Company registration number 12062436 (England and Wales)
AUTO MARINE CABLES INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
AUTO MARINE CABLES INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr P Hammond
Mrs D Hammond
Mr C S Richardson
Mr P C Price
Company number
12062436
Registered office
7400 Daresbury Park
Daresbury
Warrington
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
AUTO MARINE CABLES INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
AUTO MARINE CABLES INTERNATIONAL 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 key performance indicators for the group are as follows:
2023
2022
£
£
Turnover
15,808,141
18,704,855
Profit before taxation
407,955
964,764
Gross profit margin
26.86%
27.44%
Net current assets
3,413,055
3,445,418
Profit and loss reserves
1,419,001
1,184,219
Debtors days
54
59

The directors present the strategic report of the company and group for the year and look forward to the future with confidence.

Principal risks and uncertainties

The UK economy is experiencing significant challenges in terms of price of raw materials and labour costs driven by inflation and uncertainty in overseas countries. Labour shortages also continue to cause concerns.

Credit risk from trade debtors is managed by operating strict credit control procedures, including detailed ongoing credit reference checks on all UK and export customers, regular reviews of credit limits and payment terms.

The directors regularly review the risks and opportunities to the business to identify areas of interest and have investigated projects to eliminate or reduce the risk to an acceptable level or maximise the opportunity.

Development and performance

Turnover for the year decreased by 15% to £15.8m (2022: £18.7m) and gross profit margin for the year also decreased slightly by 0.5% to 26.9% due to raw material increases and labour costs; however, the directors are happy with the pre-taxation profit position of £0.4m (2022: £1.0m) despite margin pressures.

The group maintains a strong cash position, with year-end cash of £1.3m (2022: £1.8m) and there is also an unused bank facility available. The directors aim to maintain a strong and liquid cash position for group working capital purposes, whilst at the same time endeavouring to achieve a low risk return where possible.

 

The group looks forward to new product development and increased market penetration in 2024.

On behalf of the board

Mr P Hammond
Director
6 February 2024
AUTO MARINE CABLES INTERNATIONAL 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 activity of the company is that of a holding company. The principal activity of the trading subsidiary is the manufacture and national distribution of electrical cables to the motor, caravan and allied industries.

Results and dividends

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

No ordinary dividends were paid. 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 P Hammond
Mrs D Hammond
Mr C S Richardson
Mr P C Price
Auditor

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P Hammond
Director
6 February 2024
AUTO MARINE CABLES INTERNATIONAL 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.

AUTO MARINE CABLES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUTO MARINE CABLES INTERNATIONAL LIMITED
- 4 -
Opinion

We have audited the financial statements of Auto Marine Cables International 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 balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

AUTO MARINE CABLES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUTO MARINE CABLES INTERNATIONAL LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

 

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

 

 

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

 

AUTO MARINE CABLES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUTO MARINE CABLES INTERNATIONAL LIMITED
- 6 -

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

 

 

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

 

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

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

Use of our report

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

David Kay (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP
6 February 2024
Chartered Accountants
Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
AUTO MARINE CABLES INTERNATIONAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
15,808,141
18,704,855
Cost of sales
(11,561,867)
(13,572,072)
Gross profit
4,246,274
5,132,783
Distribution costs
(615,740)
(524,765)
Administrative expenses
(2,815,125)
(2,934,425)
Other operating income
241,416
-
Operating profit
4
1,056,825
1,673,593
Interest payable and similar expenses
7
(648,870)
(708,829)
Profit before taxation
407,955
964,764
Tax on profit
8
(185,638)
(309,854)
Profit for the financial year
222,317
654,910
Profit for the financial year is all attributable to the owners of the parent company.
There is no other comprehensive income for the year. The total comprehensive income is the profit for the financial year shown above.
AUTO MARINE CABLES INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
2,674,693
3,296,475
Other intangible assets
9
357,795
349,413
Total intangible assets
3,032,488
3,645,888
Tangible assets
10
669,162
710,518
3,701,650
4,356,406
Current assets
Stocks
14
1,725,276
1,208,539
Debtors
15
2,186,493
2,748,960
Cash at bank and in hand
1,259,407
1,755,048
5,171,176
5,712,547
Creditors: amounts falling due within one year
16
(1,758,121)
(2,267,129)
Net current assets
3,413,055
3,445,418
Total assets less current liabilities
7,114,705
7,801,824
Creditors: amounts falling due after more than one year
17
(5,440,267)
(6,359,533)
Provisions for liabilities
Deferred tax liability
20
(255,336)
(257,971)
(255,336)
(257,971)
Net assets
1,419,102
1,184,320
Capital and reserves
Called up share capital
23
101
101
Profit and loss reserves
1,419,001
1,184,219
Total equity
1,419,102
1,184,320

