Company registration number SC026803 (Scotland)
GILLIES OF BROUGHTY FERRY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
GILLIES OF BROUGHTY FERRY LIMITED
COMPANY INFORMATION
Directors
Mr Alistair Philp
Mr Christopher Philp
Mr David Philp
Mr Ewan Philp
Mr Ian Philp
Mr Thomas Rodgers
Mr Euan Webster
Secretary
Mr Thomas Rodgers
Company number
SC026803
Registered office
172-180 Brook Street
Broughty Ferry
Dundee
DD5 2AJ
Auditor
Findlays
Chartered Accountants
11 Dudhope Terrace
Dundee
DD3 6TS
GILLIES OF BROUGHTY FERRY LIMITED
CONTENTS
Page
Directors' report
1
Strategic report
2
Directors' responsibilities statement
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 - 26
GILLIES OF BROUGHTY FERRY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 August 2022.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £790,109. 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 Alistair Philp
Mr Christopher Philp
Mr David Philp
Mr Ewan Philp
Mr Ian Philp
Mr Thomas Rodgers
Mr Euan Webster
Auditor
In accordance with the company's articles, a resolution proposing that Findlays be reappointed as auditor of the company will be put at a General Meeting.
Strategic report
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 the principal activities.
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.
On behalf of the board
Mr Thomas Rodgers
Director
31 May 2023
GILLIES OF BROUGHTY FERRY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
The directors present the strategic report for the year ended 31 August 2022.
Fair review of the business
Unlike the previous two financial years trading was not curtailed by Government imposed Covid 19 restrictions, but such restrictions impacting on last year do make like for like comparison difficult.
Turnover for 2022 was recorded at £24.5 million showing an increase over the level achieved in 2021. The increase is attributable to a number of different factors: fulfilment of orders taken post-lockdown in the previous financial year, price inflation and the acquisition of an additional retail outlet towards the end of the financial year.
Trading conditions were difficult during the year particularly due to the impact of the War in Ukraine on the general economy. Falling consumer confidence, rising supplier and energy prices and a weaker pound, combined to provide a challenge to our management team on both the supply and demand sides of our business.
The company operates with Directors who have a close involvement in the day-to-day operations of the business, and this has proved invaluable allowing us to react quickly to threats and opportunities as they arose in a way that protected the fundamentals of the business.
In June 2022, the company concluded the acquisition of the business of Grampian Furnishers, based in Elgin and this is now fully integrated into the Gillies operational structure.
The company achieved a profit before tax for the Financial Year of £2.9m which reflects the efforts of all our people.
The Directors have continued to apply their experience and knowledge of Retail Furnishings to ensure that the company’s offering to its customer base remains attractive and appealing. The company continues to follow a planned programme of refurbishment of its stores keeping the company's offering at a high standard and ensuring that product ranges are kept fresh and up to date. Rising energy costs led us to focus on making efficiency savings where possible and in particular refurbishment works have targeted replacement of existing light fittings with more efficient alternatives.
Principal risks and uncertainties
The nature of the company’s business is such that the biggest risks it faces are:
The Directors manage these risks by having close involvement in the day-to-day operations of the company and continually monitoring performance and assessing risk exposure, such that decisions can be taken to address any anticipated issues.
Key performance indicators
The Key Financial Performance indicators of the business are Turnover, Gross Margin and Net Profit before Tax. Turnover for the year was £24.5m, an increase of 35% on the level of £18.1m achieved in 2021 with a modest reduction in Gross Margin to 48.7%, which reflects the effort to maintain Margin in the face of supplier price inflation.
The company’s Net profit before tax was £2.9m in 2022, a fall from £3.05m in the previous year.
Mr Thomas Rodgers
Director
31 May 2023
GILLIES OF BROUGHTY FERRY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2022
- 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 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.
GILLIES OF BROUGHTY FERRY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GILLIES OF BROUGHTY FERRY LIMITED
- 4 -
Opinion
We have audited the financial statements of Gillies of Broughty Ferry Limited (the 'company') for the year ended 31 August 2022 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 August 2022 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.
GILLIES OF BROUGHTY FERRY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GILLIES OF BROUGHTY FERRY LIMITED
- 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 or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instance of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detail below.
Making enquiries of management about any known or suspected instances of non compliance with laws and regulations, including GDPR, health and safety, employment law and fraud
Review of any correspondence with regulators including HMRC
Challenging assumptions and judgements made by management in their significant accounting estimates
Auditing the risk of management override controls, including through testing of journal entries and other judgments for appropriateness, including a review of large & unusual transactions and review for any undisclosed related party transactions.
