Company registration number 02442919 (England and Wales)
EVERGLADE WINDOWS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
EVERGLADE WINDOWS LIMITED
COMPANY INFORMATION
Directors
Mr Y Gopal
Mr B Dabasia
Mrs R Gjoci
Mr J Hirani
Mr J R Patel
Company number
02442919
Registered office
22 Wadsworth Road
Perivale
Greenford
Middlesex
UB6 7JD
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
Bankers
HSBC Bank Plc - Herts, Beds & NW London
Corporate Banking Centre
44-52 Lattimore Road
St Albans
Hertfordshire
AL1 3XL
EVERGLADE WINDOWS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
EVERGLADE WINDOWS 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 company's principal activity continues to encompass manufacturing, wholesaling and retailing for the double glazing industry. This includes both uPVC and aluminium windows and doors at the top end of the market. The company offers an extensive range of products including aluminium casement windows, bi-fold doors, patio doors and uPVC windows and doors. Products are manufactured at the company’s state of the art facilities in West London. Everglade operates in 3 different market sectors, namely trade (B2B), retail and commercial.
Results and performance
The results of the company as set out on pages 8 - 28, show a turnover of £22,689,272 (2022: £14,032,691) and a profit on ordinary activities before tax of £776,623 (2022: £846,847). The shareholders funds totalled £7,492,041 (2022: £6,835,422).
Due to the competitive nature of the market and in reflection of current market conditions the board took the strategic decision to secure several large commercial projects. These were at lower margins than previous financial years, which is a reflection of the current commercial market. This had the effect of increasing our turnover by over 60% on the previous year, albeit with a reduction in margin.
The benefit of this strategy was to ensure sufficient volume was secured during challenging market times whilst increasing the retained reserves by £656,619.
The performance of the company during 2023 produced satisfactory results in line with budgeted expectations
Business environment
The double glazing market continues to be competitive. The current economic climate poses challenges in terms of cost management, recruitment and pricing, given the squeeze on household budgets. Despite a more challenging homeowner market, demand in the commercial sector has continued to hold up.
Everglade will continue to develop and launch innovative product lines that will help differentiate itself from competitors and give customers a unique and innovative offering, whilst giving customers a choice in terms of technical performance, aesthetics and price points. Home renovation projects and large scale commercial regeneration projects will continue to provide future growth opportunities.
Quality, product range and excellent service have been key to the company's success.
Strategy
The company's success is dependent on smooth production, innovation and superior product specification. Existing and future products are all designed to meet or exceed standards required by British Standards and building regulations.
The company provides customers with a choice of products suitable for a wide range of applications including a range of colours and finishes. The company has an excellent reputation for customer support, quality and reliability. The company will continue to excel in these areas to retain existing customers and secure new business
Everglade will continue to invest in its manufacturing capabilities, efficiency and new product lines. This will allow the company to produce highly innovative and unique new product offerings to its customer base. The strategy of continued investment will allow Everglade to continue with its strategy to secure regular high volume works and client accounts with regular trading volumes.
As part of our commitment to sustainability, Everglade will work with suppliers, customers, government and industry bodies to reduce it’s carbon footprint and the impact it has on the environment. This may include, but is not limited to, the development of products that improve home energy efficiency, improving the energy efficiency of our buildings and investing in new technologies for production.
EVERGLADE WINDOWS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Principal risks and uncertainties
Risk assessments are conducted on a regular basis and policies are reviewed and approved by the board. Policies and procedures are monitored by both internal and external examiners from within and outside the industry, such as the British Standards Institution. Everglade's risk analysis is based challenges posed in both the internal and external trading environment.
Everglade conducts various risk analyses such as SWOT and PEST analysis on an annual basis and reviews these at regular board meetings.
Primarily, the risks from business activities include competitive pressures, fluctuations in demand, supply chain volatility, operational risks; including the failure of IT systems or critical machinery. In response to this, significant investment has been made in the past few years to ensure resilience and contingencies to minimise disruption to the business.
Future strategy will focus on continuing to improve margins as well as innovative new product lines that will give Everglade an edge in the marketplace.
Developments and performance
There are multiple regeneration projects in London and the South East, providing opportunity for future sales growth. Everglade plans to increase tendering activities and increase commercial sales by taking on projects in the London vicinity. Everglade will work closely with suppliers in this sector to actively grow sales.
All sectors of the business will continue to grow following ongoing investment in new product lines and machinery. The company will continue to support regular customers through marketing support and training conferences to help grow their businesses and, in turn, increase product demand.
In addition to growing sales, Everglade will focus on keeping its cost structure to a minimum and aim to increase net margins. As awareness in the market of triple glazing grows, the company will continue to develop marketing and product development strategies accordingly.