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
06 February 2024
Mr P Hammond
Director
Company registration number 12062436 (England and Wales)
AUTO MARINE CABLES INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
11
9,921,996
10,097,996
Current assets
Debtors
15
21,062
21,777
Cash at bank and in hand
45,703
24,353
66,765
46,130
Creditors: amounts falling due within one year
16
(6,968,171)
(5,641,431)
Net current liabilities
(6,901,406)
(5,595,301)
Total assets less current liabilities
3,020,590
4,502,695
Creditors: amounts falling due after more than one year
17
(5,439,805)
(6,357,221)
Net liabilities
(2,419,215)
(1,854,526)
Capital and reserves
Called up share capital
23
101
101
Profit and loss reserves
(2,419,316)
(1,854,627)
Total equity
(2,419,215)
(1,854,526)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £577,154 (2022 - £948,146 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
06 February 2024
Mr P Hammond
Director
Company registration number 12062436 (England and Wales)
AUTO MARINE CABLES INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
100
517,914
518,014
Year ended 30 September 2022:
Profit and total comprehensive income
-
654,910
654,910
Issue of share capital
23
1
-
1
Credit to equity for equity settled share-based payments
22
-
11,395
11,395
Balance at 30 September 2022
101
1,184,219
1,184,320
Year ended 30 September 2023:
Profit and total comprehensive income
-
222,317
222,317
Credit to equity for equity settled share-based payments
22
-
12,465
12,465
Balance at 30 September 2023
101
1,419,001
1,419,102
AUTO MARINE CABLES INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
100
(917,876)
(917,776)
Year ended 30 September 2022:
Loss and total comprehensive income for the year
-
(948,146)
(948,146)
Issue of share capital
23
1
-
1
Credit to equity for equity settled share-based payments
22
-
11,395
11,395
Balance at 30 September 2022
101
(1,854,627)
(1,854,526)
Year ended 30 September 2023:
Profit and total comprehensive income
-
(577,154)
(577,154)
Credit to equity for equity settled share-based payments
22
-
12,465
12,465
Balance at 30 September 2023
101
(2,419,316)
(2,419,215)
AUTO MARINE CABLES INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,208,135
2,644,430
Interest paid
(648,870)
(708,829)
Income taxes paid
(173,345)
(354,510)
Net cash inflow from operating activities
385,920
1,581,091
Investing activities
Purchase of intangible assets
(69,055)
(258,276)
Purchase of tangible fixed assets
(76,497)
(181,282)
Proceeds on disposal of tangible fixed assets
7,257
8,000
Adjustment to consideration for goodwill
176,000
-
Net cash generated from/(used in) investing activities
37,705
(431,558)
Financing activities
Proceeds from issue of shares
-
1
Repayment of borrowings
(500,000)
(500,000)
Write off of borrowings
(417,416)
-
Payment of finance leases obligations
(1,850)
(1,850)
Net cash used in financing activities
(919,266)
(501,849)
Net (decrease)/increase in cash and cash equivalents
(495,641)
647,684
Cash and cash equivalents at beginning of year
1,755,048
1,107,364
Cash and cash equivalents at end of year
1,259,407
1,755,048
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
1
Accounting policies
Company information

Auto Marine Cables International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 7400 Daresbury Park, Daresbury, Warrington.

 

The group consists of Auto Marine Cables International Limited and its subsidiary.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, 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 has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

The financial statements of the company are consolidated in the financial statements of PHD Industrial Holdings Limited. These consolidated financial statements are available from the registered office 7400 Daresbury Park, Daresbury, Warrington.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Auto Marine Cables International Limited together with all entities controlled by the parent company (its subsidiary).

 

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.

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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

 

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.

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 ten years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
15% Reducing balance
1.8
Tangible fixed assets

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

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

Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance

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

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.9
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries 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.

1.10
Impairment of fixed assets

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

 

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

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.

1.11
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.

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.

1.12
Cash and cash equivalents

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

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.13
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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans, 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.

 

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.

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

1.14
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.

1.15
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.

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.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
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.

 

The group provides share-based payment arrangements to certain key employees. Further details are provided in note 1.18 and note 22.

 

1.17
Retirement benefits

 

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

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.18
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.20
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 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.

