Company registration number 10551208 (England and Wales)
N S S HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
N S S HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr M J Milner
Mr E Farrelly
Mr C J Hill
Mr P Melchionno
Mr D A Roy
Company number
10551208
Registered office
Units 1 & 2, Walker Industrial Park
Frith Knoll Road
Chapel-En-Le-Frith
High Peak
Derbyshire
SK23 0PG
Auditor
Josolyne LLP
Merchant Exchange
Waters Green
Macclesfield
Cheshire
SK11 6JX
N S S HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 5
Group statement of income and retained earnings
6
Group statement of financial position
7
Company statement of financial position
8
Group statement of cash flows
9
Notes to the financial statements
10 - 25
N S S HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
The directors present the strategic report for the year ended 30 September 2023.
Review of the business
The company is a parent company of a group whose principal activities are the manufacture and supply of stone surfaces.
The period under review is the year to September 2023 and the comparative is the year to September 2022.
The company continues to work hard to increase its production capacity by extending its warehouse and investing in machinery. This gives the company the opportunity to grow over the coming years, depending on demand.
The company is working towards reducing their carbon footprint with the introduction of electric vehicles where possible. The company plans to continue with the investment in green energy as the technology improves.
The directors are happy with the results for the period. We are expecting the growth to plateau into 2023/24 with the uncertainty of the interest rates and cost of living affecting the country.
Principal risks and uncertainties
A number of key risks affect the business of the Company and these include the following:
Cost of living crisis – with the uncertain future of the country’s economy and the unstable interest rates we are expecting this to impact the industry. This is apparent already with the results we have seen the end of 2022/23.
Credit risk – the company has strong credit controls in place which resulted in bad debts remaining at a minimum.
Foreign exchange risk – the Company purchases a number of raw materials from overseas which are predominantly traded in United States Dollars and is therefore exposed to fluctuations in exchange rates.
Development and performance
The results for the year are set out in the attached financial statements.
The directors are pleased with the profit achieved.
Key performance indicators
The key performance indicators used by the company to evaluate its trading results are as follows: sales, gross profit percentage and operating profit percentage.
Sales have increased year on year by 40.00%
The company’s gross profit percentage has increased from 35.93% in 2022 to 38.44% in 2023.
The company’s operating profit percentage has increased from 20.55% in 2022 to 22.32% in 2023.
Mr M J Milner
Director
28 February 2024
N S S HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2023.
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £1,011,908. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M J Milner
Mr E Farrelly
Mr C J Hill
Mr P Melchionno
Mr D A Roy
Auditor
The auditor, Josolyne LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
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.
On behalf of the board
Mr M J Milner
Director
28 February 2024
N S S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF N S S HOLDINGS LIMITED
- 3 -
Opinion
We have audited the financial statements of N S S Holdings Limited (Company) (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position, 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2023 and of the group's 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 qualified 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.
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.
N S S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF N S S HOLDINGS LIMITED
- 4 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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 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 obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and its industry, and determined that the most significant are those that relate to breaches of health and safety regulations, data protection, employment laws and tax legislation. We also considered those laws and regulations that have a direct effect on the financial statements such as FRS102 accounting principles and the Companies Act 2006. We have considered the extent to which non-compliance might have a material effect on the financial statements and also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements.
We established that the principal risks related to revenue recognition on deferred income, management bias in accounting estimates and management override. Audit procedures performed included:
Reviewed and recalculated the deferred income agreeing back to source information
Designed our audit procedures in order to incorporate unpredictability around the nature, timing or extent of our testing.
Identifying and testing journal entries to consider the appropriateness of journal entries and other adjustments;
Assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of significant transactions that are unusual or outside the normal course of business.
Challenging assumptions made by management in making their significant accounting estimates
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
N S S HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF N S S HOLDINGS LIMITED
- 5 -
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.
