Company Registration No. SC539080 (Scotland)
FOXLEY ENERGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
FOXLEY ENERGY LIMITED
COMPANY INFORMATION
Directors
Mr M D Loggie
Mr J W Loggie
Mr M D J Loggie Jnr
Secretary
Peterkins Solicitors
Company number
SC539080
Registered office
100 Union Street
ABERDEEN
AB10 1QR
Auditor
Anderson Anderson & Brown Audit LLP
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU
FOXLEY ENERGY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
FOXLEY ENERGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Fair review of the business

The Foxley Energy Group, being Foxley Energy Limited and its subsidiaries (collectively "the group"), is a global market leader in specialist drilling equipment rental. The group comprises two divisions: Saltire Energy LLC and Saltire Energy Tubular Services, providing these services and equipment to international markets.

The group’s statement of comprehensive income is shown on page 7.

 

The key financial performance indicators during the year were as follows:

 

 

2024

2023

Change

 

£000

£000

%

Turnover

13,505

13,573

(0.5)

Group operating profit

5,405

5,490

(1.5)

Equity shareholders’ funds

21,573

17,301

24.7

 

Global oil prices and production are currently coming under pressure due to governments’ intervention however Foxley Energy and its subsidiaries are well placed to take advantage of the vicissitudes in the fortunes of the industry because of its international presence in numerous oil producing countries and the extensive inventory of oil drilling equipment which has been built up over a number of years and which is always in high demand.

 

The directors have assessed that no indicators of impairment or impairment reversal of the group’s tangible fixed assets were present and no impairment is required in 2024.

 

The directors are pleased the group has been able to deliver another strong operating profit. The group continues to reinvest all profits back into the business to ensure the group is in a healthy financial position to tackle any further changes to the market. The directors are still confident in the group's profitable business model and believe the group will continue to trade profitably in the future.

Principal risks and uncertainties

The principal risks and uncertainties facing the group are broadly grouped as:

On behalf of the board

Mr J W Loggie
Director
26 June 2025
FOXLEY ENERGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

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

Principal activities

The principal activity of the company and group is the retail sale and rental of oil and natural gas wells equipment.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid (2023: £nil). The directors do not recommend payment of a further dividend.

Directors

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

Mr M D Loggie
Mr J W Loggie
Mr M D J Loggie Jnr
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Future developments

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments to the extent applicable.

Auditor

The auditor, Anderson Anderson & Brown Audit LLP were appointed during the year are are deemed to be reappointed under section 487(2) of the Companies Act 2006.

 

Going concern

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

Statement of disclosure to auditor

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

On behalf of the board
Mr J W Loggie
Director
26 June 2025
FOXLEY ENERGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

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.

FOXLEY ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOXLEY ENERGY LIMITED
- 4 -
Opinion

We have audited the financial statements of Foxley Energy 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 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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:

 

FOXLEY ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOXLEY ENERGY LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of our 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 and 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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 assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and the sector in which they operate, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

FOXLEY ENERGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOXLEY ENERGY LIMITED
- 6 -
Extent to which the audit is considered capable of detecting irregularities, including fraud (continued)

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

 

 

Our audit procedures to respond to those risks included:

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involved intentional concealment, forgery, collusion, omission or misrepresentation.

Other matters

In the previous accounting period, the directors of the company took advantage of the audit exemption under section 477 of the Companies Act 2006. Therefore, the prior period numbers included in these financial statements were not subject to audit.

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.

Christopher Masson (Senior Statutory Auditor)
For and on behalf of Anderson Anderson & Brown Audit LLP
26 June 2025
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU
FOXLEY ENERGY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
13,504,733
13,573,026
Cost of sales
(7,336,412)
(6,642,072)
Gross profit
6,168,321
6,930,954
Administrative expenses
(2,056,127)
(1,485,581)
Other operating income
47,197
45,048
Exceptional item
4
1,245,770
-
0
Operating profit
5
5,405,161
5,490,421
Interest payable and similar expenses
9
(195,166)
(660,188)
Profit before taxation
5,209,995
4,830,233
Tax on profit
10
(997,382)
(274,265)
Profit for the financial year
22
4,212,613
4,555,968
Other comprehensive income/(expenditure)
Currency translation differences
59,261
(658,532)
Total comprehensive income for the year
4,271,874
3,897,436
Profit for the financial year is attributable to:
- Owners of the parent company
3,914,939
3,828,480
- Non-controlling interests
297,674
727,488
4,212,613
4,555,968
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,961,677
3,299,089
- Non-controlling interests
310,197
598,347
4,271,874
3,897,436

