Company registration number 06271360 (England and Wales)
MARDON HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
MARDON HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M J Donoghue
Ms C M Donoghue
Secretary
Mr M J Donoghue
Company number
06271360
Registered office
10 Fenton Street
Lancaster
LA1 1TE
Auditor
MHA Moore and Smalley
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
MARDON HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
MARDON HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 September 2023.

Review of the business

The principal activity of the group during the year continued to be the wholesale distribution of fish and meat throughout the UK and overseas.

 

The focus of the trading subsidiary business has continued to be on maximising operational efficiencies and improved working capital management.

 

The trading company is ISO9001 2015 certified. Technical and quality control standards have continued to be routinely monitored and upgraded during the course of the year. The company is committed to a process of continual improvement of its processes and quality control standards.

Principal risks and uncertainties

The group continues to maintain procedures to identify, monitor and mitigate business risk. Business risk can be analysed into two broad categories - financial risk and product risk.

 

The group manages its foreign currency exposure by entering into forward contracts with the group's bankers. The group manages bad debt risk by either credit insuring its sales, conducting sales by secure financial instruments or requesting prepayment before the release of goods.

 

Product risk is mitigated in several ways. The group does not generally engage in speculative purchases but only purchases where a sale has been secured for goods. All cargos and stocks are insured under marine and stock insurance. The group employs its own logistics and technical personnel to ensure that all goods are adequately secured and meet the company's technical specifications.

Development and performance

The subsidiary trading company sales are 75% overseas and 25% domestic market; profit for the year was £763,307 before tax. The consolidated profit for the year is £669,946 before tax which the Directors consider to be satisfactory.

Key performance indicators

The key performance indicators utilised by the business relate to gross profit performance and stock levels. Gross profit for the year is 14%. Stock levels increased from £0.9 million to £1.1 million at the year end.

By order of the board

Mr M J Donoghue
Secretary
23 February 2024
MARDON HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2023.

Principal activities

The principal activities and review of the business are detailed in the strategic report on page 1 of the financial statements.

Results and dividends

The results for the year are set out on page 7 and page 8.

Ordinary dividends were paid amounting to £57,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr M J Donoghue
Ms C M Donoghue
Future developments

The directors are committed to delivering sustainable growth & have formally adopted a detailed 5 Year Plan to increase shareholder value.

Auditor

The auditor, MHA Moore and Smalley, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business, principal risks and uncertainties and key performance indicators.

Statement of disclosure to auditor

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

By order of the board
Mr M J Donoghue
Secretary
23 February 2024
MARDON HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MARDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARDON HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Mardon Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

MARDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARDON HOLDINGS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

 

MARDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARDON HOLDINGS LIMITED
- 6 -

Because of the industry in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jenny McCabe
Senior Statutory Auditor
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
23 February 2024
MARDON HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
20,122,790
17,556,991
Cost of sales
(17,322,503)
(15,442,712)
Gross profit
2,800,287
2,114,279
Distribution costs
(263,475)
(278,101)
Administrative expenses
(1,722,124)
(1,217,879)
Other operating income
1,300
3,300
Operating profit
4
815,988
621,599
Interest receivable and similar income
7
719
20
Interest payable and similar expenses
8
(146,761)
(82,588)
Profit before taxation
669,946
539,031
Tax on profit
9
(177,977)
(157,996)
Profit for the financial year
491,969
381,035
Profit for the financial year is attributable to:
- Owners of the parent company
491,600
380,749
- Non-controlling interests
369
286
491,969
381,035

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MARDON HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
491,969
381,035
Other comprehensive income
-
-
Total comprehensive income for the year
491,969
381,035
Total comprehensive income for the year is attributable to:
- Owners of the parent company
491,600
380,749
- Non-controlling interests
369
286
491,969
381,035
MARDON HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
350,828
444,189
Tangible assets
12
643,506
642,896
994,334
1,087,085
Current assets
Stocks
15
1,062,510
868,265
Debtors
16
4,419,598
4,588,855
Cash at bank and in hand
619,900
321,432
6,102,008
5,778,552
Creditors: amounts falling due within one year
17
(4,942,200)
(4,920,197)
Net current assets
1,159,808
858,355
Total assets less current liabilities
2,154,142
1,945,440
Creditors: amounts falling due after more than one year
18
(780,000)
(1,006,267)
Net assets
1,374,142
939,173
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
1,372,856
938,256
Equity attributable to owners of the parent company
1,372,956
938,356
Non-controlling interests
1,186
817
1,374,142
939,173
The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
23 February 2024
Mr M J Donoghue
Director
Company registration number 06271360 (England and Wales)
MARDON HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
3,606,198
3,606,198
Current assets
Debtors
16
100
100
Creditors: amounts falling due within one year
17
(1,089,128)
(1,107,736)
Net current liabilities
(1,089,028)
(1,107,636)
Total assets less current liabilities
2,517,170
2,498,562
Creditors: amounts falling due after more than one year
18
-
(44,392)
Net assets
2,517,170
2,454,170
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
2,517,070
2,454,070
Total equity
2,517,170
2,454,170