Key Performance Indicators (KPI)
The financial year ending 2023 has produced strong trading results. This has been largely driven by the buoyant commercial market and a strong uptake of new product lines. The Company's financial performance for the year is monitored using the following KPI's:
2023 2022
Turnover for the year £22.7m £14.0m
Gross Profit % 17.6% 26.6% Ratio of gross profit to turnover
Operating Profit % 3.4% 6.2% Ratio of operating profit to turnover
Net Profit % 3.4% 6.0% Ratio of net profit before tax to turnover
Mr Y Gopal
Director
29 January 2024
EVERGLADE WINDOWS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2023.
Principal activities
The principal activity of the company continues to encompass manufacturing, wholesaling and retailing for the double glazing industry.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Y Gopal
Mr B Dabasia
Mrs R Gjoci
Mr J Hirani
Mr J R Patel
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid (2022: £nil). The directors do not recommend payment of a final dividend.
Research and development
The company invests in the development of new technology. The directors believe this will lead to future profits for the company.
Future developments
The directors continue to develop the business in accordance with plans and projections.
Auditor
In accordance with the company's articles, a resolution proposing that Rayner Essex LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EVERGLADE WINDOWS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr Y Gopal
Mr J Hirani
Director
Director
29 January 2024
29 January 2024
EVERGLADE WINDOWS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVERGLADE WINDOWS LIMITED
- 5 -
Opinion
We have audited the financial statements of Everglade Windows Limited (the 'company') for the year ended 30 September 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
EVERGLADE WINDOWS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVERGLADE WINDOWS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are 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.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the manufacturing and retail sectors;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and other relevant regulations;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
EVERGLADE WINDOWS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVERGLADE WINDOWS LIMITED
- 7 -
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and other relevant regulators.
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.
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.
Antony Federer FCA FCCA CF
Senior Statutory Auditor
For and on behalf of Rayner Essex LLP
29 January 2024
Chartered Accountants
Statutory Auditor
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
EVERGLADE WINDOWS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
22,689,272
14,032,691
Cost of sales
(18,703,012)
(10,302,505)
Gross profit
3,986,260
3,730,186
Administrative expenses
(3,254,001)
(2,891,835)
Other operating income
48,397
37,000
Operating profit
4
780,656
875,351
Interest receivable and similar income
7
26,295
8,001
Interest payable and similar expenses
8
(30,328)
(36,505)
Profit before taxation
776,623
846,847
Tax on profit
9
(120,004)
(33,598)
Profit for the financial year
656,619
813,249
The profit and loss account has been prepared on the basis that all operations are continuing operations.
EVERGLADE WINDOWS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
656,619
813,249
Other comprehensive income
-
-
Total comprehensive income for the year
656,619
813,249
EVERGLADE WINDOWS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
984,331
1,106,635
Current assets
Stocks
11
1,382,934
1,584,140
Debtors
12
8,826,167
5,860,917
Cash at bank and in hand
1,189,493
1,387,401
11,398,594
8,832,458
Creditors: amounts falling due within one year
13
(3,939,254)
(2,112,376)
Net current assets
7,459,340
6,720,082
Total assets less current liabilities
8,443,671
7,826,717
Creditors: amounts falling due after more than one year
14
(734,608)
(779,023)
Provisions for liabilities
Deferred tax liability
17
217,022
212,272
(217,022)
(212,272)
Net assets
7,492,041
6,835,422
Capital and reserves
Called up share capital
19
30,000
30,000
Profit and loss reserves
7,462,041
6,805,422
Total equity
7,492,041
6,835,422
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 29 January 2024 and are signed on its behalf by:
Mr Y Gopal
Mr J Hirani
Director
Director
Company registration number 02442919 (England and Wales)
EVERGLADE WINDOWS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2021
30,000
5,992,173
6,022,173
Year ended 30 September 2022:
Profit and total comprehensive income
-
813,249
813,249
Balance at 30 September 2022
30,000
6,805,422
6,835,422
Year ended 30 September 2023:
Profit and total comprehensive income
-
656,619
656,619
Balance at 30 September 2023
30,000
7,462,041
7,492,041
EVERGLADE WINDOWS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
211,572
(147,384)
Interest paid
(30,328)
(36,505)
Income taxes (paid)/refunded
(99,395)
51,493
Net cash inflow/(outflow) from operating activities
81,849
(132,396)
Investing activities
Purchase of tangible fixed assets
(182,839)
(180,368)
Proceeds on disposal of tangible fixed assets
23,500
Interest received
26,295
8,001
Net cash used in investing activities
(133,044)
(172,367)
Financing activities
New loans net of repayments
(42,946)
(52,357)
Payment of finance leases obligations
(103,767)
(57,042)
Net cash used in financing activities
(146,713)
(109,399)
Net decrease in cash and cash equivalents
(197,908)
(414,162)
Cash and cash equivalents at beginning of year
1,387,401
1,801,563
Cash and cash equivalents at end of year
1,189,493
1,387,401
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
1
Accounting policies
Company information
Everglade Windows Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wadsworth Road, Perivale, Greenford, Middlesex, UB6 7JD.