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

FOXLEY ENERGY LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
31,167,630
29,159,978
Current assets
Stocks
14
339,917
75,836
Debtors
15
7,451,384
6,559,262
Cash at bank and in hand
256,352
182,537
8,047,653
6,817,635
Creditors: amounts falling due within one year
16
(13,806,996)
(13,193,138)
Net current liabilities
(5,759,343)
(6,375,503)
Total assets less current liabilities
25,408,287
22,784,475
Creditors: amounts falling due after more than one year
17
(1,849,578)
(4,347,828)
Provisions for liabilities
Deferred tax liability
19
1,985,785
1,135,597
(1,985,785)
(1,135,597)
Net assets
21,572,924
17,301,050
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
22
18,490,770
14,529,093
Equity attributable to owners of the parent company
18,490,870
14,529,193
Non-controlling interests
3,082,054
2,771,857
21,572,924
17,301,050
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
26 June 2025
Mr J W Loggie
Director
FOXLEY ENERGY LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
27,286,661
27,286,661
Investments
12
16,271
16,271
27,302,932
27,302,932
Current assets
Debtors
15
2,812,335
1,723,043
Cash at bank and in hand
3,494
15,787
2,815,829
1,738,830
Creditors: amounts falling due within one year
16
(20,840,006)
(20,643,945)
Net current liabilities
(18,024,177)
(18,905,115)
Total assets less current liabilities
9,278,755
8,397,817
Creditors: amounts falling due after more than one year
17
(1,377,094)
(3,877,674)
Provisions for liabilities
Deferred tax liability
19
1,985,785
1,135,597
(1,985,785)
(1,135,597)
Net assets
5,915,876
3,384,546
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
22
5,915,776
3,384,446
Total equity
5,915,876
3,384,546

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 £2,531,330 (2023 - £803,023 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
26 June 2025
Mr J W Loggie
Director
Company Registration No. SC539080
FOXLEY ENERGY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 July 2022
100
11,230,004
11,230,104
2,173,510
13,403,614
Year ended 30 June 2023:
Profit for the year
-
3,828,480
3,828,480
727,488
4,555,968
Other comprehensive expenditure:
Currency translation differences
-
(658,532)
(658,532)
-
(658,532)
Amounts attributable to non-controlling interests
-
129,141
129,141
(129,141)
-
Total comprehensive income for the year
-
3,299,089
3,299,089
598,347
3,897,436
Balance at 30 June 2023
100
14,529,093
14,529,193
2,771,857
17,301,050
Year ended 30 June 2024:
Profit for the year
-
3,914,939
3,914,939
297,674
4,212,613
Other comprehensive income:
Currency translation differences
-
59,261
59,261
-
59,261
Amounts attributable to non-controlling interests
-
(12,523)
(12,523)
12,523
-
Total comprehensive income for the year
-
3,961,677
3,961,677
310,197
4,271,874
Balance at 30 June 2024
100
18,490,770
18,490,870
3,082,054
21,572,924
FOXLEY ENERGY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
100
2,581,423
2,581,523
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
803,023
803,023
Balance at 30 June 2023
100
3,384,446
3,384,546
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
2,531,330
2,531,330
Balance at 30 June 2024
100
5,915,776
5,915,876
FOXLEY ENERGY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
5,830,156
7,138,813
Interest paid
(195,166)
(660,188)
Net cash inflow from operating activities
5,634,990
6,478,625
Investing activities
Purchase of tangible fixed assets
(2,017,834)
(1,929,784)
Net cash used in investing activities
(2,017,834)
(1,929,784)
Financing activities
Payment of finance leases obligations
(3,543,813)
(4,502,378)
Net cash used in financing activities
(3,543,813)
(4,502,378)
Net increase in cash and cash equivalents
73,343
46,463
Cash and cash equivalents at beginning of year
182,537
141,304
Effect of foreign exchange rates
472
(5,230)
Cash and cash equivalents at end of year
256,352
182,537
FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Foxley Energy Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 100 Union Street, Aberdeen, Scotland, AB10 1QR.

