Company registration number 03519413 (England and Wales)
CSH ENVIRONMENTAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Affinia
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
CSH ENVIRONMENTAL LIMITED
COMPANY INFORMATION
Directors
Mr M R Slade
Mr P Gregory
Mr D Cox
Ms B Cave
Mr G West
Ms C Slade
Secretary
Ms C Slade
Company number
03519413
Registered office
Greenacres
Old Packards Lane
Wormingford
Colchester
Essex
UK
CO6 3AH
Auditor
Affinia (Colchester)
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
CSH ENVIRONMENTAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
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
CSH ENVIRONMENTAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

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

Review of the business

The principal activity of the group in the year was of waste management services including skip hire and waste disposal.

 

The directors aim to provide a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business.

 

CSH Environmental utilises directly employed staff and subcontracted labour.

 

The directors are satisfied with the company's financial position at the year end and are pleased that the company achieved a profit for the year.

 

Key performance Indicators

 

The group performed well in the year, presenting an increase of 14% in revenue as a group (from £17.4m in 2023 to £19.9m in 2024).

 

Controls over expenditure have been tightly managed in the year, to match the fluctuating sales, this has maintained gross profit at a 48% margin in the year, increasing from £9.6m in 2023 to £10.4m in 2024.

Principal risks and uncertainties

Risk management is undertaken at all levels of the business, however the Directors take overall responsibility for determining the level and category of risks they are prepared to take to achieve the company’s objectives. The principal risk area managed by the business was as follows:

 

Credit risk

There is a risk over the collection of cash which is fundamental to the company's operations and trade debtors have increased in the current financial year. As a result, cash is monitored on a regular basis and third-party credit reviews are sourced for all new customers.

On behalf of the board

Mr M R Slade
Director
5 August 2025
CSH ENVIRONMENTAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of waste management services including skip hire and waste disposal.

Results and dividends

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

Ordinary dividends were paid amounting to £326,681. 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 T R Slade
(Deceased 20 October 2024)
Mr M R Slade
Mr P Gregory
Mr D Cox
Ms B Cave
Mr G West
Ms C Slade
Auditor

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

Statement of disclosure to auditor

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

On behalf of the board
Mr M R Slade
Director
5 August 2025
CSH ENVIRONMENTAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 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.

CSH ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CSH ENVIRONMENTAL LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

CSH ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CSH ENVIRONMENTAL LIMITED
- 5 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

 

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

CSH ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CSH ENVIRONMENTAL LIMITED
- 6 -

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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.

Shaun Roberts (Senior Statutory Auditor)
For and on behalf of Affinia (Colchester), Statutory Auditor
Chartered Accountants
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
6 August 2025
CSH ENVIRONMENTAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
19,989,136
17,394,149
Cost of sales
(10,390,792)
(9,639,792)
Gross profit
9,598,344
7,754,357
Administrative expenses
(8,353,463)
(6,174,261)
Other operating income
6,217
12,726
Operating profit
4
1,251,098
1,592,822
Interest receivable and similar income
8
21,803
4,216
Interest payable and similar expenses
9
(83,225)
(46,011)
Amounts written off investments
(268)
(27,909)
Profit before taxation
1,189,408
1,523,118
Tax on profit
10
(554,196)
(1,009,280)
Profit for the financial year
24
635,212
513,838
Profit for the financial year is all attributable to the owners of the parent company.
CSH ENVIRONMENTAL LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
23,038
29,547
Negative goodwill
12
(80)
(120)
Net goodwill
22,958
29,427
Total intangible assets
22,958
29,427
Tangible assets
13
6,186,641
5,383,745
6,209,599
5,413,172
Current assets
Debtors
16
5,256,732
4,167,651
Cash at bank and in hand
935,222
1,154,099
6,191,954
5,321,750
Creditors: amounts falling due within one year
17
(2,873,425)
(2,348,731)
Net current assets
3,318,529
2,973,019
Total assets less current liabilities
9,528,128
8,386,191
Creditors: amounts falling due after more than one year
18
(1,100,286)
(821,076)
Provisions for liabilities
Deferred tax liability
21
1,920,120
1,365,924
(1,920,120)
(1,365,924)
Net assets
6,507,722
6,199,191
Capital and reserves
Called up share capital
23
8
8
Profit and loss reserves
24
6,507,714
6,199,183
Total equity
6,507,722
6,199,191

