Company registration number 01195918 (England and Wales)
PENNYS GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PENNYS GROUP LTD
COMPANY INFORMATION
Directors
R M Penny
C E Penny
C N Penny
D J Pick
T G Brimble
Secretary
C E Penny
Company number
01195918
Registered office
Green Street
Ston Easton
BATH
BA3 4BY
Auditor
Old Mill Audit Limited
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
PENNYS GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
PENNYS GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -
The directors present the strategic report for the year ended 31 January 2023.
Fair review of the business
2022 / 2023 was a tough year but we are very pleased with its out-turn given the head winds faced.
Whilst turnover has increased margins have been under significant pressure due to ever increasing material prices and labour rates. The increase in fuel prices that occurred as a result of the Ukraine war was further compounded by the Government removing the fuel duty rebate in April 2022 which meant that we could no longer use red diesel in our plant, had a particularly adverse effect.
The demolition side to our business performed well, being successfully involved with a technically challenging project of demolishing a large marine Jetty in Plymouth, as well as being involved in the re-purposing of existing buildings for the new film studios being built in Bristol.
The groundworks business expanded further undertaking successful contracts for main contractors such as BAM, ISG and Beards.
Our waste recycling facility at Green Ore continues to increase its volumes and we look forward to expanding into the adjacent premises once planning permission has been granted. In order to expand our waste business further on the 1 August 2023 we purchased the assets of Western Skip Hire based in Westbury, Wiltshire so are now able to offer a skip service to commercial and domestic clients.
Principal risks and uncertainties
The principal risks and uncertainties facing the business include potential fluctuations within the construction sector.
Key performance indicators
Unit 2023 2022
Turnover £ 23,213,359 20,197,412
Gross profit margin % 16.81 20.15
Profit before taxation £ 1,007,093 1,308,268
Net assets £ 10,630,811 10,071,023
R M Penny
Director
31 October 2023
PENNYS GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 January 2023.
Principal activities
The principal activity of the company continued to be that of plant hire and demolition contracting.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £39,500. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R M Penny
C E Penny
C N Penny
D J Pick
T G Brimble
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.
Financial instruments
Objectives and policies
The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the company's trading activities.
Price risk, credit risk, liquidity risk and cash flow risk
The company is exposed to a moderate level of credit risk, liquidity risk and cash flow risk. The company manages these risks by financing its operations through the continued support of its bankers and financers, supplemented by long term bank borrowings where necessary to fund expansion or capital expenditure programmes. The company is not exposed to price risk as it holds no listed investments.
Changes in presentation of the financial statements
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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.
Auditor
The auditor, Old Mill Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
PENNYS GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
R M Penny
Director
31 October 2023
PENNYS GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PENNYS GROUP LTD
- 4 -
Opinion
We have audited the financial statements of Pennys Group Ltd (the 'company') for the year ended 31 January 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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:
give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PENNYS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PENNYS GROUP LTD
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, environmental legislation, Vehicle Operator licences and various accreditations (including CHAS, CIRAS, RISQ, BSG, SSIP, Constructionline, Acclaim SSIP, NDTG, GSAS and Builders Profile). Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
PENNYS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PENNYS GROUP LTD
- 6 -
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.