Because of the field in which the client operates we identified the following areas as those most likely to have a material impact on the financial statements;
Employment laws
UK Corporate tax laws
Relevant health and safety compliance
Consumer protection & Sale of Goods Act
Fire Regulations relating to supplied goods
GDPR and compliance with the UK Companies Act.
GILLIES OF BROUGHTY FERRY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GILLIES OF BROUGHTY FERRY LIMITED
- 6 -
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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.
Alexander Squires, C.A. (Senior Statutory Auditor)
For and on behalf of Findlays
Chartered Accountants
Statutory Auditor
11 Dudhope Terrace
Chartered Accountants
Dundee
DD3 6TS
31 May 2023
GILLIES OF BROUGHTY FERRY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
- 7 -
2022
2021
Notes
£
£
Turnover
3
24,494,683
18,117,879
Cost of sales
(12,571,666)
(9,178,999)
Gross profit
11,923,017
8,938,880
Administrative expenses
(9,171,753)
(7,338,273)
Other operating income
104,667
1,447,523
Operating profit
6
2,855,931
3,048,130
Interest receivable and similar income
8
37,026
5,581
Profit before taxation
2,892,957
3,053,711
Tax on profit
9
(647,499)
(575,488)
Profit for the financial year
2,245,458
2,478,223
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 12 to 26 form part of these financial statements.
GILLIES OF BROUGHTY FERRY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2022
- 8 -
2022
2021
£
£
Profit for the year
2,245,458
2,478,223
Other comprehensive income
-
-
Total comprehensive income for the year
2,245,458
2,478,223
The notes on pages 12 to 26 form part of these financial statements.
GILLIES OF BROUGHTY FERRY LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,145,224
272,474
Tangible assets
13
14,466,662
10,673,355
Investment property
16
1,385,000
1,485,000
Investments
14
3
2
17,996,889
12,430,831
Current assets
Stocks
17
4,473,285
3,708,245
Debtors
18
822,248
324,090
Cash at bank and in hand
5,083,283
9,990,783
10,378,816
14,023,118
Creditors: amounts falling due within one year
19
(5,443,242)
(5,074,159)
Net current assets
4,935,574
8,948,959
Total assets less current liabilities
22,932,463
21,379,790
Provisions for liabilities
Deferred tax liability
20
470,838
373,514
(470,838)
(373,514)
Net assets
22,461,625
21,006,276
Capital and reserves
Called up share capital
22
6,436
6,436
Capital redemption reserve
23
3,564
3,564
Profit and loss reserves
22,451,625
20,996,276
Total equity
22,461,625
21,006,276
The notes on pages 12 to 26 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 31 May 2023 and are signed on its behalf by:
Mr Ian Philp
Director
Company Registration No. SC026803
GILLIES OF BROUGHTY FERRY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2020
6,436
3,564
19,389,241
19,399,241
Year ended 31 August 2021:
Profit and total comprehensive income for the year
-
-
2,478,223
2,478,223
Dividends
10
-
-
(871,188)
(871,188)
Balance at 31 August 2021
6,436
3,564
20,996,276
21,006,276
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
2,245,458
2,245,458
Dividends
10
-
-
(790,109)
(790,109)
Balance at 31 August 2022
6,436
3,564
22,451,625
22,461,625
The notes on pages 12 to 26 form part of these financial statements.
GILLIES OF BROUGHTY FERRY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2022
- 11 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,625,761
3,547,993
Corporation taxes paid
(511,553)
(475,985)
Net cash inflow from operating activities
2,114,208
3,072,008
Investing activities
Purchase of intangible assets
(1,957,550)
Purchase of tangible fixed assets
(4,468,760)
(224,789)
Proceeds on disposal of tangible fixed assets
57,686
2,327,026
Proceeds on disposal of investment property
100,000
180,000
Purchase costs of subsidiaries
(1)
Interest received
37,026
5,581
Net cash (used in)/generated from investing activities
(6,231,599)
2,287,818
Financing activities
Dividends paid
(790,109)
(871,188)
Net cash used in financing activities
(790,109)
(871,188)
Net (decrease)/increase in cash and cash equivalents
(4,907,500)
4,488,638
Cash and cash equivalents at beginning of year
9,990,783
5,502,145
Cash and cash equivalents at end of year
5,083,283
9,990,783
GILLIES OF BROUGHTY FERRY LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 12 -
1
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.
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
Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.
Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.
Investment properties
Investment properties are held at fair value in accordance with FRS102. The valuations are reviewed taking into account factors such as physical condition, maintenance, market conditions and obsolescence.
Complaints provision
A provision is included based on the number of live complaints, costed against the average cost of a complaint.