Matthew Pace ACA (Senior Statutory Auditor)
For and on behalf of Josolyne LLP
28 February 2024
Chartered Accountants
Statutory Auditor
Merchant Exchange
Waters Green
Macclesfield
Cheshire
SK11 6JX
N S S HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
2023
2022
Notes
£
£
Revenue
3
18,703,106
13,357,009
Cost of sales
(11,513,144)
(8,557,542)
Gross profit
7,189,962
4,799,467
Administrative expenses
(3,081,486)
(2,008,769)
Other operating income
125
3,743
Operating profit
4
4,108,601
2,794,441
Investment income
9
6,314
1,046
Finance costs
7
(54,179)
(60,309)
Other gains and losses
8
-
9,656
Profit before taxation
4,060,736
2,744,834
Tax on profit
11
(907,792)
(634,623)
Profit for the financial year
25
3,152,944
2,110,211
Retained earnings brought forward
6,445,865
4,911,474
Dividends
(1,011,908)
(575,820)
Retained earnings carried forward
8,586,901
6,445,865
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
N S S HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
30 September 2023
- 7 -
2023
2022
Notes
£
£
£
£
Non-current assets
Goodwill
12
592,458
658,287
Property, plant and equipment
13
5,447,740
4,958,779
6,040,198
5,617,066
Current assets
Inventories
16
3,394,111
3,181,972
Trade and other receivables
17
2,147,412
1,386,671
Cash and cash equivalents
3,117,985
2,004,342
8,659,508
6,572,985
Current liabilities
19
(4,680,242)
(3,980,980)
Net current assets
3,979,266
2,592,005
Total assets less current liabilities
10,019,464
8,209,071
Non-current liabilities
20
(501,030)
(968,544)
Provisions for liabilities
Deferred tax liability
22
831,522
694,651
(831,522)
(694,651)
Net assets
8,686,912
6,545,876
Equity
Called up share capital
24
100,011
100,011
Retained earnings
25
8,586,901
6,445,865
Total equity
8,686,912
6,545,876
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 28 February 2024 and are signed on its behalf by:
28 February 2024
Mr M J Milner
Director
Company registration number 10551208 (England and Wales)
N S S HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
30 September 2023
- 8 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
4,531,528
3,354,841
Investments
14
934,067
1,024,409
5,465,595
4,379,250
Current assets
Inventories
16
3,176,854
2,971,414
Trade and other receivables
17
277,204
47,638
Cash and cash equivalents
1,108,145
850,222
4,562,203
3,869,274
Current liabilities
19
(1,028,438)
(1,670,993)
Net current assets
3,533,765
2,198,281
Total assets less current liabilities
8,999,360
6,577,531
Provisions for liabilities
Deferred tax liability
22
620,379
312,806
(620,379)
(312,806)
Net assets
8,378,981
6,264,725
Equity
Called up share capital
24
100,011
100,011
Retained earnings
25
8,278,970
6,164,714
Total equity
8,378,981
6,264,725
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £3,126,164 (2022 - £1,980,760 profit).
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 28 February 2024 and are signed on its behalf by:
28 February 2024
Mr M J Milner
Director
Company registration number 10551208 (England and Wales)
N S S HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
4,387,333
2,283,697
Interest paid
(54,179)
(60,309)
Income taxes paid
(447,709)
(428,657)
Net cash inflow from operating activities
3,885,445
1,794,731
Investing activities
Purchase of property, plant and equipment
(1,572,855)
(1,077,220)
Proceeds from disposal of property, plant and equipment
327,830
72,051
Purchase of subsidiaries, net of cash acquired
-
(1,162,842)
Proceeds from disposal of investments
-
9,656
Loans made
271
(271)
Interest received
6,314
1,046
Net cash used in investing activities
(1,238,440)
(2,157,580)
Financing activities
Payment of finance leases obligations
(521,454)
(443,458)
Dividends paid to equity shareholders
(1,011,908)
(575,820)
Net cash used in financing activities
(1,533,362)
(1,019,278)
Net increase/(decrease) in cash and cash equivalents
1,113,643
(1,382,127)
Cash and cash equivalents at beginning of year
2,004,342
3,386,469
Cash and cash equivalents at end of year
3,117,985
2,004,342
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
1
Accounting policies
Company information
N S S Holdings Limited (Company) (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of N S S Holdings Limited (Company) and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
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. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company N S S Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
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.
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
Revenue
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 10 years.
1.7
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0% straight line
Plant and equipment
10% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
Motor vehicles
20% straight line
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 income statement.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.8
Non-current 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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of non-current 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).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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 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 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.
1.10
Inventories
Inventories 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 inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, 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.
