Company registration number SC303441 (Scotland)
NWH HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
NWH HOLDINGS LIMITED
COMPANY INFORMATION
Directors
C D Williams
R A Williams
G A Hill
N G Black
R F D Ray
C D Robertson
G Money
(Appointed 24 January 2024)
N I Williams
(Appointed 24 January 2024)
Company number
SC303441
Registered office
Unit 5 Mayfield Industrial Estate
Mayfield
Dalkeith
Midlothian
United Kingdom
EH22 4AD
Auditor
Azets Audit Services
Titanium 1
King's Inch Place
Renfrew
Renfrewshire
United Kingdom
PA4 8WF
Bankers
The Royal Bank of Scotland PLC
36 St Andrew Square
Edinburgh
United Kingdom
EH2 2YB
NWH HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 9
Independent auditor's report
10 - 12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 38
NWH 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.

Principal activities

The principal activity of the group in the year under review was the collection, recycling, and production of resources in addition to other ancillary services. Waste collection services to the hospitality, retail, energy, healthcare, local authorities, commercial, industrial and construction sectors are provided.

 

Waste such as glass, food, dry mixed recycling, general residual, cardboard, paper, plastics, inert demolition spoil, soils, wood, green garden, asbestos, incinerator bottom ash, household, road sweepings, civic amenity is collected. This is undertaken by the fleet of trade refuse vehicles, skips, tippers, grabs and articulated vehicles which transport it to the Material Recycling Facilities.

 

Valuable products - cardboard, paper, washed sands & gravels, concrete, metals, refuse derived fuel, biomass, topsoil and animal bedding - are produced.

 

Headquartered in Midlothian, in central Scotland, the business services all of Scotland and the North East of England from ten sites.

Review of business performance

The group achieved record turnover of £52.2m (2022: £49.2m) in the year to 30 September 2023; an increase of 6%. This generated an operating profit of £3.4m (2022: £2.4m) and a profit after tax of £1.3m (2022: £1.7m).

 

The FY23 trading performance was resilient and produced the Group’s highest revenue and profit to date in a challenging economic environment; the escalation of the Ukrainian war, volatility following the Truss premiership, supply chain challenges, higher fuel costs, increasing finance costs and rising people costs.

 

Our Collection and Compaction (Trade Waste) division continued to expand with consistent quality customer service and incremental infill selling underpinning the trading performance. In a sluggish market impacted by the Construction and Demolition sector slowdown, Complementary Services vehicles struggled to achieve high utilisation. Collection, Processing & Disposal grew significantly in the year with the new aggregate washplant processing well and strong returns seen from our wood processing site in Petterden. 

 

2024 Outlook

The start of 2024 has been extremely difficult for everyone at NWH following the passing of our CEO Mark Williams. He led and grew the business with unparalleled knowledge, force of personality, commitment and purpose for over 20 years. His devotion to the NWH Family was and remains inspirational. Mark’s passing has undoubtedly left a huge void in the business but, under the stewardship of the senior management team that Mark established during his tenure, the business is well positioned to build on recent trading success. We know Mark would have wanted us to keep driving the business forward, and for us to make him proud.

 

Under the leadership of our Managing Director Gavin Money, the business is well placed to build on the robust 2023 trading performance. Gavin joined from a large competitor where he worked for five years, as Regional General Manager and latterly Operations Director.

 

As the uncertain economic climate and softer markets ease, the diversity of our sectors, geographies and service offering, as well as the significant amount of repeat work we undertake, will accelerate further growth.

 

The business strategy was refreshed. Our Purpose, Values, Mission and Vision hold true and remain unchanged. 

 

The business is focused on delivering sustainable growth across all three divisions - Collection & Compaction, Complementary Services and Collection, Processing & Disposal. Margin improvement will come from increased efficiencies from the new plants at both our Aggregates and Wood recycling facilities, large muckshifting jobs and operationally efficient route in-fill selling. The investment in recent senior sales appointments has been the catalyst for some recent, large tender wins.

 

Acquisition targets which meet the business’ strategy and will continue to be considered.

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -

Our waste processing diverts from landfill and our production of secondary materials results in the avoidance of CO2 in displacing traditional, extractive raw materials. We shall continue to promote and leverage our work that significantly reduces carbon emissions and pressure on the Earth’s limited natural resources through our business model.

 

Key Performance Indicators ("KPIs")

One of the main tools to address risk is the extensive use of KPIs and continuous commercial planning within the long term strategic framework. As part of a rolling monthly performance cycle, the company monitors KPIs such as new business pipeline, service levels, collection movements and tonnages, vehicle and plant utilisation, processing throughput, profitability and liquidity on a daily and weekly basis which are reviewed both operationally and at board level.