Stuart Grimster FCA
Senior Statutory Auditor
For and on behalf of Old Mill Audit Limited
31 October 2023
Statutory Auditor
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
PENNYS GROUP LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
23,213,359
20,197,412
Cost of sales
(19,311,996)
(16,127,906)
Gross profit
3,901,363
4,069,506
Administrative expenses
(2,834,663)
(2,767,460)
Other operating income
3
47,980
30,395
Operating profit
4
1,114,680
1,332,441
Interest receivable and similar income
7
2,960
1,345
Interest payable and similar expenses
8
(110,547)
(25,518)
Profit before taxation
1,007,093
1,308,268
Tax on profit
9
(407,805)
(169,010)
Profit for the financial year
599,288
1,139,258
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PENNYS GROUP LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
2023
2022
£
£
Profit for the year
599,288
1,139,258
Other comprehensive income
-
-
Total comprehensive income for the year
599,288
1,139,258
PENNYS GROUP LTD
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
10,461,323
8,511,547
Current assets
Stocks
13
144,020
122,693
Debtors
14
4,262,206
3,540,779
Cash at bank and in hand
1,970,537
1,071,657
6,376,763
4,735,129
Creditors: amounts falling due within one year
15
(3,289,474)
(2,206,789)
Net current assets
3,087,289
2,528,340
Total assets less current liabilities
13,548,612
11,039,887
Creditors: amounts falling due after more than one year
16
(1,871,250)
(262,917)
Provisions for liabilities
Provisions
18
20,000
20,000
Deferred tax liability
19
1,020,329
685,947
(1,040,329)
(705,947)
Deferred income
20
(6,222)
Net assets
10,630,811
10,071,023
Capital and reserves
Called up share capital
22
8,717
8,717
Share premium account
360,538
360,538
Revaluation reserve
300,446
300,446
Profit and loss reserves
9,961,110
9,401,322
Total equity
10,630,811
10,071,023
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
R M Penny
Director
Company registration number 01195918 (England and Wales)
PENNYS GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 10 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2021
8,717
360,538
300,446
8,309,044
8,978,745
Year ended 31 January 2022:
Profit and total comprehensive income
-
-
-
1,139,258
1,139,258
Dividends
10
-
-
-
(46,980)
(46,980)
Balance at 31 January 2022
8,717
360,538
300,446
9,401,322
10,071,023
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
-
599,288
599,288
Dividends
10
-
-
-
(39,500)
(39,500)
Balance at 31 January 2023
8,717
360,538
300,446
9,961,110
10,630,811
PENNYS GROUP LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,245,310
1,918,685
Interest paid
(110,547)
(25,518)
Income taxes paid
(70,050)
(141,947)
Net cash inflow from operating activities
2,064,713
1,751,220
Investing activities
Purchase of tangible fixed assets
(3,578,365)
(2,047,959)
Proceeds from disposal of tangible fixed assets
655,949
212,280
Repayment of loans
169,512
14,838
Interest received
2,960
1,345
Net cash used in investing activities
(2,749,944)
(1,819,496)
Financing activities
Proceeds from new bank loans
2,000,000
Repayment of bank loans
(376,389)
(319,999)
Dividends paid
(39,500)
(46,980)
Net cash generated from/(used in) financing activities
1,584,111
(366,979)
Net increase/(decrease) in cash and cash equivalents
898,880
(435,255)
Cash and cash equivalents at beginning of year
1,071,657
1,506,912
Cash and cash equivalents at end of year
1,970,537
1,071,657
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 12 -
1
Accounting policies
Company information
Pennys Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Green Street, Ston Easton, BATH, BA3 4BY. Company Registration No. 01195918.
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 at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 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.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
33% straight line and 15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 14 -
1.8
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.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 16 -
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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
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
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 17 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Doubtful debts
The directors have reviewed all significant debts on a case by case basis and have made a provision for doubtful debts based upon their knowledge of both the specific customer and the current economic conditions within the industry.
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.
Depreciation
The directors use their knowledge of the business and the industry to estimate the useful life and residual value of property, plant and equipment in order to arrive at applicable depreciation rates. In accordance with Section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.
It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of depreciation. The carrying value of property, plant and equipment at the year end is set out in the notes to these financial statements.
Contracts
The company has a number of contracts which requires the company to exercise judgement over contractual entitlements. The range of potential outcomes in future financial periods could result in a material positive or negative movement to underlying profitability and cash flow.
Estimates are made and re-evaluated at each reporting date as to the quantum and timing of liabilities arising from complete contracts. The carrying value of amounts recoverable on contract is set out in the notes to these financial statements.
The total income derived from contracts during the year is £16,642,457 (2022 - 12,803,163).
Valuation of land and buildings
The directors use their knowledge of the local area and market activity to judge the open market value of land and buildings. These valuations are reviewed on a yearly basis in line with market trends.