1.12
Financial instruments
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Trade payables 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.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
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 income statement 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.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current 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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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 statement of financial position 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.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.There were no specific issues identified during the review.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Sales of stone surfaces
18,703,106
13,357,009
2023
2022
£
£
Revenue analysed by geographical market
UK
18,703,106
13,357,009
2023
2022
£
£
Other significant revenue
Interest income
6,314
1,046
Grants received
-
3,743
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(9,427)
439
Government grants
-
(3,743)
Depreciation of owned property, plant and equipment
484,582
255,212
Depreciation of property, plant and equipment held under finance leases
278,753
303,619
Profit on disposal of property, plant and equipment
(7,271)
(56,459)
Amortisation of intangible assets
65,829
11,200
Operating lease charges
132,145
41,269
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
7,000
7,000
Audit of the financial statements of the company's subsidiaries
15,000
15,000
22,000
22,000
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
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
Administration
37
32
5
5
Warehouse
39
62
-
-
Distribution
54
25
-
-
Total
130
119
5
5
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,558,804
3,171,560
Social security costs
451,128
321,600
-
-
Pension costs
441,032
488,492
5,450,964
3,981,652
7
Finance costs
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
54,099
60,309
Other interest
80
-
Total finance costs
54,179
60,309
8
Other gains and losses
2023
2022
£
£
Other gains and losses
-
9,656
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 17 -
9
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
5,245
1,046
Other interest income
1,069
-
Total income
6,314
1,046
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
1,011,908
575,820
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
770,921
339,298
Deferred tax
Origination and reversal of timing differences
136,871
295,325
Total tax charge
907,792
634,623
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
4,060,736
2,744,834
Expected tax charge based on the standard rate of corporation tax in the UK of 22.00% (2022: 19.00%)
893,362
521,518
Tax effect of expenses that are not deductible in determining taxable profit
5,782
4,355
Effect of change in corporation tax rate
16,710
166,716
Permanent capital allowances in excess of depreciation
(27,381)
(59,666)
Depreciation on assets not qualifying for tax allowances
107
-
Amortisation on assets not qualifying for tax allowances
14,482
2,128
Other non-reversing timing differences
4,730
(472)
Other permanent differences
44
Taxation charge
907,792
634,623
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 18 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
882,287
Amortisation and impairment
At 1 October 2022
224,000
Amortisation charged for the year
65,829
At 30 September 2023
289,829
Carrying amount
At 30 September 2023
592,458
At 30 September 2022
658,287
The company had no intangible fixed assets at 30 September 2023 or 30 September 2022.
13
Property, plant and equipment
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
1,703,257
5,896,185
264,951
90,757
1,180,977
9,136,127
Additions
37,845
1,254,537
32,229
15,952
103,853
1,444,416
Disposals
(399,124)
(122,753)
(881)
(374,901)
(897,659)
At 30 September 2023
1,741,102
6,751,598
174,427
105,828
909,929
9,682,884
Depreciation and impairment
At 1 October 2022
3,507,656
204,845
77,496
387,351
4,177,348
Depreciation charged in the year
503,832
26,991
10,561
221,951
763,335
Eliminated in respect of disposals
(394,330)
(121,255)
(881)
(189,073)
(705,539)
At 30 September 2023
3,617,158
110,581
87,176
420,229
4,235,144
Carrying amount
At 30 September 2023
1,741,102
3,134,440
63,846
18,652
489,700
5,447,740
At 30 September 2022
1,703,257
2,388,529
60,106
13,261
793,626
4,958,779
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
13
Property, plant and equipment
(Continued)
- 19 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
1,677,775
2,561,127
103,329
72,918
644,524
5,059,673
Additions
37,845
1,254,537
32,229
15,952
103,853
1,444,416
Disposals
(74,140)
(4,960)
(881)
(28,108)
(108,089)
Transfers from subsidiary
421,444
41,504
143,230
606,178
At 30 September 2023
1,715,620
4,162,968
172,102
87,989
863,499
7,002,178
Depreciation and impairment
At 1 October 2022
1,406,365
78,999
68,833
150,635
1,704,832
Depreciation charged in the year
212,407
14,823
4,729
140,335
372,294
Eliminated in respect of disposals
(73,694)
(4,960)
(881)
(4,680)
(84,215)
Transfers from subsidiary
362,010
20,999
94,730
477,739
At 30 September 2023
1,907,088
109,861
72,681
381,020
2,470,650
Carrying amount
At 30 September 2023
1,715,620
2,255,880
62,241
15,308
482,479
4,531,528
At 30 September 2022
1,677,775
1,154,762
24,330
4,085
493,889
3,354,841
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
685,956
1,151,241
Motor vehicles
270,159
685,956
1,421,400
-
-
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 20 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
934,067
1,024,409
The fixed asset investment relates to the acquisition of 100% of the ordinary share capital in both Natural Stone Surfaces Limited and Grantech Limited, The purchase of Grantech Limited was completed on 11th August 2022.