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £120,000 (2022 - £120,000 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
23 February 2024
Mr M J Donoghue
Director
Company registration number 06271360 (England and Wales)
MARDON HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 October 2021
100
630,507
630,607
531
631,138
Year ended 30 September 2022:
Profit and total comprehensive income
-
380,749
380,749
286
381,035
Dividends
10
-
(73,000)
(73,000)
-
(73,000)
Balance at 30 September 2022
100
938,256
938,356
817
939,173
Year ended 30 September 2023:
Profit and total comprehensive income
-
491,600
491,600
369
491,969
Dividends
10
-
(57,000)
(57,000)
-
(57,000)
Balance at 30 September 2023
100
1,372,856
1,372,956
1,186
1,374,142
MARDON HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
100
2,407,070
2,407,170
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
120,000
120,000
Dividends
10
-
(73,000)
(73,000)
Balance at 30 September 2022
100
2,454,070
2,454,170
Year ended 30 September 2023:
Profit and total comprehensive income
-
120,000
120,000
Dividends
10
-
(57,000)
(57,000)
Balance at 30 September 2023
100
2,517,070
2,517,170
MARDON HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
1,263,324
(277,047)
Interest paid
(146,761)
(82,588)
Net cash inflow/(outflow) from operating activities
1,116,563
(359,635)
Investing activities
Purchase of tangible fixed assets
(5,786)
(1,198)
Interest received
719
20
Net cash used in investing activities
(5,067)
(1,178)
Financing activities
Repayment of debentures
(63,000)
(47,000)
Repayment of bank loans
(224,787)
(253,606)
Dividends paid to equity shareholders
(57,000)
(73,000)
Net cash used in financing activities
(344,787)
(373,606)
Net increase/(decrease) in cash and cash equivalents
766,709
(734,419)
Cash and cash equivalents at beginning of year
(2,518,655)
(1,784,236)
Cash and cash equivalents at end of year
(1,751,946)
(2,518,655)
Relating to:
Cash at bank and in hand
619,900
321,432
Bank overdrafts included in creditors payable within one year
(2,371,846)
(2,840,087)
MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
1
Accounting policies
Company information

Mardon Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 10 Fenton Street, Lancaster, LA1 1TE.

 

The group consists of Mardon Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

 

As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £120,000 (2022 - £120,000).

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries are accounted for at cost less impairment.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Mardon Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

The directors consider the group to have a sufficient level of working capital to see it through the upcoming months and therefore it remains wholly solvent.

 

The directors do not consider there to be a material uncertainty at this time, and there is a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover comprises revenue recognised by the group in respect of goods and services supplied, exclusive of Value Added Tax, where applicable, and trade discounts.

 

Revenue from the sale of goods is generally recognised when the significant risks and rewards of ownership of goods have passed to the buyer (usually on dispatch of the goods, but in limited circumstances this may be prior to delivery), 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.

 

For sales where goods are shipped straight to the customer, the risks and rewards of ownership of the stock transfer at bill of lading date and the company recognises the relevant turnover and associated costs at this point.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

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

1.7
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.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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
Revaluation model adopted
Equipment
15% reducing balance / 25% straight line
Plant and machinery
15% reducing balance
Fixtures and fittings
10% straight line / 15% reducing balance
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

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

1.8
Fixed asset investments

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

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

1.11
Cash and cash equivalents

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

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.15
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. 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.

1.17
Retirement benefits

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

1.18
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.19
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.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Valuation of freehold land and buildings

Accounting for land and buildings using the revaluation model requires making assessments of the valuation of these assets on a regular basis. In order to do this, the Directors must make judgments over whether there has been any material change due to impairments or uplifts in the market.

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.

