Company Registration No. SC301836 (Scotland)
SIGNATURE PUBS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
SIGNATURE PUBS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
SIGNATURE PUBS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Nicholas Wood
Graham Good
Rory Forrest
Company number
SC301836
Registered office
2nd Floor
Blenheim House
Fountainhall Road
Aberdeen
United Kingdom
AB15 4DT
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
SIGNATURE PUBS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

The directors present the strategic report for the year ended 31 October 2023.

Review of business and future developments

The year ended 31 October 2023 represented a challenging year for the group. Both the pubs and brewery businesses battled significant inflationary pressures across the cost base, specifically in respect of employee, food, raw material, and utility costs. By way of illustration, the 9.7% National Living Wage increase of 1 April 23 added £1.0m of cost into the business, while the group's utility costs almost doubled, with an additional £0.6m of cost in the year, when compared with prior year. The group's ability to pass these cost increases on to customers was hindered by the cost of living crisis.

 

As we progress through FY24, the operating environment remains exceptionally challenging. However, the directors are confident the group has a strong team in place to overcome the hugely significant macro-economic headwinds currently being experienced. We continue to invest in our people, products and venues, believing that we can return to a strong level of profitability.

Principal risks and uncertainties

The aftermath of the global Covid-19 pandemic and uncertainty in both the UK and global political landscape represent the greatest risk and uncertainty to the group and performance going forward. Specifically, the significant inflationary cost pressures currently being experienced, largely resultant from both these factors, are of considerable risk to the business. However, the directors are working hard to implement measures to mitigate these risks.

Development and performance

The group made an operating loss for the year of £600,618 (2022: profit £951,310). The directors recommend that no dividend is paid (2022: £nil) and that the loss after taxation of £814,114 (2022: profit £523,074) is deducted from reserves.

 

The overall group balance sheet at the year end reflects net assets of £14,905,869 (2022: £15,719,983).

Key performance indicators

The directors use a range of KPIs to help manage group performance. In terms of financial KPIs, turnover is closely monitored vs budget and prior year comparatives. Margins and yields are used to monitor procurement and stock control performance, while productivity and wage % targets are used to monitor and control labour cost.

 

In terms of non-financial KPIs, two of the most significant measures are employee turnover (reported monthly) and customer feedback ratings (reported weekly).

Financial risk management

The group's activities expose it to a number of financial risks including credit risk and liquidity risk.

 

The group does not use derivative financial instruments for speculative purposes.

 

(a) Credit Risk

Due to the nature of its activities, the group has no significant exposure to credit risk but implements a policy requiring appropriate credit checks when considered necessary.

 

The credit risk on liquid funds is limited because the counterparties are the banks with credit-ratings assigned by international credit-risk agencies.

 

(b) Liquidity Risk

In order to maintain liquidity and ensure sufficient funds are available for ongoing operations and future developments, the group monitors the timings of cash flows and aligns this with strategic planning. Adequate debt funding is available to the group from its shareholders and the group does not therefore envisage any external debt funding.

SIGNATURE PUBS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Section 172 (1) Statement

The Board’s priority is to promote the success of the group for the benefit of its members as a whole with regards to all its stakeholders and to matters set out in section 172(1) (a) to (f) of the Companies Act 2006. Effective engagement with our key stakeholders is critical to the long-term success of the business. Dialogue with stakeholders assists in identifying the effects of group policies and practices, predicting future developments and trends and realigning strategy.

 

Shareholder

The sole shareholder of the group is involved in the day to day running of the group and is actively involved in setting the strategic development and direction.

 

Workforce

The group is committed to being a responsible business, maintaining and improving the methods by which employees are involved and can contribute. The group’s approach is to fully discuss any matters that may impact the employer’s interests, through regular staff communications and meetings.

 

Customers

The group is dedicated to building a loyal customer base across all its venues. Customer feedback is regularly sought and results are actively considered by management.

 

Suppliers and sub-contractors

We endeavour to develop and maintain strong supplier relationships for the long term.

 

Community and environment

We are committed to supporting the communities in our key markets and minimising the group's environmental impact.

On behalf of the board

Rory Forrest
Director
29 July 2024
SIGNATURE PUBS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Principal activities

The principal activity of the group continued to be that of owning and managing hotels and licensed premises. The group continued to produce and supply beer during this financial year.

Results and dividends

The group's performance is discussed in the Strategic Report and the Directors recommend that no dividend is paid.

Directors

The directors who served during the year and up to the date of this report were as follows:

Nicholas Wood
Graham Good
Rory Forrest
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 company continues and that the appropriate training is arranged. It is the policy of the company 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 with employees, through staff meetings and newsletters, on matters likely to affect them.