Stock Write Down
Estimate by directors of products where the cost is no longer recoverable
2
Accounting policies
Company information
Gillies of Broughty Ferry Limited is a private company limited by shares incorporated in Scotland. The registered office is 172-180 Brook Street, Broughty Ferry, Dundee, DD5 2AJ.
2.1
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.
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
2
Accounting policies
(Continued)
- 13 -
2.2
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.
2.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of the 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.
2.5
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 land and buildings
2.5% reducing balance
Fixtures and fittings
15-33% 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.
2.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
2
Accounting policies
(Continued)
- 14 -
2.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Included in investments in subsidiaries only.
2.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.9
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.
2.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's 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.
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
2
Accounting policies
(Continued)
- 15 -
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.
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.
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
2
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. 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.
2.14
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.
2.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
2
Accounting policies
(Continued)
- 17 -
2.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
Details of assets and liabilities are included in the notes to the accounts and in line with FRS 102 the surplus position is not recognised in the balance sheet.
2.17
Leases
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.
2.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.19
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.
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Sales
24,494,683
18,117,879
2022
2021
£
£
Other significant revenue
Interest income
37,026
5,581
Gain on sale of heritable property
620,862
Grants received
699,481
Rent receivable
104,667
105,945
Other income
-
16,706
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 18 -
4
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,350
10,450
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Sales & distribution
145
139
Office & management
36
38
Total
181
177
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
5,094,463
4,375,211
Social security costs
497,691
406,070
Pension costs
205,705
171,527
5,797,859
4,952,808
6
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(699,481)
Depreciation of owned tangible fixed assets
444,327
452,120
Loss/(profit) on disposal of tangible fixed assets
173,440
(19,919)
Amortisation of intangible assets
84,800
51,900
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
721,198
581,000
Company pension contributions to defined contribution schemes
35,661
27,913
756,859
608,913
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
7
Directors' remuneration
(Continued)
- 19 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2021 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
135,703
112,500
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
37,026
5,581
2022
2021
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
37,026
5,581
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
550,175
592,553
Deferred tax
Origination and reversal of timing differences
97,324
(17,065)
Total tax charge
647,499
575,488
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
9
Taxation
(Continued)
- 20 -
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:
2022
2021
£
£
Profit before taxation
2,892,957
3,053,711
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
549,662
580,205
Tax effect of expenses that are not deductible in determining taxable profit
5,235
231
Gains not taxable
841
Capital allowances in excess of depreciation
54,675
(14,809)
Depreciation on assets not qualifying for tax allowances
208
Amortisation on assets not qualifying for tax allowances
9,861
Aborted costs
38,444
Indexation Relief
(1,566)
Taxation charge for the year
647,499
575,488
10
Dividends
2022
2021
£
£
Final paid
790,109
871,188
Included within accruals is £12,500 relating to a dividend that was still to be paid at the year end.
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2022
2021
Notes
£
£
In respect of:
Fixed asset investments
14
2,071,081
-
Recognised in:
Amounts written off investments
2,071,081
-
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 21 -
12
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2021
519,000
Additions
1,957,550
At 31 August 2022
2,476,550
Amortisation and impairment
At 1 September 2021
246,526
Amortisation charged for the year
84,800
At 31 August 2022
331,326
Carrying amount
At 31 August 2022
2,145,224
At 31 August 2021
272,474
13
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2021
12,690,730
1,047,862
1,097,627
14,836,219
Additions
4,049,608
164,839
254,313
4,468,760
Disposals
(181,199)
(190,407)
(371,606)
At 31 August 2022
16,559,139
1,212,701
1,161,533
18,933,373
Depreciation and impairment
At 1 September 2021
2,697,378
762,154
703,332
4,162,864
Depreciation charged in the year
276,537
55,331
112,459
444,327
Eliminated in respect of disposals
(3,784)
(136,696)
(140,480)
At 31 August 2022
2,970,131
817,485
679,095
4,466,711
Carrying amount
At 31 August 2022
13,589,008
395,216
482,438
14,466,662
At 31 August 2021
9,993,352
285,708
394,295
10,673,355
14
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
15
3
2
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
14
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2021
2
Additions
2,071,082
At 31 August 2022
2,071,084
Impairment
At 1 September 2021
-
Impairment losses
2,071,081
At 31 August 2022
2,071,081
Carrying amount
At 31 August 2022
3
At 31 August 2021
2
15
Subsidiaries
Details of the company's subsidiaries at 31 August 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Scandinavian Interiors Limited
172-180 Brook Street, Broughty Ferry, Dundee, DD5 2AJ
Ordinary
100.00
Grampian Furnishers Limtied
172-180 Brook Street, Broughty Ferry, Dundee, DD5 2AJ
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Scandinavian Interiors Limited
224
Grampian Furnishers Limtied
1
40,870
16
Investment property
2022
£
Fair value
At 1 September 2021
1,485,000
Disposals
(100,000)
At 31 August 2022
1,385,000
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
16
Investment property
(Continued)
- 23 -
The 2014 valuations were made by Allied Surveyors Scotland PLC on an open market value for existing use basis.