Impairment of assets

The group records provisions where it has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reasonable estimation of the obligation can be made. The recording of provisions is an area which requires the exercise of management judgement relating to the nature, timing and probability of the liability. The group's balance sheet includes provisions for doubtful debts, stock and contract provisions.

 

The recoverability of trade debtors is regularly reviewed and in light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be irrecoverable.

 

Stock is assessed for impairment at each reporting date by the directors and any excess of the carrying amount of stock over its estimated selling price less costs to sell is recognised as an impairment loss.

Fair value of derivative financial instruments

The foreign currency contracts are not traded in active markets. The fair value has been derived using observable forward exchange rates and interest rates corresponding to the maturity of the contract. Due to the lack of an active market for trading such contracts, the directors are unable to independently confirm the fair value and as a result the fair value recognised in the accounts is that which has been obtained from the banks that provide the foreign currency forward contracts.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Wholesale fish distribution
20,122,790
17,556,991
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
5,936,422
4,394,126
Overseas
14,186,368
13,162,865
20,122,790
17,556,991
2023
2022
£
£
Other revenue
Interest income
719
20
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(107,536)
143,124
Depreciation of owned tangible fixed assets
5,176
4,548
Amortisation of intangible assets
93,361
93,361
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
15,925
14,500

The cost of the audit of the parent company are met by the trading subsidiary.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Number of managemnet staff
-
1
-
-
Number of trading staff
9
8
-
-
Number of technical staff
2
3
-
-
Number of logistics staff
1
1
-
-
Number of accounts staff
2
2
-
-
Total
14
15
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
863,274
631,171
-
0
-
0
Social security costs
97,819
68,540
-
-
Pension costs
22,932
12,625
-
0
-
0
984,025
712,336
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
719
20
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
146,761
82,588
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
99,240
-
0
MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
78,737
120,076
Changes in tax rates
-
0
37,920
Total deferred tax
78,737
157,996
Total tax charge
177,977
157,996

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

2023
2022
£
£
Profit before taxation
669,946
539,031
Expected tax charge based on the standard rate of corporation tax in the UK of 22.01% (2022: 19.00%)
147,443
102,416
Tax effect of expenses that are not deductible in determining taxable profit
20,547
17,738
Tax effect of income not taxable in determining taxable profit
565
(78)
Effect of change in corporation tax rate
9,422
37,920
Taxation charge
177,977
157,996

The standard rate of tax applied to reported profit on ordinary activities is 22% (2022: 19%). The Finance Act 2021, which was enacted on 24 May 2021, created a 25% main rate, 19% small profits rate and a marginal rate which is effective from 1 April 2023. Deferred tax has been calculated at 25% (2022:25%) which is the rate that the deferred tax liabilities and assets are expected to crystallise.

10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
57,000
73,000
MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 24 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
1,867,222
Amortisation and impairment
At 1 October 2022
1,423,033
Amortisation charged for the year
93,361
At 30 September 2023
1,516,394
Carrying amount
At 30 September 2023
350,828
At 30 September 2022
444,189
The company had no intangible fixed assets at 30 September 2023 or 30 September 2022.
12
Tangible fixed assets
Group
Freehold property
Equipment
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2022
630,000
72,627
18,177
117,410
18,000
856,214
Additions
-
0
5,786
-
0
-
0
-
0
5,786
At 30 September 2023
630,000
78,413
18,177
117,410
18,000
862,000
Depreciation and impairment
At 1 October 2022
-
0
69,808
17,606
117,343
8,561
213,318
Depreciation charged in the year
-
0
2,664
85
67
2,360
5,176
At 30 September 2023
-
0
72,472
17,691
117,410
10,921
218,494
Carrying amount
At 30 September 2023
630,000
5,941
486
-
0
7,079
643,506
At 30 September 2022
630,000
2,819
571
67
9,439
642,896
The company had no tangible fixed assets at 30 September 2023 or 30 September 2022.

All freehold land and buildings were professionally valued by Colliers International Valuation UK LLP on the basis of their open market value at September 2020. The directors do not consider that the freehold land and buildings open market value is materially different from the value at September 2020.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
12
Tangible fixed assets
(Continued)
- 25 -

Freehold land and buildings are carried at valuation. If freehold land and buildings were measured using the cost model, the carrying amounts for the group would have been approximately £499,793 (2022 - £508,776), being cost £639,158 (2022 - £639,158) and depreciation £139,365 (2022 - £130,382).