 

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.

Future developments and financial risk management

Future developments and matters pertaining to financial risk management are set out in the Strategic Report.

Auditor

Consilium Audit Limited were appointed as auditor to the company and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The group is required to present the following information in relation to energy consumption and measures being undertaken to improve energy efficiency:

SIGNATURE PUBS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas purchased
4,010,531
- Electricity purchased
3,632,722
7,643,253
Emissions of CO2 equivalent
Metric tonnes
Scope 1 - direct emissions
- Gas purchased
739
Scope 2 - indirect emissions
- Electricity purchased
771
Total gross emissions
1,510
Intensity ratio
Tonnes CO2e per employee
46
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in tonnes CO2 equivalent per £m turnover.

Measures taken to improve energy efficiency

The group is committed to reducing energy and carbon consumption from its activities and has enacted the following measures to increase its energy efficiency:

 

SIGNATURE PUBS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
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 and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the group 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 group is aware of that information.

On behalf of the board
Rory Forrest
Director
29 July 2024
SIGNATURE PUBS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIGNATURE PUBS LIMITED
- 7 -
Opinion

We have audited the financial statements of Signature Pubs Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 FRS 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 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:

SIGNATURE PUBS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SIGNATURE PUBS LIMITED
- 8 -
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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where 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 group's and 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 group or 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.

SIGNATURE PUBS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SIGNATURE PUBS LIMITED
- 9 -

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.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

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

 

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

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

Use of our report

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

Brian Thomson BA(Hons) CA (Senior Statutory Auditor)
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
Date:
29 July 2024
SIGNATURE PUBS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
32,170,637
28,116,248
Other operating income
669,240
1,088,577
32,839,877
29,204,825
Raw materials and consumables
(8,445,578)
(7,121,362)
Staff costs
6
(14,217,486)
(11,896,053)
Depreciation
4,10
(2,150,201)
(2,239,871)
Goodwill amortisation
4,9
(137,144)
(136,537)
Impairment
4
-
0
(400,000)
Other operating expenses
(8,490,086)
(6,459,692)
(Loss)/profit before taxation
(600,618)
951,310
Tax on (loss)/profit
8
(213,496)
(428,236)
(Loss)/profit for the year after taxation
(814,114)
523,074
Other comprehensive income
-
-
Total comprehensive income for the year
(814,114)
523,074
Total comprehensive income for the year is all attributable to the owners of the parent company.

The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

 

The notes on pages 16 to 30 form part of these financial statements.

SIGNATURE PUBS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
790,990
927,517
Other intangible assets
9
13,383
-
0
Total intangible assets
804,373
927,517
Tangible assets
10
42,529,551
43,779,674
Investment properties
11
2,302,504
2,299,203
45,636,428
47,006,394
Current assets
Stocks
14
589,207
508,582
Debtors
15
1,376,427
1,097,573
Cash at bank and in hand
2,390,017
3,034,660
4,355,651
4,640,815
Creditors: amounts falling due within one year
16
(3,614,737)
(4,092,351)
Net current assets
740,914
548,464
Total assets less current liabilities
46,377,342
47,554,858
Creditors: amounts falling due after more than one year
17
(30,464,445)
(31,003,814)
Provisions for liabilities
Deferred tax liability
19
1,007,028
831,061
(1,007,028)
(831,061)
Net assets
14,905,869
15,719,983
Capital and reserves
Called up share capital
21
18,092,256
18,092,256
Profit and loss reserves
(3,186,387)
(2,372,273)
Total equity
14,905,869
15,719,983
The notes on pages 16 to 30 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on
29 July 2024
29 July 2024
and are signed on its behalf by:
Rory Forrest
Director
SIGNATURE PUBS LIMITED
COMPANY BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
790,990
927,517
Tangible assets
10
40,481,828
41,586,256
Investment properties
11
2,302,504
2,299,203
Investments
12
6,243,156
6,243,156
49,818,478
51,056,132
Current assets
Stocks
14
445,480
383,522
Debtors
15
5,847,001
5,208,151
Cash at bank and in hand
2,323,798
2,975,730
8,616,279
8,567,403
Creditors: amounts falling due within one year
16
(3,419,329)
(4,049,439)
Net current assets
5,196,950
4,517,964
Total assets less current liabilities
55,015,428
55,574,096
Creditors: amounts falling due after more than one year
17
(36,707,601)
(37,246,955)
Provisions for liabilities
Deferred tax liability
19
869,596
714,208
(869,596)
(714,208)
Net assets
17,438,231
17,612,933
Capital and reserves
Called up share capital
21
18,092,256
18,092,256
Profit and loss reserves
(654,025)
(479,323)
Total equity
17,438,231
17,612,933

The notes on pages 16 to 30 form part of these financial statements.