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 5 August 2025 and are signed on its behalf by:
05 August 2025
Mr M R Slade
Director
Company registration number 03519413 (England and Wales)
CSH ENVIRONMENTAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
5,764,107
5,046,875
Investments
14
100
100
5,764,207
5,046,975
Current assets
Debtors
16
4,792,219
3,955,585
Cash at bank and in hand
740,663
1,003,473
5,532,882
4,959,058
Creditors: amounts falling due within one year
17
(2,296,555)
(2,043,601)
Net current assets
3,236,327
2,915,457
Total assets less current liabilities
9,000,534
7,962,432
Creditors: amounts falling due after more than one year
18
(868,114)
(640,681)
Provisions for liabilities
Deferred tax liability
21
1,842,465
1,288,269
(1,842,465)
(1,288,269)
Net assets
6,289,955
6,033,482
Capital and reserves
Called up share capital
23
8
8
Profit and loss reserves
24
6,289,947
6,033,474
Total equity
6,289,955
6,033,482

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £583,154 (2023 - £627,808 profit).

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 5 August 2025 and are signed on its behalf by:
05 August 2025
Mr M R Slade
Director
Company registration number 03519413 (England and Wales)
CSH ENVIRONMENTAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
8
5,935,783
5,935,791
Year ended 31 July 2023:
Profit and total comprehensive income
-
513,838
513,838
Dividends
11
-
(250,438)
(250,438)
Balance at 31 July 2023
8
6,199,183
6,199,191
Year ended 31 July 2024:
Profit and total comprehensive income
-
635,212
635,212
Dividends
11
-
(326,681)
(326,681)
Balance at 31 July 2024
8
6,507,714
6,507,722
CSH ENVIRONMENTAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
8
5,656,104
5,656,112
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
627,808
627,808
Dividends
11
-
(250,438)
(250,438)
Balance at 31 July 2023
8
6,033,474
6,033,482
Year ended 31 July 2024:
Profit and total comprehensive income
-
583,154
583,154
Dividends
11
-
(326,681)
(326,681)
Balance at 31 July 2024
8
6,289,947
6,289,955
CSH ENVIRONMENTAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,085,843
2,815,472
Interest paid
(83,225)
(46,011)
Income taxes (paid)/refunded
(2,105)
95,000
Net cash inflow from operating activities
2,000,513
2,864,461
Investing activities
Purchase of intangible assets
-
(2,547)
Purchase of tangible fixed assets
(1,600,154)
(2,980,970)
Proceeds from disposal of tangible fixed assets
157,645
231,572
Proceeds from disposal of investments
(268)
-
Repayment of loans
(18,957)
633,980
Interest received
21,803
4,216
Net cash used in investing activities
(1,439,931)
(2,113,749)
Financing activities
Repayment of borrowings
475
(393)
Repayment of bank loans
-
(250,000)
Payment of finance leases obligations
(453,253)
(344,725)
Dividends paid to equity shareholders
(326,681)
(250,438)
Net cash used in financing activities
(779,459)
(845,556)
Net decrease in cash and cash equivalents
(218,877)
(94,844)
Cash and cash equivalents at beginning of year
1,154,099
1,248,943
Cash and cash equivalents at end of year
935,222
1,154,099
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
1
Accounting policies
Company information

CSH Environmental Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Greenacres, Old Packards Lane, Wormingford, Colchester, Essex, CO6 3AH.

 

The group consists of CSH Environmental 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company CSH Environmental Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 July 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 at least 12 months from the date of signing. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

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

 

Turnover in respect of trade waste & Skip hire is recognised on the day of collection & recycling of the waste. Turnover in respect of goods sold is recognised on the day the goods leave the premises.

CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 - 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

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

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

Plant and machinery
Between 25% reducing balance and 4 years straight line
Recycling plant
2% straight line
Fixtures and fittings
3 years straight line
Computers
25% reducing balance
Motor vehicles
25% reducing balance

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

1.7
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

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

 

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

CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.9
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.

1.10
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 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.

CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
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.

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 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.

CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
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 assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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 profit or loss.

CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Assets

In preparing these financial statements, the directors have considered the requirement for any impairment of assets held at the balance sheet date based on estimated useful life and value of the assets to the business. The depreciation rates have also been considered.