 

Principal Risks and Uncertainties

The nature of the company's business and strategy are subject to a number of risks. The directors are of the opinion that the adopted risk management processes assist to identify, monitor and mitigate these risks.

 

Risk Management Commitees

The company operates a Risk, Health and Safety Committee with the purpose of reviewing and making recommendations on the adequacy and reliability of risk identification, mitigation and reporting. It fulfils the Board’s corporate governance and supervisory responsibility for risk, health and safety and for developing policy to ensure best practice as well as the health and wellbeing of staff, contractors and visitors to the sites.

 

The committee meets quarterly ensuring the objectives, measures and targets of the company’s policy are appropriate, adhered to and reported on. Risks addressed include regulatory, people & safety, business continuity, legal, reputational, environmental and community. A risk management plan is prepared and reviewed annually.

 

The Safety, Health, Environment, Fire and Quality Committee meets monthly and comprises all site managers. Its findings feed into the monthly Operational and Main Board meetings as well as the Risk, Health and Safety Committee.

 

The principal risks and uncertainties that affect the business are:

 

Compliance

This is the largest risk facing the business whether it is from health and safety legalisation, environmental regulation or vehicular rules. Compliance has maximum focus in the business and is addressed through constant review and can be seen in the company’s core values. The Compliance Director sits on the Board with responsibility for delivering a fully compliant business.

 

Macroeconomic climate

A challenging economic environment has been created by a cycle of interest rate rises, increased costs and geopolitical crises. The company’s strategy is robust enough to counter these headwinds.

 

Environment

The company is cognisant of its environmental responsibilities and processes and systems are in place to manage the impact on, as well as protect and enhance, the environment. There is strict adherence to the SEPA and EA waste management regulations.

 

Credit risk

The company's principal financial assets are bank balances, cash and trade debtors. The company's credit risk is primarily attributable to its trade debtors. Credit Risk is managed by monitoring the aggregate amount and duration of exposure to any one customer. Trade debtors are insured on an individual account basis. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by company's management based on prior experiences and their assessment of the current environment.

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Risk Management Commitees

Liquidity risk

The financial risk management policy is to ensure continuity of funding for operations via facilities where limits have been established based on growth requirements of the business, together with inter-company debt and through acquiring an element of the Group's fixed assets under finance leases as appropriate. The group has an Invoice Finance Facility with RBS, providing flexibility to meet the growth requirements of the business. No treasury transactions or derivatives are entered into.

Legislation

Waste recycling is a regulated sector which can impact the revenue opportunities. The Scottish Government and its delivery body, Zero Waste Scotland, have introduced ambitious waste recycling policies such as waste reduction targets for food and a landfill ban on municipal biodegradable waste by next year. Major Scottish cities continue to introduce Low Emission Zones which are designed to target the most polluting vehicles; our fleet has been modernised to ensure it is compliant with the new regulations. The business has visibility of changes to the legal environment and the prevailing political sentiment and plans accordingly.

 

Human resources

People are the company’s greatest asset, and as the business expands, the reliance on high-calibre employees becomes increasingly crucial. To support this growth, significant investment has been made and will continue to be directed towards enhancing both capacity and capability throughout the organisation. Furthermore, the apprenticeship program and the Driver Academy play a pivotal role in this strategy. These initiatives not only bolster the workforce but also ensure a steady influx of skilled, dedicated drivers, meeting the ongoing demand for quality and efficiency in operations.

 

End markets

The company operates in the construction sector which has experienced challenges in previous years. The risk faced by the company is significantly diversified as there is increasing sales activity in other markets eg hospitality, local government, facilities management, manufacturing, industrial, commercial, retail and leisure.

 

Commodities market

Volatility in global commodity prices can impact the revenues generated from the resource produced. Working with industry partners helps to mitigate any downside risk.

 

Business infrastructure

The business is reliant on various software and IT systems. Further improvements to our operational systems continued to be implemented throughout the business offering greater stability, analysis and reporting capability.

 

Acquisitions

A key plank of the growth strategy is through acquisitions. There are many potential deals sourced and only those that are aligned to the strategy of, and have a strong culture fit with, NWH are progressed. This disciplined approach limits the risk of poor integration.

 

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
S172 statement

The directors of the company, in line with their duties under s172 of the Companies Act 2006, believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so have regard (amongst other matters) to the:

 

The Board understands the importance of engaging with all its stakeholders and regularly discusses issues concerning employees, customers, suppliers, environment and community, regulators and shareholders which inform its decision-making processes.