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 investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents amounts receivable for goods supplied and also includes amounts receivable from long term contracts and contracts for on-going services.
In respect of goods supplied; where the customer is to collect, turnover is recognised on the date the goods are due to be collected by the customer irrespective of whether they are collected on this date or not.
Where the goods are to be delivered/installed, income is recognised on the date of the delivery/installation.
In respect of long term contracts, turnover represents value of the work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion of each contract, once their outcome can be measured at reasonable certainty.
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Long-term contracts
Where the outcome of a long-term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this could not be representative of the stage of the completion. Valuations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
Full provision is made for losses estimated by the directors on all contracts in the year in which the loss is first foreseen. Such estimates are based upon the directors' experience.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20%-25% on written down value
Fixtures, fittings and equipment
20%-25% on written down value
Motor vehicles
25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 leases asset are consumed.
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Asset Impairment
The Company reviews its non-current assets for impairment at each balance sheet date. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the recoverable amount, determined by independent third party valuations. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the fair value. Any impairment is recognised in the profit and loss.
Leases
The Company is party to leasing arrangements as lessor and lessee. Accounting for leases is mainly determined by the judgement of whether the lease is considered to be a finance lease or an operating lease. Management look to the substance of the transaction and the terms and conditions of the lease arrangement in judging whether all the risks and rewards of ownership are transferred.
Revenue Recognition
The Company makes provisions for partially completed contracts and for losses on contracts in progress at the balance sheet date. Management believe that provisions made are adequate but as these estimates are based upon information available at the balance sheet date they are subject to change as further information becomes available.
Provisions and contingencies
Management assess the likely outcomes of any contingencies and provisions for claims outstanding at the balance sheet date and their estimates is likely to have significant impact on the results for the period.
Stock provisions for wastage
When certain materials are used in fabrication processes wastage occurs and the material disposed of and absorbed into the cost of production. Whilst management strive to optimise material wastage through use of software, the nature of the product means that there is still wastage. Management estimate the value and provide against the wastage using their past knowledge and experience.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
8,629,903
10,632,064
Long-term contracts
14,059,369
3,400,627
22,689,272
14,032,691
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
3
Turnover and other revenue
(Continued)
- 20 -
2023
2022
£
£
Other revenue
Interest income
26,295
8,001
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,000
14,000
Depreciation of owned tangible fixed assets
299,612
302,392
Depreciation of tangible fixed assets held under finance leases
-
36,021
(Profit)/loss on disposal of tangible fixed assets
(17,969)
2,577
Cost of stocks recognised as an expense
13,711,263
6,911,779
Operating lease charges
616,266
504,017
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production Staff
61
55
Administrative Staff
26
29
Management Staff
9
9
Total
96
93
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,061,970
2,778,027
Social security costs
315,411
297,228
Pension costs
121,842
121,902
3,499,223
3,197,157
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
335,513
349,888
Company pension contributions to defined contribution schemes
51,500
56,700
387,013
406,588
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
71,291
77,600
Company pension contributions to defined contribution schemes
10,500
5,500
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
26,295
8,001
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
26,888
28,367
Other finance costs:
Interest on finance leases and hire purchase contracts
3,440
8,138
30,328
36,505
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
115,254
55,862
Adjustments in respect of prior periods
(26,605)
Total current tax
115,254
29,257
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
4,750
(12,303)
Changes in tax rates
16,644
Total deferred tax
4,750
4,341
Total tax charge
120,004
33,598
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
776,623
846,847
Expected tax charge based on the standard rate of corporation tax in the UK of 22.00% (2022: 19.00%)
170,857
160,901
Tax effect of expenses that are not deductible in determining taxable profit
59
936
Adjustments in respect of prior years
(26,605)
Permanent capital allowances in excess of depreciation
17,402
13,835
Research and development tax credit
(69,111)
(120,300)