 

The group consists of Foxley Energy Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Foxley Energy 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

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

FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Turnover

Turnover represents net income receivable from the sale and rental of drilling equipment.

Turnover from the sale of drilling equipment is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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. Turnover in respect of the rental of drilling equipment is recognised on a straight line basis over the rental period.

1.5
Tangible fixed assets

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

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

Plant and equipment
see below
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line

The group depreciates its plant and equipment following an assessment of the depreciable amount of the underlying assets. Where the depreciable amount is above zero, the group depreciates this element on a 25% straight line basis. Plant and equipment includes drilling equipment that the group rents to its customers. These assets are continually refurbished to a very high standard on return from hire and this is reflected in the high residual values for much of the group's assets and in the absence of a depreciation charge on certain equipment. The directors believe this approach fairly reflects the consumption of economic benefits in relation to certain rental assets. Refurbishment costs are charged to the statement of comprehensive income.

 

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 statement of comprehensive income.

1.6
Fixed asset investments

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.

1.7
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.

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 the statement of comprehensive income.

FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -

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 the statement of comprehensive income.

1.8
Stocks

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

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 the statement of comprehensive income. Reversals of impairment losses are also recognised in the statement of comprehensive income.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

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

Impairment of financial assets

Financial assets 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 the statement of comprehensive income.

 

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 the statement of comprehensive income.

FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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 certain creditors and loans from related party undertakings, 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.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income 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.

FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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 statement of comprehensive income, 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.

1.13
Employee benefits

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

 

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

 

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

1.14
Retirement benefits

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

1.15
Leases

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

Rentals payable under operating leases, including any lease incentives received, are charged to the statement of comprehensive income 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.

FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.16
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 the statement of comprehensive income.

 

The financial statements of overseas subsidiary undertakings are translated at the rate of exchange ruling at the balance sheet date. The exchange difference arising on the retranslation of opening net assets is taken to reserves through other comprehensive income. The income and expenditure of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Exchange differences arising from this translation of foreign operations are taken to reserves through other comprehensive income.

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.

Carrying value of plant & equipment

Plant and equipment includes drilling equipment that the group rents to its customers. These assets are continually refurbished to a very high standard on return from hire and this amongst other factors is reflected in their high residual values and low depreciation. The assessment of residual value requires the directors to exercise judgement including an annual reassessment based on current market conditions.

 

The carrying value of plant and equipment is outlined in the fixed asset note at note 11.

Amounts due from related parties

Amounts owed from related parties are stated in the accounts at their transaction price less any appropriate provision for irrecoverable amounts. In determining if a provision is required, the directors exercise judgement, considering any specific indicators that the recoverability of the balance may be in doubt.

 

Details of amounts owed to the group from related parties is outlined at note 15.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale and hire rental of drilling equipment
13,504,733
13,573,026
FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
UK
1,815,636
2,844,817
Middle East
10,884,397
10,309,774
Far East
332,069
-
Europe
472,631
418,435
13,504,733
13,573,026
2024
2023
£
£
Other significant revenue
Sundry income
47,197
45,048
4
Exceptional item
2024
2023
£
£
Income
VAT receipt on conclusion of HMRC review
1,245,770
-
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange differences
249,199
13,201
Depreciation of owned tangible fixed assets
19,467
10,708
6
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
28,000
-

The group was unaudited in the comparative reporting year and therefore no remuneration was paid to the group's auditor during that period.

FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
25
22
-
-
Management
3
3
3
3
Total
28
25
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
873,963
782,785
-
0
-
0
Pension costs
28,747
26,040
-
0
-
0
902,710
808,825
-
0
-
0
8
Directors' remuneration

No company director received remuneration from the group during the current or prior reporting period.