It is noted that there is inherent uncertainty regarding the requirement for land and buildings in the local area and market value is dependent on demand. The carrying value of freehold property held at fair value at the year end is set out in the notes to these financial statements.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 18 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods (aggregates and soil)
2,227,887
2,629,810
Sale of services (contract revenue)
16,642,457
13,242,583
Sale of services (plant hire)
4,343,015
4,325,019
23,213,359
20,197,412
2023
2022
£
£
Other revenue
Interest income
2,960
1,345
Rental income arising from investment properties
47,980
30,395
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
8,744
Depreciation of owned tangible fixed assets
1,134,306
1,204,475
Profit on disposal of tangible fixed assets
(161,666)
(48,094)
Operating lease charges
157,611
126,204
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office and management staff
18
18
Operators, drivers, fitters and foremen
92
89
Total
110
107
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
5
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,773,532
4,351,332
Social security costs
439,972
368,651
Pension costs
87,166
112,619
5,300,670
4,832,602
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
451,905
432,943
Company pension contributions to defined contribution schemes
21,421
3,202
473,326
436,145
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
148,593
143,183
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
2,960
1,345
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 20 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
110,547
24,471
Other finance costs:
Other interest
1,047
110,547
25,518
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
73,423
Deferred tax
Origination and reversal of timing differences
334,382
169,010
Total tax charge
407,805
169,010
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:
2023
2022
£
£
Profit before taxation
1,007,093
1,308,268
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
191,348
248,571
Tax effect of expenses that are not deductible in determining taxable profit
543
3,349
Depreciation on assets not qualifying for tax allowances
11,081
11,933
Deferred tax adjustments in respect of prior years
(33,501)
Effect of change in local deferred tax rate
256,963
30% uplift on 130% enhanced allowance assets additions
(53,080)
(61,342)
Chargeable gains
950
Taxation charge for the year
407,805
169,010
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 21 -
10
Dividends
2023
2022
£
£
Interim paid
39,500
46,980
The dividends are paid to directors of the company.
11
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
216,852
Amortisation and impairment
At 1 February 2022 and 31 January 2023
216,852
Carrying amount
At 31 January 2023
At 31 January 2022
12
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2022
2,848,169
8,563,440
199,835
4,229,783
15,841,227
Additions
2,410,622
184,259
5,762
977,722
3,578,365
Disposals
(668,218)
(1,695)
(775,020)
(1,444,933)
At 31 January 2023
5,258,791
8,079,481
203,902
4,432,485
17,974,659
Depreciation and impairment
At 1 February 2022
211,992
4,372,374
183,193
2,562,121
7,329,680
Depreciation charged in the year
50,765
581,026
13,407
489,108
1,134,306
Eliminated in respect of disposals
(330,986)
(1,179)
(618,485)
(950,650)
At 31 January 2023
262,757
4,622,414
195,421
2,432,744
7,513,336
Carrying amount
At 31 January 2023
4,996,034
3,457,067
8,481
1,999,741
10,461,323
At 31 January 2022
2,636,177
4,191,066
16,642
1,667,662
8,511,547
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
12
Tangible fixed assets
(Continued)
- 22 -
Freehold property is stated at market value. In establishing their valuation, with input from market specialists, the directors have considered recent market transactions on arm's length terms for similar local properties.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the carrying amounts would have been approximately £4,771,122 (2022 - £2,406,948), being cost £5,042,966 (2022 - £2,632,344) and depreciation £271,845 (2022 - £225,396).
13
Stocks
2023
2022
£
£
Raw materials and consumables
144,020
122,693
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,747,553
1,823,474
Gross amounts owed by contract customers
1,312,532
1,151,425
Other debtors
46,026
317,484
Prepayments and accrued income
156,095
248,396
4,262,206
3,540,779
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
251,667
236,389
Trade creditors
2,341,574
1,438,880
Corporation tax
73,423
70,050
Other taxation and social security
294,504
156,727
Other creditors
145,561
71,461
Accruals and deferred income
182,745
233,282
3,289,474
2,206,789
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. Bank overdrafts are repayable on demand.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 23 -
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
1,871,250
262,917
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. Bank overdrafts are repayable on demand.