 

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
UK
14,005,632
16,812,738
Europe
1,738,401
1,718,963
Rest of world
64,108
173,154
15,808,141
18,704,855
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
13,374
23,389
Depreciation of owned tangible fixed assets
112,523
103,798
Depreciation of tangible fixed assets held under finance leases
941
1,107
(Profit)/loss on disposal of tangible fixed assets
(2,868)
3
Amortisation of intangible assets
506,455
504,552
Share-based payments
12,465
11,395
Operating lease charges
80,806
89,004
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
3,985
3,020
Audit of the financial statements of the company's subsidiaries
17,942
18,165
21,927
21,185
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
Production
41
47
-
-
Administration
24
20
4
4
Total
65
67
4
4
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,439,457
2,507,711
12,465
11,395
Social security costs
244,112
235,299
-
-
Pension costs
64,244
43,356
-
0
-
0
2,747,813
2,786,366
12,465
11,395
7
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
648,600
708,559
Interest on finance leases and hire purchase contracts
270
270
Total finance costs
648,870
708,829
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
188,599
193,384
Adjustments in respect of prior periods
(326)
(1,954)
Total current tax
188,273
191,430
Deferred tax
Origination and reversal of timing differences
(2,635)
118,424
Total tax charge
185,638
309,854
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
8
Taxation
(Continued)
- 21 -

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
407,955
964,764
Expected tax charge based on the standard rate of corporation tax in the UK of 22.01% (2022: 19.00%)
89,784
183,305
Tax effect of expenses that are not deductible in determining taxable profit
(2,378)
-
0
Permanent capital allowances in excess of depreciation
3,084
(79,397)
Amortisation on assets not qualifying for tax allowances
98,109
89,476
(Over)/under provided in prior years
(326)
(1,954)
Deferred tax charge
(2,635)
118,424
Taxation charge
185,638
309,854
9
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 October 2022
4,709,250
714,004
5,423,254
Additions
-
0
69,055
69,055
Adjustment to consideration paid
(176,000)
-
0
(176,000)
At 30 September 2023
4,533,250
783,059
5,316,309
Amortisation and impairment
At 1 October 2022
1,412,775
364,591
1,777,366
Amortisation charged for the year
445,782
60,673
506,455
At 30 September 2023
1,858,557
425,264
2,283,821
Carrying amount
At 30 September 2023
2,674,693
357,795
3,032,488
At 30 September 2022
3,296,475
349,413
3,645,888
The company had no intangible fixed assets at 30 September 2023 or 30 September 2022.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
10
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
473,948
489,373
10,653
973,974
Additions
-
0
76,497
-
0
76,497
Disposals
-
0
-
0
(17,049)
(17,049)
At 30 September 2023
473,948
565,870
(6,396)
1,033,422
Depreciation and impairment
At 1 October 2022
160,435
98,062
4,959
263,456
Depreciation charged in the year
47,028
65,131
1,305
113,464
Eliminated in respect of disposals
-
0
-
0
(12,660)
(12,660)
At 30 September 2023
207,463
163,193
(6,396)
364,260
Carrying amount
At 30 September 2023
266,485
402,677
-
0
669,162
At 30 September 2022
313,513
391,311
5,694
710,518
The company had no tangible fixed assets at 30 September 2023 or 30 September 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
5,330
6,271
-
0
-
0
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
9,921,996
10,097,996
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022
10,097,996
Adjustment to consideration paid
(176,000)
At 30 September 2023
9,921,996
Carrying amount
At 30 September 2023
9,921,996
At 30 September 2022
10,097,996
12
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Auto Marine Cables Limited
Unit 32 Devonshire Road, Oakhill Trading Estate, Worsley, Manchester
Manufacture and national distribution of electrical cables to the motor, marine, caravan and allied industries.
Ordinary
100.00
13
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,267,919
4,370,879
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
6,965,484
8,172,086
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 24 -
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
858,910
682,688
-
-
Finished goods and goods for resale
866,366
525,851
-
0
-
0
1,725,276
1,208,539
-
-
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,008,511
2,614,180
-
0
-
0
Other debtors
6,062
8,427
6,062
6,777
Prepayments and accrued income
171,920
126,353
15,000
15,000
2,186,493
2,748,960
21,062
21,777
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
1,850
1,850
-
0
-
0
Other borrowings
18
500,000
500,000
500,000
500,000
Trade creditors
867,667
904,310
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
6,457,971
4,950,761
Corporation tax payable
84,539
69,611
-
0
-
0
Other taxation and social security
148,365
384,965
-
-
Other creditors
7,387
10,984
-
0
-
0
Accruals and deferred income
148,313
395,409
10,200
190,670
1,758,121
2,267,129
6,968,171
5,641,431
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
462
2,312
-
0
-
0
Other borrowings
18
5,439,805
6,357,221
5,439,805
6,357,221
5,440,267
6,359,533
5,439,805
6,357,221
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
5,939,805
6,857,221
5,939,805
6,857,221
Payable within one year
500,000
500,000
500,000
500,000
Payable after one year
5,439,805
6,357,221
5,439,805
6,357,221

The long-term loans are secured by fixed and floating charges over all the assets and property of the company and its subsidiary.