 

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 £174,702 (2022: £1,123,037 profit).

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
29 July 2024
Rory Forrest
Director
Company Registration No. SC301836
SIGNATURE PUBS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
18,092,256
(2,895,347)
15,196,909
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
523,074
523,074
Balance at 31 October 2022
18,092,256
(2,372,273)
15,719,983
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
(814,114)
(814,114)
Balance at 31 October 2023
18,092,256
(3,186,387)
14,905,869
The notes on pages 16 to 30 form part of these financial statements.
SIGNATURE PUBS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
18,092,256
(1,602,360)
16,489,896
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
1,123,037
1,123,037
Balance at 31 October 2022
18,092,256
(479,323)
17,612,933
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
(174,702)
(174,702)
Balance at 31 October 2023
18,092,256
(654,025)
17,438,231
The notes on pages 16 to 30 form part of these financial statements
SIGNATURE PUBS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,368,855
4,502,041
Income taxes (paid)/refunded
(556,750)
253,719
Net cash inflow from operating activities
812,105
4,755,760
Investing activities
Purchase of intangible assets
(14,000)
-
Purchase of tangible fixed assets
(900,078)
(3,334,541)
Improvements to investment property
(3,301)
-
Net cash used in investing activities
(917,379)
(3,334,541)
Financing activities
Repayment of directors' loan
(539,369)
(39,323)
Net cash used in financing activities
(539,369)
(39,323)
Net (decrease)/increase in cash and cash equivalents
(644,643)
1,381,896
Cash and cash equivalents at beginning of year
3,034,660
1,652,764
Cash and cash equivalents at end of year
2,390,017
3,034,660
SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 16 -
1
Accounting policies
Company information

Signature Pubs Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT. Due to the nature of its business the group does not have one principal place of business as it operates from numerous licensed premises across Scotland.

 

The group consists of Signature Pubs Limited and all of its subsidiaries. The group's principal activities are set out within the directors' report.

 

The company's registration number is SC301836.

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 and modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

 

Financial Reporting Standard 102 - reduced disclosure (parent company)

The parent company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings. Group accounting policies are consistently applied across all group companies. The results of the companies acquired or disposed of are included in the consolidated statement of comprehensive income.

 

A separate statement of comprehensive income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

The statement of consolidated financial position as at 31 October 2023 presents net current assets of £740,914 (2022: £548,464) and net assets of £14,905,869 (2022: £15,719,983). The consolidated financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

 

The group meets its day to day working capital requirements with the support of the ultimate controlling party and who have agreed not to seek repayment of the loan payable to the director and provide additional support as required for a period of at least twelve months from the date of signing the financial statements.

 

For the above reason, the directors consider it appropriate to prepare the financial statements on the going concern basis.

1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable, exclusive of VAT and trade discounts, for goods and services supplied during the year in the normal course of business.

 

Turnover is recognised at point of sale for goods supplied through the group's hotels and licensed premises and brewery operation.

 

Other income relating to retro income is recognised when received.

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 20 years.

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.

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:

Brand development
5 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Heritable land and buildings
50 years
Property Improvements
10 years
Plant and equipment
3-5 years

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.

SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Although this policy is in accordance with FRS 102, it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors, compliance with FRS 102 is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified.

1.9
Impairment of fixed assets
At each reporting period end, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is an indication that those assets have sufferred and 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) by comparing this to the asset's carrying value.

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.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value. Net realisable value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposals.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.12
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.

SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

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.

1.13
Taxation

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

Current tax

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

SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.14
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.

1.15
Retirement benefits
The group operates a defined contribution scheme. The scheme has been offered to all employees with effect from 1 October 2014. The pension costs charged in the financial statements represent contributions payable during the year.
1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 21 -
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 following are considered to be either judgements that have had the most significant effect on the amounts recognised in the financial statements, or estimates that are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities at the balance sheet date.

 

The group's accounting policy for investment properties is to measure at fair value annually. The directors have estimated the fair value of investment properties using publicly available comparable rental yields and are satisfied that the fair value at 31 October 2023 is not materially different from the cost included in the accounts.

 

The amount of depreciation and amortisation in the financial statements for the year totalling £2,287,345 (2022: £2,376,408) is based on the directors' assessment of the useful economic lives of the related tangible and intangible fixed assets, and goodwill. The directors also assess the carrying value at each balance sheet date and consider whether there has been any impairment. Where indicators of impairment have been identified, the directors have assessed the recoverable value based on either value in use or fair value.

 

The directors consider that there are no other judgements, estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying value of assets and liabilities.

3
Turnover
2023
2022
£
£
Sale of goods
30,782,559
26,951,754
Sale of services
1,388,078
1,164,494
32,170,637
28,116,248

All of the group's turnover arises in the UK.

4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging:
Other government grants received
-
(252,500)
Depreciation of owned tangible fixed assets
2,150,201
2,239,871
Impairment of owned tangible fixed assets
-
400,000
Amortisation of intangible assets
137,144
136,537
SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 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
30,000
25,650
Audit of the financial statements of the company's subsidiaries
3,000
7,600
33,000
33,250
For other services
Taxation compliance services
5,000
6,750
6
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

Group
2023
2022
Number
Number
Bar, kitchen and waiting staff
677
568
Management
40
40
Total
717
608

Their aggregate remuneration comprised:

Group
2023
2022
£
£
Wages and salaries
12,835,533
10,805,952
Social security costs
1,076,580
879,659
Pension costs
305,373
210,442
14,217,486
11,896,053
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
105,312
92,586
SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 23 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
37,529
381,233
Adjustments in respect of prior periods
-
0
1,335
Total current tax
37,529
382,568
Deferred tax
Origination and reversal of timing differences
159,693
36,689
Changes in tax rates
16,274
11,586
Adjustment in respect of prior periods
-
0
(2,607)
Total deferred tax
175,967
45,668
Total tax charge
213,496
428,236

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
(600,618)
951,310
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 22.52% (2022: 19.00%)
(135,259)
180,749
Tax effect of expenses that are not deductible in determining taxable profit
(39,031)
2,070
Adjustments in respect of prior years
-
0
1,335
Excess of depreciation over capital allowance
219,999
-
Fixed asset differences
159,692
232,839
Other tax adjustments, reliefs and transfers
(8,179)
2,264
Remeasurement of deferred tax for changes in tax rates
16,274
11,586
Adjustments to tax charge in respect of previous periods - deferred tax
-
0
(2,607)
Taxation charge
213,496
428,236

There is an increase in the UK corporate rate from 19% to 25% (effective from 1 April 2023) which was enacted on 11 March 2021. The UK corporate tax has been charged at 22.52% (2022: 19%). The deferred tax liability as at the balance sheet date has been calculated at 25%.

SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 24 -
9
Intangible fixed assets
Group
Goodwill
Brand development
Total
£
£
£
Cost
At 1 November 2022
4,815,877
-
0
4,815,877
Additions
-
0
14,000
14,000
At 31 October 2023
4,815,877
14,000
4,829,877
Amortisation and impairment
At 1 November 2022
3,888,360
-
0
3,888,360
Amortisation charged for the year
136,527
617
137,144
At 31 October 2023
4,024,887
617
4,025,504
Carrying amount
At 31 October 2023
790,990
13,383
804,373
At 31 October 2022
927,517
-
0
927,517
Company
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
4,815,877
Amortisation and impairment
At 1 November 2022
3,888,360
Amortisation charged for the year
136,527
At 31 October 2023
4,024,887
Carrying amount
At 31 October 2023
790,990
At 31 October 2022
927,517
SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 25 -
10
Tangible fixed assets
Group
Heritable land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 November 2022
49,030,912
10,907,275
59,938,187
Additions
166,919
733,159
900,078
At 31 October 2023
49,197,831
11,640,434
60,838,265
Depreciation and impairment
At 1 November 2022
8,812,762
7,345,751
16,158,513
Depreciation charged in the year
1,187,933
962,268
2,150,201
At 31 October 2023
10,000,695
8,308,019
18,308,714
Carrying amount
At 31 October 2023
39,197,136
3,332,415
42,529,551
At 31 October 2022
40,218,150
3,561,524
43,779,674
Company
Heritable land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 November 2022
47,741,439
9,263,523
57,004,962
Additions
157,769
658,045
815,814
At 31 October 2023
47,899,208
9,921,568
57,820,776
Depreciation and impairment
At 1 November 2022
8,638,976
6,779,730
15,418,706
Depreciation charged in the year
1,146,557
773,685
1,920,242
At 31 October 2023
9,785,533
7,553,415
17,338,948
Carrying amount
At 31 October 2023
38,113,675
2,368,153
40,481,828
At 31 October 2022
39,102,463
2,483,793
41,586,256

Based on the latest performance of this venue and other venues, the directors believe that there are no impairments in respect of heritable properties to be recognised in the current year.

Included in heritable land and buildings is land with a net book value of £1,500,000 (2022: £1,500,000) which is not depreciated.

SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 26 -
11
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 November 2022
2,299,203
2,299,203
Additions
3,301
3,301
At 31 October 2023
2,302,504
2,302,504

Taking into consideration the rental yield of the investment property and comparing it to prevailing market yield, the directors are satisfied that the market value of the investment property is not materially different from its cost included above No external valuation has been obtained during the year.

12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
6,243,156
6,243,156
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022 and 31 October 2023
6,243,156
Carrying amount
At 31 October 2023
6,243,156
At 31 October 2022
6,243,156
13
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Scot Brew Limited
2nd Floor, Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT, Scotland
Brewery
Ordinary shares
100.00
The Rutland (Edinburgh) Limited
2nd Floor, Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT, Scotland
Dormant
Ordinary shares
100.00
SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
75,083
46,428
-
-
Work in progress
18,785
16,277
-
-
Finished goods and goods for resale
495,339
445,877
445,480
383,522
589,207
508,582
445,480
383,522
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
152,564
-
0
101,188
-
0
Corporation tax recoverable
136,653
-
0
136,653
-
0
Other debtors
587,833
483,677
583,451
647,372
Prepayments and accrued income
499,377
613,896
475,546
600,400
1,376,427
1,097,573
1,296,838
1,247,772
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
4,550,163
3,960,379
Total debtors
1,376,427
1,097,573
5,847,001
5,208,151
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,002,629
1,142,423
962,289
1,194,168
Corporation tax payable
-
0
382,568
-
0
382,568
Other taxation and social security
1,283,358
1,404,339
1,244,604
1,379,670
Other creditors
458,734
441,257
389,841
439,157
Accruals and deferred income
870,016
721,764
822,595
653,876
3,614,737
4,092,351
3,419,329
4,049,439
SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 28 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Borrowings
18
30,464,445
31,003,814
36,707,601
37,246,955
18
Borrowings
Group
Company
2023
2022
2023
2022
£
£
£
£
Loans from group undertakings
-
0
-
0
6,243,156
6,243,141
Loan from director
30,464,445
31,003,814
30,464,445
31,003,814
30,464,445
31,003,814
36,707,601
37,246,955
Payable after one year
30,464,445
31,003,814
36,707,601
37,246,955

The loan from director carries interest at base rate +2% and is repayable on 1 November 2024.

19
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
1,011,161
835,241
Short term timing differences
(4,133)
(4,180)
1,007,028
831,061
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
873,682
718,388
Short term timing differences
(4,086)
(4,180)
869,596
714,208
SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
19
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
831,061
714,208
Charge to profit or loss
175,967
155,388
Liability at 31 October 2023
1,007,028
869,596

The group and company has no unrecognised deferred tax assets as at 31 October 2023 (2022: £nil).

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
305,373
201,442

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. Pension costs due at the year-end, including employee contributions was £44,287 (2022: £36,695).

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
18,092,256
18,092,256
18,092,256
18,092,256
22
Related party transactions
Transactions with related parties

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

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Entities over which the group has control, joint control or significant influence
556,131
676,326
143,229
113,709

Nicholas Wood advanced further amounts to the Group during the year and an amount was repaid to Nicholas Wood at year-end. The balance due to Nicholas Wood at the year-end was £30,464,445 (2022: £31,003,814). The loan carries interest at base rate +2% and is repayable on 1 November 2024. Nicholas Wood exercised his right to waive interest for the year and subsequent to the year-end has deferred repayment of the loan.

SIGNATURE PUBS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
22
Related party transactions
(Continued)
- 30 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
636,481
70,915
Other information

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

23
Ultimate controlling party

The company is ultimately controlled by Nicholas Wood by virtue of his shareholding in the company.

24
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(814,114)
523,074
Adjustments for:
Taxation charged
213,496
428,236
Amortisation and impairment of intangible assets
137,144
136,537
Depreciation and impairment of tangible fixed assets
2,150,201
2,639,871
Movements in working capital:
Increase in stocks
(80,625)
(13,393)
Increase in debtors
(142,201)
(336,027)
(Decrease)/increase in creditors
(95,046)
1,123,743
Cash generated from operations
1,368,855
4,502,041
25
Analysis of changes in net debt - group
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
3,034,660
(644,643)
2,390,017
Borrowings
(31,003,814)
539,369
(30,464,445)
(27,969,154)
(105,274)
(28,074,428)
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.100Nicholas WoodGraham GoodRory 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