The directors have considered these valuations and believe there has been no material movement since the valuations took place.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2021
2021
£
£
Cost
1,657,903
1,692,903
Accumulated depreciation
-
-
Carrying amount
1,657,903
1,692,903
17
Stocks
2022
2021
£
£
Finished goods and goods for resale
4,473,285
3,708,245
18
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
296,511
116,318
Prepayments and accrued income
525,737
207,772
822,248
324,090
19
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,777,944
1,263,966
Corporation tax
331,724
293,102
Other taxation and social security
632,225
903,506
Other creditors
2,270,285
2,290,993
Accruals and deferred income
431,064
322,592
5,443,242
5,074,159
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 24 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
470,838
373,514
2022
Movements in the year:
£
Liability at 1 September 2021
373,514
Charge to profit or loss
97,324
Liability at 31 August 2022
470,838
The deferred tax liability set out above is expected to reverse over future years and relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
205,705
171,527
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 year end there was contributions outstanding of £69,338 (2021 - £38,261) which were included within creditors in the balance sheet.
Defined Benefit Scheme
The company provides pension arrangements to a small number of current and past employees through a defined benefit scheme and related costs are assessed in accordance with the advice of professionally qualified actuaries.
The most recent actuarial valuation of the scheme was obtained as at 31 August 2022. The main finding at the time of the 31 August 2022 valuation showed that there was a surplus on the scheme of £674,000. In line with FRS 102 guidance the asset is not recognised in the financial statements at 31 August 2022.
From 27 August 2011 the Defined Benefit Scheme is closed to new members and to future accrual and any member in pensionable service under the scheme on 26 August 2011 shall become a deferred pensioner for the scheme in accordance with the approved Deed of Amendment from 27 August 2011. Accordingly from this point the company and employees will make no further contributions to the scheme in respect of future service benefits.
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
21
Retirement benefit schemes
(Continued)
- 25 -
Present Values of defined benefit obligation, fair value of assets and defined benefit asset/liability |
| | |
| | |
Fair Value of Plan Assets | | |
Present Value of defined benefit obligation | | |
Surplus/(Deficit) in plan | | |
Impact of asset ceiling at end of period | | |
Net Defined Benefit liability/(asset) | | |
| | |
Reconciliation of opening and closing balances of the defined benefit obligation |
| | |
| | |
Defined benefit obligation at start of period | | |
| | |
Benefit payments from plan assets | | |
Effect of change of assumptions | | |
Effect of experience adjustments | | |
Defined Benefit Obligation at end of period | | |
| | |
Reconciliation of opening and closing balances of the fair value of plan assets |
| | |
| | |
Fair Value of plan assets at start of period | | |
| | |
Benefit payments from plan assets | | |
Return on plan assets (excluding interest income) | | |
Fair Value of plan assets at end of period | | |
| | |
The actual return on plan assets, including any changes in share of assets over the period from 31 August 2021 to 31 August 2022 was (£419,000). |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
The mortality assumptions adopted at 31 August 2022 imply the following life expectancies: |
| | |
| | |
| | |
| | |
| | |
| | |
22
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 50p each
12,872
12,872
6,436
6,436
GILLIES OF BROUGHTY FERRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 26 -
23
Capital redemption reserve
A number of years ago the company reduced its own share capital by £3,564.
24
Non-distributable profits reserve
Included within the profit and loss account reserve is £282,097 (2021 - £282,097) of undistributable reserves relating to the revaluation of Investment properties and £1,265,960 (2021 - £1,298,420) relating to the revaluation of freehold property.
