Company registration number 08167226 (England and Wales)
CABLESHEER GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
CABLESHEER GROUP LIMITED
COMPANY INFORMATION
Director
Mr D R Brown
Company number
08167226
Registered office
Unit 3, Fitzroy Business Park
Sandy Lane
Sidcup
Kent
DA14 5NL
Auditor
Crossley Financial Accounting Limited
Star House
Star Hill
Rochester
Kent
ME1 1UX
CABLESHEER GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 31
CABLESHEER GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The director presents the strategic report for the year ended 30 September 2023.

Fair review of the business

Cablesheer Group Limited functions as a non-trading holding company. We wholly own the share capital of Cablesheer (Asbestos) Limited and Cablesheer Construction Limited, which were acquired on 20th January 2016.

 

During this fiscal year, we have made significant investment in tendering and expansion of our business. We have also invested in marketing and a new website to reflect the current business. These factors have affected our bottom line for this year however should set us up in good steed going forward.

Principal risks and uncertainties

We constantly evaluate and address significant risks that could impact our business. The primary risk factors currently include skilled labour, materials, material prices, strategic, commercial, operational, reputational, and financial risks. Our directors actively oversee these areas and we continue to strategise to mitigate these risks.

Development and performance

Efforts to streamline commercial finctions, embrace AI technology, and leverage data analytics through Power BI have enhanced operational efficiency and decision-making capabilities.

 

However, challenges such as contract issues, recruitment costs, under-pricing of asbestos work, and delays in project commencements have impacted profitability.

 

Cablesheer Construction have completely reduced the overhead cost and are in the final parts of closing down the last two projects. This has allowed us to make a clear break ready for the new financial year to go again.

 

We continue to assess our business processes and operations to ensure efficiency, introduce new IT systems for business optimisation, and explore new business strategies to increase our market share. We are also continually exploring new services to elevate our business level and reviewing construction methods/materials for improved efficiency.

 

Strategy for future

We will be looking to consolidate at a slightly lower turnover than last year (current £14m) £10-12 million.

 

This allows us to streamline our operation, drive efficiency and push up the profit margin.

 

As per our last year commitment we have decided to divest from the new builds division due to the inherent risks associated with it. While this division contributed to our turnover, the associated risks were high and did not align with our risk management principles.

 

We remain committed to sectors such as Housing Associates, Local Authorities, Property Management Companies, Private Dwellings, and Commercial Properties. These sectors consistently receive substantial government funding, making them stable and promising areas for our continued operation.

 

Our decision to reconsolidate and divest from high-risk areas signifies our commitment to long-term sustainability over short-term gains. We are confident that these strategic decisions will not only reduce risk but also establish a robust platform for future growth and profitability.

Key performance indicators

We use industry Key Performance Indicators (KPIs) to assess our performance, focusing on Time, Cost, Defects, Health & Safety, and Client/Resident Satisfaction.

 

CAG commitment to ongoing investment in operational improvements has proven effective in driving business growth and maintaining healthy profit margins. These efforts encompass continual IT upgrades including new servers, equipment improvements, regular staff training, and fleet enhancement.

 

Equally, CAG's strategic business diversification, in response to potential policy changes, demonstrates its adaptability and resilience in a changing industry environment.

CABLESHEER GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Future Developments

As we continue to adapt to an evolving market, CAL is prepared for several exciting developments in the near future. Despite current challenges posed by high inflation and the increasing cost of material, we are actively taking steps to ensure the financial robustness of our company.

 

We will also continue to drive operational efficiency across all levels of our business, employing strategies that promote productivity, optimise resources, and ultimately, increase our profit margin. This focus on efficiency, coupled with our ongoing commitment to offering a diversified portfolio of services, represents our strategic vision for the future.

 

CAL is set to expand further into fire safety solutions and building services, with a dedicated focus on professional development and training to ensure that our team is equipped to deliver top-notch service. Alongside this, we intend to continuously invest in our IT infrastructure, plant equipment, and personnel, underlining our commitment to quality and customer satisfaction.

 

We remain confident in our ability to navigate these future developments and are excited about the opportunities they represent. Our commitment to our clients, our team, and the standards of service we provide will continue to guide our operations as we move into this next phase of our growth.

 

Cablesheer Asbestos - will continue to pick up frameworks for our Housing Association clients and Local Authorities. We continue to add to our existing team to ensure that we facilitate the works to the levels of quality that our clients have come to expect. Long-term contracts and frameworks contribute to our stability and simplify the process of future forecasting.

 

 

Cablesheer Construction – we will be divesting from the risk-prone new builds division and instead concentrating on refurbishments, maintenance, cladding, and planned projects through Cablesheer Construction. We're also undergoing a reconsolidation process aimed at reducing overheads and fostering a leaner, more agile business structure. Despite the short-term reduction in turnover, these changes are designed to enhance long-term profitability.

 

The Directors are confident that all of the above will bring growth in terms of turnover, but also healthy profit margins.

 

 

This report has been prepared in accordance with the requirements of the UK Companies Act 2006. As directors, we confirm that to the best of our knowledge, the information provided accurately represents the strategic direction and performance of Cablesheer Group Limited.

CABLESHEER GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -

On behalf of the board

Mr D R Brown
Director
19 April 2024
CABLESHEER GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -

The director presents his 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 10.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Mr D R Brown
Research and development

CGL always try to utilise new methods and processes to assist R&D. As a business we always try to look at the problems in hand, then assess whether there is an ‘industry technique’ that could be used to address the problem. In usual circumstances, we have to come up with a bespoke solution which is often added to our R&D claim.   The activity generally revolves around pushing the limitations of new products and trying to simplify what they do. Both assist CCL & CAL in improving the service to their clients. CCL & CAL employ an external consultant to assist their R&D claims.

Future developments

Refer to the Strategic Report for information on Future Developments.

Auditor

The auditor, Crossley Financial Accounting Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

CABLESHEER GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr D R Brown
Director
19 April 2024
CABLESHEER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CABLESHEER GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Cablesheer Group 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 statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 director's 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 director 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 director is 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:

CABLESHEER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER GROUP LIMITED
- 7 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

CABLESHEER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER GROUP LIMITED
- 8 -

Risks

Based on our understanding of the company and industry, we identified that the principle risks of non-compliance with laws and regulations related to compliance with health and safety and the control of asbestos and we considered the extent to which non-compliance might have a material effect on the financial statements of the company.

 

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

 

In addition, we considered provisions of other laws and regulations that do not have a direct impact on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These include data protection, employment and environmental regulations.

 

We evaluated managements incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition, posting inappropriate journals entries to increase turnover or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements such as work in progress.

 

Audit response

Audit procedures performed by the engagement team included:

 

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, by for example, forgery, or intentional misrepresentation, or though collusion.

 

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

Use of our report

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

CABLESHEER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER GROUP LIMITED
- 9 -
S Meah FCCA (Senior Statutory Auditor)
For and on behalf of Crossley Financial Accounting Limited
19 April 2024
Chartered Accountants
Statutory Auditor
Star House
Star Hill
Rochester
Kent
ME1 1UX
CABLESHEER GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
2023
2022
as restated
Notes
£
£
Turnover
3
13,951,774
16,589,455
Cost of sales
(9,940,944)
(11,590,128)
Gross profit
4,010,830
4,999,327
Administrative expenses
(4,247,717)
(3,965,231)
Other operating income
-
1,100
Exceptional item
4
-
0
(240,000)
Operating (loss)/profit
(236,887)
795,196
Interest receivable and similar income
8
5,463
160
Interest payable and similar expenses
9
(71,245)
(15,668)
(Loss)/profit before taxation
(302,669)
779,688
Tax on (loss)/profit
10
(217,403)
(334,873)
(Loss)/profit for the financial year
(520,072)
444,815
(Loss)/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.
CABLESHEER GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
433,989
619,984
Tangible assets
13
533,002
627,616
966,991
1,247,600
Current assets
Stocks
16
63,973
63,973
Debtors
17
3,789,161
5,828,985
Cash at bank and in hand
589,810
62,761
4,442,944
5,955,719
Creditors: amounts falling due within one year
18
(3,219,573)
(4,252,376)
Net current assets
1,223,371
1,703,343
Total assets less current liabilities
2,190,362
2,950,943
Creditors: amounts falling due after more than one year
19
(504,047)
(777,341)
Provisions for liabilities
Deferred tax liability
21
76,322
43,537
(76,322)
(43,537)
Net assets
1,609,993
2,130,065
Capital and reserves
Called up share capital
23
1,824
1,824
Profit and loss reserves
1,608,169
2,128,241
Total equity
1,609,993
2,130,065

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

The financial statements were approved and signed by the director and authorised for issue on 19 April 2024
19 April 2024
Mr D R Brown
Director
Company registration number 08167226 (England and Wales)
CABLESHEER GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
30 September 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
3,139,697
3,767,532
Current assets
Debtors
17
2,463,791
2,438,728
Cash at bank and in hand
63,191
16,948
2,526,982
2,455,676
Creditors: amounts falling due within one year
18
(4,055,201)
(3,751,943)
Net current liabilities
(1,528,219)
(1,296,267)
Net assets
1,611,478
2,471,265
Capital and reserves
Called up share capital
23
1,824
1,824
Profit and loss reserves
1,609,654
2,469,441
Total equity
1,611,478
2,471,265

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £859,787 (2022 - £246,179 loss).

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

The financial statements were approved and signed by the director and authorised for issue on 19 April 2024
19 April 2024
Mr D R Brown
Director
Company registration number 08167226 (England and Wales)
CABLESHEER GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 September 2022:
Balance at 1 October 2021
1,824
1,687,426
1,689,250
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
444,815
444,815
Dividends
11
-
(4,000)
(4,000)
Balance at 30 September 2022
1,824
2,128,241
2,130,065
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(520,072)
(520,072)
Balance at 30 September 2023
1,824
1,608,169
1,609,993
CABLESHEER GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 September 2022:
Balance at 1 October 2021
1,824
2,719,619
2,721,443
Year ended 30 September 2022:
Loss and total comprehensive income for the year
-
(246,178)
(246,178)
Dividends
11
-
(4,000)
(4,000)
Balance at 30 September 2022
1,824
2,469,441
2,471,265
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(859,787)
(859,787)
Balance at 30 September 2023
1,824
1,609,654
1,611,478
CABLESHEER GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
1,043,985
(843,977)
Interest paid
(71,245)
(15,668)
Income taxes refunded
134,930
-
0
Net cash inflow/(outflow) from operating activities
1,107,670
(859,645)
Investing activities
Purchase of tangible fixed assets
(3,481)
(105,987)
Proceeds from disposal of tangible fixed assets
21,714
40,613
Impairment of investment
-
240,000
Repayment of loans
3,185
65,192
Interest received
5,463
160
Net cash generated from investing activities
26,881
239,978
Financing activities
Repayment of borrowings
(341,777)
7,922
Payment of hire purchase obligations
(265,725)
(125,416)
Dividends paid to equity shareholders
-
0
(4,000)
Net cash used in financing activities
(607,502)
(121,494)
Net increase/(decrease) in cash and cash equivalents
527,049
(741,161)
Cash and cash equivalents at beginning of year
62,761
996,295
Cash and cash equivalents at end of year
589,810
62,761
CABLESHEER GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(581,592)
(527,575)
Investing activities
Fair value adjustment of intercompany loan
(201,745)
(200,651)
Impairment of investment
829,580
240,000
Repayment of loans
-
0
10
Net cash generated from investing activities
627,835
39,359
Financing activities
Dividends paid to equity shareholders
-
(4,000)
Net cash used in financing activities
-
(4,000)
Net increase/(decrease) in cash and cash equivalents
46,243
(492,216)
Cash and cash equivalents at beginning of year
16,948
509,164
Cash and cash equivalents at end of year
63,191
16,948
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 17 -
1
Accounting policies
Company information

Cablesheer Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 3, Fitzroy Business Park, Sandy Lane, Sidcup, Kent, DA14 5NL.

 

The group consists of Cablesheer Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. 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 Cablesheer Group 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.

1.3
Going concern

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

CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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 from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

 

.

1.6
Tangible fixed assets

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

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

Plant and equipment
25% per annum on reducing balance
Fixtures and fittings
33% per annum on reducing balance, 25% per annum on reducing balance and 15% per annum on reducing balance
Computers
33% per annum on reducing balance and 25% per annum on reducing balance
Motor vehicles
25% per annum on reducing balance
Office equipment
25% per annum on reducing balance

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

1.7
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.

CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.8
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 statement of financial position 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.

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.

1.9
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.

 

 

CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.10
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.

1.11
Retirement benefits

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

1.12
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.

1.13

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. The directors made key assumptions and estimates regarding the stage of completion, value of income, of future costs and collectability of income.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

3
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
5,463
160
Grants received
-
1,100
4
Exceptional item
2023
2022
£
£
Expenditure
Exceptional cost - impairment
-
240,000
-
240,000
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
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
5,730
5,455
Audit of the financial statements of the company's subsidiaries
15,650
14,900
21,380
20,355
For other services
Taxation compliance services
2,156
1,886
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
Employees
71
71
-
-
Directors
5
6
1
1
Total
76
77
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,204,046
3,251,700
-
0
-
0
Social security costs
358,978
374,815
-
-
Pension costs
64,967
63,196
-
0
-
0
3,627,991
3,689,711
-
0
-
0
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
107,000
107,000
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
5,463
160
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5,463
160
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
55,075
7,939
Other finance costs:
Interest on finance leases and hire purchase contracts
16,170
7,729
Total finance costs
71,245
15,668
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(134,930)
-
0
Benefit arising from a previously unrecognised tax loss or credit
-
0
38,028
Total current tax
(134,930)
38,028
Deferred tax
Origination and reversal of timing differences
352,333
296,845
Total tax charge
217,403
334,873
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
10
Taxation
(Continued)
- 24 -

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

2023
2022
£
£
(Loss)/profit before taxation
(302,669)
779,688
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(57,507)
148,141
Tax effect of expenses that are not deductible in determining taxable profit
37,727
49,343
Tax effect of utilisation of tax losses not previously recognised
(52,206)
(219,464)
Unutilised tax losses carried forward
83,117
76,701
Adjustments in respect of prior years
-
0
38,028
Group relief
(43,643)
-
0
Permanent capital allowances in excess of depreciation
26,520
(54,721)
Research and development tax credit
(134,930)
-
0
Deferred tax adjustments in respect of prior years
352,331
296,845
Tax at marginal rate
5,994
-
0
Taxation charge
217,403
334,873
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
-
4,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
1,114,245
Amortisation and impairment
At 1 October 2022
494,261
Amortisation charged for the year
185,995
At 30 September 2023
680,256
Carrying amount
At 30 September 2023
433,989
At 30 September 2022
619,984
The company had no intangible fixed assets at 30 September 2023 or 30 September 2022.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
12
Intangible fixed assets
(Continued)
- 25 -
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2022
182,299
99,982
26,510
847,994
5,965
1,162,750
Additions
-
0
-
0
3,481
84,971
-
0
88,452
Disposals
-
0
-
0
-
0
(139,818)
-
0
(139,818)
At 30 September 2023
182,299
99,982
29,991
793,147
5,965
1,111,384
Depreciation and impairment
At 1 October 2022
129,634
76,517
13,376
312,248
3,359
535,134
Depreciation charged in the year
13,072
5,764
6,330
139,707
743
165,616
Eliminated in respect of disposals
-
0
-
0
-
0
(122,368)
-
0
(122,368)
At 30 September 2023
142,706
82,281
19,706
329,587
4,102
578,382
Carrying amount
At 30 September 2023
39,593
17,701
10,285
463,560
1,863
533,002
At 30 September 2022
52,665
23,465
13,134
535,746
2,606
627,616
The company had no tangible fixed assets at 30 September 2023 or 30 September 2022.

 

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,139,697
3,767,532
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022
3,767,532
Valuation changes
201,745
At 30 September 2023
3,969,277
Impairment
At 1 October 2022
-
Impairment losses
829,580
At 30 September 2023
829,580
Carrying amount
At 30 September 2023
3,139,697
At 30 September 2022
3,767,532
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cablesheer (Asbestos) Limited
Unit 3, Fitzroy Business Park, Sandy Lane, Sidcup, Kent, DA14 5NL
Ordinary
100.00
Cablesheer Construction Limited
as above
Ordinary
100.00
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
6,557
6,557
-
-
Finished goods and goods for resale
57,416
57,416
-
0
-
0
63,973
63,973
-
-
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 27 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
580,248
2,411,086
-
0
-
0
Corporation tax recoverable
16,046
16,046
-
0
-
0
Other debtors
57,220
16,449
10,408
6,595
Prepayments and accrued income
3,135,647
3,065,856
7,995
-
0
3,789,161
5,509,437
18,403
6,595
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
2,445,388
2,432,133
Deferred tax asset (note 21)
-
0
319,548
-
0
-
0
-
319,548
2,445,388
2,432,133
Total debtors
3,789,161
5,828,985
2,463,791
2,438,728
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under hire purchase
164,244
53,825
-
0
-
0
Other borrowings
20
141,521
501,177
-
0
-
0
Trade creditors
507,251
1,655,932
12,610
1,172
Amounts owed to group undertakings
-
0
-
0
4,032,361
3,742,361
Other taxation and social security
524,771
411,878
-
-
Other creditors
779,966
558,892
3,910
3,910
Accruals and deferred income
1,101,820
1,070,672
6,320
4,500
3,219,573
4,252,376
4,055,201
3,751,943
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under hire purchase
42,160
333,333
-
0
-
0
Other borrowings
20
461,887
444,008
-
0
-
0
504,047
777,341
-
-
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 28 -
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
603,408
945,185
-
0
-
0
Payable within one year
141,521
501,177
-
0
-
0
Payable after one year
461,887
444,008
-
0
-
0

NSS Trustees Limited, D Brown & A Brown, as Trustees of a retirements benefit scheme, hold fixed and floating charges which cover all the property or undertakings of the company of Cablesheer Construction Limited and Cablesheer (Asbestos) Limited. It contains a negative pledge.

 

Cablesheer (Asbestos) Limited has paid rent into the pension scheme of £90,000 (2022 - £90,000).

21
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
76,322
43,537
-
976
Deferred tax
-
-
-
318,572
76,322
43,537
-
319,548
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 October 2022
(276,011)
-
Charge to profit or loss
352,333
-
Liability at 30 September 2023
76,322
-

From 1 April 2023, the corporation tax rate will be 25% where profits exceed £250,000; or at the marginal rate if profits are expected to fall between £50,001 and £250,000.

 

As deferred tax timing differences are expected to reverse on or after 1 April 2023 and forecasted profits are expected to exceed £250,000, the deferred tax has been measured at 25% at the year end.

CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 29 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,967
63,196

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 A of £1 each
1,313
1,313
1,824
1,824
Ordinary B of £1 each
183
183
-
-
Ordinary C of £1 each
328
328
-
-
24
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
72,956
110,423
-
-
Between two and five years
-
68,394
-
-
72,956
178,817
-
-
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
328,533
412,907
Other information

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

 

CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 30 -
26
Directors' transactions

During the year, the group made repayments to the directors amounting to £244,801 (2022 - £608,276), and the group received loans from the directors amounting to £540,670 (2022 - £714,624).

 

The amounts due to the director at the year end was £344,507 (2022 - £48,646). The loans were interest free and are repayable on demand.

27
Prior year adjustment

A prior year adjustment was made to correct an overstatement of income in prior periods. Opening reserves reduced by £519,748. Profit for 2022 was reduced by £321,701.

28
Cash generated from/(absorbed by) group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(520,072)
444,815
Adjustments for:
Taxation charged
217,403
334,873
Finance costs
71,245
15,668
Investment income
(5,463)
(160)
(Gain)/loss on disposal of tangible fixed assets
(4,264)
4,703
Amortisation and impairment of intangible assets
185,995
185,994
Depreciation and impairment of tangible fixed assets
165,616
134,192
Movements in working capital:
Decrease in stocks
-
56,614
Decrease/(increase) in debtors
1,717,091
(1,579,984)
Decrease in creditors
(783,566)
(440,692)
Cash generated from/(absorbed by) operations
1,043,985
(843,977)
29
Cash absorbed by operations - company
2023
2022
£
£
Loss for the year after tax
(859,787)
(246,178)
Movements in working capital:
Increase in debtors
(25,063)
(350,358)
Increase in creditors
303,258
68,961
Cash absorbed by operations
(581,592)
(527,575)
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 31 -
30
Analysis of changes in net debt - group
1 October 2022
Cash flows
New finance leases
30 September 2023
£
£
£
£
Cash at bank and in hand
62,761
527,049
-
589,810
Borrowings excluding overdrafts
(945,185)
341,777
-
(603,408)
Obligations under finance leases
(387,158)
265,725
(84,971)
(206,404)
(1,269,582)
1,134,551
(84,971)
(220,002)
31
Analysis of changes in net funds - company
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
16,948
46,243
63,191
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