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022 and 30 September 2023
1,024,409
Impairment
At 1 October 2022
-
Impairment losses
90,342
At 30 September 2023
90,342
Carrying amount
At 30 September 2023
934,067
At 30 September 2022
1,024,409
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
15
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
Natural Stone Surfaces Limited
Unit 1 and 2 Walker Industrial Park, Frith Knoll Road, Chapel-En-Le-Frith, High peak, SK23 0PG
Manufacture and sale of stone surfaces
Ordinary
100.00
Grantech Limited
Unit 1 and 2 Walker Industrial Park, Frith Knoll Road, Chapel-En-Le-Frith, High peak, SK23 0PG
Manufacture and sale of stone surfaces
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Natural Stone Surfaces Limited
473,770
2,104,516
Grantech Limited
175,770
38,098
The group parent company N S S Holdings Limited has issued a guarantee for its subsidiary Grantech Limited, a company registered in England and Wales, company number 02169401. This guarantee is undertaken for the purpose of securing and audit exemption for the subsidiary for the year ended 30th September 2022 under section 479C of the UK Companies Act of 2006.
16
Inventories
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
3,176,854
2,971,414
3,176,854
2,971,414
Work in progress
217,257
210,558
-
-
3,394,111
3,181,972
3,176,854
2,971,414
17
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
1,960,290
1,229,600
600
4,676
Corporation tax recoverable
23,818
67,987
23,818
40,000
Amounts owed by group undertakings
23,891
-
249,896
-
Other receivables
58,011
51,801
2,320
2,962
Prepayments and accrued income
81,402
37,283
570
2,147,412
1,386,671
277,204
47,638
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
18
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,042,192
1,281,401
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
4,196,178
4,287,111
n/a
n/a
19
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
400,509
454,449
Trade payables
1,131,735
945,635
849,926
591,662
Amounts owed to group undertakings
23,892
64,171
1,005,632
Corporation tax payable
424,739
145,696
Other taxation and social security
560,355
516,717
94,272
54,082
Other payables
79,861
93,855
7,069
6,617
Accruals and deferred income
2,059,151
1,824,628
13,000
13,000
4,680,242
3,980,980
1,028,438
1,670,993
20
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
501,030
968,544
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
400,509
454,449
In two to five years
501,030
968,544
901,539
1,422,993
-
-
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.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
22
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
831,522
694,651
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
620,379
312,806
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
694,651
312,806
Charge to profit or loss
136,871
307,573
Liability at 30 September 2023
831,522
620,379
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
441,032
488,492
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.
24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
A' Ordinary shares of £1 each
11
11
11
11
100,011
100,011
100,011
100,011
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
24
Share capital
(Continued)
- 24 -
All Ordinary shares have attached to them full voting, dividend and capital distribution (including on a winding up) rights; they do not confer any rights of redemption.
All 'A' Ordinary shares have attached to them full dividend and capital distribution (including on a winding up) rights; they do not confer any voting rights or rights of redemption.
25
Retained earnings
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
6,445,865
4,911,474
6,164,714
4,759,774
Profit for the year
3,152,944
2,110,211
3,126,164
1,980,760
Dividends
(1,011,908)
(575,820)
(1,011,908)
(575,820)
At the end of the year
8,586,901
6,445,865
8,278,970
6,164,714
26
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
191,868
61,505
-
-
Between two and five years
507,867
90,909
-
-
699,735
152,414
-
-
27
Events after the reporting date
Subsequent to the year end, N S S Holdings Limited completed the acquisition of the trade and assets of a site owned by Precision Stone Limited for £600,000.
28
Directors' transactions
Dividends totalling £1,011,908 (2022 - £575,820) were paid in the year in respect of shares held by the company's directors.
During the year the directors' purchased 5 vehicles from the company at market value, which totalled £170,910 plus VAT.
At the year end 4 balances were outstanding totalling £133,404 plus VAT, these were settled in full during October and November 2023.
N S S HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,152,944
2,110,211
Adjustments for:
Taxation charged
907,792
634,623
Finance costs
54,179
60,309
Investment income
(6,314)
(1,046)
Gain on disposal of property, plant and equipment
(7,271)
(56,459)
Amortisation and impairment of intangible assets
65,829
11,200
Depreciation and impairment of property, plant and equipment
763,335
558,831
Other gains and losses
-
(9,656)
Movements in working capital:
Increase in inventories
(212,139)
(744,282)
Increase in trade and other receivables
(805,181)
(154,713)
Increase/(decrease) in trade and other payables
474,159
(125,321)
Cash generated from operations
4,387,333
2,283,697
30
Analysis of changes in net funds - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
2,004,342
1,113,643
3,117,985
Obligations under finance leases
(1,422,993)
521,454
(901,539)
581,349
1,635,097
2,216,446
2023-09-302022-10-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr M J MilnerMr E FarrellyMr C J HillMr P MelchionnoMr D A 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