 

Sustainability is central to the company’s vision “to secure a sustainable future by improving the social, economic and environmental wellbeing of our communities. This will be achieved by our commitment to our people, our communities and our planet”.

 

This is underpinned by the five values of the business:

 

Employees

We believe the core strength of the group is its people and we are committed to being a responsible business and employer. The group aims to recruit, develop, motivate and retain the best talent. For the business to succeed we need to engage and enable our people to perform at their best, develop their skills and capabilities, while ensuring we operate as efficiently and productively as possible.

 

Training remains important to the company and continued investment in this area is planned. We actively encourage our employees to take up training courses, and when possible, we offer work experience placements in partnership with local schools.

 

Communication with employees is vital and an open approach is taken. There is regular email correspondence to all staff detailing the latest business activity, news (prior to public release), CSR activity and recruitment. Periodic updates to drivers, through in-vehicle software, focuses on business updates and safety campaigns. The internal Facebook page gives a platform for two-way communication. In addition, there are monthly business reviews and Q&A sessions, for drivers and non-drivers, which provides direct access to the MD to respond to queries and outline plans for the business.

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
Customers

We continue to work closely with all our customers, supporting them and working jointly to develop their, and our, businesses. Our team of business development managers and account managers regularly engage with all our customers to drive growth.

 

In addition, we communicate with our customers to provide updates on the business and our service offering. We interact with all customers through social media and marketing channels.

 

Suppliers

We value the supplier base as partners and our aim is to have strong stable working relationships with them. We seek to be fair and transparent in our dealings and we honour our arrangements with them.

 

The company undertakes regular meetings and calls with our suppliers as well as engage with them on social media.

 

Environment and community

The company is committed to positive and responsible courses of action regarding those aspects of the business which impact upon the environment. This is demonstrated by maintaining an Environmental Management System, which meets the requirements of ISO 14001 and is focused on preventing pollution and continuously improving the company performance. The strategy addresses the following key areas:

 

Our dedication to supporting local private charities and the communities we serve remains a key focus area for The NWH Group. In 2023, we proudly continued our longstanding partnership with Entrepreneurial Scotland, extending support to an intern for the fourth consecutive year. Additionally, we embarked on educational initiatives, visiting primary schools to impart valuable lessons on recycling practices and the importance of minimising landfill. Recognising the significance of investing in our workforce, we facilitated and funded the training of four new driver apprentices. Further we continued our ongoing support for Children 1st, our partner charity. As we look ahead to 2024, we are excited to announce our intention to allocate £21,000 to a community fund program. This initiative will enable the NWH Group to contribute funds to the most deserving charities within the regions we serve, fostering positive change and a meaningful impact in our communities.

 

Governance and regulation

The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards of business conduct and the good governance expected of a business of our nature and size and in full alignment with the laws and regulations. In doing so, we believe we will deliver our long-term business strategy and further develop our reputation in the waste recycling sector.

 

We are accredited to the industry’s leading Safety Schemes in Procurement (SSIP) schemes. All aspects of our business operations, from our financial stability and quality management systems to health and safety practices and employment policies have been assessed and approved. Our management processes comply with the stringent requirements of both ISO 14001 and ISO 9001 (Quality Management System Standard). These accreditations from leading industry bodies provide independent assurance that we meet the rigorous criteria for private and public sector projects, both regionally and nationally.

 

We have a risk and control framework to ensure that the company complies with all legal and regulatory requirements pertinent to our industry.

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
Shareholders

The Board has a close working relationship with the shareholders and hold regular meetings and discussions to drive the business towards its long-term business strategy. The company is committed to considering properly their input and challenges.

The Board provides relevant information to the shareholders on a regular basis, including monthly Board packs containing analysis of performance against the key metrics.

On behalf of the board

N G Black
Director
9 April 2024
NWH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -

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 13.

Ordinary dividends were paid amounting to £540,000. The directors do not recommend payment of a dividend.

Directors

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

M P Williams
(Deceased 31 October 2023)
C D Williams
R A Williams
G A Hill
N G Black
R F D Ray
C D Robertson
G Money
(Appointed 24 January 2024)
N I Williams
(Appointed 24 January 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees in matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

NWH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
Energy and carbon report

The Company appointed Carbon Footprint Ltd to independently assess its greenhouse gas (GHG) emissions in accordance with the UK Governments ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon reporting Guidance’.