The loan notes above attract interest charges at a rate of 10% per annum.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,850
1,850
-
0
-
0
In two to five years
462
2,312
-
0
-
0
2,312
4,162
-
-

Finance lease payments represent rentals payable by the company or group 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.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
255,336
257,971
The company has no deferred tax assets or liabilities.
AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
20
Deferred taxation
(Continued)
- 26 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
257,971
-
Credit to profit or loss
(2,635)
-
Liability at 30 September 2023
255,336
-

The deferred tax liability set out above is expected to reverse within 24 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,244
43,356

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-based payment transactions
Group
Company
2023
2022
2023
2022
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
12,465
11,395
12,465
11,395

The company operates a share-based payment scheme whereby some key employees within the company are issued growth shares as C and D ordinary shares. They allow the shareholders a percentage of the capital growth of the company on an ultimate exit above an initial equity hurdle. No value accrues to the shares unless an IRR threshold is achieved. The share-based payment scheme is equity-settled.

 

The company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the one adopted by the company.

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value at the grant date.

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 27 -
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Preferred A Ordinary shares of 1p each
5,010
5,010
50
50
B Ordinary shares of 1p each
4,990
4,990
50
50
C and D Ordinary shares of 1p each
60
60
1
1
10,060
10,060
101
101

The holders of A ordinary shares and B ordinary shares are entitled to receive dividends and share in any capital distribution on winding up or dissolution of the company.

The holders of C ordinary shares and D ordinary shares are entitled to a share in any capital distribution on winding up or dissolution of the company.
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
74,732
31,138
-
-
Between two and five years
261,562
-
-
-
336,294
31,138
-
-
25
Related party transactions
Transactions with related parties

The company has repaid loan notes totalling £500,000 (2022: £500,000). Interest is paid on these loan notes at a rate of 10% per annum, with total amounts paid in the year of £648,600 (2022: £708,559).

 

Amounts outstanding in respect of loan notes to PHD Industrial Holdings Limited, the ultimate parent company, totalled £1,624,950 (2022: £2,124,950)

 

Monitoring fees were also paid to related parties in the year, totalling £120,000 (2022: £120,000).

26
Directors' transactions

At the year end, loan notes outstanding to two of the company's directors totalled £4,314,855 (2022: £4,732,271). During the year, the directors' outstanding loan notes were written down by a total of £417,416. Of this amount, £176,000 related to the reduction in the consideration payable in respect of Auto Marine Cables International Limited's investment in its subsidiary, under the terms of the share purchase agreement. The remaining £241,416 related to the reimbursement of legal fees paid on behalf of one of the directors for a historical trading matter.

AUTO MARINE CABLES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 28 -
27
Controlling party

Auto Marine Cables International Limited is under the ultimate control of PHD Industrial Holdings Limited and, together with its subsidiaries, is included in the consolidated accounts of PHD Industrial Holdings Limited.

28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
222,317
654,910
Adjustments for:
Taxation charged
185,638
309,854
Finance costs
648,870
708,829
(Gain)/loss on disposal of tangible fixed assets
(2,868)
3
Amortisation and impairment of intangible assets
501,598
504,552
Depreciation and impairment of tangible fixed assets
113,464
104,905
Equity settled share based payment expense
12,465
11,395
Movements in working capital:
(Increase)/decrease in stocks
(516,737)
429,114
Decrease in debtors
562,467
405,311
Decrease in creditors
(523,936)
(484,443)
Cash generated from operations
1,203,278
2,644,430
29
Analysis of changes in net debt - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
1,755,048
(495,641)
1,259,407
Borrowings excluding overdrafts
(6,857,221)
917,416
(5,939,805)
Obligations under finance leases
(4,162)
1,850
(2,312)
(5,106,335)
423,625
(4,682,710)
2023-09-302022-10-01falseCCH SoftwareCCH Accounts Production 2023.300Mr P HammondMrs D HammondMr C S RichardsonMr P C 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