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,263,334
150,000
17
Loans and overdrafts
2023
2022
£
£
Bank loans
2,122,917
499,306
Payable within one year
251,667
236,389
Payable after one year
1,871,250
262,917
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. Bank overdrafts are repayable on demand.
Mr R M Penny has personally guaranteed the company's bank borrowings up to £700,000 (2022 - £700,000).
18
Provisions for liabilities
2023
2022
£
£
Other provisions
20,000
20,000
Movements on provisions:
Other provisions
£
At 1 February 2022 and 31 January 2023
20,000
Other provisions are made in respect of restoring land and buildings, occupied under operating lease agreements, to their former condition. The provision is expected to be utilised on termination of such leases, subject to their renewal.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 24 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,021,944
701,230
Other timing differences
(1,615)
(15,283)
1,020,329
685,947
2023
Movements in the year:
£
Liability at 1 February 2022
685,947
Charge to profit or loss
334,382
Liability at 31 January 2023
1,020,329
20
Deferred income
2023
2022
£
£
Other deferred income
6,222
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,166
112,619
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the reporting date, the balance sheet contained £1,678 (2022: £nil) of accrued employer contributions to defined contribution schemes.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 25 -
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
1,664
1,664
1,664
1,664
Ordinary B shares of £1 each
3,331
3,331
3,331
3,331
Ordinary C shares of £1 each
1,485
1,485
1,485
1,485
Ordinary D Shares of £1 each
1,453
1,453
1,453
1,453
Ordinary E Shares of £1 each
784
784
784
784
8,717
8,717
8,717
8,717
Each class of share carry equal rights in all respects, with the exception that they may receive dividends at different rates.
Called up share capital – represents the nominal value of shares that have been issued.
Profit and loss reserves– represents accumulated profits and losses.
Share premium account - represents the difference between the par value of the shares issued and subscription or issue price.
Revaluation reserve - represents the accumulated revaluation surpluses of freehold property.
23
Operating lease commitments
Lessee
Assets held under operating lease agreements include land and buildings used in the course of the trade.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
64,887
64,887
Between two and five years
259,550
259,550
In over five years
129,775
194,662
454,212
519,099
24
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
-
3,000,000
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 26 -
25
Events after the reporting date
On 1 August 2023 the company acquired the trade and assets of Western Skip Hire Limited.
26
Related party transactions
The following amounts were outstanding at the year end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
17,718
22,259
27
Directors' transactions
Dividends totalling £39,500 (2022 - £46,980) were paid in the year in respect of shares held by the company's directors.
During the year the company paid £17,718 (2022 - £22,259) to directors' for rental properties and £12,000 (2022 - £12,000) for racehorses owned by the directors' for sponsorship purposes.
At the year end there was a total amount owing to company directors' of £33,375 (2022 - £37,598).
Amounts due from directors' were as follows:
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Loan
2.25
215,538
2,960
(172,473)
46,025
215,538
2,960
(172,473)
46,025
Mr R M Penny has personally guaranteed the company's bank borrowings up to £400,000 (2022 - £700,000).
28
Ultimate controlling party
The ultimate controlling party are Mr R M Penny and Mrs C E Penny by virtue of their ownership of 74% of the share capital.