 

The GHG emissions have been assessed following the Welsh Public Sector Net Zero Carbon Reporting Guide 2022-2023. It uses the Greenhouse Gas Protocol for Carbon Accounting and the conversion factors are from the UK 2023.

 

The table below summarises the GHG emissions for 2023 and 2022:

 

Scope

Activity

Location Based tCO2e

2023

Location Based tCO2e

2022

Scope 1

Vehicle fuel usage

12,478

9,244

Site gas

5

64

Company car travel

24

65

Scope 1 Sub Total

12,507

 

9,373

 

Scope 2

Electricity generation

149

207

Scope 2 Sub Total

149

 

207

 

Scope 3

Well To Tank

2,901

2,282

Electricity transmission & distribution

14

23

Cash opt out car travel

1

1

Employee-owned car travel (grey fleet)

20

6

Waste

6

-

Flights

4

 

Scope 3 Sub Total

2,946

 

2,312

 

Total tonnes of CO2e

15,601

11,892

Tonnes of CO2e per employee

43

34

Tonnes of CO2e per £m turnover

294

241

Total energy consumption (kWh)*

49

135

 

* Total energy consumption UK Electricity, UK Site Gas and vehicles owned by the company and employees (grey fleet)

 

Energy Efficiency Actions

 

The group is fully aware of its obligations as a business user of electricity and gas and CO2 greenhouse gas emissions and there is a desire to decrease fuel consumption where possible. New technologies, operational efficiencies in business processes and minimising unnecessary travel are all under constant review.

With sustainability at the core of its operations, the NWH Group has already reported a 92% reduction in on-site fuel usage by transitioning to alternative sources; this is coupled with a 63% reduction in the employee vehicle carbon footprint through the adoption of electric vehicles.

Building on this success, the NWH Group has embarked on the next phase of its sustainability journey by initiating the transition of its HGV fleet to fully electric vehicles. The acquisition of the Volvo articulated lorry is the first step in this transformative process, demonstrating the company's unwavering dedication to reducing its environmental impact.

The NWH Group is committed to achieving its carbon negative goals and has a clear strategy and plan in place to do so.

NWH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
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:

 

 

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.

Strategic report

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

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
N G Black
Director
9 April 2024
NWH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NWH HOLDINGS LIMITED
- 10 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

NWH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NWH HOLDINGS LIMITED
- 11 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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.

NWH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NWH HOLDINGS LIMITED
- 12 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

David MacCallum (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
9 April 2024
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
Renfrewshire
United Kingdom
PA4 8WF
NWH HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
2023
2022
Notes
£
£
Turnover
3
52,221,830
49,248,264
Cost of sales
(42,550,117)
(40,754,878)
Gross profit
9,671,713
8,493,386
Administrative expenses
(6,333,990)
(6,124,682)
Other operating income
35,815
24,548
Operating profit
4
3,373,538
2,393,252
Interest payable and similar expenses
8
(1,595,436)
(984,311)
Profit before taxation
1,778,102
1,408,941
Tax on profit
9
(428,643)
297,431
Profit for the financial year
26
1,349,459
1,706,372
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.
NWH HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
733,124
850,699
Other intangible assets
11
8,864
25,512
Total intangible assets
741,988
876,211
Tangible assets
12
26,738,409
26,503,865
27,480,397
27,380,076
Current assets
Stocks
15
367,957
380,118
Debtors
16
9,300,571
8,326,778
Cash at bank and in hand
1,307,015
522,687
10,975,543
9,229,583
Creditors: amounts falling due within one year
17
(20,318,518)
(19,771,393)
Net current liabilities
(9,342,975)
(10,541,810)
Total assets less current liabilities
18,137,422
16,838,266
Creditors: amounts falling due after more than one year
18
(13,234,322)
(13,173,279)
Provisions for liabilities
Deferred tax liability
21
1,527,057
1,098,418
(1,527,057)
(1,098,418)
Net assets
3,376,043
2,566,569
Capital and reserves
Called up share capital
23
809,615
809,600
Capital redemption reserve
25
202,408
202,408
Other reserves
(2,139,900)
(2,139,900)
Profit and loss reserves
26
4,503,920
3,694,461
Total equity
3,376,043
2,566,569
The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
09 April 2024
N G Black
Director
Company registration number SC303441 (Scotland)
NWH HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
2,160,203
2,160,203
Current assets
Debtors
16
11,315,911
11,023,715
Cash at bank and in hand
346
1,263
11,316,257
11,024,978
Creditors: amounts falling due within one year
17
(5,100,769)
(4,442,485)
Net current assets
6,215,488
6,582,493
Total assets less current liabilities
8,375,691
8,742,696
Creditors: amounts falling due after more than one year
18
(7,301,161)
(7,668,181)
Net assets
1,074,530
1,074,515
Capital and reserves
Called up share capital
23
809,615
809,600
Capital redemption reserve
25
202,408
202,408
Profit and loss reserves
26
62,507
62,507
Total equity
1,074,530
1,074,515

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £540,000 (2022 - £545,908 profit).