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,606,198
3,606,198

In the opinion of the directors, the aggregative value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022 and 30 September 2023
3,606,198
Carrying amount
At 30 September 2023
3,606,198
At 30 September 2022
3,606,198
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mardon Limited
England & Wales
Ordinary
99.99
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,062,510
868,265
-
0
-
0
MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 26 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,488,702
2,993,152
-
0
-
0
Unpaid share capital
100
100
100
100
Other debtors
18,571
41,470
-
0
-
0
Prepayments and accrued income
672,172
1,235,343
-
0
-
0
4,179,545
4,270,065
100
100
Deferred tax asset (note 20)
1,065
-
0
-
0
-
0
4,180,610
4,270,065
100
100
Amounts falling due after more than one year:
Other debtors
238,988
238,988
-
0
-
0
Deferred tax asset (note 20)
-
0
79,802
-
0
-
0
238,988
318,790
-
-
Total debtors
4,419,598
4,588,855
100
100

The other debtor balance due after one year of £238,988 is secured by a debenture against property for the full value. It will be repaid no later than 2027.

17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Debenture loans
19
101,392
120,000
101,392
120,000
Bank loans and overdrafts
19
2,575,812
3,086,965
-
0
-
0
Trade creditors
1,458,400
1,218,727
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
987,736
987,736
Corporation tax payable
99,240
-
0
-
0
-
0
Other taxation and social security
67,795
24,767
-
-
Other creditors
10,373
22,416
-
0
-
0
Accruals and deferred income
629,188
447,322
-
0
-
0
4,942,200
4,920,197
1,089,128
1,107,736

Included within other creditors is £4,014 (2022: £17,155) due to one of the directors of the company.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 27 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Debenture loans
19
-
0
44,392
-
0
44,392
Bank loans and overdrafts
19
780,000
961,875
-
0
-
0
780,000
1,006,267
-
44,392
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Debenture loans
101,392
164,392
101,392
164,392
Bank loans
983,966
1,208,753
-
0
-
0
Bank overdrafts
2,371,846
2,840,087
-
0
-
0
3,457,204
4,213,232
101,392
164,392
Payable within one year
2,677,204
3,206,965
101,392
120,000
Payable after one year
780,000
1,006,267
-
0
44,392

Bank loans and overdrafts of £3,355,812 (2022: £4,048,840) included within borrowings is secured by way of debenture over all of the assets of the company.

 

The debenture loan is with the director of the company and is secured by a legal charge over the freehold land and property owned by the group and a floating charge on the remainder of the group's assets.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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:

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
1,065
2,008
Tax losses
-
77,794
1,065
79,802
The company has no deferred tax assets or liabilities.
MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
20
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 October 2022
(79,802)
-
Charge to profit or loss
78,737
-
Asset at 30 September 2023
(1,065)
-

The directors believe that the deferred tax provision will not materially move in the next accounting period.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,932
12,625

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

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary A shares fully called of £1 each
85
85
90
85
Ordinary B shares fully called of £1 each
5
5
5
5
Ordinary C shares fully called of £1 each
5
5
-
5
Ordinary D shares fully called of £1 each
5
5
5
5
100
100
100
100
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
14,734
-
-
-
MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 29 -
24
Related party transactions
Transactions with related parties

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

Remuneration paid
2023
2022
£
£
Group
Other related parties
48,875
41,486

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Directors
101,392
164,392

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
-
24,110
Other related parties
2,700
6,324
25
Directors' transactions

Dividends totalling £57,000 (2022 - £73,000) were paid in the year in respect of shares held by the company's directors.

26
Controlling party

The group was under the control of the directors of the parent company throughout the current and prior period.

MARDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 30 -
27
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
491,969
381,035
Adjustments for:
Taxation charged
177,977
157,996
Finance costs
146,761
82,588
Investment income
(719)
(20)
Amortisation and impairment of intangible assets
93,361
93,361
Depreciation and impairment of tangible fixed assets
5,176
4,548
Movements in working capital:
(Increase)/decrease in stocks
(194,245)
240,876
Decrease/(increase) in debtors
90,520
(1,737,937)
Increase in creditors
452,524
500,506
Cash generated from/(absorbed by) operations
1,263,324
(277,047)
28
Analysis of changes in net debt - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
321,432
298,468
619,900
Bank overdrafts
(2,840,087)
468,241
(2,371,846)
(2,518,655)
766,709
(1,751,946)
Borrowings excluding overdrafts
(1,373,145)
287,787
(1,085,358)
(3,891,800)
1,054,496
(2,837,304)
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