(Profit)/Loss on sale of fixed assets
(3,953)
490
Movement in deferred tax
4,750
4,341
Taxation charge for the year
120,004
33,598
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
10
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
2,588,007
281,378
246,577
3,115,962
Additions
127,118
12,871
42,850
182,839
Disposals
(29,000)
(18,400)
(47,400)
At 30 September 2023
2,686,125
294,249
271,027
3,251,401
Depreciation and impairment
At 1 October 2022
1,747,098
157,888
104,341
2,009,327
Depreciation charged in the year
224,224
33,410
41,978
299,612
Eliminated in respect of disposals
(27,136)
(14,733)
(41,869)
At 30 September 2023
1,944,186
191,298
131,586
2,267,070
Carrying amount
At 30 September 2023
741,939
102,951
139,441
984,331
At 30 September 2022
840,909
123,490
142,236
1,106,635
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
108,064
11
Stocks
2023
2022
£
£
Raw materials and consumables
1,269,623
1,361,653
Work in progress
113,311
222,487
1,382,934
1,584,140
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 24 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,393,595
1,177,516
Amounts owed by group undertakings
4,250,002
4,300,002
Other debtors
1,118,065
98,123
Prepayments and accrued income
550,485
136,678
8,312,147
5,712,319
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
514,020
148,598
Total debtors
8,826,167
5,860,917
13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
15
44,636
43,167
Obligations under finance leases
16
103,767
Trade creditors
2,781,270
872,146
Corporation tax
34,764
18,905
Other taxation and social security
83,868
329,772
Other creditors
49,882
Accruals and deferred income
944,834
744,619
3,939,254
2,112,376
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
734,608
779,023
Amounts included above which fall due after five years are as follows:
Payable by instalments
539,450
590,477
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
15
Loans and overdrafts
2023
2022
£
£
Bank loans
779,244
822,190
Payable within one year
44,636
43,167
Payable after one year
734,608
779,023
The long-term loans are secured by fixed charges over all the assets and undertakings of the company and its fellow group companies in favour of HSBC PLC.
The mortgage loan facilities provided by HSBC PLC are repayable over 232 months and has a fixed rate of interest of 3.35% above the Bank of England base rate. At the balance sheet date there were 172 monthly repayments remaining under the terms.
16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
108,515
Less: future finance charges
(4,748)
103,767
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
217,022
212,272
2023
Movements in the year:
£
Liability at 1 October 2022
212,272
Charge to profit or loss
4,750
Liability at 30 September 2023
217,022
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
17
Deferred taxation
(Continued)
- 26 -
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
121,842
121,902
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
30,000
30,000
30,000
30,000
20
Provisions for liabilities
2023
2022
Notes
£
£
Deferred tax liabilities
17
217,022
212,272
21
Financial commitments, guarantees and contingent liabilities
During the year the company has registered a guarantee, by way of a letter of credit, amounting to a sum of £1.05m guaranteeing completion of contractual work for one of its customers on certain projects.
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
118,394
336,893
Between two and five years
6,814
116,759
125,208
453,652
Lessor
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
22
Operating lease commitments
(Continued)
- 27 -
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Within one year
15,417
37,000
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
640,000
215,000
EVERGLADE WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 28 -
24
Related party transactions
The company has taken advantage of FRS 102 section 33.1A to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.
The company is a wholly owned subsidiary of Everglade Holdings Limited, an entity registered in the UK whose registered office is 22 Wadsworth Road, Perivale, Greenford. UB6 7JD. The results of the company are included in the consolidated financial statements of Everglade Holdings Limited.
25
Ultimate controlling party
The parent and controlling party is Everglade Holdings Limited who own 100% shareholding in the Company. The registered office of the parent company is 22 Wadsworth Road, Perivale, Greenford, Middlesex. UB6 7JD. It has included the company in its consolidated group accounts, copies of which are available upon written request: Faulkner House, Victoria Street, St Albans, Herts, AL1 3SE.
26
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit for the year after tax
656,619
813,249
Adjustments for:
Taxation charged
120,004
33,598
Finance costs
30,328
36,505
Investment income
(26,295)
(8,001)
(Gain)/loss on disposal of tangible fixed assets
(17,969)
2,577
Depreciation and impairment of tangible fixed assets
299,612
338,413
Movements in working capital:
Decrease/(increase) in stocks
201,206
(729,764)
Increase in debtors
(2,965,250)
(284,528)
Increase/(decrease) in creditors
1,913,317
(349,433)
Cash generated from/(absorbed by) operations
211,572
(147,384)
27
Analysis of changes in net funds
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
1,387,401
(197,908)
1,189,493
Borrowings excluding overdrafts
(822,190)
42,946
(779,244)
Obligations under finance leases
(103,767)
103,767
-
461,444
(51,195)
410,249
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