The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
09 April 2024
N G Black
Director
Company registration number SC303441 (Scotland)
NWH HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2021
809,600
202,408
(2,139,900)
2,534,089
1,406,197
Year ended 30 September 2022:
Profit and total comprehensive income
-
-
-
1,706,372
1,706,372
Dividends
10
-
-
-
(546,000)
(546,000)
Balance at 30 September 2022
809,600
202,408
(2,139,900)
3,694,461
2,566,569
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
1,349,459
1,349,459
Issue of share capital
23
17
-
-
-
17
Dividends
10
-
-
-
(540,000)
(540,000)
Reduction of shares
23
(2)
-
-
-
(2)
Balance at 30 September 2023
809,615
202,408
(2,139,900)
4,503,920
3,376,043
NWH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 17 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
809,600
202,408
62,599
1,074,607
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
545,908
545,908
Issue of share capital
23
(127,950)
-
-
(127,950)
Dividends
10
-
-
(546,000)
(546,000)
Other movements
127,950
-
-
127,950
Balance at 30 September 2022
809,600
202,408
62,507
1,074,515
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
540,000
540,000
Issue of share capital
23
17
-
-
17
Dividends
10
-
-
(540,000)
(540,000)
Reduction of shares
23
(2)
-
-
(2)
Balance at 30 September 2023
809,615
202,408
62,507
1,074,530
NWH HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
5,359,514
3,289,538
Interest paid
(1,595,436)
(984,311)
Income taxes refunded
148,800
522,616
Net cash inflow from operating activities
3,912,878
2,827,843
Investing activities
Purchase of tangible fixed assets
(767,314)
(3,370,262)
Proceeds on disposal of tangible fixed assets
1,661,099
224,800
Net cash generated from/(used in) investing activities
893,785
(3,145,462)
Financing activities
Proceeds/ (repayment) of invoice finance borrowngs (net)
762,463
75,393
Proceeds of new bank loans
-
7,350,000
Repayment of bank loans
(509,091)
(6,118,800)
Payment of finance leases obligations
(3,735,707)
(4,384,878)
Dividends paid to equity shareholders
(540,000)
(546,000)
Net cash used in financing activities
(4,022,335)
(3,624,285)
Net increase/(decrease) in cash and cash equivalents
784,328
(3,941,904)
Cash and cash equivalents at beginning of year
522,687
4,464,591
Cash and cash equivalents at end of year
1,307,015
522,687
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
1
Accounting policies
Company information

NWH Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Unit 5 Mayfield Industrial Estate, Mayfield, Dalkeith, Midlothian, EH22 4AD.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

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.

The consolidated group financial statements consist of the financial statements of the parent company NWH 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.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.3
Going concern

At 30 September 2023, the group had net current liabilities of £9,342,975 (2022 - £10,541,810).

 

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. The directors’ assessment of going concern considers the group’s principal risks and is dependent on a number of factors including financial performance and access to funding facilities.

 

The directors have prepared detailed financial projections for a period extending over 12 months from the date of approval of these financial statements. These projections have also been sensitised to reflect plausible downside scenarios. Based on these projections, the directors have a reasonable expectation that the group has adequate resources with sufficient levers available to continue in operational existence for the foreseeable future and to meet its obligations as they fall due.

 

Taking all of the above into account, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue relates to the collection and processing of materials, sale of recycled materials and skip hire.

 

Revenue from collection services is recognised when the materials have been collected and the loads weighed upon return to the processing facility. Revenue from processing services is recognised at the point in time when the processing service takes place. Revenue from the sale of recycled materials is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from skip hire is recognised on despatch of the skip to the customer.

1.5
Intangible fixed assets - goodwill

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

 

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

1.6
Intangible fixed assets other than goodwill

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

 

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

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 21 -

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

Software
33% on cost
1.7
Tangible fixed assets

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

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
2% on cost
Leasehold land and buildings
20% on cost
Plant and equipment
10-20% on cost
Computer equipment
33% on cost
Motor vehicles
10-20% on cost

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

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, 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
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.10
Impairment of fixed assets

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

 

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

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 22 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash 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.