9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
195,166
660,188
10
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
147,194
-
0
Deferred tax
Origination and reversal of timing differences
850,188
274,265
Total tax charge
997,382
274,265
FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 21 -

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

2024
2023
£
£
Profit before taxation
5,209,995
4,830,233
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
1,302,499
990,198
Tax effect of expenses that are not deductible in determining taxable profit
-
0
2,193
Effect of change in corporation tax rate
-
49,413
Other differences
-
0
(354)
Effect of overseas tax rates
(305,117)
(767,185)
Taxation charge
997,382
274,265

A change in the UK Corporation tax rate to 25% took effect from 1 April 2023.

11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
29,259,869
8,790
21,958
29,290,617
Additions
2,003,039
14,795
-
0
2,017,834
Exchange adjustments
9,780
44
109
9,933
At 30 June 2024
31,272,688
23,629
22,067
31,318,384
Depreciation and impairment
At 1 July 2023
102,840
5,841
21,958
130,639
Depreciation charged in the year
13,585
5,882
-
0
19,467
Exchange adjustments
510
29
109
648
At 30 June 2024
116,935
11,752
22,067
150,754
Carrying amount
At 30 June 2024
31,155,753
11,877
-
0
31,167,630
At 30 June 2023
29,157,029
2,949
-
0
29,159,978
FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Tangible fixed assets
(Continued)
- 22 -
Company
Plant and equipment
£
Cost
At 1 July 2023 and 30 June 2024
27,286,661
Depreciation and impairment
At 1 July 2023 and 30 June 2024
-
0
Carrying amount
At 30 June 2024
27,286,661
At 30 June 2023
27,286,661

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
9,581,944
16,695,137
9,581,944
16,695,137
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
16,271
16,271
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost
At 1 July 2023 and 30 June 2024
16,271
Carrying amount
At 30 June 2024
16,271
At 30 June 2023
16,271
FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
13
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
Saltire Energy LLC
P.O. Box: 53161, Abu Dhabi, U.A.E
Ordinary
49.00
Saltire Energy Torque and Test Limited
100 Union Street, Aberdeen, AB10 1QR
Ordinary
100.00
Saltire Energy Europe SRL
SOS. BUCURESTI-PLOIESTI NR. 19-21 ET. 6, SECTORUL 1 Bucuresti, Bucuresti Romania
Ordinary
100.00

While legal ownership of Saltire Energy LLC is at 49%, Foxley Energy Limited is entitled to 80% of the economic benefits of ownership.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
339,917
75,836
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,075,012
4,533,507
-
0
-
0
Corporation tax recoverable
75,890
22,369
-
0
-
0
Amounts owed by group undertakings
-
-
1,823,821
706,385
Amounts owed by related party undertakings
842,053
609,874
988,414
656,345
Other debtors
614,828
300,773
100
360,313
Prepayments and accrued income
1,843,601
1,092,739
-
0
-
0
7,451,384
6,559,262
2,812,335
1,723,043

Amounts owed by related party undertakings are interest free and have no formal repayment date.

FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
2,466,538
3,509,771
2,466,538
3,509,771
Trade creditors
978,086
804,937
2,718
10,201
Amounts owed to related party undertakings
9,498,377
8,629,361
18,073,316
17,115,308
Corporation tax payable
146,602
-
0
-
0
-
0
Other taxation and social security
243,781
-
259,434
-
Other creditors
166,491
145,571
-
-
Accruals and deferred income
307,121
103,498
38,000
8,665
13,806,996
13,193,138
20,840,006
20,643,945

Obligations under finance lease agreements are secured by floating charges over the assets held under these agreements.

Amounts owed to related party undertakings are interest free and have no formal repayment date.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
1,377,094
3,877,674
1,377,094
3,877,674
Other creditors
472,484
470,154
-
0
-
0
1,849,578
4,347,828
1,377,094
3,877,674

Other creditors are in respect of a director's loan. Details of movements in the year are outlined at note 25.

Obligations under finance lease agreements are secured by floating charges over the assets held under these agreements.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,466,538
3,509,771
2,466,538
3,509,771
In two to five years
1,377,094
3,877,674
1,377,094
3,877,674
3,843,632
7,387,445
3,843,632
7,387,445
FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Finance lease obligations
(Continued)
- 25 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
3,956,741
3,327,856
Tax losses
(1,970,956)
(2,192,259)
1,985,785
1,135,597
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
3,956,741
3,327,856
Tax losses
(1,970,956)
(2,192,259)
1,985,785
1,135,597
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
1,135,597
1,135,597
Charge to profit or loss
850,188
850,188
Liability at 30 June 2024
1,985,785
1,985,785

The group has estimated UK tax losses of £7.9m (2023 - £8.8m) available for offset against future trading profits.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,747
26,040
FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
Retirement benefit schemes
(Continued)
- 26 -

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
22
Reserves
Profit and loss reserves

Profit and loss reserves represent the total comprehensive income for the year and prior periods less dividends paid.

23
Financial commitments, guarantees and contingent liabilities

The company is party to an unlimited cross guarantee alongside Saltire Energy Limited, Saltire Pressure Control Limited, Saltire Drilling Tools Limited and Saltire Energy LLC. The potential liability to the company at 30 June 2024 was £nil (2023 - £nil) relating to the borrowings of other entities party to the cross guarantee.

24
Related party transactions
Transactions with related parties

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

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
2,456,021
2,860,612
5,199,038
2,928,852
Company
Entities over which the company has control, joint control or significant influence
1,109,758
438,256
-
-
Other related parties
1,652,069
1,140,000
-
-
FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
24
Related party transactions
(Continued)
- 27 -
Rent paid
Purchase of assets
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
120,000
120,000
-
4,034,880
Company
Other related parties
-
-
-
2,183,600

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
9,498,377
8,629,361
Company
Other related parties
18,073,316
17,115,308

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
842,053
609,874
Company
Entities over which the company has control, joint control or significant influence
1,823,821
706,385
Other related parties
988,414
656,345
Other information

The company has taken advantage of disclosure exemptions available under Section 33 of FRS 102 whereby it has not disclosed transactions entered into with any wholly-owned subsidiary of the group.

FOXLEY ENERGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
25
Directors' transactions

An interest free loan has been granted by a director to the group as follows:

Description
% Rate
Opening balance
Impact of foreign exchange
Closing balance
£
£
£
Director's loan
-
470,154
2,330
472,484
470,154
2,330
472,484