25
Operating lease commitments
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:
2022
2021
£
£
Within one year
36,480
34,640
Between two and five years
48,420
60,620
84,900
95,260
26
Analysis of changes in net funds
1 September 2021
Cash flows
31 August 2022
£
£
£
Cash at bank and in hand
9,990,783
(4,907,500)
5,083,283
27
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
2,245,458
2,478,223
Adjustments for:
Taxation charged
647,499
575,488
Investment income
(37,026)
(5,581)
Loss/(gain) on disposal of tangible fixed assets
173,440
(640,781)
Amortisation and impairment of intangible assets
84,800
51,900
Depreciation and impairment of tangible fixed assets
444,327
452,120
Movements in working capital:
Increase in stocks
(765,040)
(358,731)
(Increase)/decrease in debtors
(498,158)
118,890
Increase in creditors
330,461
876,465
Cash generated from operations
2,625,761
3,547,993
2022-08-312021-09-01falseCCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr Alistair PhilpMr Christopher PhilpMr David PhilpMr Ewan PhilpMr Ian PhilpMr Euan WebsterMr Euan WebsterMr Thomas RodgersSC0268032021-09-012022-08-31SC026803bus:Director12021-09-012022-08-31SC026803bus:Director22021-09-012022-08-31SC026803bus:Director32021-09-012022-08-31SC026803bus:Director42021-09-012022-08-31SC026803bus:Director52021-09-012022-08-31SC026803bus:CompanySecretaryDirector12021-09-012022-08-31SC026803bus:Director62021-09-012022-08-31SC026803bus:CompanySecretary12021-09-012022-08-31SC026803bus:Director72021-09-012022-08-31SC026803bus:RegisteredOffice2021-09-012022-08-31SC0268032022-08-31SC0268032020-09-012021-08-31SC026803core:RetainedEarningsAccumulatedLosses2020-09-012021-08-31SC026803core:RetainedEarningsAccumulatedLosses2021-09-012022-08-31SC026803core:Goodwill2022-08-31SC026803core:Goodwill2021-08-31SC0268032021-08-31SC026803core:LandBuildingscore:OwnedOrFreeholdAssets2022-08-31SC026803core:FurnitureFittings2022-08-31SC026803core:MotorVehicles2022-08-31SC026803core:LandBuildingscore:OwnedOrFreeholdAssets2021-08-31SC026803core:FurnitureFittings2021-08-31SC026803core:MotorVehicles2021-08-31SC026803core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-31SC026803core:CurrentFinancialInstrumentscore:WithinOneYear2021-08-31SC026803core:CurrentFinancialInstruments2022-08-31SC026803core:CurrentFinancialInstruments2021-08-31SC026803core:ShareCapital2022-08-31SC026803core:ShareCapital2021-08-31SC026803core:CapitalRedemptionReserve2022-08-31SC026803core:CapitalRedemptionReserve2021-08-31SC026803core:RetainedEarningsAccumulatedLosses2022-08-31SC026803core:RetainedEarningsAccumulatedLosses2021-08-31SC026803core:ShareCapital2020-08-31SC026803core:CapitalRedemptionReservecore:RestatedAmount2020-08-31SC026803core:RetainedEarningsAccumulatedLosses2020-08-31SC0268032021-08-31SC0268032020-08-31SC026803core:Goodwill2021-09-012022-08-31SC026803core:LandBuildingscore:OwnedOrFreeholdAssets2021-09-012022-08-31SC026803core:FurnitureFittings2021-09-012022-08-31SC026803core:MotorVehicles2021-09-012022-08-31SC026803core:UKTax2021-09-012022-08-31SC026803core:UKTax2020-09-012021-08-31SC02680312021-09-012022-08-31SC02680312020-09-012021-08-31SC02680322021-09-012022-08-31SC02680322020-09-012021-08-31SC02680332021-09-012022-08-31SC02680332020-09-012021-08-31SC02680342021-09-012022-08-31SC02680342020-09-012021-08-31SC02680352021-09-012022-08-31SC02680352020-09-012021-08-31SC026803core:Goodwill2021-08-31SC026803core:Goodwillcore:ExternallyAcquiredIntangibleAssets2021-09-012022-08-31SC026803core:LandBuildingscore:OwnedOrFreeholdAssets2021-08-31SC026803core:FurnitureFittings2021-08-31SC026803core:MotorVehicles2021-08-31SC026803core:Non-currentFinancialInstruments2022-08-31SC026803core:Non-currentFinancialInstruments2021-08-31SC026803core:Subsidiary12021-09-012022-08-31SC026803core:Subsidiary22021-09-012022-08-31SC026803core:Subsidiary112021-09-012022-08-31SC026803core:Subsidiary222021-09-012022-08-31SC026803core:WithinOneYear2022-08-31SC026803core:WithinOneYear2021-08-31SC026803core:BetweenTwoFiveYears2022-08-31SC026803core:BetweenTwoFiveYears2021-08-31SC026803bus:PrivateLimitedCompanyLtd2021-09-012022-08-31SC026803bus:FRS1022021-09-012022-08-31SC026803bus:Audited2021-09-012022-08-31SC026803bus:FullAccounts2021-09-012022-08-31xbrli:purexbrli:sharesiso4217:GBP