1.13
Financial instruments

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

 

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

 

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

Basic financial assets

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

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Derecognition of financial liabilities

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

1.14
Equity instruments

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

1.15
Taxation

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

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

1.18
Leases

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

 

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

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

Rental income from operating leases is recognised on a street line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
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.

 

The key sources of estimation uncertainty in applying accounting policies in the financial statements are:

 

- Useful economic lives of intangible and tangible assets

- Residual values of tangible assets

- Bad debt provisioning

- Stock to tip provisioning

 

The annual amortisation or depreciation charge for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are assessed annually and amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and physical condition of the assets.

 

The directors review the debtors ledger for customers who have overdue balances. Provision are made against balances which present a credit risk to the company. The directors also monitor customers' insured limits to mitigate the risk of bad or doubtful debts.

 

Stock to tip provisions are measured at the directors best estimate the company's obligations in respect of unusable or unsellable materials held on site.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Collection, processing and disposal
32,699,645
26,080,662
Complementary services
10,934,102
15,218,552
Collection and compaction
8,588,083
7,949,050
52,221,830
49,248,264

The directors consider there to be one geographical market of turnover, the United Kingdom.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
2,276,166
1,596,720
Depreciation of tangible fixed assets held under finance leases
1,617,248
1,918,035
(Profit)/loss on disposal of tangible fixed assets
(626,366)
21,326
Amortisation of intangible assets
151,889
207,129
Operating lease charges
1,875,127
1,772,496
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 26 -
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
6,000
Audit of the financial statements of the company's subsidiaries
38,000
36,000
45,000
42,000
For other services
Taxation compliance services
12,500
9,800
Other taxation services
-
3,300
All other non-audit services
1,650
-
14,150
13,100
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
Drivers
103
133
-
-
Recycling
166
142
-
-
Directors
8
6
-
-
Administration
81
60
-
-
Total
358
341
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
13,154,496
12,124,309
-
0
-
0
Social security costs
1,358,666
1,313,084
-
-
Pension costs
261,346
239,592
-
0
-
0
14,774,508
13,676,985
-
0
-
0
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 27 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
356,848
142,437
Company pension contributions to defined contribution schemes
10,806
3,879
367,654
146,316
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
176,309
-
Company pension contributions to defined contribution schemes
7,891
-
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
858,170
573,005
Interest on invoice finance arrangements
313,554
82,641
1,171,724
655,646
Other finance costs:
Interest on finance leases and hire purchase contracts
387,860
328,665
Other interest
35,852
-
Total finance costs
1,595,436
984,311
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
4
(148,804)
Adjustments in respect of prior periods
-
0
(1,122)
Total current tax
4
(149,926)
Deferred tax
Origination and reversal of timing differences
428,639
(147,505)
Total tax charge/(credit)
428,643
(297,431)
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
9
Taxation
(Continued)
- 28 -

The actual charge/(credit) 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
1,778,102
1,408,941
Expected tax charge based on the standard rate of corporation tax in the UK of 22.01% (2022: 19.00%)
391,329
267,699
Tax effect of expenses that are not deductible in determining taxable profit
6,484
10,122
Change in unrecognised deferred tax assets
-
0
17
Adjustments in respect of prior years
-
0
(1,122)
Research and development tax credit
-
0
(148,804)
Fixed asset timing differences
(74,215)
(457,993)
Chargeable gains / (losses)
53,750
-
0
Remeasurement of deferred tax to current tax rate
51,295
(35,401)
Enhanced deduction for R&D expenditure
-
0
(110,209)
Surrender of tax losses for R&D tax credit
-
194,985
Other tax adjustments, reliefs and transfers
-
(16,725)
Taxation charge/(credit)
428,643
(297,431)
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
540,000
546,000
11
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 October 2022
1,927,409
322,434
2,249,843
Transfers
-
0
17,666
17,666
At 30 September 2023
1,927,409
340,100
2,267,509
Amortisation and impairment
At 1 October 2022
1,076,710
296,922
1,373,632
Amortisation charged for the year
117,575
34,314
151,889
At 30 September 2023
1,194,285
331,236
1,525,521
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11
Intangible fixed assets
(Continued)
- 29 -
Carrying amount
At 30 September 2023
733,124
8,864
741,988
At 30 September 2022
850,699
25,512
876,211
The company had no intangible fixed assets at 30 September 2023 or 30 September 2022.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
2,449,548
2,021,027
24,983,854
1,309,790
13,875,430
44,639,649
Additions
34,339
30,031
2,282,829
48,714
2,784,444
5,180,357
Disposals
(231,605)
-
0
(2,743,170)
(34,805)
(1,016,111)
(4,025,691)
Transfer
-
0
(17,666)
-
0
-
0
-
0
(17,666)
At 30 September 2023
2,252,282
2,033,392
24,523,513
1,323,699
15,643,763
45,776,649
Depreciation and impairment
At 1 October 2022
625,962
1,077,648
11,076,658
965,768
4,389,748
18,135,784
Depreciation charged in the year
83,902
49,203
2,074,723
151,349
1,534,237
3,893,414
Eliminated in respect of disposals
(21,619)
-
0
(2,273,372)
(34,805)
(661,162)
(2,990,958)
At 30 September 2023
688,245
1,126,851
10,878,009
1,082,312
5,262,823
19,038,240
Carrying amount
At 30 September 2023
1,564,037
906,541
13,645,504
241,387
10,380,940
26,738,409
At 30 September 2022
1,823,586
943,379
13,907,196
344,022
9,485,682
26,503,865
The company had no tangible fixed assets at 30 September 2023 or 30 September 2022.

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
6,584,626
7,432,224
-
0
-
0
Motor vehicles
7,006,711
6,422,802
-
0
-
0
13,591,337
13,855,026
-
-
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 30 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,160,203
2,160,203
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022 and 30 September 2023
2,160,203
Carrying amount
At 30 September 2023
2,160,203
At 30 September 2022
2,160,203
14
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
City Truck Sales Limited
(1)
Dormant
Ordinary
100
Citysweep Limited
(1)
Dormant
Ordinary
100
NWH Construction Services Limited
(1)
Non-trading
Ordinary
100
NWH Plant Hire Limited
(1)
Dormant
Ordinary
100
NWH Recycling (Philipstoun) Limited
(1)
Dormant
Ordinary
100
NWH Waste Services (Middleton) Limited
(1)
Dormant
Ordinary
100
NWH Group Limited
(1)
Waste management
Ordinary
100

(1) Unit 5, Mayfield Industrial Estate, Mayfield, Dalkeith, Midlothian, EH22 4AD.

15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
367,957
380,118
-
-
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 31 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,863,873
7,287,319
-
0
-
0
Corporation tax recoverable
-
0
148,569
-
0
-
0
Amounts owed by group undertakings
-
-
11,315,896
11,023,715
Other debtors
115
50,621
15
-
0
Prepayments and accrued income
1,436,583
840,269
-
0
-
0
9,300,571
8,326,778
11,315,911
11,023,715

Included within trade debtors is £8,082,153 (2022: £7,482,005) which is subject to an invoice discounting arrangement.

17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
2,894,293
3,036,364
2,894,293
3,036,364
Obligations under finance leases
19
3,581,617
3,332,344
-
0
-
0
Invoice finance borrowings
20
5,090,315
4,327,852
-
0
-
0
Trade creditors
4,073,505
2,971,641
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
917,083
916,985
Corporation tax payable
235
-
0
-
0
-
0
Other taxation and social security
1,071,127
1,737,414
-
-
Other creditors
1,527,258
989,207
1,249,542
465,970
Accruals and deferred income
2,080,168
3,376,571
39,851
23,166
20,318,518
19,771,393
5,100,769
4,442,485
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
7,301,161
7,668,181
7,301,161
7,668,181
Obligations under finance leases
19
5,933,161
5,505,098
-
0
-
0
13,234,322
13,173,279
7,301,161
7,668,181
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 32 -
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,581,617
3,332,344
-
0
-
0
In two to five years
5,933,161
5,505,098
-
0
-
0
9,514,778
8,837,442
-
-

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.

 

Hire purchase liabilities are secured over the assets they were used to acquire.

20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
10,195,454
10,704,545
10,195,454
10,704,545
Invoice financing borrowings
5,090,315
4,327,852
-
0
-
0
15,285,769
15,032,397
10,195,454
10,704,545
Payable within one year
7,984,608
7,364,216
2,894,293
3,036,364
Payable after one year
7,301,161
7,668,181
7,301,161
7,668,181

The Royal Bank of Scotland holds a bond and floating charge over the whole assets of the company together with cross guarantees between NWH Holdings Limited and other group companies. The total amount of debt over which group cross guarantees had been provided amounted to £10,195,454 (2022: £10,704,545).

 

RBS Invoice Finance Ltd (RBSIF) hold a floating charge in relation to the purchased debts. RBSIF's floating charge shall insofar as it relates to the purchased debts, but no further or otherwise, rank in priority to the bank's floating charge.

Bank loans are represented by term loans and revolving credit facilities. They are repayable over periods up to 72 months and attract interest at 1.75% to 3.4% over the base rate.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 33 -
21
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
3,843,441
3,052,779
Tax losses
(2,316,384)
(1,953,181)
Other timing differences
-
(1,180)
1,527,057
1,098,418
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
1,098,418
-
Charge to profit or loss
428,639
-
Liability at 30 September 2023
1,527,057
-
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
261,346
239,592

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.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
681,650
681,650
681,650
681,650
Ordinary A of £1 each
42,650
42,650
42,650
42,650
Ordinary B of £1 each
42,650
42,650
42,650
42,650
Ordinary C of £1 each
42,650
42,650
42,650
42,650
Growth shares of 1p each
1,500
-
15
-
811,100
809,600
809,615
809,600
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
23
Share capital
(Continued)
- 34 -

Ordinary shares hold the right to one vote. Dividends are allotted in proportion to shareholdings. If the company was to be dissolved on a winding up basis distributions would be shared in proportion to shareholdings. Issued shares hold no right of redemption.

 

Growth shares are held by certain members of senior management and have no dividend entitlement or voting rights.

 

24
Other reserves
2023
2022
Group
£
£
At the beginning and end of the year
(2,139,900)
(2,139,900)
2023
2022
Company
£
£
At the beginning and end of the year
-
-
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 35 -
25
Capital redemption reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At beginning and end of year
202,408
202,408
202,408
202,408
26
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
3,694,461
2,534,089
62,507
62,599
Profit for the year
1,349,459
1,706,372
540,000
545,908
Dividends
(540,000)
(546,000)
(540,000)
(546,000)
At the end of the year
4,503,920
3,694,461
62,507
62,507
27
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
860,785
766,229
-
-
Between two and five years
2,188,840
1,878,565
-
-
In over five years
3,811,570
4,136,674
-
-
6,861,195
6,781,468
-
-
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
1,617,486
804,546
-
-
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 36 -
29
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2023
2022
£
£
Group
Other related parties
-
300,000
Management charges received
2023
2022
£
£
Group
Other related parties
12,000
12,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
-
300,000
Other information

The company has taken advantage of the exemption provided by paragraph 33.1A of Financial Reporting Standard 102 and accordingly has not disclosed any transactions with 100% held group undertakings.

30
Directors' transactions

Dividends totalling £540,000 (2022 - £546,000) were paid in the year in respect of shares held by the company's directors and their partners.

The following loans with directors existed during the year. The loans are interest free and have no fixed date for repayment.

31
Controlling party

The directors are of the opinion that there is no controlling party.

 

As at the balance sheet date, the company was under the control of the directors, M P Williams, C D Williams and R A Williams, by virtue of their majority shareholding in NWH Holdings Limited.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 37 -
32
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,349,459
1,706,372
Adjustments for:
Taxation charged/(credited)
428,643
(297,431)
Finance costs
1,595,436
984,311
(Gain)/loss on disposal of tangible fixed assets
(626,366)
21,326
Amortisation and impairment of intangible assets
151,889
207,129
Depreciation and impairment of tangible fixed assets
3,893,414
3,514,755
Movements in working capital:
Decrease/(increase) in stocks
12,161
(101,040)
(Increase)/decrease in debtors
(1,122,347)
8,505
Decrease in creditors
(322,775)
(2,754,389)
Cash generated from operations
5,359,514
3,289,538
33
Cash generated from/(absorbed by) operations - company
2023
2022
£
£
Profit for the year after tax
540,000
545,908
Adjustments for:
Finance costs
858,170
573,005
Investment income
(540,000)
(546,000)
Movements in working capital:
Increase in debtors
(292,196)
(1,278,584)
Increase in creditors
800,355
41,545
Cash generated from/(absorbed by) operations
1,366,329
(664,126)
34
Analysis of changes in net debt - group
1 October 2022
Cash flows
New finance leases
30 September 2023
£
£
£
£
Cash at bank and in hand
522,687
784,328
-
1,307,015
Borrowings excluding overdrafts
(15,032,397)
(253,372)
-
(15,285,769)
Obligations under finance leases
(8,837,442)
3,735,707
(4,413,043)
(9,514,778)
(23,347,152)
4,266,663
(4,413,043)
(23,493,532)
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 38 -
35
Analysis of changes in net debt - company
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
1,263
(917)
346
Borrowings excluding overdrafts
(10,704,545)
509,091
(10,195,454)
(10,703,282)
508,174
(10,195,108)
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