PENNYS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 27 -
29
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
599,288
1,139,258
Adjustments for:
Taxation charged
407,805
169,010
Finance costs
110,547
25,518
Investment income
(2,960)
(1,345)
Gain on disposal of tangible fixed assets
(161,666)
(48,094)
Depreciation and impairment of tangible fixed assets
1,134,306
1,204,475
Increase in deferred income
6,222
-
Movements in working capital:
(Increase)/decrease in stocks
(21,327)
12,662
Increase in debtors
(890,939)
(250,030)
Increase/(decrease) in creditors
1,064,034
(332,769)
Cash generated from operations
2,245,310
1,918,685
30
Analysis of changes in net funds/(debt)
1 February 2022
Cash flows
31 January 2023
£
£
£
Cash at bank and in hand
1,071,657
898,880
1,970,537
Borrowings excluding overdrafts
(499,306)
(1,623,611)
(2,122,917)
572,351
(724,731)
(152,380)
2023-01-312022-02-01falseCCH SoftwareCCH Accounts Production 2023.200R M PennyC N PennyD J PickT G BrimbleT G BrimbleC E Penny011959182022-02-012023-01-3101195918bus:Director12022-02-012023-01-3101195918bus:CompanySecretaryDirector12022-02-012023-01-3101195918bus:Director22022-02-012023-01-3101195918bus:Director32022-02-012023-01-3101195918bus:Director42022-02-012023-01-3101195918bus:CompanySecretary12022-02-012023-01-3101195918bus:Director52022-02-012023-01-3101195918bus:RegisteredOffice2022-02-012023-01-31011959182023-01-31011959182021-02-012022-01-31011959182022-01-3101195918core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-3101195918core:PlantMachinery2023-01-3101195918core:FurnitureFittings2023-01-3101195918core:MotorVehicles2023-01-3101195918core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-3101195918core:PlantMachinery2022-01-3101195918core:FurnitureFittings2022-01-3101195918core:MotorVehicles2022-01-3101195918core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3101195918core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3101195918core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3101195918core:Non-currentFinancialInstrumentscore:AfterOneYear2022-01-3101195918core:CurrentFinancialInstruments2023-01-3101195918core:CurrentFinancialInstruments2022-01-3101195918core:ShareCapital2023-01-3101195918core:ShareCapital2022-01-3101195918core:SharePremium2023-01-3101195918core:SharePremium2022-01-3101195918core:RevaluationReserve2023-01-3101195918core:RevaluationReserve2022-01-3101195918core:RetainedEarningsAccumulatedLosses2023-01-3101195918core:RetainedEarningsAccumulatedLosses2022-01-3101195918core:ShareCapital2021-01-3101195918core:SharePremium2021-01-3101195918core:RevaluationReserve2021-01-3101195918core:RetainedEarningsAccumulatedLosses2021-01-3101195918core:ShareCapitalOrdinaryShares2023-01-3101195918core:ShareCapitalOrdinaryShares2022-01-3101195918core:RetainedEarningsAccumulatedLosses2021-02-012022-01-310119591812022-02-012023-01-310119591812021-02-012022-01-310119591822022-02-012023-01-310119591822021-02-012022-01-31011959182022-01-31011959182021-01-3101195918core:Goodwill2022-02-012023-01-3101195918core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-012023-01-3101195918core:PlantMachinery2022-02-012023-01-3101195918core:FurnitureFittings2022-02-012023-01-3101195918core:MotorVehicles2022-02-012023-01-3101195918core:UKTax2022-02-012023-01-3101195918core:UKTax2021-02-012022-01-310119591832022-02-012023-01-310119591832021-02-012022-01-310119591842022-02-012023-01-310119591842021-02-012022-01-3101195918core:Goodwill2022-01-3101195918core:Goodwill2023-01-3101195918core:Goodwill2022-01-3101195918core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-3101195918core:PlantMachinery2022-01-3101195918core:FurnitureFittings2022-01-3101195918core:MotorVehicles2022-01-3101195918core:Non-currentFinancialInstruments2023-01-3101195918core:Non-currentFinancialInstruments2022-01-3101195918core:WithinOneYear2023-01-3101195918core:WithinOneYear2022-01-3101195918core:BetweenTwoFiveYears2023-01-3101195918core:BetweenTwoFiveYears2022-01-3101195918core:MoreThanFiveYears2023-01-3101195918core:MoreThanFiveYears2022-01-3101195918bus:PrivateLimitedCompanyLtd2022-02-012023-01-3101195918bus:FRS1022022-02-012023-01-3101195918bus:Audited2022-02-012023-01-3101195918bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP