Company registration number SC137308 (Scotland)
THORBURN GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
THORBURN GROUP LIMITED
COMPANY INFORMATION
Directors
A E Thorburn
E R Thorburn
P J D Morris
Mrs G C Thorburn
Mrs A A Thorburn
Secretary
GWA CoSec Ltd
Company number
SC137308
Registered office
Station Works
Station Road
Duns
Berwickshire
TD11 3EJ
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Bank of Scotland Plc
10 Market Square
Duns
Berwickshire
TD11 3ED
THORBURN GROUP LIMITED
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 - 29
THORBURN GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 1 -
The directors present the strategic report for the year ended 30 November 2022.
Review of the business
The company has had another profitable year.
There has been a decrease in overall turnover due to these financial statements reporting a 12 month trading period; whereas comparative data records an 18 month trading period due to the company changing its year end.
Coupled with this, the company has also spent considerable time and investment in constructing new premises, which it was able to re-locate to in June 2023.
The directors are aware of the current climate and are confident that the demand for their various products and buildings will remain constant.
Key performance indicators:-
Turnover - £13,461,628 (2021: £18,895,679)
Profit before tax - £1,330,002 (2021: £2,007,302)
Principal risks and uncertainties
The company's activities expose it to a variety of risks including credit risk. The directors regularly monitor and review financial risks.
Credit risk - Where deemed necessary credit checks are performed on potential customers before sales are transacted.
The company is also insured against risks such as financial loss and offsite storage or transit.
At the present time there appears to be no let up in the demand for the company's services and the directors are satisfied with the current and future order book.
E R Thorburn
Director
11 October 2023
THORBURN GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 2 -
The directors present their annual report and financial statements for the year ended 30 November 2022.
Principal activities
The company is a construction and crane hire company whose principal activity is the construction of steel portal buildings for agricultural and commercial use. On 30 September 2021 the company changed its name from John Thorburn & Sons Ltd to Thorburn Group Limited. The company is registered in Scotland under the company number SC137308.
A review of the business can be found in the Strategic Report on page 1.
Results and dividends
The results for the year are set out on page 7.
The directors do not recommend payment of a final dividend.
No preference dividends were paid.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A E Thorburn
E R Thorburn
P J D Morris
Mrs G C Thorburn
Mrs A A Thorburn
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Price risk
The company is exposed to price risk and constantly monitors the prices of steel and other raw materials in order to mitigate inflation and increases in prices.
Future developments
Since the year end the company has completed the construction of its new purpose built premises, which it fully moved into and started operating from since June 2023. The new purpose built site is still on Duns Industrial Estate and is being financed from company funds and a bank loan. For further details please refer to notes 19 and 25.
Auditor
The auditors, Greaves West & Ayre, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.
THORBURN GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 3 -
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' 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;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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.
On behalf of the board
E R Thorburn
Director
11 October 2023
THORBURN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORBURN GROUP LIMITED
- 4 -
Disclaimer of opinion on financial statements
We were engaged to audit the financial statements of Thorburn Group Limited (the 'company') for the year ended 30 November 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).
We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for disclaimer of opinion
The introduction of new systems during the previous accounting period resulted in some key financial information not being available and other information containing errors. This included no reliable systems regarding allocation of labour and materials costs to construction projects. As of the date of our report, management was still in the process of rectifying the system deficiencies.
We were unable to confirm nor verify by alternative means, the stock and amounts recoverable on contracts figures included in the financial statements. Amounts recoverable on contracts is part of the sales cycle, so we have also been unable to confirm or verify by alternative means the turnover figure included in the financial statements.
We were also unable to confirm nor verify by alternative means, the cost of assets under construction and internally constructed assets at the year end with regard to materials and labour costs. Adequate systems did not exist to accurately identify the allocation of labour and materials to internally constructed assets which directly impacts those figures as well as the materials and labour expenses recognised within the cost of sales figure in the financial statements.
As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of stock, amounts recoverable on contracts, turnover, cost of sales, assets under construction, and the elements making up the statement of comprehensive income, balance sheet, statement of changes in equity, and statement of cash flows.
Opinions on other matters prescribed by the Companies Act 2006
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether 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.
THORBURN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORBURN GROUP LIMITED
- 5 -
Matters on which we are required to report by exception
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report and the directors' report.
Arising from the limitation of our work referred to above:
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:
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.
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 responsibility is to conduct an audit of the company's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report.
However, because of the matters described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
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.
Other matters which we are required to address
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect misstatements in respect of irregularities, including fraud.
THORBURN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORBURN GROUP LIMITED
- 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.
Craig Little CA (Senior Statutory Auditor)
For and on behalf of Greaves West & Ayre
13 October 2023
Chartered Accountants
Statutory Auditor
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
THORBURN GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 7 -
Year
Period
ended
ended
30 November
30 November
2022
2021
Notes
£
£
Turnover
3
13,461,628
18,895,679
Cost of sales
(10,566,528)
(14,670,790)
Gross profit
2,895,100
4,224,889
Administrative expenses
(1,679,085)
(2,354,162)
Other operating income
138,532
136,156
Operating profit
4
1,354,547
2,006,883
Interest receivable and similar income
6
1,141
419
Interest payable and similar expenses
7
(25,686)
Profit before taxation
1,330,002
2,007,302
Tax on profit
8
(311,659)
(425,347)
Profit for the financial year
1,018,343
1,581,955
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THORBURN GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 8 -
Year
Period
ended
ended
2022
2021
£
£
Profit for the year
1,018,343
1,581,955
Other comprehensive income
-
-
Total comprehensive income for the year
1,018,343
1,581,955
THORBURN GROUP LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2022
30 November 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
10
405,000
459,000
Tangible assets
11
4,813,941
1,017,334
Investments
12
276,951
5,495,892
1,476,334
Current assets
Stocks
15
778,882
738,990
Debtors
16
4,109,112
3,029,290
Cash at bank and in hand
629,847
1,495,829
5,517,841
5,264,109
Creditors: amounts falling due within one year
17
(3,996,615)
(3,634,395)
Net current assets
1,521,226
1,629,714
Total assets less current liabilities
7,017,118
3,106,048
Creditors: amounts falling due after more than one year
18
(2,308,446)
Provisions for liabilities
Deferred tax liability
21
816,336
232,055
(816,336)
(232,055)
Net assets
3,892,336
2,873,993
Capital and reserves
Called up share capital
23
500
500
Profit and loss reserves
24
3,891,836
2,873,493
Total equity
3,892,336
2,873,993
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
E R Thorburn
Director
Company Registration No. SC137308
THORBURN GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2020
500
6,142,296
6,142,796
Period ended 30 November 2021:
Profit and total comprehensive income for the period
-
1,581,955
1,581,955
Dividends
9
-
(4,850,758)
(4,850,758)
Balance at 30 November 2021
500
2,873,493
2,873,993
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
1,018,343
1,018,343
Balance at 30 November 2022
500
3,891,836
3,892,336
THORBURN GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 11 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
675,072
3,427,494
Interest paid
(25,686)
Income taxes refunded/(paid)
25,048
(186,513)
Net cash inflow from operating activities
674,434
3,240,981
Investing activities
Purchase of tangible fixed assets
(4,068,013)
(253,519)
Proceeds from disposal of tangible fixed assets
56,700
671,350
Purchase of subsidiaries
(276,951)
Repayment of loans
(75,340)
Interest received
1,141
419
Net cash (used in)/generated from investing activities
(4,362,463)
418,250
Financing activities
Receipt of bank loans
897,365
Purchase of finance leases obligations
1,924,682
Dividends paid
(4,850,758)
Net cash generated from/(used in) financing activities
2,822,047
(4,850,758)
Net decrease in cash and cash equivalents
(865,982)
(1,191,527)
Cash and cash equivalents at beginning of year
1,495,829
2,687,356
Cash and cash equivalents at end of year
629,847
1,495,829
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 12 -
1
Accounting policies
Company information
Thorburn Group Limited is a private company limited by shares incorporated in Scotland. The registered office is Station Works, Station Road, Duns, Berwickshire, TD11 3EJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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 represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of the completion.
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 professional 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
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.
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.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 13 -
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 and property improvements
Nil/4% Straight Line
Plant and machinery
15% Reducing Balance
Office equipment
15% Reducing Balance/25% Straight Line
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
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
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.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 14 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The 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.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 15 -
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.
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.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.16
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.
1.17
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.
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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Sales
13,461,628
18,895,679
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
13,461,628
18,892,984
Ireland
-
2,695
13,461,628
18,895,679
2022
2021
£
£
Other revenue
Interest income
1,141
419
Grants received
-
15,812
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 18 -
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(15,812)
Fees payable to the company's auditor for the audit of the company's financial statements
15,268
11,500
Depreciation of owned tangible fixed assets
232,140
345,376
Profit on disposal of tangible fixed assets
(17,434)
(476,777)
Amortisation of intangible assets
54,000
81,000
Government grants noted above were received as part of Coronavirus Job Retention Scheme during the period.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Administration, workshop and construction staff
79
65
Executive directors
4
6
Total
83
71
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
2,534,296
3,579,812
Social security costs
314,609
222,473
Pension costs
40,157
324,947
2,889,062
4,127,232
6
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
20
419
Other interest income
1,121
Total income
1,141
419
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
6
Interest receivable and similar income
(Continued)
- 19 -
2022
2021
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
20
419
7
Interest payable and similar expenses
2022
2021
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
25,686
-
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(272,622)
397,237
Adjustments in respect of prior periods
101
Total current tax
(272,622)
397,338
Deferred tax
Origination and reversal of timing differences
584,281
(36,426)
Changes in tax rates
64,435
Total deferred tax
584,281
28,009
Total tax charge
311,659
425,347
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
8
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
1,330,002
2,007,302
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
252,700
381,387
Tax effect of expenses that are not deductible in determining taxable profit
52
7,260
Tax effect of income not taxable in determining taxable profit
(3,312)
(90,587)
Adjustments in respect of prior years
101
Permanent capital allowances in excess of depreciation
(522,433)
33,775
Chargeable gains
371
65,402
Deferred tax: Origination and reversal of timing differences
584,281
(36,426)
Deferred tax rate change from 19% to 25%
64,435
Taxation charge for the year
311,659
425,347
9
Dividends
2022
2021
£
£
Final paid
4,850,758
10
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2021 and 30 November 2022
540,000
Amortisation and impairment
At 1 December 2021
81,000
Amortisation charged for the year
54,000
At 30 November 2022
135,000
Carrying amount
At 30 November 2022
405,000
At 30 November 2021
459,000
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 21 -
11
Tangible fixed assets
Freehold property and property improvements
Assets under construction
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2021
2,260,750
23,198
317,384
2,601,332
Additions
377,029
1,739,051
9,722
228,554
2,354,356
Business combinations
1,713,657
1,713,657
Disposals
(244,921)
(8,049)
(252,970)
At 30 November 2022
377,029
1,713,657
3,754,880
32,920
537,889
6,416,375
Depreciation and impairment
At 1 December 2021
1,387,578
9,920
186,500
1,583,998
Depreciation charged in the year
156,863
7,154
68,123
232,140
Eliminated in respect of disposals
(207,668)
(6,036)
(213,704)
At 30 November 2022
1,336,773
17,074
248,587
1,602,434
Carrying amount
At 30 November 2022
377,029
1,713,657
2,418,107
15,846
289,302
4,813,941
At 30 November 2021
873,172
13,278
130,884
1,017,334
12
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
13
276,951
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2021
-
Additions
276,951
At 30 November 2022
276,951
Carrying amount
At 30 November 2022
276,951
At 30 November 2021
-
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 22 -
13
Subsidiaries
Details of the company's subsidiaries at 30 November 2022 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Premier Livestock Handing Ltd
1
Production and sale of livestock handling equipment
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Unit 1, Duns Industrial Estate, Berwickshire, TD11 3HS
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)
£
£
Premier Livestock Handing Ltd
99,301
28,741
14
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,364,604
2,911,102
Carrying amount of financial liabilities
Measured at amortised cost
5,607,649
3,016,953
15
Stocks
2022
2021
£
£
Finished goods and goods for resale
778,882
738,990
16
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,181,853
1,879,424
Gross amounts owed by contract customers
998,650
654,418
Corporation tax recoverable
272,622
Amounts owed by group undertakings
83,712
65,362
Other debtors
100,389
311,898
Prepayments and accrued income
471,886
118,188
4,109,112
3,029,290
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 23 -
17
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans and overdrafts
19
177,015
Obligations under finance leases
20
336,586
Payments received on account
83,534
161,726
Trade creditors
2,399,841
2,562,196
Corporation tax
8
442,433
417,385
Other taxation and social security
254,979
200,057
Other creditors
28,811
39,153
Accruals and deferred income
273,416
253,878
3,996,615
3,634,395
18
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
19
720,350
Obligations under finance leases
20
1,588,096
2,308,446
19
Loans and overdrafts
2022
2021
£
£
Bank loans
897,365
Payable within one year
177,015
Payable after one year
720,350
20
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
336,586
In two to five years
363,942
In over five years
1,224,154
1,924,682
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 24 -
21
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
816,336
232,055
2022
Movements in the year:
£
Liability at 1 December 2021
232,055
Charge to profit or loss
584,281
Liability at 30 November 2022
816,336
The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
Following the enactment of the Finance Act 2021 the deferred tax provision at the period end has been calculated using a rate of 25% (2021: 25%).
22
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,157
324,947
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.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 25 -
23
Share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
Preference share capital
Issued and fully paid
400 Preference shares of £1 each
400
400
400
400
The preference shareholders have the right to a dividend at such a rate as the directors recommend in the event of a dividend being declared. These shares also rank above the ordinary shares in the event of a winding up of the company.
The preference shares carry no voting rights and are non redeemable.
24
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
2,873,493
6,142,296
Profit for the year
1,018,343
1,581,955
Dividends declared and paid in the year
-
(4,850,758)
At the end of the year
3,891,836
2,873,493
25
Events after the reporting date
Since the year end the company has completed the construction of its purpose built new premises, which it moved into and started operating from in June 2023. The new purpose built site is still on the Duns Industrial Estate and is being financed from company funds and a bank loan. The bank development loan has a facility of up to £1.75 million and is secured by a floating charge covering all the property or undertaking of the company, and also standard security over land at Cheeklaw, Duns.
In March 2023, the company purchased SWP Engineering Services Limited - Company Number 06014037.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 26 -
26
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2022
2021
2022
2021
£
£
£
£
John Thorburn & Sons
-
20,000
-
53,862
AET Installations Limited
-
-
97,500
-
Other related parties
39
48,643
53,969
60,084
39
68,643
151,469
113,946
Recharged expenses
Management charge
2022
2021
2022
2021
£
£
£
£
Entities with control, joint control or significant influence over the company
-
65,363
-
-
John Thorburn & Sons
-
8,049
-
425,000
-
73,412
-
425,000
Some of the directors, and former directors of the company, are partners in the firm John Thorburn and Sons, which acted as a sub-contractor and their services are charged on full commercial terms. During the previous period the company purchased the trade of the partnership from John Thorburn and Sons which totalled £863,466.
Certain directors of the company are also directors in AET installations Limited, which acts as a sub-contractor and their services are charged on full commercial terms.
The sale of goods to other related parties relates to sales made to directors of the company at market rates.
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts owed by related parties
£
£
Entities with control, joint control or significant influence over the company
-
65,363
John Thorburn & Sons
-
311,898
AET Installations Limited
4,414
4,414
Other related parties
183
-
4,597
381,675
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
26
Related party transactions
(Continued)
- 27 -
Directors current accounts are unsecured, interest free and have no fixed terms of repayment.
No guarantees have been given or received.
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts owed to related parties
£
£
John Thorburn & Sons
-
541,849
Directors current accounts
-
13,671
Other related parties
5,000
10,000
5,000
565,520
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 28 -
27
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Dividends totalling £0 (2021 - £0) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
A E Thorburn
2.00
-
24,707
60
(14,605)
10,162
E R Thorburn
2.00
39,420
24,697
1,061
-
65,178
39,420
49,404
1,121
(14,605)
75,340
28
Ultimate controlling party
The company is wholly owned by Thorburn Holdings Limited, SC697070, Registered office - C/O Turcan Connell, Princes Exchange, 1 Earl Grey Street, Edinburgh, Midlothian, Scotland, EH3 9EE.
29
Contingencies
Provision is made for the Directors' best estimate of all known claims and all legal actions in progress against the company. The company takes legal advice as to the likelihood of success of claims and actions and no provision is made where the directors consider, based on that advice that the action is unlikely to succeed, or a sufficiently reliable estimate of the potential obligation cannot be made.
In December 2021, the Health and Safety Executive (HSE) notified the company that it would be prosecuting the company for breaches of the Working at Height Regulations following a workplace accident which occurred during the year ended 30 November 2022. At the period end the company is unable to accurately quantify the financial risk from legal proceedings and accordingly no provision has been recognised within the financial statements. The company robustly defends its health and safety control framework and continues to encourage a culture of safe working practice.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 29 -
30
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
1,018,343
1,581,955
Adjustments for:
Taxation charged
311,659
425,347
Finance costs
25,686
Investment income
(1,141)
(419)
Gain on disposal of tangible fixed assets
(17,434)
(476,777)
Amortisation and impairment of intangible assets
54,000
81,000
Depreciation and impairment of tangible fixed assets
232,140
345,376
Movements in working capital:
Increase in stocks
(39,892)
(21,506)
(Increase)/decrease in debtors
(731,860)
1,102,234
(Decrease)/increase in creditors
(176,429)
390,284
Cash generated from operations
675,072
3,427,494
31
Analysis of changes in net funds/(debt)
1 December 2021
Cash flows
30 November 2022
£
£
£
Cash at bank and in hand
1,495,829
(865,982)
629,847
Borrowings excluding overdrafts
-
(897,365)
(897,365)
Obligations under finance leases
-
(1,924,682)
(1,924,682)
1,495,829
(3,688,029)
(2,192,200)
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