 

It has been determined that no impairment is required.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
19,989,136
17,394,149
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,989,136
17,394,149
2024
2023
£
£
Other revenue
Interest income
21,803
4,216
Commissions received
51
59
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
40
8,155
Depreciation of owned tangible fixed assets
994,251
982,318
Depreciation of tangible fixed assets held under finance leases
465,871
351,000
Profit on disposal of tangible fixed assets
(10,026)
(61,619)
Amortisation of intangible assets
6,469
5,960
Operating lease charges
551,423
601,864
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,500
15,200
Audit of the financial statements of the company's subsidiaries
10,000
8,250
26,500
23,450
For other services
Other assurance services
2,350
2,350
Other taxation services
2,650
2,250
All other non-audit services
1,850
1,725
6,850
6,325
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
101
79
85
72
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,327,138
2,857,751
2,927,466
2,555,485
Social security costs
333,229
279,831
295,099
248,092
Pension costs
85,687
80,359
77,978
71,725
3,746,054
3,217,941
3,300,543
2,875,302
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
175,652
175,872
Company pension contributions to defined contribution schemes
14,579
-
190,231
175,872
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
21,803
4,216
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
21,803
4,216
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
6,410
Other finance costs:
Interest on finance leases and hire purchase contracts
83,225
39,741
Other interest
-
(140)
Total finance costs
83,225
46,011
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(7,309)
Deferred tax
Origination and reversal of timing differences
554,196
1,016,589
Total tax charge
554,196
1,009,280

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

2024
2023
£
£
Profit before taxation
1,189,408
1,523,118
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
297,352
289,392
Tax effect of expenses that are not deductible in determining taxable profit
7,112
(104,338)
Tax effect of income not taxable in determining taxable profit
(1,350)
-
0
Tax effect of utilisation of tax losses not previously recognised
(106,388)
(17,778)
Unutilised tax losses carried forward
3,448
411,757
Adjustments in respect of prior years
-
0
(7,309)
Effect of change in corporation tax rate
-
79,500
Permanent capital allowances in excess of depreciation
(200,174)
(707,339)
Revenue items capitalised
554,196
-
0
Deferred tax adjustments
-
0
1,065,395
Taxation charge
554,196
1,009,280
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
326,681
250,438
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
62,547
(5,544)
57,003
Amortisation and impairment
At 1 August 2023
33,000
(5,424)
27,576
Amortisation charged for the year
6,509
(40)
6,469
At 31 July 2024
39,509
(5,464)
34,045
Carrying amount
At 31 July 2024
23,038
(80)
22,958
At 31 July 2023
29,547
(120)
29,427
The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.

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

13
Tangible fixed assets
Group
Plant and machinery
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
1,657,321
6,397,978
206,253
937
2,403,880
10,666,369
Additions
386,243
974,989
719
-
0
1,048,686
2,410,637
Disposals
-
0
(1,219,586)
-
0
-
0
(16,646)
(1,236,232)
At 31 July 2024
2,043,564
6,153,381
206,972
937
3,435,920
11,840,774
Depreciation and impairment
At 1 August 2023
109,392
3,590,918
205,810
641
1,375,863
5,282,624
Depreciation charged in the year
35,350
906,654
376
74
517,668
1,460,122
Eliminated in respect of disposals
-
0
(1,062,773)
-
0
-
0
(25,840)
(1,088,613)
At 31 July 2024
144,742
3,434,799
206,186
715
1,867,691
5,654,133
Carrying amount
At 31 July 2024
1,898,822
2,718,582
786
222
1,568,229
6,186,641
At 31 July 2023
1,547,929
2,807,060
443
296
1,028,017
5,383,745
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
13
Tangible fixed assets
(Continued)
- 23 -
Company
Plant and machinery
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
1,657,321
6,397,978
205,668
1,822,530
10,083,497
Additions
386,243
974,989
-
0
837,120
2,198,352
Disposals
-
0
(1,219,586)
-
0
-
0
(1,219,586)
At 31 July 2024
2,043,564
6,153,381
205,668
2,659,650
11,062,263
Depreciation and impairment
At 1 August 2023
109,392
3,590,918
205,554
1,130,758
5,036,622
Depreciation charged in the year
35,350
906,654
114
382,189
1,324,307
Eliminated in respect of disposals
-
0
(1,062,773)
-
0
-
0
(1,062,773)
At 31 July 2024
144,742
3,434,799
205,668
1,512,947
5,298,156
Carrying amount
At 31 July 2024
1,898,822
2,718,582
-
0
1,146,703
5,764,107
At 31 July 2023
1,547,929
2,807,060
114
691,772
5,046,875

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
617,607
631,416
617,607
631,416
Motor vehicles
780,006
421,585
780,006
421,585
1,397,613
1,053,001
1,397,613
1,053,001
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100
100
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
14
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
100
Carrying amount
At 31 July 2024
100
At 31 July 2023
100
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
A A Turner Tankers Limited
Same as parent
Ordinary
100.00
Need A Tanker Limited
Same as parent
Ordinary
100.00
Local Tanker Services Limited
Same as parent
Ordinary
100.00
East Anglia Environmental Services Limited
Same as parent
Ordinary
100.00

The parent undertaking has given a guarantee to Need a Tanker Ltd under s479A and as such this subsidiary is exempt from an audit.

16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,141,622
2,523,222
2,494,731
2,230,395
Corporation tax recoverable
-
0
7,550
-
0
-
0
Other debtors
1,761,541
1,207,439
1,947,487
1,298,078
Prepayments and accrued income
353,569
429,440
350,001
427,112
5,256,732
4,167,651
4,792,219
3,955,585
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
460,556
382,536
356,959
315,541
Pension liability
19
1,419
944
-
0
-
0
Trade creditors
1,445,879
1,013,359
1,124,779
880,262
Corporation tax payable
161,720
171,375
160,518
171,175
Other taxation and social security
481,660
509,053
434,289
494,205
Other creditors
13,449
12,675
995
84
Accruals and deferred income
308,742
258,789
219,015
182,334
2,873,425
2,348,731
2,296,555
2,043,601
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
1,100,286
821,076
868,114
640,681
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Payable within one year
1,419
250,000
-
0
-
0

A deed of charge dated 12 December 2013 covers the leasehold property at Greenacres and a charge dated 8 April 2013 created by Barclays Bank plc covers the assets of the company.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
460,556
382,536
356,959
315,541
In two to five years
1,100,286
821,076
868,114
640,681
1,560,842
1,203,612
1,225,073
956,222

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
21
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
1,920,120
1,365,924
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,842,465
1,288,269
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
1,365,924
1,288,269
Charge to profit or loss
554,196
554,196
Liability at 31 July 2024
1,920,120
1,842,465
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,687
80,359

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

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary of £1 each
8
8
8
8

Called up share capital represents the nominal value of the shares issued.

24
Reserves
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
24
Reserves
(Continued)
- 27 -
Profit and loss reserves

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

25
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
139,270
335,652
139,270
335,652
Between two and five years
56,721
119,343
56,721
119,343
195,991
454,995
195,991
454,995
26
Related party transactions

Within other debtors is a balance of £791,208 (2023: £873,027) owed from Colchester Skip Hire Partnership ("CSH Partnership"), a related party of CSH Environmental Limited. In the year rent was charged from CSH Partnership of £780,000 (2023: £200,000).

27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
635,212
513,838
Adjustments for:
Taxation charged
554,196
1,009,280
Finance costs
83,225
46,011
Investment income
(21,803)
(4,216)
Gain on disposal of tangible fixed assets
(10,026)
(61,619)
Amortisation and impairment of intangible assets
6,469
5,960
Depreciation and impairment of tangible fixed assets
1,460,122
1,333,318
Loss on sale of investments
268
15,209
Other gains and losses
-
12,700
Movements in working capital:
(Increase)/decrease in debtors
(1,077,674)
253,769
Increase/(decrease) in creditors
455,854
(308,778)
Cash generated from operations
2,085,843
2,815,472
CSH ENVIRONMENTAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
28
Analysis of changes in net debt - group
1 August 2023
Cash flows
New finance leases
31 July 2024
£
£
£
£
Cash at bank and in hand
1,154,099
(218,877)
-
935,222
Borrowings excluding overdrafts
(944)
(475)
-
(1,419)
Obligations under finance leases
(1,203,612)
453,253
(810,483)
(1,560,842)
(50,457)
233,901
(810,483)
(627,039)
2024-07-312023-08-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr T R SladeMr M R SladeMr P GregoryMr D CoxMs B CaveMr G WestMs C SladeMs C 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