The director's loan is repayable a year and a day after notice being given.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,212,613
4,555,968
Adjustments for:
Taxation charged
997,382
274,265
Finance costs
195,166
660,188
Depreciation and impairment of tangible fixed assets
19,467
10,708
Movements in working capital:
(Increase)/decrease in stocks
(264,081)
35,987
Increase in debtors
(840,880)
(2,308,912)
Increase in creditors
1,510,489
3,910,609
Cash generated from operations
5,830,156
7,138,813
27
Analysis of changes in net debt - group
1 July 2023
Cash flows
Exchange rate movements
30 June 2024
£
£
£
£
Cash at bank and in hand
182,537
73,343
472
256,352
Obligations under finance leases
(7,387,445)
3,543,813
-
(3,843,632)
(7,204,908)
3,617,156
472
(3,587,280)
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr M D LoggieMr J W LoggieMr M D J Loggie JnrPeterkins SolicitorsfalseSC5390802023-07-012024-06-30SC539080bus:Director12023-07-012024-06-30SC539080bus:Director22023-07-012024-06-30SC539080bus:Director32023-07-012024-06-30SC539080bus:CompanySecretary12023-07-012024-06-30SC539080bus:RegisteredOffice2023-07-012024-06-30SC539080bus:Consolidated2024-06-30SC5390802024-06-30SC539080bus:Consolidated2023-07-012024-06-30SC539080bus:Consolidated2022-07-012023-06-30SC539080bus:Consolidated12023-07-012024-06-30SC539080bus:Consolidated12022-07-012023-06-30SC5390802022-07-012023-06-30SC539080core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-07-012024-06-30SC539080core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-07-012023-06-30SC539080bus:Consolidated2023-06-30SC5390802023-06-30SC539080core:PlantMachinerybus:Consolidated2024-06-30SC539080core:FurnitureFittingsbus:Consolidated2024-06-30SC539080core:MotorVehiclesbus:Consolidated2024-06-30SC539080core:PlantMachinerybus:Consolidated2023-06-30SC539080core:FurnitureFittingsbus:Consolidated2023-06-30SC539080core:MotorVehiclesbus:Consolidated2023-06-30SC539080core:PlantMachinery2024-06-30SC539080core:PlantMachinery2023-06-30SC539080core:ShareCapitalbus:Consolidated2024-06-30SC539080core:ShareCapitalbus:Consolidated2023-06-30SC539080core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-06-30SC539080core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-06-30SC539080core:Non-controllingInterestsbus:Consolidated2024-06-30SC539080core:Non-controllingInterestsbus:Consolidated2023-06-30SC539080core:ShareCapital2024-06-30SC539080core:ShareCapital2023-06-30SC539080core:RetainedEarningsAccumulatedLosses2024-06-30SC539080core:RetainedEarningsAccumulatedLosses2023-06-30SC539080core:ShareCapitalbus:Consolidated2022-06-30SC539080core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-06-30SC539080core:ShareCapital2022-06-30SC539080core:RetainedEarningsAccumulatedLosses2022-06-30SC539080core:PlantMachinery2023-07-012024-06-30SC539080core:FurnitureFittings2023-07-012024-06-30SC539080core:MotorVehicles2023-07-012024-06-30SC539080core:ForeignTaxbus:Consolidated2023-07-012024-06-30SC539080core:ForeignTaxbus:Consolidated2022-07-012023-06-30SC539080core:PlantMachinerybus:Consolidated2023-06-30SC539080core:FurnitureFittingsbus:Consolidated2023-06-30SC539080core:MotorVehiclesbus:Consolidated2023-06-30SC539080bus:Consolidated2023-06-30SC539080core:PlantMachinery2023-06-30SC539080core:PlantMachinerybus:Consolidated2023-07-012024-06-30SC539080core:FurnitureFittingsbus:Consolidated2023-07-012024-06-30SC539080core:MotorVehiclesbus:Consolidated2023-07-012024-06-30SC539080core:Subsidiary12023-07-012024-06-30SC539080core:Subsidiary22023-07-012024-06-30SC539080core:Subsidiary32023-07-012024-06-30SC539080core:Subsidiary112023-07-012024-06-30SC539080core:Subsidiary222023-07-012024-06-30SC539080core:Subsidiary332023-07-012024-06-30SC539080core:CurrentFinancialInstrumentsbus:Consolidated2024-06-30SC539080core:CurrentFinancialInstrumentsbus:Consolidated2023-06-30SC539080core:CurrentFinancialInstruments2024-06-30SC539080core:CurrentFinancialInstruments2023-06-30SC539080core:Non-currentFinancialInstrumentsbus:Consolidated2024-06-30SC539080core:Non-currentFinancialInstrumentsbus:Consolidated2023-06-30SC539080core:Non-currentFinancialInstruments2024-06-30SC539080core:Non-currentFinancialInstruments2023-06-30SC539080core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-06-30SC539080core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-06-30SC539080core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-30SC539080core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-30SC539080core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-06-30SC539080core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-06-30SC539080core:Non-currentFinancialInstrumentscore:AfterOneYear22024-06-30SC539080core:Non-currentFinancialInstrumentscore:AfterOneYear22023-06-30SC539080core:WithinOneYearbus:Consolidated2024-06-30SC539080core:WithinOneYearbus:Consolidated2023-06-30SC539080core:WithinOneYear2024-06-30SC539080core:WithinOneYear2023-06-30SC539080core:BetweenTwoFiveYearsbus:Consolidated2024-06-30SC539080core:BetweenTwoFiveYearsbus:Consolidated2023-06-30SC539080core:BetweenTwoFiveYears2024-06-30SC539080core:BetweenTwoFiveYears2023-06-30SC539080bus:PrivateLimitedCompanyLtd2023-07-012024-06-30SC539080bus:FRS1022023-07-012024-06-30SC539080bus:Audited2023-07-012024-06-30SC539080bus:ConsolidatedGroupCompanyAccounts2023-07-012024-06-30SC539080bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP