creditors
(2,017,394)
31,616,247
(Decrease)/increase in deferred income
(96,150)
311,552
Cash (absorbed by)/generated from operations
(20,906,250)
2,728,519
34
Analysis of changes in net funds/(debt) - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
180,710
(151,462)
29,248
Borrowings excluding overdrafts
(717,716)
717,716
-
(537,006)
566,254
29,248
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2025.100J R PilleyM J 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